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<keyword id="81864" type="General" weightage="20" keywordseo="ongc-videsh" source="Orion">ONGC Videsh</keyword> Ltd, the overseas investment arm of state-owned <keyword id="6359072" type="General" weightage="20" keywordseo="oil" source="Orion">Oil</keyword> and Natural Gas Corporation, has incorporated a wholly-owned subsidiary OVL Overseas IFSC Ltd in <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword>, Gujarat. "This GIFT city entity will function as the <keyword id="23764" type="General" weightage="20" keywordseo="global" source="Orion">global</keyword> treasury centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. "Given the business-friendly regulatory environment in GIFT City, OOIL (OVL Overseas IFSC Ltd) expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets," the company said in a statement. India's first <keyword id="6367752" type="General" weightage="20" keywordseo="international-financial-services-centre" source="Orion">International Financial Services Centre</keyword> at GIFT City gives options to Indian and overseas multinationals to shift their overseas investments onshore. "OOIL will, thus, act as ONGC Group's gateway to the world for its overseas ventures and investments," it added. OVL owns interests in 32 <keyword id="43177" type="General" weightage="20" keywordseo="oil-and-gas" source="Orion">oil and gas</keyword> assets in 15 countries. In terms of reserves and production, it is the second largest petroleum company of India, next only to its parent Oil and Natural Gas Corporation (ONGC). Gujarat International Finance Tec-City or GIFT City is India's newest financial hub and a flagship project of Prime Minister Narendra Modi. The smart city and special economic zone has been developed in the Ahmedabad metropolitan region. Dozens of companies, including India International Exchange, National Stock Exchange, State Bank of India, HDFC Bank, GIC Re and other well recognised institutions are operating in the GIFT City.

ONGC Videsh incorporates subsidiary in GIFT City

<keyword id="4436618" type="UNKNOWN" weightage="20" keywordseo="direct-investments">Direct investments</keyword> by Indian firms abroad plunged by 46 per cent to USD 1.12 billion in June this year, according to the RBI data. They had invested USD 2.07 billion in their <keyword id="273913" type="COMPANY" weightage="20" keywordseo="overseas-ventures">overseas ventures</keyword> in June last year. In previous month, May 2017, the investment figure stood at USD 1.26 billion. The investments made last month were a mix of issuance of guarantees (USD 370.11 million), loans (178.80 million) and equity (USD 568.34 million). The prominent investors overseas in June included Indian OilBSE -0.89 %, investing a combined USD 284.28 million in a joint venture and fully owned subsidiary in Mayanmar and Singapore respectively. <keyword id="46585" type="COMPANY" weightage="20" keywordseo="ONGC-Videsh-Ltd">ONGC Videsh Ltd</keyword> invested USD 118.68 million in a host of joint ventures and fully owned units in various locations. <keyword id="658306" type="COMPANY" weightage="20" keywordseo="Motherson-Sumi-System">Motherson Sumi System</keyword> pumped in USD 89.30 million in a joint venture in the UK.

India Inc's overseas investment plunges 46% to $1.12 billion

An Indian consortium has made an offer of as much as $11 billion to develop a giant natural gas field in <keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> and build the infrastructure so that it can export the fuel. The only condition is that Iran guarantees a "reasonable return" on the project. <keyword id="46585" type="COMPANY" weightage="100" keywordseo="ONGC-Videsh-Ltd">ONGC Videsh Ltd</keyword>., the overseas investment unit of India's largest explorer, <keyword id="118729" type="COMPANY" weightage="100" keywordseo="Oil-Natural-Gas-Corp">Oil &amp; Natural Gas Corp</keyword> (<keyword id="6354737" type="CITY" weightage="100" keywordseo="ONGC">ONGC</keyword>) is ready to invest as much as $6 billion on the Farzad-B field while spending the remaining amount to build a liquefied natural gas export facility; its MD Narendra Kumar Verma told <a href="https://www.bloomberg.com/news/articles/2017-07-03/india-gives-iran-11-billion-best-offer-on-farzad-b-gas-field">Bloomberg</a>. In lieu of that, the group seeks about 18% return, with a willingness to buy all the gas that is exported from the project. "We have given our best offer to them. Now, it is up to them to agree or not agree," Verma said. "We have told the Iranian authorities very clearly that some basic returns are necessary." ONGC Videsh and <keyword id="6354412" type="COMPANY" weightage="100" keywordseo="indian-oil">Indian Oil</keyword> both own 40% interest in the Farsi block that holds Farzad-B field, as compared to <keyword id="45187" type="COMPANY" weightage="100" keywordseo="Oil-India">Oil India</keyword>’s 20%. (Image source Arabian Oil And Gas)

India willing to spend $11 billion to develop giant gas field in Iran

<keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> will cut some benefits to Indian state-run refiners on crude purchases after the South Asian country decided to reduce the amount of oil it buys from the <keyword id="386457" type="UNKNOWN" weightage="20" keywordseo="Persian-Gulf">Persian Gulf</keyword> nation, people with knowledge of the matter said. 
 <keyword id="261045" type="COMPANY" weightage="20" keywordseo="National-Iranian-Oil-Co">National Iranian Oil Co</keyword>. will cut the credit period on crude oil sales to 60 days from 90 days for refiners such as <keyword id="152137" type="COMPANY" weightage="20" keywordseo="Mangalore-Refinery-Petrochemicals-Ltd">Mangalore Refinery &amp; Petrochemicals Ltd</keyword>. and <keyword id="59622" type="CITY" weightage="20" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword>., the people said, asking not be identified as the matter isn't public yet. Iran will also reduce the discounts it offers on the shipping of crude to 60 percent from 80 percent, they added. 
 The lower incentives will make Iranian purchases costlier and less competitive in a world awash with crude oil where rivals such as <keyword id="50996" type="COUNTRY" weightage="20" keywordseo="Saudi-Arabia">Saudi Arabia</keyword> and <keyword id="6355112" type="COUNTRY" weightage="20" keywordseo="Iraq">Iraq</keyword> are seeking to expand their markshare. Iran's crude sales to India more than doubled in 2016 after the lifting of sanctions over its nuclear program. India is Iran's second biggest customer and the emerging center of global oil demand. 
 India in turn, is using the supply glut to put pressure on <keyword id="44333" type="COMPANY" weightage="20" keywordseo="Tehran">Tehran</keyword> for securing development rights to the Farzad-B gas field in the Persian Gulf, which was discovered by an Indian consortium led by <keyword id="46585" type="COMPANY" weightage="20" keywordseo="ONGC-Videsh-Ltd">ONGC Videsh Ltd</keyword>. about a decade ago. Iran and India were aiming to conclude an agreement on developing the field by February. The South Asian nation, which stood by Iran during the sanctions, is seeking to invest as much as $20 billion in Iran's energy industry and ports. 
 
