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<ul class="summary-list"><li>The UAE is pushing up a target date for increased crude oil output by five years, according to Bloomberg. </li><li>State-run producer ADNOC wants to produce 5 million barrels per day by 2025, up from a previously disclosed target of 2030. </li></ul>The United Arab Emirates is speeding up plans to increase crude oil output sooner than previously expected, according to a report from <a href="https://www.bloomberg.com/news/articles/2022-09-19/uae-accelerates-plan-to-increase-its-oil-production-capacity">Bloomberg</a>. The country's state-run oil major, Abu Dhabi National Oil Co., is now targeting 2025 to increase crude oil output to 5 million barrels per day, as elevated prices give major producers incentive to rush flows onto the market. The UAE originally targeted <a href="https://www.bloomberg.com/news/articles/2022-07-13/uae-will-keep-using-abu-dhabi-s-oil-to-draw-global-investors">2030</a> to reach that level.ADNOC produces the lion share of the UAE's oil, and the country is the third-largest producer in OPEC behind Saudi Arabia and Iraq. The increase remains ambitious as UAE produced 3.4 million bpd in August, and will likely add to costs that were already projected to be billions of dollars. Sources cited by Bloomberg say the original plan was to move up the target date to 2027 from 2030 before agreeing on 2025. The UAE is asking international partners in the country's oilfields to increase capacity by roughly 10%, and sources told Bloomberg that the target of 5 million bpd could tick up to 6 million bpd by 2030 if the 2025 goal is successful. The push to increase output follows months of energy market volatility from Russia's February invasion of Ukraine which sent Brent crude soaring past $130 per barrel. Crude oil has abated somewhat in recent months, with Brent hovering around $89 Monday.

The UAE is pushing to produce 5 million barrels per day of crude oil 5 years earlier than previously disclosed, report says

<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s <keyword id="34570" type="General" weightage="100" keywordseo="steel" source="Orion">steel</keyword> production has reached a historic level of 120 million tonnes per year making it the world's second-largest producer of Steel, the government informed the <keyword id="48510" type="General" weightage="50" keywordseo="rajya-sabha" source="Orion">Rajya Sabha</keyword>. Steel Minister <keyword id="29632" type="General" weightage="50" keywordseo="jyotiraditya-scindia" source="Orion">Jyotiraditya Scindia</keyword> said India intends to double its steel production to 300 million tonnes per annum by 2030. "There has been a doubling in the last eight years of steel production in the country, which has been historic and which is why we have become the second largest steel producer in the world today," he informed the Rajya Sabha during question hour. The minister informed that steel production in the country has increased at a historic level. In 2013-14, we had only close to about 60 million tonnes per annum production of steel, we are today at 120 million tonnes," he said. "In terms of capacity, we had only 75 million tonnes, we are today at 154 million tonnes," he said. Replying to supplementaries, he said it is very important that India continues on this trajectory of growing capacity of steel production because we have a tremendous amount of infrastructure projects. "Therefore, it is our target, that by 2030 we intend to double our steel production from 150 to 300 million tonnes," he said. <keyword id="24899" type="General" weightage="50" keywordseo="scindia" source="Orion">Scindia</keyword> said the Steel Authority of India (SAIL) too will be a part of that. "SAIL's current capacity is 19.6 million tonnes and we are going to grow SAIL's capacity to 33 million tonnes by 2030 and Bokara Steel plant's capacity is 4.6 million tonnes, which will go to 8.6 million tonnes," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/wipro-acquires-packaged-food-and-spices-brand-nirapara/articleshow/96341772.cms">Wipro acquires packaged food and spices brand Nirapara</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/loans-worth-1009511-written-off-in-last-five-financial-years-sitharaman/articleshow/96338822.cms">Loans worth ₹10,09,511 written off in last five financial years: Sitharaman</a>

After doubling production in the last 8 yrs, India world's 2nd largest producer of steel: Steel Minister

