India, S. Arabia in New Petro Relationship
India and Saudi Arabia have decided to expand its âenergy relationshipâ into next phase to include Saudi partnership in building additional crude oil storage reserves in India, a new refinery on the west coast of India and investment in retail sector in petroleum.Saudi Arabia is its second-biggest supplier of crude oil after Iraq. It sold 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the country had imported 207.3 million tonnes of oil.India imports around 18 per cent of its crude oil from the Kingdom, making it the second-largest source of crude oil for the country, Indian Prime Minister Narendra Modi said.PM ModiâŚ
Govt Asks Mumbai Port to Compete with Private Ports
Mumbai Port Trust needs to bring about administrative reforms to develop ability to compete with the private ports, said Minister of State for Shipping, Road Transport & Highways, Chemicals & Fertilizers, Mansukh L. Mandaviya on an inspection visit to Mumbai Port Trust. He further expressed a need for the port to have a clear vision and road map for development for next ten to twenty years and appealed to all the stakeholders to work in this direction. The Minister held a meeting with the Deputy Chairman and the Heads of Departments and reviewed the functioning of the Mumbai Port in all its scope and ambit. While reviewing the existing and the future projects undertaken by the PortâŚ
ONGC Hunts for Partners
Flagship explorer Oil and Natural Gas Corporation (ONGC) could be looking at roping in other shipping companies for a joint venture to manage offshore support operations as its talks with state-owned Shipping Corporation of India (SCI) has hit choppy waters over valuation of its vessels for the purpose of transferring them to the proposed joint venture. Public sector company ONGC has been discussing the formation of a joint venture, proposed to be christened ONShip, with Shipping Corporation of India for forming a joint venture to help it outsource peripheral support services that require operating various kinds of vessels for its operations. Though executives from both companies deny any deadlock, saying talks are going on, sources say, differences remain on the valuation issue.