Cutting Purchases 
 Indian state-run refiners told Iran last month that they would cut oil purchases by 3 million tons during the financial year that started April 1, the people said. <keyword id="55574" type="CITY" weightage="20" keywordseo="MRPL">MRPL</keyword> and <keyword id="6354412" type="COMPANY" weightage="20" keywordseo="indian-oil">Indian Oil</keyword> will reduce imports by 1 million tons each, while <keyword id="124595" type="COMPANY" weightage="20" keywordseo="Hindustan-Petroleum-Corp">Hindustan Petroleum Corp</keyword>. and <keyword id="124594" type="COMPANY" weightage="20" keywordseo="Bharat-Petroleum-Corp">Bharat Petroleum Corp</keyword>. will cut purchases by about half a million tons each, according to the people. 
 
India's overall oil imports from the Persian Gulf nation touched 19.8 million tons during April-December last year, compared with 12.7 million tons in the 2015-16 financial year, according to oil ministry data. 
 Iran's Oil Minister <keyword id="1921589" type="UNKNOWN" weightage="20" keywordseo="Bijan-Namdar-Zanganeh">Bijan Namdar Zanganeh</keyword> said "there are many other customers" if India decides to cut imports, the state-run <keyword id="1168062" type="ORGANIZATION" weightage="20" keywordseo="Islamic-Republic-News-Agency">Islamic Republic News Agency</keyword> reported on April 5. Reuters earlier reported Indian state refiners will cut oil imports from Iran by a fifth. 
 India's Oil Minister <keyword id="197418" type="PERSON" weightage="20" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> said April 6 that it's up to the state refiners to decide on Iran crude volumes. 
 MRPL spokesman <keyword id="4394862" type="UNKNOWN" weightage="20" keywordseo="prashanth-baliga">Prashanth Baliga</keyword> couldn't comment immediately, while an Indian Oil spokesman declined to comment. National Iranian Oil Co.'s public relations office in Tehran didn't respond to an email and two calls seeking comment.

Iran to cut benefits on oil sales to India. Here's why

India is on its way to ask Tehran for rights to develop ONGC-discovered Farzad-B gas field in the Persian Gulf even as it prepares to pay $ 6.5 billion in past oil dues. 
 Indian firms have so far shied away from investing in <keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> for the fear of being sanctioned by the US and Europe. The same was deterring New Delhi from claiming rights to invest nearly $ 7 billion in the biggest gas discovery ever made by an Indian firm abroad. But with Iran and six world powers sealing an accord to curb the Islamic Republic's nuclear programme in return for ending sanctions, India is making a renewed pitching for rights to develop 12.8 Trillion cubic feet of gas reserves <keyword id="46585" type="COMPANY" weightage="100" keywordseo="ONGC-Videsh-Ltd">ONGC Videsh Ltd</keyword> had found in 2008. "We have been in negotiations with Iran over development of Farzad-B gas field. Now that sanctions will ease, we expect Iran to give us the developmental rights," OVL Managing Director <keyword id="2246392" type="UNKNOWN" weightage="100" keywordseo="Narendra-K-Verma">Narendra K Verma</keyword> told PTI. 

	Also, the easing of sanctions would mean India can freely buy crude oil from Iran. Sanctions had meant that New Delhi could import no more than 9 million tonnes of oil this fiscal, the same volume it had shipped from Iran in 2013-15. 
 

	"We have just heard of the deal but we have not seen any details of when the sanctions will be lifted. We are awaiting more details to decide on crude purchases," a top official with a refiner which buys Iranian oil said. 
 

	An oil ministry official said lifting of sanctions would also mean oil refiners will have to clear $ 6.5 billion in past dues on purchase of Iranian oil. 
 

	Since February 2013, Indian refiners like Essar Oil and Mangalore Refinery and Petrochemicals (MRPL) have been paying in rupees to UCO Bank 45 per cent of their payment due on purchase of crude oil from Iran. The remaining has been accumulating, pending finalisation of a payment mechanism. 
 They had last year paid nearly $ 3 billion in six installments through a limited payment channel following start of nuclear talks between the West and Iran. The outstanding has since climbed to nearly $ 6.5 billion. Of this, Essar Oil owes about $ 3.5 billion and MRPL $ 2.5 billion. The rest $ 500 million is to be paid by <keyword id="59622" type="CITY" weightage="100" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> (IOC). 

	The official said the government expects that payment channels to open soon and Iran making a demand for clearing of past dues. 
 

	The historic nuclear deal struck today, sanctions imposed by the United States, European Union and United Nations would be lifted in return for Iran agreeing long-term curbs on a nuclear programme. 
 

	If approved by the US Congress, it would enable the holder of the world's fourth-biggest crude reserves to ramp up energy exports with the easing of international sanctions on exports in return for curbs on its nuclear programme.

