lng

India has reportedly rejected Russian lng cargoes under US sanctions, despite energy security worries. A sanctioned Russian lng shipment is now stranded near Singapore as India navigates compliance risks. While India continues to import Russian crude, lng is harder to conceal from global tracking systems. Discussions are ongoing for non-sanctioned Russian supplies.

Pakistan is foregoing urgent lng purchases, betting on a swift de-escalation of Middle East tensions and the timely arrival of cheaper Qatari shipments. This risky strategy comes as the country faces a significant gas deficit and widespread electricity outages, exacerbated by disruptions in the Strait of Hormuz.

India has requested the US to extend its waiver on Russian oil imports due to ongoing disruptions in the Strait of Hormuz. This waiver, crucial for stabilizing oil markets, is set to expire on May 16. Despite US pressure to reduce discounted Russian oil purchases, India prioritizes stable energy supplies, warning of economic consequences from market volatility.

Union Minister Hardeep Singh Puri assured stable fuel and cooking gas supplies, stating the country holds 69 days of crude oil and lng reserves and 45 days of LPG. Daily LPG production has been significantly increased to 54,000 tonnes amid Middle East geopolitical tensions. Puri also echoed Prime Minister Modi's call for austerity to mitigate economic pressures.

The proposed Middle East-India Deep-water Pipeline (MEIDP) is planned as a 2,000-kilometre underwater network running beneath the Arabian Sea and connecting Oman directly with the Gujarat coastline.

India has reportedly sought an extension from the US to continue importing Russian oil, with the current waiver expiring May 16. The Congress party has sharply criticized PM Modi, accusing his government of "trading away India’s honour and dignity" and compromising energy security by "groveling before America" for permission.

Disruptions in the Strait of Hormuz have significantly impacted global bunker fuel supply, leading to soaring prices, particularly in Asia. This is forcing shipping firms to cut speeds and explore alternative fuels, with experts warning of increased freight costs and consumer prices.

India's crude oil security is set for a significant boost as the UAE's ADNOC agrees to increase crude storage to 30 million barrels. This move will add over four million tonnes to India's existing strategic reserves, enhancing energy supply stability amidst regional conflicts. Agreements also explore lng and LPG storage, strengthening India-UAE energy ties.

India and the UAE solidified their friendship with seven key agreements during PM Modi's visit. These pacts focus on energy security, including strategic petroleum reserves and LPG supply, alongside a significant defense partnership. Further collaborations will boost India's maritime sector and establish a supercomputer cluster, with the UAE committing $5 billion in investments.

A key fertilizer plant in Paradip faces a potential shutdown within a month due to a global ammonia shortage, exacerbated by West Asia conflicts disrupting crucial shipping routes. This could impact the production of vital crop-boosting fertilizers like DAP and urea, raising concerns among farmers about future availability and rising costs.

Mahanagar Gas Limited has appointed Praveer Kumar Srivastava as its new Managing Director. With over three decades of experience at GAIL, Srivastava brings expertise in gas processing, pipeline networks, and large-scale project execution. His focus at MGL will be on enhancing efficiency, accelerating project delivery, and leveraging technology to drive growth and sustainability.

The two sides also signed a memorandum of understanding related to strategic petroleum reserves, along with an agreement concerning supplies of liquefied petroleum gas (LPG).

Public sector oil companies are facing daily losses of Rs 1,000 crore, potentially forcing fuel price hikes soon. Minister Hardeep Singh Puri highlighted significant under-recoveries, warning that companies cannot sustain these losses indefinitely. While elections are not the reason for the freeze, a drop in crude prices or reopening of the Strait of Hormuz could offer relief.

A US-based businessman, Graham Walker, gifted his 540 employees a staggering $240 million from the $1.7 billion sale of his family's company, Fibrebond Corp. This generous act, where workers received an average of $443,000, stemmed from a condition Walker imposed before the sale to power-management giant Eaton.

The UAE sought a joint military response from Gulf nations against Iran after Tehran's attacks, but Saudi Arabia and Qatar refused, citing it as "not their war." This disagreement strained UAE ties with its neighbors and contributed to Abu Dhabi's growing frustration with regional partners.

Experts have hailed the MOUs, calling them game-changing for India’s energy security in the long-term. The importance of having strategic petroleum reserves has been brought to light with stark clarity due to the US-Iran war.