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<strong><br /></strong><ul><li><strong>A MOU has been signed for the transfer of technology.</strong></li><li><strong>A demo plant is to be set up in the Southern state of <keyword id="20154" type="LOCATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword> under the agreement.<br /></strong></li><li><strong>The technology has been developed by scientists from the <keyword id="1041313" type="COMPANY" weightage="20" keywordseo="Central-Electro-Chemical-Research-Institute">Central Electro Chemical Research Institute</keyword>.</strong></li></ul>On Sunday, the government-run Central Electro Chemical Research Institute (<a href="http://www.cecri.res.in/">CECRI</a>) and the <a href="http://raasienergy.com/">RAASI Solar Power Pvt Ltd</a> have signed an agreement for the transfer of technology for the manufacture of <a href="https://en.wikipedia.org/wiki/Lithium-ion_battery">lithium-ion batteries</a>. This is a first of its kind memorandum of understanding (<a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=179879">MOU</a>) that has been signed in the country, according to the official statement that was issued.<br /><br />The technology, originally, was developed in a collaboration between <keyword id="1041311" type="PERSON" weightage="20" keywordseo="CECRI">CECRI</keyword> and multiple institutes under the the Council of Scientific and Industrial Research (<keyword id="64925" type="COMPANY" weightage="20" keywordseo="CSIR">CSIR</keyword>). They also set up a demo manufacturing plant in <keyword id="12864" type="LOCATION" weightage="20" keywordseo="Chennai">Chennai</keyword>, which has the potential to reduce the manufacturing cost.<br /><br />“Today’s development is a validation of the capabilities of CSIR and its laboratories to meet technology in critical areas to support our industry, besides other sectors,” said Dr Harsh Vardhan according to the <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=179879">press release</a>.<br /><br />Currently, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> imports lithium-ion batteries from many countries, including China, Japan and South Korea. In 2017 alone the country imported batteries worth around $150 million. This manufacturing, if done in India, won't just save on imports but would significantly contribute to the country's GDP.<br /><br />“It will give tremendous boost to two flagship programmes of Prime Minister Narendra Modi – increasing the share of Clean Energy in the energy basket by generating 175 Gigawatts by 2022, of which 100 Gigawatts will be Solar and the second, National Electric Mobility Mission, to switch completely to electric vehicles by 2030,” Vardhan added.<br /><br />The <keyword id="6611754" type="UNKNOWN" weightage="20" keywordseo="RASSI-group">RASSI group</keyword> will be setting up a battery manufacturing unit in Tamil Nadu in the Krishnagiri district. One of the major focuses of this project is to mass produce cheap lithium-ion batteries in order to replace lead-acid batteries. These batteries have many applications ranging from solar energy to phones to electric cars.<br /><br /><em>(Representative image)</em><br />