	 
	 
	(Image credits: Indiatimes)

India to ask for rights to invest in oil reserves in Iran

<keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian Economy</keyword> is all set to draw an elevated graph this fiscal year as more than two dozen <keyword id="2860849" type="UNKNOWN" weightage="20" keywordseo="state-owned-companies">state-owned companies</keyword> are going to make their shares available for public. As per the reports coming in, the new businesses could help the Government get around Rs. 25,000 crore in total; which is one-third of India’s record disinvestment target for the current financial year. 
 The list given by the Government embraces firms like <keyword id="81864" type="CITY" weightage="20" keywordseo="ONGC-Videsh">ONGC Videsh</keyword>, Southern Coalfields, Bharat Broadband, KIOCL and Mazagon Dock, Bharat Bhari Udyog Nigam, Antrix Corp., including various railway units. 
 
The IPO, for sure, will open new doorways for investors into the equity market. Names from Travel and Tourism Industry have also been identified and have been added to the revenue making list. Hotels run by Indian Tourism Development Corp. (ITDC) have been acknowledged as a major profit generating segment. 
 
Once in listing, it is going to benefit the depositors in a number of ways. Advantages like cash on redemption on a minimum tenure of one year, deposition of old jewellery as little as 30 grams will benefit the depositor. 
 
"The idea is to create a pipeline for the next two-three years," the official spokesperson told Economic Times. This needs to be done as the Government is close to the 51 % stake level in several listed state-owned companies, the person said. "So, the ideal situation is that we have approvals for stake sale in these firms and we can proceed depending on market conditions," he added.

A Win-Win Scheme That’ll Generate 25,000 Crore For Indian Govt.

Oil and Natural Gas Corporation (<keyword id="6354737" type="CITY" weightage="100" keywordseo="ONGC">ONGC</keyword>) is investing a sum of Rs 22,500 crore in redevelopment projects. These new projects will add capacity of 16.7 million tonnes of oil and 56 billion cubic metres of gas, said <keyword id="742600" type="UNKNOWN" weightage="100" keywordseo="DK-Sarraf">DK Sarraf</keyword>, chairman and managing director, ONGC. 
 "(In 2014) we launched Mumbai High North Redevelopment Phase-III, Mumbai High South Redevelopment Phase-III, integrated development of the Bassein, <keyword id="340020" type="PERSON" weightage="60" keywordseo="Mukta">Mukta</keyword> and <keyword id="150474" type="CITY" weightage="60" keywordseo="panna">Panna</keyword> formations and Daman development. These are very important projects for us and a lot of hope rides on their success. They will also serve as a litmus test for our project management skill to implement the projects without time and cost over-run and safely," he said. 
 
The output of gas from the KG-DWN-98/2 (NDA) field in the eastern offshore is likely to start in the next 2-3 years. 
 
He informed that 16 new sources of gas were discovered in FY2014-15. "Therefore, the reserve replacement ratio is again expected to be in excess of one for a 10th consecutive year," he added. 
 <keyword id="81864" type="CITY" weightage="100" keywordseo="ONGC-Videsh">ONGC Videsh</keyword>, the foreign arm of the country’s multinational oil and gas company, had struck a deal for a gas field in Azerbaijan and also acquired a 16% stake in the Rovuma offshore Area-I in Mozambique. These led to a jump in its production by 15%.

ONGC Pumping In Rs 22,500 Crore In Redevelopment Projects

Energy for all is the need of the hour, especially in an emerging <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> like <keyword id="3658" type="COUNTRY" weightage="100" keywordseo="India">India</keyword> where a big chunk of the population still can’t access <keyword id="1977921" type="UNKNOWN" weightage="100" keywordseo="Modern-energy-sources">modern energy sources</keyword> and the overall growth of the country suffers due to such non-inclusion. The outlook is not exactly bright at this point as India ranks 69th among 124 <keyword id="6407494" type="UNKNOWN" weightage="100" keywordseo="countries">countries</keyword> in the recently released <keyword id="1970968" type="UNKNOWN" weightage="100" keywordseo="global-energy-architecture-performance-index">Global Energy Architecture Performance Index</keyword> (<keyword id="1977925" type="UNKNOWN" weightage="100" keywordseo="EAPI">EAPI</keyword>) Report 2014, prepared by the <keyword id="69007" type="ORGANIZATION" weightage="100" keywordseo="World-Economic-Forum">World Economic Forum</keyword> in collaboration with <keyword id="6370971" type="CITY" weightage="100" keywordseo="Accenture">Accenture</keyword>. 
 India, with an overall score of 0.48, has the second lowest <keyword id="1379968" type="UNKNOWN" weightage="100" keywordseo="energy-performance">energy performance</keyword> in the <keyword id="1977931" type="UNKNOWN" weightage="100" keywordseo="BRICS-cluster">BRICS cluster</keyword> that also includes <keyword id="6355226" type="COUNTRY" weightage="80" keywordseo="Brazil">Brazil</keyword>, <keyword id="6358826" type="COUNTRY" weightage="80" keywordseo="Russia">Russia</keyword>, <keyword id="1334" type="COUNTRY" weightage="100" keywordseo="China">China</keyword> and <keyword id="6355117" type="COUNTRY" weightage="80" keywordseo="South-Africa">South Africa</keyword>. Interestingly, China lies at the bottom among the <keyword id="175259" type="ORGANIZATION" weightage="100" keywordseo="Brics">BRICS</keyword> (85th with a score of 0.45), but other countries in this group are way ahead of India and its neighbour. Ranked 22nd, Brazil tops the BRICS group with a score of 0.64, extracting 50% more <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> per unit of energy use than the average of the other <keyword id="486040" type="UNKNOWN" weightage="100" keywordseo="BRICS-countries">BRICS countries</keyword>. It is followed by the Russian Federation (28th, with a score of 0.62) and South <keyword id="12925" type="ENTERTAINMENT" weightage="80" keywordseo="Africa">Africa</keyword> (54th, with a score of 0.54). 
 The top 10 performers are mostly EU and/or <keyword id="1977933" type="UNKNOWN" weightage="100" keywordseo="OECD-nations">OECD nations</keyword> – <keyword id="6356961" type="COUNTRY" weightage="100" keywordseo="Norway">Norway</keyword>, <keyword id="22501" type="COUNTRY" weightage="100" keywordseo="New-Zealand">New Zealand</keyword>, <keyword id="6354785" type="COUNTRY" weightage="100" keywordseo="France">France</keyword>, <keyword id="23050" type="COUNTRY" weightage="100" keywordseo="Sweden">Sweden</keyword>, <keyword id="103" type="COUNTRY" weightage="100" keywordseo="Switzerland">Switzerland</keyword>, <keyword id="49968" type="COUNTRY" weightage="100" keywordseo="Denmark">Denmark</keyword>, <keyword id="6363645" type="COUNTRY" weightage="100" keywordseo="Spain">Spain</keyword> and <keyword id="106735" type="COUNTRY" weightage="80" keywordseo="latvia">Latvia</keyword> – with the exception of <keyword id="15385" type="COUNTRY" weightage="80" keywordseo="Colombia">Colombia</keyword> (7th) and <keyword id="57870" type="COUNTRY" weightage="80" keywordseo="Costa-Rica">Costa Rica</keyword> (9th). The US came in 37th, followed by <keyword id="6355311" type="COUNTRY" weightage="80" keywordseo="Japan">Japan</keyword>. The regions covered in the report include <keyword id="1977935" type="UNKNOWN" weightage="100" keywordseo="EU28">EU28</keyword>, <keyword id="195393" type="COMPANY" weightage="100" keywordseo="MENA">MENA</keyword>, BRICS, <keyword id="6378080" type="COUNTRY" weightage="60" keywordseo="North-America">North America</keyword>, <keyword id="303353" type="COUNTRY" weightage="100" keywordseo="Sub-Saharan-Africa">Sub-Saharan Africa</keyword> and the <keyword id="5891" type="ORGANIZATION" weightage="100" keywordseo="ASEAN">ASEAN</keyword>. 
 