New Delhi, Apr 8 () The outbreak and spread of the COVID-19 pandemic may adversely impact the expansion plans of domestic steel makers, according to experts.Indian players had been working on expansion plans in line with the government's ambitious target of scaling up the total steel making capacity to 300 million tonne per annum (MTPA) by 2030.Many steel makers in India have scaled down their production by up to 50 per cent amid the nationwide lockdown in the wake of the pandemic.Until now several ratings agencies have been pointing out that the spread of coronavirus has adversely affected the steel markets across the world including India in-terms of prices, profit margins, affecting raw material supply chain, demand and building up of inventories.According to Jayanta Roy, Senior Vice-President and Group Head, Corporate Sector Ratings, Icra, the outbreak and spread of the novel coronavirus will take a toll on Indian steel players' expansion plans."Even before the outbreak, we have seen that some companies have deferred their plans of commissioning green field and brownfield projects," Roy said, adding that given the uncertainty that the industry is witnessing due to COVID-19 outbreak, it could have an impact.Akash Krishnatry Senior Analyst, Corporates, at India Ratings said COVID-19 pandemic is expected to push the expected India's steel capacity expansions by 3-9 months depending upon the severity, spread, duration of the virus along with the preventive measures adopted."Preventive measures like country-wide lockdowns and logistical challenges shall defer the expansion plans as steelmakers need to conserve liquidity in these times while cash flow from operations would be severely impacted."Also, continuing construction would also not be possible in these times, though overall project costs could also increase due to time overruns," he said.Rashmi Rawat, Deputy Manager - Industry Research at India Ratings - is of view that domestic steel companies may take a relook at their capital expenditure (capex) plans."We have seen some companies deferring their capex plans in the last (fiscal) year itself due to lower demand. Going forward we expect steel production to get affected due to lockdowns, muted demand and lower commodity prices. Profitability of steel companies will remain under pressure in FY21 until prices recover meaningfully," she said."In this background, we do not expect steel companies to go for capacity expansion... For expanding capacity there has to be an anticipated strong rise in demand which we are unable to foresee currently," she said.Suman Chowdhury, Chief Analytical Officer, Acuité Ratings &amp; Research said, "The distinct slowdown in the domestic economy and low commodity prices clearly will be further aggravated by the COVID-19 lockdown. We expect a complete deferral of capital expenditure by the large steel companies in FY21 given the lack of visibility on a demand pickup and also their weakening debt coverage indicators."Major Indian steel players like SAIL, Tata Steel, JSW Steel, Jindal Steel and Power Ltd (JSPL) and ArcelorMittal Nippon Steel (AMNS) India who contribute about 45-50 per cent to the India's total steel production annually have plans of ramping up their capacities.While JSW Steel has plans of expanding its capacity in India to 45 by 2030, Steel Authority of India Ltd (SAIL) has already announced its expansion plan to more than double its capacity to 50 MTPA by 2030.Similarly, JSPL looks to expand its Angul plant capacity to 20 MTPA by 2030, AMNS India plans ramp up its finished steel producing capacity to 8.5 million tonnes per annum by the end of 2024 and Tata Steel has of plans ramping capacity of its Kalinganagar plant by 5 MTPA to 8 MTPA . ABI ANS

Experts say pandemic may take a toll on domestic steel players' expansion plans

<keyword id="19895436" type="General" weightage="20" keywordseo="Adani-Green-Energy-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Green Energy Ltd" meta.hostid="261" meta.entityid="Adani Green Energy Ltd">Adani Green Energy Ltd</keyword> (AGEL) on Friday posted a 38.85 per cent decline in consolidated net profit to Rs 310 crore for the March quarter, mainly on account of increased expenses. Its net profit was Rs 507 crore in the January-March period of the preceding 2022-23, the company said in an exchange filing. During the fourth quarter of FY24, the company's total income fell to Rs 2,806 crore from Rs 2,977 crore a year ago. The company's expenses surged to Rs 2,379 crore during the period under review, as against Rs 2,053 crore in the year-ago period. In a separate statement, the company said its operational capacity grew at 35 per cent year-on-year to 10,934 MW with greenfield addition of 2,848 MW renewable capacity, including 2,418 MW solar and 430 MW wind projects. With this, AGEL became the first company in India to cross the 10,000 MW <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity. AGEL's 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually. The sale of energy increased 47 per cent year-on-year to 21,806 million units in FY24, primarily backed by strong capacity addition, consistent solar CUF (capacity utilisation factor) and improved wind and hybrid CUF. The revenue from power supply rose 23 per cent to Rs 1,575 crore from Rs 1,941 crore earlier. <keyword id="19919864" type="General" weightage="20" keywordseo="Adani-Green-Energy" source="keywords">Adani Green Energy</keyword> Ltd Chief Executive Officer Amit Singh said, "We have deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. "Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum." The company aims to commission at least 5 GW of hydro-pumped storage projects by 2030, and set a higher target of 50 GW RE capacity by 2030, which will contribute towards India's non-fossil fuel capacity target of 500 GW, he said. AGEL further said it has commenced construction work on its first hydro pumped storage project (PSP) of 500 MW on the Chitravathi river. The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh. The existing reservoir will act as the lower reservoir and the upper reservoir is to be developed. The generation capacity will be 500 MW with estimated 6.2 generation hours in a day. All necessary approvals, including the final DPR approval are in place and financial closure has been achieved for the project. Part of Adani Group, AGEL is India's largest and one of the leading renewable energy companies in the world enabling clean energy transition. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank">Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies</a><a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank">T20 World Cup: Here are the squads announced by major participating countries so far</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a>

Adani Green Energy Q4 net profit declines 39 pc to Rs 310 cr due to rising expenses

