Indian Oil Corporation, the country’s largest refiner, is committed to long-term oil and gas contracts with the Middle East, its chairman Shrikant Vaidya has said.
Speaking at the Middle East Petroleum & Gas event in Dubai on Monday, he said: “We have already maintained whatever we have committed from the Middle East and the total energy pie in the country has increased.
“Though I might have taken oil from the other geographies, my continued relations with the Middle East in terms of the oil supply remains intact.”
However, spot purchases from the region have gone down to accommodate more Russian crude, Mr Vaidya said.
India, the world’s third-largest crude importer, has increased imports of discounted Russian oil since the start of the Ukraine war last February.
Russian oil cargoes to India rose to 44 million tonnes last year, from 6.5 million tonnes a year earlier, according to VesselsValue, a valuation company.
Russian oil exports reached 8.3 million barrels a day in April, the highest since Moscow’s invasion of Ukraine, the International Energy Agency said in a report last week.
The lack of global investment in new oil and gas projects is a “cause of worry” for large energy importers such as India, Mr Vaidya said.
The IOC chairman also said an ageing fleet of crude tankers could result in a bottleneck.
Nearly 28 per cent of the crude carriers will be retired in a “few years” and the order book for new vessels is “practically zero”, Mr Vaidya said.
IOC aims to sign more long-term crude oil contracts, backed by “robust demand" in India for the next two decades, he said.
“We see opportunities and partnerships for refining and petrochemicals," he added.
India, which overtook the UK as the world’s fifth-largest economy last year, has been focusing on diversifying its crude supply while increasing domestic production.
The country is currently working on increasing its refining capacity to 450 million tonnes a year, from 250 currently, Indian Prime Minister Narendra Modi said in a speech in February.
The country’s liquefied natural gas (LNG) importing capacity nearly doubled last year, from 21 million tonnes a year in 2014, Mr Modi said at the time.
India’s plan to increase the share of natural gas in its energy mix to 15 per cent from the current 6.5 per cent has created “enormous” potential for investment and future energy agreements, Mr Vaidya said.
The country’s green transition plan offers another area of opportunity, he added.
India, which has a target of reaching net-zero emissions by 2070, aims to produce 500 gigawatts of non-fossil fuel capacity by 2030 to meet half of its energy demand through renewables.
As part of the National Green Hydrogen Mission, the South Asian country aims to produce 5 million tonnes of green hydrogen annually by 2030, with the potential to reach 10 million tonnes as export markets grow.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Read part one: how cars came to the UAE
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part three: the age of the electric vehicle begins
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
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Read part two: how climate change drove the race for an alternative
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Where to donate in the UAE
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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Sector: FinTech
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Six large-scale objects on show
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- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
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Tomorrow 2021
THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
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