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<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s top oil company <keyword id="6354733" type="General" weightage="100" keywordseo="ioc" source="Orion">IOC</keyword> will invest Rs 61,077 crore in building a petrochemical complex at <keyword id="16552131" type="General" weightage="50" keywordseo="paradip-in-odisha" source="Orion">Paradip in Odisha</keyword> - its largest ever investment at a single location - as it doubles down on its transition plan. In a statement, <keyword id="6356834" type="General" weightage="50" keywordseo="indian-oil-corporation" source="Orion">Indian Oil Corporation</keyword> (IOC) said its board has given "Stage-1 approval for setting up <keyword id="49809" type="General" weightage="80" keywordseo="paradip" source="Orion">Paradip</keyword> petrochemical complex at Paradip, Odisha at an estimated cost of Rs 61,077 crore." "This mega project will be the largest-ever investment of Indian Oil at a single location," it said but did not give timelines for completion of the project. This is a part of its transition plan including boosting petrochemical intensity to help protect against volatility. Petrochemical intensity refers to the percentage of crude oil that is converted directly into chemicals that are used to make plastic and other material. Crude oil, pumped out of the ground and from below the seabed, is processed in refineries to make petrol, diesel and other fuel. It can be processed to make petrochemicals, bypassing the fuels. IOC's petrochemical intensity - the percentage of crude oil converted into chemicals- is low at 5-6 per cent currently. The company intends to take it up to 10-12 per cent. The firm's newer refineries at <keyword id="6360136" type="General" weightage="50" keywordseo="panipat" source="Orion">Panipat</keyword> in Haryana and Paradip in Odisha have the petrochemical intensity of 15-20 per cent which would be raised to 25 per cent, its chairman <keyword id="5281441" type="General" weightage="50" keywordseo="shrikant-madhav-vaidya" source="Orion">Shrikant Madhav Vaidya</keyword> had told PTI in an interview last month. Energy transition refers to the shift from fossil-based systems of energy production and consumption - including oil, natural gas and coal - to renewable energy sources like wind and solar, as well as lithium-ion batteries. This shift is likely to gradually cut demand for petrol and diesel and so in preparation of that IOC is doing petrochemical projects. The company said the petrochemical complex at Paradip would include a world-scale cracker unit along with downstream process units for producing several petrochemical products including polypropylene (PP), high density polyethylene (<keyword id="178943" type="General" weightage="50" keywordseo="hdpe" source="Orion">HDPE</keyword>), linear low-density polyethylene (LLDPE) and poly vinyl chloride (PVC) - these being building blocks of different grades of plastics. It shall also facilitate production of niche chemicals and petrochemicals like phenol and isopropyl alcohol. Talking of the development, <keyword id="6360405" type="General" weightage="80" keywordseo="vaidya" source="Orion">Vaidya</keyword> said, "This mega project is aligned with Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>'s vision of Purvodaya that is sure to accelerate the development trajectory and fuel prosperity in Eastern India. This cutting-edge, state-of-the-art petrochemical complex will undoubtedly be transformative in its impact, significantly advancing the Aatmanirbhar Bharat initiative." "This mega project shall significantly improve the petrochemical intensity index of IndianOil. It shall be a growth driver in making the company a major player in the petrochemical industry, while strengthening India's self-reliance in the petrochemical sector," he said. The project, the statement said, will catalyze the growth of PCPIR and Plastic Park at Paradip. "On commissioning of this project, domestically available Petrochemicals are expected to provide feed and vitalise industrial growth in key downstream industries like plastic, pharma, agrochemical, personal care, paints etc. It is also expected to create employment opportunities in eastern India, especially Odisha," it added. 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Indian Oil to invest ₹61,077 crore in a petchem complex at Paradip in Odisha