New Delhi, Dec 16 () Union Minister Dharmendra Pradhan on Monday urged global capital goods companies to set up manufacturing units in the country.
Indian steel sector is in expansion mode, the steel minister said while pointing out that capital goods worth Rs 10 lakh crore will be required in setting up new capacities by 2030.
As per the National Steel Policy 2017, India has an ambitious target of ramping up capacity to 300 million tonne.
The industry must take a note of what other countries are doing when it comes to import of steel, Pradhan said while addressing domestic steel and mining players at CII India Steeling Summit here.
Citing an example, he said JSW Steel has set a steel plant in the US to sell its products there.
"Then why should we alow outside steel to come in India. We need to think in this direction. Capital goods worth Rs 10 lakh crore will be required by 2030 to ramp up capacity to 300 MT. It is our responsibility now to ask those companies from whom we buy capital goods, those technology companies to set up manufacturing units In India," the minister said.
India does not want manufacturing of machinery outside the country and just assembly process in the country.
"If you people will ask them, they will agree as where will the capital goods manufacturers will get such a huge market, such huge orders. It is India where capacities in such a big number is going to come. In no other country, such kind of growth will be seen in steel sector, so why not leverage it," Pradhan said.
The recently launched Steel Import Monitoring System (SIMS), he said, is a "weapon" developed by the Commerce and Industry Ministry and sought industry's collective support in achieving the objectives of the new system.
SIMS provides to government and other stakeholders, including producers and consumers, advance information about steel imports to have effective policy interventions. ABI BAL
BAL

Pradhan asks global capital goods manufacturers to set up units in India

Paris, Apr 8 (AFP) China and other nations could be burdened with costly and environmentally damaging coal power for decades if they forge ahead with new capacity to boost their economics after the COVID-19 pandemic, research showed Wednesday.While extreme social distancing measures in the world's largest economies aimed at stopping the virus are likely to result in a short-term cut in global emissions, government subsidies are still driving plans to build nearly 500 GW of new coal-fired power plants.The bill for this is set to top $630 billion.A study by the Carbon Tracker financial think tank found that 46 percent of coal plants throughout the world would run at a loss in 2020, rising to 52 percent by 2030.With renewables and natural gas already cheaper than coal in many places, it said that 90 percent of global capacity was already only viable due to non-market financial support.The Intergovernmental Panel on Climate Change says that electricity from coal must fall by 80 percent by 2030 in order to limit global temperature rises to 1.5 Celsius (2.6 Farenheit) -- the most ambitious target in the Paris climate deal.Carbon Tracker assessed the cashflow of 95 percent of the world's coal plants either operating or in planning -- nearly 7,000 facilities in all.It found that 59 percent of China's 982 GW coal-fired capacity was running at an underlying loss, with a further 206 GW in the pipeline."China and other governments may be tempted to invest in coal power to help their economies recover after the COVID-19 pandemic, but this risks locking in high-cost coal power that will undermine global climate targets," said Matt Gray, Carbon Tracker's co-head of power and utilities, and study co-author."Building new coal and propping up the existing fleet with stimulus money would be throwing good money after bad." The analysis found that 51 percent of India's operating coal power costs more to run than building new renewable capacity. For the US this was 47 percent.In the EU, the report found that 62 percent of existing coal power was running at an underlying loss.Sriya Sundaresan, report co-author, told AFP that COVID-19 was unlikely to radically alter coal's profitability given that the sector is already artificially supported by state subsidies."The reason a huge amount (of coal) is not cashflow negative is because it's in markets where the value of the asset isn't determined between buyers and sellers," she said."It's really propped up by out-of-market revenues like government subsidies," said Sundaresan."There really needs to be a push on governments to not just look at their existing fleet but also to cancel coal projects in the pipeline, or risk wasting over $600 billion in capital costs and missing out on the Paris temperature goals." (AFP) AMSAMS

Post-COVID-19 stimulus risks global coal 'lock-in'

