According to a report from the NITI Aayog back in 2022, when the discussion around the technology started gathering pace in the country, CCUS will be key in decarbonizing the industrial sector, which is hard to electrify and hard to abate. The concept has gathered momentum in the last two years because of its advantage in decarbonizing the power sector, given India's present reliance on coal for meeting over 70% of its electricity needs.
Union Road Transport Minister Nitin Gadkari declared that the government would allow a 35% blend of lignin with petroleum-based bitumen to lessen dependence on imports and reduce costs. The move is also intended to address air pollution from stubble burning. Bio-bitumen sourced from paddy straw has been successfully developed and patented. Numerous projects are underway to convert rice straw into different biofuels. These changes promise significant benefits for farmers and the environment, with trials to assess bio-bitumen's long-term performance in road construction currently being conducted.
New facility is being built in partnership with Splitwaters, a US-based provider of alkaline electrolyser and BOP equipment.
Toyota Kirloskar Motor (TKM) is committed to reducing its carbon footprint and fossil fuel use in India by adopting diverse technologies. Deputy MD Swapnesh Maru emphasized the need for a multi-pronged approach, including hybrids and blended fuels, due to India's energy challenges. TKM plans expansion with a new plant in Karnataka and aims to increase production capacity while exploring hydrogen as a future fuel.
Recently, Toyota has announced for setting up of a plant to produce flex cars in Aurangabad, Maharashtra, with an investment of Rs 20,000 crore. Gadkari says Tatas and Suzuki are also working on producing 100 per cent ethanol or flex engine cars. In the two-wheeler segment Bajaj, TVS and Hero are making flex-engine bikes and scooters.
Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter.
Rosatom's TVEL Fuel Company initiated nuclear fuel supply for Kudankulam NPP’s units 3 and 4. Utilizing advanced TVS-2M fuel, the VVER-1000 reactors in Tamil Nadu extend fuel cycles to 18 months, improving efficiency. Units 1 and 2, commissioned in 2013 and 2017, already benefit from these upgrades. Construction of additional units continues.
Oil prices held steady on Friday but remained on course for a fourth successive weekly decline as signs of weak growth in global fuel demand outweighed fears of supply disruption in the Middle East.
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Petrol and Diesel Prices July 20: The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.
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The public sector oil marketing companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) change the prices daily in line with international benchmark prices and forex rates.
Petrol sales rose 10% and diesel 4.3% in July compared to the previous year as economic activity gained pace, according to oil ministry data. Jet fuel consumption expanded by 9%, while cooking gas sales increased by 11% in July.
Oil prices increased on Friday, yet were poised for a fourth consecutive weekly drop, driven by weaker global fuel demand as indicated by recent manufacturing data from the U.S., Europe, and Asia. Concerns about Chinese demand and potential supply disruptions in the Middle East further influenced the market outlook.
India's diesel and jet fuel exports to Singapore and Australia hit their highest levels in 2-1/2 years in July, fueled by waning European demand and cheaper shipping costs. Industry sources indicate that Australia's increased imports were also due to planned refinery maintenance and new government mandates for refined product stockpiles.
The initial phase, with a capacity of 1 million tonne per annum, is slated for commissioning by December 2026, they say
The memorandum of understanding includes exploring construction and deployment of green ammonia-fuelled vessels owned either by COSCO or jointly owned by both companies.
Electric vehicles often have higher initial costs and may depreciate faster, but lower maintenance and fuel savings can balance this.
UBS has increased price targets for BPCL, HPCL, and IOC, forecasting a 16-18% upside. The firm upgraded IOC and HPCL to 'buy' while keeping BPCL at 'buy.' UBS anticipates crude price moderation, boosting integrated margins for Indian state-owned oil marketing companies without any retail fuel price cuts if crude stays above $80 per barrel.
India's refining capacity is set to grow by about 20% to 309.5 million metric tons by 2028 to address increasing fuel demand, said the junior petroleum minister. The existing capacity is around 5.14 million bpd. Strategic petroleum reserves would cover 9.5 days of crude oil needs, and new storage facilities have been approved in Odisha and Karnataka.
The government stated that ethanol blending with diesel is experimental and there are no plans to mandate it due to issues like deposit formation in fuel tanks. Minister Hardeep Singh Puri emphasized the need for further testing and safety considerations. Ethanol blending with petrol, however, has reached 15%, targeting 20%.
Airport charges have also started to climb upwards, and the airline is monitoring it as well as having discussions with airport partners. Further, maintenance works are going through a bit of an inflationary cycle, he said during an analyst's call.
The government is developing a long-term energy transition strategy to maintain growth, collaborating with the Asian Development Bank and NITI Aayog. Ajay Seth highlighted the need for a unique strategy for India's lower per capita income compared to advanced economies. Infrastructure funding and carbon pricing affordability are also being examined.
MRPL plans to sell 240,000 metric tons of jet fuel in term supplies from September to February. Interested buyers must submit proposals by July 31 to offload cargo between the 1st-28th of each month. This exploratory move, not an official sale tender, offers limited buyer obligations. MRPL has not offered term cargoes in the past two years.
The Power Ministry has announced a plan requiring a Rs 6.67 lakh crore investment to reach the estimated electricity demand by 2031-32. The Central Electricity Authority determined that the country needs a coal & lignite installed capacity of 283 GW. The country currently produces 217.5 GW. The Government of India aims to add at least 80 GW of coal-based capacity by 2031-32, alongside a push for non-fossil fuel-based electricity generation to reach a target of 50 per cent by 2030. Currently the figure stands at 45.5 per cent.
Asked about India's response on temple vandalization in Edmonton, Jaiswal stated, "We have strongly taken up the matter with Canadian authorities, both here in Delhi and in Ottawa. We condemn the vandalization. We expect the local authorities to take swift and strong action against those responsible."
The two record-breaking highs in global surface air temperatures in a single week underscored the continuous increase brought on by climate change. Both natural and human factors are contributing to the warming trend, which is causing extreme heatwaves and the health hazards they bring.
Bharti Airtel’s Africa business reported a $31 million net profit in the first fiscal quarter, reversing a $151 million net loss year-on-year, aided by reduced net finance costs and mobile money growth.
Finance Minister Nirmala Sitharaman cancelled a Rs 30,000 crore equity infusion for Indian Oil, Bharat Petroleum, and Hindustan Petroleum due to record FY24 profits. Interim support was Rs 15,000 crore. Prices remained low April-September 2022, with provided LPG subsidies and resisted daily revisions. ONGC, GAIL aim for net-zero emissions. FY23 losses were driven by the oil crisis.
U.S. crude inventories fell for four weeks ending July 19, pushing Brent to $81.47 and WTI to $77.38. API confirmed declines; official data pending. Prices previously hit a six-week low due to Israel-Hamas ceasefire talks. Economic concerns in China also persist, marking the first four-week crude decrease since September 2023.
TCS partnered with Rolls-Royce to research hydrogen fuel systems for sustainable aviation, focusing on fuel combustion, delivery, and integration challenges. This is to address the aviation industry's goal of net zero carbon emissions by 2050. The collaboration leverages TCS's engineering expertise to support Rolls-Royce in achieving its technology ambitions for a greener future,. The partnership builds on their longstanding relationship and shared commitment to driving sustainable transformation across industries.
A total of 300 passengers have been placed on the no-fly list in the last five years, including 51 people this year till July 1, according to data provided by Minister of State for Civil Aviation Murlidhar Mohol to the Rajya Sabha. In 2023, as many as 110 passengers were placed on the no-fly list while the count stood at 63 and 66 in 2022 and 2021, respectively.