Why we need EAPI Before we consider why India is lagging behind the rest, it is important to understand the dimensions of the ‘<keyword id="1977936" type="UNKNOWN" weightage="100" keywordseo="Energy-triangle">energy triangle</keyword>’ and what it takes to achieve top-level energy performance. During the past three years, the World Economic Forum has been working on the <keyword id="1978006" type="UNKNOWN" weightage="100" keywordseo="New-Energy-Architecture">new energy architecture</keyword>, defined as the integrated physical system of <keyword id="689119" type="UNKNOWN" weightage="100" keywordseo="energy-sources">energy sources</keyword>, carriers and demand sectors. The ‘energy triangle’ frames the key objectives of the <keyword id="1977939" type="UNKNOWN" weightage="100" keywordseo="Energy-architecture">energy architecture</keyword> – the ability to provide secure, affordable and <keyword id="1977947" type="UNKNOWN" weightage="100" keywordseo="Environmentally-sustainable-energy-supply">environmentally sustainable energy supply</keyword>. Accordingly, the Global Index has used 18 indicators to assess 6 regions and 124 countries under three baskets – <keyword id="1977948" type="UNKNOWN" weightage="100" keywordseo="Economic-growth-and-development">economic growth and development</keyword>, <keyword id="585025" type="UNKNOWN" weightage="100" keywordseo="environmental-sustainability">environmental sustainability</keyword> and <keyword id="1714410" type="ORGANIZATION" weightage="100" keywordseo="Energy-access">energy access</keyword> &amp; security – while analysing the complex trade-offs and dependencies that affect the efforts of each country under review. 
 “Resource, wealth or <keyword id="352701" type="ORGANIZATION" weightage="100" keywordseo="Economic-Development">economic development</keyword> alone do not guarantee high performance on the Index,” said Roberto Bocca, senior director and head of energy industries at the World Economic Forum. “For an <keyword id="1977954" type="UNKNOWN" weightage="100" keywordseo="Effective-energy-system">effective energy system</keyword>, countries need to focus on all three sides of the energy triangle – environmental sustainability, security of supply and affordability,” he added. Undoubtedly a difficult task, if you look at the toppers or any other country, for that matter. No single country has got a top score of 1/1 for the overall Index (an average of the scores posted under the three heads) and no one has hit a ‘perfect 1’ either, under any of the three baskets. 
 
 
 
Four factors hindering India’s energy performance 
Low access: Let’s look at the grassroots first. Energy access across BRICS is high, with the exception of India and South Africa which continue to face <keyword id="1977958" type="UNKNOWN" weightage="100" keywordseo="Lower-electrification-rates">lower electrification rates</keyword> for rural and low-income groups. In fact, India is the lowest performer within the BRICS cluster (0.54/1), with only 75% accessing modern energy sources. It means around 293 million people go without those, compared to just 4 million in China. 
 However, there are longer-term solutions on the cards. Alongside a number of national and international initiatives, the government is currently running the Restructured Accelerated Power Development and Reform Programme or <keyword id="398803" type="UNKNOWN" weightage="100" keywordseo="R-APDRP">R-APDRP</keyword>, directing around $10 billion over the coming years for <keyword id="1977960" type="UNKNOWN" weightage="100" keywordseo="Grid-modernisation">grid modernisation</keyword>. India has also launched a <keyword id="856064" type="UNKNOWN" weightage="100" keywordseo="Remote-Village-Electrification">Remote Village Electrification</keyword> programme while the <keyword id="386624" type="ORGANIZATION" weightage="100" keywordseo="Ministry-of-New-and-Renewable-Energy">Ministry of New and Renewable Energy</keyword> is targeting the installed capacity from new <keyword id="430844" type="UNKNOWN" weightage="100" keywordseo="renewables">renewables</keyword> to reach 21,700 MW by 2017 (more on India’s <a href="http://www.businessinsider.in/Five-Moves-That-Will-Power-Indias-Green-Shift/articleshow/23463110.cms">green power</a> here). 
 