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is projected to fall "well short" of its target for 2022 of having 100 gigawatts (GW) of installed solar capacity, largely due to slow uptake of rooftop solar, a new report by JMK Research and the Institute for Energy Economics and Financial Analysis (IEEFA) said on Tuesday. As of December 2021, India's cumulative installed solar capacity was 55GW, with grid-connected utility-scale projects contributing 77 per cent and the balance coming from grid-connected rooftop solar (20 per cent) and mini or micro off-grid projects (three per cent). With just eight months of 2022 remaining, only about 50 per cent of the 100GW target, consisting of 60GW of utility-scale and 40GW of rooftop solar capacity, has been met. Approximately 19GW of solar capacity is expected to be added in 2022 -- 15.8GW from utility-scale and 3.5GW from rooftop solar. "Even with this capacity addition, about 27 per cent of India's 100GW solar target would be unmet," says report co-author <keyword id="5005000" type="General" weightage="50" keywordseo="jyoti-gulia" source="Orion">Jyoti Gulia</keyword>, Founder, JMK Research. The report projects that by December 2022 there will be a 25GW shortfall in the 40GW rooftop solar target, compared to just 1.8GW in the utility-scale solar target. "Utility-scale solar capacity addition is on track. India is set to achieve nearly 97 per cent of its 60GW target," says <keyword id="13598083" type="General" weightage="80" keywordseo="gulia" source="Orion">Gulia</keyword>. "This makes it imperative to have a more concerted effort towards expanding rooftop solar." Headwinds ranging from pandemic-induced supply chain disruption to deeply rooted policy restrictions have impeded the growth of India's rooftop solar (onsite solar power) and open access solar (offsite solar) installations. "The anticipated 27GW shortfall from the 2022 solar target can be attributed to a string of challenges which are slowing overall progress on renewable energy targets," says co-author <keyword id="4412277" type="General" weightage="50" keywordseo="vibhuti-garg" source="Orion">Vibhuti Garg</keyword>, Energy Economist and Lead India, IEEFA. On the current trajectory, the report finds India's solar target of 300GW by 2030 will be off the mark by about 86GW. These challenges include: regulatory roadblocks; net metering limits; the twin burdens of basic customs duty (BCD) on imported cells and modules and issues with the Approved List of Models and Manufacturers (ALMM); unsigned power supply agreements and banking restrictions; financing issues plus delays in or rejection of open access approval grants; and the unpredictability of future open access charges. "Central and state government policies and regulations must be aligned to support the solar sector overall, and especially the ailing rooftop and open access segments of the market," says co-author Akhil Thayillam, Senior Research Associate, JMK Research. The report proposes short- and long-term measures to get India back on track to meet solar targets. The short-term measures include uniform policies to apply nationally for at least the next five years and consistent regulations for net metering and banking facilities, also to apply nationally. In the long-term, stricter enforcement of the renewable purchase obligation and improved financial health, and potentially privatisation, of distribution companies (discoms). In rooftop solar, state-level efforts such as Gujarat's Surya Scheme need to be replicated by other states in the short-term to help in boosting capacity, says Gulia. "It is also likely that the government, in the short-term, will push aggressively for expediting solar capacity addition to achieve the 100GW target by 2022 by re-allocating some of the unmet rooftop target to utility-scale generation." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/koo-founder-invites-elon-musk-after-he-turns-down-twitter-board-seat/articleshow/90780040.cms">Koo cofounder urges Elon Musk to work with Twitter’s rival in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/netflix-introduces-two-thumbs-up-for-shows-and-movies-you-really-really-like-and-want-to-see-more-of/articleshow/90783309.cms">Netflix introduces Two Thumbs Up for shows and movies you really, really like and want to see more of</a>

India likely to miss 2022 solar target by 27%, says report

New Delhi, Feb 6 () Renewable energy sources are expected to account for around 21 per cent of electricity demand in 2021-22, Power Minister R K Singh said on Thursday. "As per Central Electricity Authority's National Electricity Plan, contribution of renewable energy sources is estimated to be around 21 per cent of the total electricity demand of the country in the year 2021-22 and 24 per cent by 2026-27," Singh was quoted as saying in a statement issued by the power ministry The major steps being taken by the government to meet the targets of renewable energy in the country include permitting Foreign Direct Investment (FDI) up to 100 per cent under the automatic route, strengthening of Power Purchase Agreements(PPAs) and mandating requirement of Letter of Credit(LC) as payment security mechanism by distribution licensees for ensuring timely payments to renewable energy generators. As part of Intended Nationally Determined Contributions under the Paris Accord on Climate Change, India has made a pledge that by 2030, 40 per cent of its installed power generation capacity shall be from non-fossil fuel sources and will reduce its carbon emission intensity of GDP by 33-35 per cent considering 2005 level. The government has set a target to install 175 GW of renewable energy capacity in the country by the year 2022. This includes 100 GW from solar, 60 GW from wind, 10 GW from biomass and 5 GW from small hydro power. KKS ABM

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The UAE is pushing to produce 5 million barrels per day of crude oil 5 years earlier than previously disclosed, report says

Brian Evans

After doubling production in the last 8 yrs, India world's 2nd largest producer of steel: Steel Minister

PTI

Experts say pandemic may take a toll on domestic steel players' expansion plans

PTI

Adani Green Energy Q4 net profit declines 39 pc to Rs 310 cr due to rising expenses

PTI

Pradhan asks global capital goods manufacturers to set up units in India

PTI

Post-COVID-19 stimulus risks global coal 'lock-in'

PTI

India likely to miss 2022 solar target by 27%, says report

IANS

Renewables to contribute 21 pc of electricity demand in India in 2021-22: R K Singh

PTI

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