Lithium-Ion batteries may be manufactured in India soon

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZYXOABNO&amp;SMLS=1&amp;RW=1399&amp;RH=843#/SearchResult&amp;VBID=2C0BXZYXOABNO&amp;SMLS=1&amp;RW=1399&amp;RH=843&amp;POPUPPN=2&amp;POPUPIID=2C0BF1O0426C8">Reuters/Sergei Karpukhin</a></span></p><p class="caption">Russia's President Vladimir Putin (R) toasts with Saudi Arabia's Ambassador to Russia Abdulrahman Al-Rassi after receiving a diplomatic credential from him during a ceremony at the Kremlin in Moscow, Russia.</p></div><p></p></div></div>Saudi Arabia and Russia agreed to <a href="http://www.wsj.com/articles/saudi-arabia-russia-agree-to-new-oil-pact-but-no-output-freeze-1473072395">cooperate</a> on oil and to create a "<a href="https://www.ft.com/content/ac8bad0a-7364-11e6-bf48-b372cdb1043a">working group</a>" to stabilize markets on Monday at the G-20 summit in China, just weeks <span>ahead of the informal oil talks to be held in Algiers on September 26-27.</span></p><p>However, the two oil powerhouses didn't announce any concrete action plan, which had some analysts wondering whether this latest development would actually lead to anything - especially given that Khalid al-Falih, Saudi Arabia's oil minister, <a href="http://www.bloomberg.com/news/articles/2016-09-05/saudi-oil-minister-says-no-need-now-to-freeze-crude-output">dismissed the need for a production freeze</a>.</p><p>Moreover, the team at Capital Economics pointed out that most OPEC members and Russia are <em>already</em> pumping oil at record levels, which suggests that they have little spare capacity. "The upshot is that there was nothing in Monday's announcement to change our view that oil prices will finish the year a little lower than they are now," wrote Tom Pugh, the firm's commodities economist, in a note to clients.</p><p><span>And</span><span> big oil players remain at odds in various geopolitical situations, including in Syria and Yemen, </span><span>which adds </span><span>another dimension to all potential decisions.</span></p><p><span><span>Prices for Brent crude oil, the international benchmark, </span><a href="http://www.businessinsider.com/oil-prices-jump-on-monday-september-5-2016-9">surged</a><span> by as much as 6% to $49.90 per barrel in the immediate aftermath before giving back most of their gains later in the day.</span></span></p><p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Capital Economics</span></p></div><p></p></div></div></span><span></span></p><p>However, other analysts have argued that there's more to the latest overture than meets the eye.</p><p>Monday's announcement, "while short on details and immaterial for actual supply and demand balances, is another indicator of the extreme economic duress that producers are enduring, and in our view, increases the likelihood of some type of collective action if prices remain under significant pressure," <span>Helima Croft, the global head of commodity strategy at RBC Capital Markets, </span><span>wrote in a note to clients.</span></p><p><span>"We take the view that potential joint action discussion is a symbolic attempt to shore up sentiment since there is little else to lose given that most countries are already producing flat out," she added.</span></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>RBC Capital Markets</span></p></div><p></p></div></div></p><p>Although Saudi Arabia and Russia are nowhere near <a href="http://www.businessinsider.com/opec-oil-producers-at-breaking-point-2016-5">the chaos engulfing OPEC's so-called "Fragile Five"</a> - <a href="http://www.businessinsider.com/nigeria-enters-recession-2016-8">Nigeria</a>, <a href="http://www.nytimes.com/2016/09/02/world/americas/caracas-venezuela-nicolas-maduro-protests.html">Venezuela</a>, <a href="http://www.businessinsider.com/libya-to-resume-oil-exports-but-analysts-skeptical-2016-7">Libya</a>, Iraq, and Algeria - they, too, have seen their fortunes shrink over the past two years.</p><p>Russia's economy shrank by 3.7% <a href="https://www.ft.com/content/81b0b40f-e1d2-35cf-8b52-02d6e245daf5">in 2015</a>. And, although things have <a href="http://www.businessinsider.com/russia-inflation-july-2016-2016-8">started to</a> <a href="http://www.businessinsider.com/russia-q2-gdp-2016-2016-8">somewhat stabilize</a>, the IMF <a href="http://uk.reuters.com/article/us-russia-economy-imf-idUKKCN0ZT1NZ">forecasts</a> it will contract by 1.2% in 2016. Plus, an estimated 13.4% of the population is currently living in poverty (about 19.2 million people), according to<a href="https://www.theguardian.com/world/2016/mar/22/millions-more-russians-living-in-poverty-as-economic-crisis-bites"> data from March 2016</a>, and there have been <a href="http://www.thetimes.co.uk/tto/news/world/europe/article4667617.ece">several</a> <a href="https://themoscowtimes.com/articles/russian-truck-drivers-strike-for-10-days-against-platon-tax-system-51905">protests</a> regarding economic concerns this year.</p><p>Meanwhile, Saudi Arabia, which has managed to weather the lower-for-longer environment far better than most of its OPEC colleagues, is not without <a href="http://www.businessinsider.com/saudi-arabia-oil-facilities-and-yemen-campaign-2016-9">problems</a>. <a href="http://www.tradingeconomics.com/saudi-arabia/foreign-exchange-reserves">FX reserves</a> are down almost $190 billion since oil prices started falling; <a href="http://www.wsj.com/articles/saudi-arabia-russia-agree-to-new-oil-pact-but-no-output-freeze-1473072395">Bloomberg reports that the country is aiming to cancel over $20 billion of projects</a> and to slash ministry budgets by a quarter; there have been <a href="http://www.businessinsider.com/saudi-arabia-gdp-forecasts-and-foreign-reserves-2016-8">several ugly economic data points</a>; and the public <a href="http://www.al-monitor.com/pulse/originals/2016/08/saudi-arabia-economic-measures-citizens-crisis.html">hasn't been happy</a> with some austerity measures, such as the sharp rise in electricity bills. </p><p>As such, "while geopolitical tensions between key producers continue to run high because of ongoing conflicts in Syria and Yemen, their leaders may yet opt for pragmatism and seek some financial relief that will allow them to keep their increasingly restive citizens content and off the streets," Croft argued.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="RBC Capital Markets" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/57ceba35b996eb97008b6177-960/screen shot 2016-09-06 at 8.44.14 am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>RBC Capital Markets</span></p></div><p></p></div></div></p><p>It's worth nothing that previous attempts to re-instate production quotas <a href="http://www.businessinsider.com/new-normal-for-oil-after-failed-doha-meeting-2016-4">have not always yielded desired results</a>. However, the fact that even the better-off producers are increasingly feeling the strain of the lower-for-longer environment somewhat raises the stakes. </p><p>Also notably, a coordinated decision could underscore the oil cartel's legitimacy.</p><p> "Although co-operative action taken by the cartel and other key producers may prove to be more of an optics play than physically actionable, at a minimum, it alters sentiment, puts a floor into the market, and reminds the market of OPEC's capacity to co-operate," wrote Croft.</p><p>"It would also prove that the prolific pronouncements of the cartel's demise are premature."</p><p>Brent crude prices are down 2.3% at $46.55 per barrel as of 10:14 a.m. ET.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.investing.com/">Investing.com</a></span></p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/paul-krugman-apple-tax-debate-politics-markets-tech-ireland-eu-2016-8">Paul Krugman weighs in on the Apple tax debate</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o3aDltNTE6mVpOUrwLnzhtPvU_5P2h-2" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The Russia-Saudi oil cooperation is actually a sign of 'extreme economic duress'

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Lithium-Ion batteries may be manufactured in India soon

BI India Bureau

The Russia-Saudi oil cooperation is actually a sign of 'extreme economic duress'

Elena Holodny

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