Increasing <keyword id="1977962" type="UNKNOWN" weightage="100" keywordseo="Reliance-on-energy-imports">reliance on energy imports</keyword>: Large-scale economic expansion across the country has triggered bigger <keyword id="6417014" type="UNKNOWN" weightage="100" keywordseo="energy-consumption">energy consumption</keyword> and a crippling dependence on imports – a major factor behind the ballooning trade and <keyword id="894126" type="UNKNOWN" weightage="100" keywordseo="current-account-deficits">current account deficits</keyword>. India is one of the biggest importers of crude oil and more than half of its $191 billion <keyword id="113688" type="UNKNOWN" weightage="100" keywordseo="trade-deficit">trade deficit</keyword> in FY2013 – $109 billion, to be precise – accounted for oil, with the country importing around 82% of its requirements, mostly from the <keyword id="138623" type="UNKNOWN" weightage="100" keywordseo="Gulf-countries">Gulf countries</keyword>. Overall, 28% of the country’s <keyword id="1977965" type="UNKNOWN" weightage="100" keywordseo="Net-energy-consumption">net energy consumption</keyword> is met through imports and among the BRICS, India has the <keyword id="1977966" type="UNKNOWN" weightage="100" keywordseo="Highest-spend-on-fuel-imports">highest spend on fuel imports</keyword> relative to GDP (10%). 
 It’s a kind of vicious cycle, to say the least, which is negatively impacting the <keyword id="6356076" type="UNKNOWN" weightage="100" keywordseo="indian-economy">Indian economy</keyword>. “The whole mess in the <keyword id="52599" type="TECHNOLOGY" weightage="100" keywordseo="CAD">CAD</keyword> is due to the imports of both coal and oil,” Vivek Pandit, senior director for energy at the Federation of Indian Chambers of Commerce and Industry (<keyword id="6355001" type="CITY" weightage="80" keywordseo="FICCI">FICCI</keyword>) told FT. Worried by the current account deficit, <keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword> and <keyword id="68968" type="UNKNOWN" weightage="100" keywordseo="institutional-investors">institutional investors</keyword> gradually started withdrawing their support since March this year. This fuelled a substantial weakening of the <keyword id="6355302" type="ORGANIZATION" weightage="100" keywordseo="Rupee">Rupee</keyword> and resulted in a drawdown of <keyword id="6368276" type="COMPANY" weightage="80" keywordseo="Foreign-exchange">foreign exchange</keyword> to the tune of $12.8 billion. According to a PwC report, the drawdown could have been avoided, had India produced 17 million tonnes more oil than its current domestic production. 
 Worse still, <keyword id="1977973" type="UNKNOWN" weightage="100" keywordseo="Indias-oil-import-dependency">India’s oil import dependency</keyword> is forecast to grow another 10 percentage points to exceed 90% by 2031. While increasing domestic exploration will help to a certain extent, India must try and curb the <keyword id="1977977" type="UNKNOWN" weightage="100" keywordseo="Oil-bills">oil bills</keyword> further by seeking new suppliers and buying more stake into African and other <keyword id="1977979" type="UNKNOWN" weightage="100" keywordseo="Non-Gulf-oil-and-gas-assets">non-Gulf oil and gas assets</keyword>. 
 This part of the strategy is slowly taking shape as <keyword id="81864" type="CITY" weightage="100" keywordseo="ONGC-Videsh">ONGC Videsh</keyword>, the overseas investment arm of <keyword id="55282" type="ORGANIZATION" weightage="100" keywordseo="India-Government">India government</keyword>’s flagship oil and gas explorer <keyword id="118729" type="COMPANY" weightage="100" keywordseo="Oil-Natural-Gas-Corp">Oil &amp; Natural Gas Corp</keyword>, has been pushing hard to build up a <keyword id="1977984" type="UNKNOWN" weightage="100" keywordseo="Diversified-portfolio-of-foreign-assets">diversified portfolio of foreign assets</keyword> to minimise the country’s dependency on the Middle East. <keyword id="6354737" type="CITY" weightage="100" keywordseo="ONGC">ONGC</keyword> Videsh has recently signed two multi-billion-dollar deals to buy into offshore natural gas assets in <keyword id="6372754" type="COUNTRY" weightage="80" keywordseo="Mozambique">Mozambique</keyword>. It has a significant presence in <keyword id="48890" type="COUNTRY" weightage="80" keywordseo="Latin-America">Latin America</keyword> and is also looking for exploration assets in <keyword id="6356970" type="COUNTRY" weightage="100" keywordseo="Myanmar">Myanmar</keyword>, <keyword id="6354759" type="COUNTRY" weightage="100" keywordseo="Bangladesh">Bangladesh</keyword>, <keyword id="30174" type="COUNTRY" weightage="100" keywordseo="Lebanon">Lebanon</keyword> and <keyword id="6355478" type="COUNTRY" weightage="80" keywordseo="Australia">Australia</keyword>. 
 
Prevalence of <keyword id="1896941" type="UNKNOWN" weightage="100" keywordseo="energy-subsidies">energy subsidies</keyword>: Another factor that is dragging India down by increasing oil demand and widening the budget deficit. Both India and Russia are the lowest performers for the indicator on <keyword id="1977989" type="UNKNOWN" weightage="100" keywordseo="Liquid-fuel-subsidies">liquid fuel subsidies</keyword>. India’s subsidies for diesel put it in the lower quartile globally for this indicator even as the country is trying to improve <keyword id="1977991" type="UNKNOWN" weightage="100" keywordseo="Energy-affordability">energy affordability</keyword> and access for lower-income groups. 
 
Coal-dependence hurts: At present, coal dominates the country’s <keyword id="1798751" type="UNKNOWN" weightage="100" keywordseo="energy-mix">energy mix</keyword> with a robust 53% share in <keyword id="1977995" type="UNKNOWN" weightage="100" keywordseo="Primary-energy-consumption">primary energy consumption</keyword>, affecting India’s score in terms of environmental sustainability. The country has scored 0.41/1, underlining the challenge it faces in diversifying the energy mix beyond <keyword id="181402" type="UNKNOWN" weightage="100" keywordseo="fossil-fuels">fossil fuels</keyword>. Although energy trade can have positive impacts here, it can also pose economic and <keyword id="1977997" type="UNKNOWN" weightage="100" keywordseo="Energy-security-risks">energy security risks</keyword>, especially as we are dependent only on a few trading partners. 
 Interestingly, 41% of the <keyword id="1200645" type="UNKNOWN" weightage="100" keywordseo="energy-supply">energy supply</keyword> in the top 10 countries comes from low-carbon energy sources, compared to a global average of 28%. India, too, is rolling out low-carbon power generation through plans to increase <keyword id="43870" type="UNKNOWN" weightage="100" keywordseo="nuclear-capacity">nuclear capacity</keyword> from the current 4.4 GW to 5.3 GW by 2016. 
 
The bottom line “Our analysis concludes that there is no single way forward; each country must work with its own resources and constraints, making difficult choices and trade-offs,” said Arthur Hanna, Managing Director, Energy Industry, Accenture, and a Member of the World Economic Forum’s Global Agenda Council on New Energy Architecture. “The Index helps nations take stock of their energy transition challenges and address key barriers to success, such as market distorting subsidies, continued uncertainty around energy policy and funding for research and development of <keyword id="1978009" type="UNKNOWN" weightage="100" keywordseo="New-energy-sources">new energy sources</keyword> and technologies.” 
 
Keeping that in mind, can India cope with the transition and morph its energy policies accordingly? 
 
Top Image: Wikipedia 
Data chart: World Economic Forum

Energy
Performance: Is India
Losing Out On Power Play?

<ul class="summary-list"><li>Japan needs Russian oil to survive so it can't cut off ties with Moscow, Itochu's CEO told the FT. </li><li>There are "all kinds of ways" Moscow can keep exporting despite sanctions, he said in an interview.</li></ul>Japan cannot survive unless it keeps importing oil and gas from Russia, which makes it impossible for the country to cut off ties with Moscow, the head of a leading trading company has said.Alongside other G7 countries, Japan has been working on measures to hit Russia's energy revenue over its war against Ukraine. But there are ways for Moscow to get round sanctions, Masahiro Okafuji told the Financial Times — suggesting that could allow Tokyo to get the imports it needs."Unlike Europe or the US, Japan depends on overseas for almost all of its energy needs, so it's not possible to cut off ties with Russia because of the sanctions," the CEO of Warren Buffett-backed Itochu said in an <a href="https://www.ft.com/content/fd2c7271-60a5-49f2-8168-cf24a923e936">FT interview</a> published Monday."In reality, we cannot survive unless we continue to import from Russia, even if the volumes are smaller."Japan has stayed in line with its Western allies on imposing sanctions on Moscow, even as it has stressed how dependent it is on Russian imports of gas and oil for its energy security.Its government has backed a <a href="https://www.businessinsider.com/g7-countries-price-cap-russian-oil-moscow-vows-cut-off-2022-9">US-led plan to cap the prices</a> of Russian crude supplies. The cap would bar refiners, traders, and financers from handling Russian oil cargoes and deliveries, unless the contracts were below a set price. But there are "all kinds of ways" Russia could still remain a supplier despite being shut out from European and other Western markets, Okafuji told the FT. He pointed to the Asian buyers like China and India keen to snap up Moscow's discounted crude.Okafuji's comments echo those of Qatar's energy minister recently. Saad al-Kaabi told the FT he <a href="https://markets.businessinsider.com/news/commodities/europe-energy-crisis-gas-zero-russian-unimaginable-qatar-2022-10">can't envisage a future with zero Russian flows to Europe</a>, given its reliance on the imports.One way Japan has kept ties with Russia is through the Sakhalin-1 large energy project. The country's trade minister said Tuesday that a Japanese consortium will hold onto its stake in the oil and gas effort after US giant Exxon Mobil made its exit.The Sakhalin-1 project aims to produce oil and natural gas in the Chayvo, Odoptu, and Arkutun-Dagi fields off the east coast of Sakhalin Island in Russia, alongside Itochu and India's state-run energy company ONGC Videsh.

Japan needs Russian oil to survive and there are ways for Moscow to keep delivering despite sanctions, trading firm CEO says

<ul><li>Rising crude oil and gas prices during the last few quarters because of supply side constraints led by the Russia Ukraine crisis has benefited the oil producer to mint more money.</li><li><keyword id="6354737" type="General" weightage="20" keywordseo="ongc" source="Orion">ONGC</keyword> enters the elite club of top most profitable companies in India as it makes a profit of ₹40,305 crore in FY22.</li><li>The oil producer has surpassed Tata Steel, TCS and HDFC Bank to reach the second position wherein Reliance Industries holds top position.</li></ul>State-owned oil explorer ONGC beat two Tata group firms - TCS and Tata Steel to become India’s second most profitable company, after Reliance Industries, in FY22. Its record profits came in spite of decline in production for the last 11-18 quarters, aging fields, and lack of new discoveries. However, crude oil prices soared to almost $140 a barrel - making even its low output very valuable. ONGC contributes to 70% of India’s total oil and gas production. “A rally in global crude oil and natural gas prices is a key driving factor behind ONGC’s profitability,” said a report by YES Securities. It added that any moderation in crude prices will affect its cash flows as its capex requirement is very high to maintain production in its aging fields. ONGC reported a net profit of ₹40,305 crore for FY22 surpassing Tata Steel, by a decent margin. It also beat one of India’s most valuable companies - TCS in terms of profits - after crude oil prices soared. <div type="image" title="top 5 companies col (1)" height="900" width="1200" msid="91890739" hostid="261"></div>Taxes, sanctions and more to affect ONGC profitability As expected, this rise in profitability might be unsustainable, especially since analysts believe that Russia-Ukraine tensions could settle down, cooling off the soaring crude. “ONGC’s performance depends on how long geopolitical tensions persist as its profits are directly connected to crude oil prices,” Sanjiv Bhasin, executive vice president, markets &amp; corporate affairs at India Infoline, told Business Insider India. Bhasin believes that these tensions will ease by mid-July. As soon as crude prices come down, so will ONGC’s place in the list of most profitable companies. “Brent will not sustain the $110 kind of level. One or two years down the line, Brent will cool down. The two year future market also shows prices cooling off about $80-$90 per barrel range so that will definitely impact the margins for ONGC,” Anshuman Khanna, the founding director of Valpro, told Business Insider India. While the advantages of the war might go away soon, its effects - like sanctions on Russia - could remain and can affect ONGC’s fortunes negatively. <div type="image" title="ongc (1)" height="900" width="1200" msid="91890758" hostid="261"></div>The Russian connection ONGC’s international arm, ONGC Videsh owns stakes in multiple energy assets in Russia. One of the country’s gas producing assets Sakhalin-I has already shown signs of trouble as US major Exxon said that it would exit the block. ONGC has a 20% stake in it, along with interests in Sakhalin II, and Vankor fields in Siberia. “Russian assets are facing two issues -- one is the fact that Russian crude is trading at a discount about $10-$20 to Brent and second issue is repatriation of Russian dividend from these assets because of sanctions. It’s a real risk, which could jeopardize their entire Russian investment,” Anshuman Khanna, the founding directors of Valpro, told Business Insider. The Indian government too isn’t allowing the state-owned oil explorer to enjoy its profits either. It is believed to collect some of it in the form of a <a href="http://theres-a-strong-case-to-levy-windfall-taxes-11653810086031.html">windfall tax on oil producing companies.</a> Analysts at Citi call this tax threat an overhang. There is speculation that the government might impose a 25% tax on profits of oil and gas producing companies as crude prices have surged over 50% in 2022. The stock has gained over the last one year, but does not reflect the positive impact of crude oil on its profits. The sanction risk and taxes are making its short-lived story of profitability even less enticing to investors. <div type="image" title="ONGC profit" height="900" width="1200" msid="91890803" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/corporates/news/nykaa-to-face-competitive-heat-but-its-omni-channel-experience-maybe-the-game-changer/articleshow/91883946.cms">Nykaa to face competitive heat but its omni-channel experience maybe the game changer</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/finance/banks/news/citi-kotak-icici-and-other-investment-banks-earned-2600-crore-through-ipos-last-year/articleshow/91887303.cms">Indian companies raised $14 billion via IPOs and their i-bankers made $300 million in fees</a>

ONGC beats Tata Steel, TCS to become India’s 2nd most profitable company - but Russian links may spoil the party

<ul><li>At 7:45 am, the SGX Nifty was trading 0.42% lower, indicating a subdued start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open on a weak note on Friday, led by negative cues from the Asian markets. At 7:45 am, the SGX Nifty was trading 0.42% lower, indicating a negative start for Nifty50. Other Asian peers were trading in the negative territory as well — the SSE Composite Index was down 0.40%, and the Hang Seng Index was down 1.56%. These are the stocks to watch out for during the trading session today: RIL The National Company Law Tribunal (NCLT) has approved a resolution plan for Reliance Infratel submitted by a group entity of Reliance Industries, according to a regulatory filing. Maruti Suzuki India Maruti Suzuki India said its total production in November increased by 5.91% to 1,50,221 units. NMDC The state-owned NMDC said that the long-pending issue of Donimalai iron ore mine in Karnataka had been resolved. The central government has reached an agreement with the Karnataka state government and the Ministry of Steel to extend Donimalai Iron ore lease. Eicher Motors Eicher Motors Volvo Eicher Commercial Vehicles has begun production at its new truck plant in Bhopal. State Bank of India A report by PTI indicates that the CBI, on Friday, carried out searches at three locations in Delhi after booking Jay Polychem (India) in an alleged ₹1,800-crore bank fraud in a consortium led by State Bank of India. ONGC ONGC Videsh, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has made a “significant” oil discovery in an onshore block in Colombia. OVL is the operator in the block with 70% stake and an independent oil and gas company focussed in Latin America, Geopark, has the remaining 30% interest. Likhitha Infrastructure Likhitha Infrastructure bagged order of ₹112.88 crores from IHB — a JV company of IOC, HPCL and BPCL for laying a pipeline in Gujarat. APL Apollo Tubes APL Apollo Tubes has set December 16 as the record date for shares split. The company earlier approved splitting each stock of face value ₹10 each into 5 equity shares of the face value of ₹2 each. Tata Consumer Products The step-down subsidiary of Tata Consumer Products, Earth Rules, Australia has entered into an asset sale and purchase agreement for the sale of its MAP Coffee Business to Buccheri Group. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/oxford-covid-19-vaccine-serum-institute-seeks-emergency-use-nod-for-covishield-vaccine-in-india/articleshow/79600349.cms" data-type="tilCustomLink">Oxford COVID-19 vaccine: Serum Institute seeks emergency use nod for Covishield vaccine in India</a> <a href="https://www.businessinsider.in/india/news/section-144-extended-across-noida-and-greater-noida-till-january-2/articleshow/79600323.cms" data-type="tilCustomLink">Section 144 extended across Noida and Greater Noida till January 2</a>

Top stocks to watch — RIL, Maruti Suzuki, NMDC, SBI, ONGC, Eicher Motors, Likhitha Infrastructure, Tata Consumer, and others

<ul><li>The 30-share BSE index was trading 150.78 points higher at 45,230 points, and the Nifty50 also rose 48.35 points at 13,306.90. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian equity benchmark Sensex jumped over 150 points and Nifty crossed the 13,300 level to hit their fresh lifetime peaks in early trade on Monday, tracking gains in index majors ICICI Bank, ITC and HUL amid persistent foreign fund inflow. After touching a record intraday high of 45,245, the 30-share BSE index was trading 150.78 points higher at 45,230 points. The Nifty50 also rose 48.35 points at 13,306.90. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr Reddy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero Moto Corp </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharma </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td></tr></tbody></table>*as of December 7, 10:30 am These are the top stocks in news today. ONGC trades 5% higher The shares of ONGC gained over 5% after its overseas investment arm ONGC Videsh has made a “significant” oil discovery in an onshore block in Colombia. NMDC gains over 3% The shares of state-owned NMDC gained over 3% after the long-pending issue of Donimalai iron ore mine in Karnataka was resolved. The central government has reached an agreement with the Karnataka state government and the Ministry of Steel to extend Donimalai Iron ore lease. APL Apollo Tubes up over 4% The shares of Apl Apollo Tubes rose over 4% after the company set December 16 as the record date for share split. The company earlier approved splitting each stock of face value ₹10 each into 5 equity shares of the face value of ₹2 each. Pfizer rises over 2% The shares of Pfizer soared nearly 3% after the company became the <a href="https://www.businessinsider.in/science/health/news/pfizer-seeks-emergency-use-authorisation-for-its-covid-19-vaccine-in-india/articleshow/79600551.cms">first pharmaceutical firm</a> to seek from the Drugs Controller General of India (DCGI) an emergency-use authorisation for its Covid-19 vaccine in the country after its parent secured such clearance in the UK and Bahrain. SpiceJet, IndiGo and IRCTC rally with other hospitality stocks SpiceJet, IndiGo and IRCTC shares rallied with other hospitality stocks with the hopes of a COVID vaccine nearing reality. SpiceJet gained over 4%, IndiGo was up 2%, and IRCTC rallied nearly 8%. Tata Chemicals gains over 7% Tata Chemicals stock rallied over 7% after the stock had surged16% in the past two days after Tata Sons bought an additional 2.57 million shares of the company for ₹121 crore via the open market. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/oxford-covid-19-vaccine-serum-institute-seeks-emergency-use-nod-for-covishield-vaccine-in-india/articleshow/79600349.cms" data-type="tilCustomLink">Oxford COVID-19 vaccine: Serum Institute seeks emergency use nod for Covishield vaccine in India</a> <a href="https://www.businessinsider.in/india/news/section-144-extended-across-noida-and-greater-noida-till-january-2/articleshow/79600323.cms" data-type="tilCustomLink">Section 144 extended across Noida and Greater Noida till January 2</a>

Top stock movers — ONGC, HDFC Bank, NMDC, Pfizer, SpiceJet, IndiGo, IRCTC, Tata Chemicals, and others

New Delhi, Jan 22 () India on Wednesday expressed interest in raising the import of crude oil from Brazil as the world's third largest oil consumer is looking at diversifying its import basket beyond the highly volatile Middle East region.
 Oil Minister Dharmendra Pradhan met visiting Brazilian Minister for Mines and Energy Bento Albuqueroque to review cooperation between the two countries.
 "India is diversifying its crude oil supply and our oil companies have expressed interest in sourcing more crude from Brazil if offered favorable commercial terms," Pradhan tweeted after the meeting.
 India imports 84 per cent of its oil needs and two-thirds of its import come from the Middle East with Iraq and Saudi Arabia being the top suppliers.
 Pradhan said he also sought intervention for the early monetization of India's existing investments in the Brazilian energy sector.
 ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has two exploration blocks in Brazil - BC-10 and BM Seal-4 and is looking at monetizing discoveries made there.
 Pradhan said during the meeting the agreements/MoUs to be signed in bioenergy and oil &amp; gas sector during the Summit level meeting with the visiting Brazalian President were also reviewed.
 Separately, the Union Cabinet, chaired by Prime Minister Narendra Modi, has given its approval for the signing of the Memorandum of Understanding (MoU) with Brazil on cooperation in the field of oil and natural gas.
 "The MoU will enhance cooperation between the two sides in the oil and natural gas sector. Under the MoU, both sides will work towards establishing cooperation in the exploration and production (E&amp;P) initiatives in Brazil and India, research &amp; development in this sector, explore collaboration in Liquefied Natural Gas projects in Brazil, India and third countries, and also encourage collaboration in oil energy and environmental issues, including energy policies such as energy efficiency, energy research development and expansion of the regional energy infrastructure networks," an official statement said.
 The MoU will be signed during the visit of Brazalian President.
 "We further discussed to collaborate our efforts in the field of Biofuels. We are targeting to achieve 20% ethanol blending in petrol &amp; 5% bio-diesel blending capacity by 2030. In this regard expressed India's interest to work with Brazil in the field of Bioenergy," Pradhan tweeted after meeting his Brazalian counterpart.
 Also discussed was developing cooperation in technologies, particularly in the areas of mining and pelletization, he added. ANZ MR

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