India's major <keyword id="6413000" type="General" weightage="100" keywordseo="ports" source="Orion">ports</keyword> handled the highest ever cargo at 795 million tonne in 2022-23, <keyword id="5791834" type="General" weightage="50" keywordseo="ministry-of-ports" source="Orion">Ministry of Ports</keyword>, Shipping and Waterways Secretary <keyword id="189691" type="General" weightage="50" keywordseo="sudhansh-pant" source="Orion">Sudhansh Pant</keyword> said on Friday. <keyword id="236966" type="General" weightage="50" keywordseo="pant" source="Orion">Pant</keyword> further said that with transactions worth about Rs 5,000 crore, the <keyword id="6390662" type="General" weightage="50" keywordseo="shipping-ministry" source="Orion">shipping ministry</keyword> has surpassed its FY23 asset monetisation target of about Rs 3,700 crore. He also said that next week, Ports, Shipping and Waterways Minister <keyword id="545729" type="General" weightage="50" keywordseo="sarbananda-sonowal" source="Orion">Sarbananda Sonowal</keyword> will launch 'Green Port' guidelines to make India's ports green. "Our major ports have handled the highest ever cargo in the history of the ports at 795 million metric tonne. This is 10 per cent higher than the previous year's cargo handled," he told PTI. India has 12 major ports - Deendayal (Kandla), Mumbai, Mormugao, New Mangalore, Cochin, Chennai, Ennore (<keyword id="426494" type="General" weightage="50" keywordseo="kamarajar" source="Orion">Kamarajar</keyword>), Tuticorin (V O Chidambaranar), Visakhapatnam, <keyword id="49809" type="General" weightage="50" keywordseo="paradip" source="Orion">Paradip</keyword> and <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword> (including Haldia) and Jawaharlal Nehru Port. "Four or five of the major ports, including <keyword id="9340309" type="General" weightage="50" keywordseo="syama-prasad-mookerjee-port" source="Orion">Syama Prasad Mookerjee Port</keyword> (Kolkata), Deendayal (Kandla), Jawaharlal Nehru Port and Paradip have recorded the highest ever cargo," Pant added. He also pointed out that after many many years, the major ports have recorded a higher annual growth than that of non-major ports. Non-major ports are administered by state governments. Many state governments have given such ports on lease to private partners. "So, this year (2022-23), major ports achieved an overall growth of 10.4 per cent, while non-major ports achieved a growth 1.5 to 2 per cent less than this," he said. While the share of major ports in the total cargo was 54 per cent and non-major ports was 46 per cent in FY22, Pant said in FY23, the share of major ports rose to 55 per cent and that of non-major ports fell to 45 per cent. "So even 1 per cent shift is a very significant achievement for major ports, because despite so many challenges, they have increased their share by 1 per cent ," he said. Pant also said the inland waterways increased their cargo handling by 16 per cent to 126 million tonne in 2022-23 from 109 million tonne in 2021-22. He said the turnaround time in major ports has reduced by 3-4 hours to 48-49 hours. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/a-third-of-unicorn-founders-on-huruns-list-are-serial-entrepreneurs/slidelist/99661370.cms">Serial success: Multi-company founders whose startups are on Hurun’s top unicorns list</a> <a href="https://www.businessinsider.in/business/news/home-buying-sentiment-to-weaken-but-new-supply-is-kicking-in-say-analysts/articleshow/99656311.cms">Home buying sentiment to weaken but new supply is kicking in say analysts</a>

India's major ports handled highest ever cargo at 795 million tonne in FY23

<ul><li>On Friday the Indian Coast Guard said the crack was two metre long and has been observed near the <keyword id="9880267" type="UNKNOWN" weightage="20" keywordseo="port-aft-portion">Port aft portion</keyword>, 10 metres above the waterline.</li><li>The fire fighting operations are continuing for second day in succession, the Coast Guard said.</li></ul> Even as fire fighting efforts were underway on the blazing very large crude carrier (VLCC) <keyword id="9877658" type="UNKNOWN" weightage="20" keywordseo="new-diamond">New Diamond</keyword> chartered by Indian Oil Corporation (IOC), an experienced marine engineer said that the two-metre long crack near Port aft portion 10 metres above the waterline of the oil laden tanker could likely pose a problem if the crack further increases. On Friday the Indian Coast Guard said the crack was two metre long and has been observed near the Port aft portion, 10 metres above the waterline. The fire fighting operations are continuing for second day in succession, the Coast Guard said. "If the crack propagates, and there is every likelihood of that and cannot be predicted, then the stability of the ship could be affected. A ship standstill is still subjected to tremendous stresses and could break and capsize," M. Kalayanaraman, Technical Editor, Riviera Maritime Media told IANS. He said if the fire is still raging then it means the fuel for the fire is still there in whichever space is on fire. "What is not clear is if any of the cargo tanks are affected, or it could be just the ship bunker fuel tanks," Kalyanaraman said. While towing is also a risky proposition, he added that which port can take in such a large ship. Seeing the pictures of the ship on fire, Kalyanaraman said the engine room is gutted. It has to be seen whether the pump room -- where the pumps to pump out the crude oil are located -- too have been damaged. He said if the pump room is damaged then it will be a great challenge to pump out the oil. "We have to hope and pray the fire is extinguished as soon as possible," he said. The oil tanker caught fire on Thursday morning 37 nautical miles off the Sri Lankan coast. As per www.marinetraffic.com, the 20-year-old VLCC 'New Diamond' sailing under the Panama flag departed from Mina Al Ahmadi on August 23 and was heading to <keyword id="56327" type="COMPANY" weightage="20" keywordseo="Paradip-port">Paradip port</keyword> in India. The oil tanker was expected to reach Paradip in Odisha on September 5 where IOC has a large refinery. The vessel's deadweight tonnage (DWT) is 2,99,986 t, length is 333 metres and width is 60 metres. The Coast Guard on Thursday said the Sri Lankan Navy had sought assistance to fight the fire and explosion on board New Diamond. So it had diverted three of its ships -- Shaurya, Sarang, Samudra Paheredar and a Dornier aircraft for firefighting operations. However, IOC officials remained silent on the accident. According to reports, another ship Helen M an oil products tanker sailing under the Panama flag on receipt of distress message had gone to the location of New Diamond for rescue. Helen M was sailing from Mangalore to Kakinada in Andhra Pradesh. SEE ALSO: <a href="https://www.businessinsider.in/business/news/pubg-ban-india-makes-chinese-company-tencent-loses-34-billion-in-2-days/articleshow/77924912.cms">Tencent loses nearly $34 billion since the PUBG ban in India — its second-largest valuation dip this year</a>

A two metre-long crack on oil tanker New Diamond can likely pose a problem

Emissions from residential cooking and heating, power generation, and industries together contribute up to 60 per cent of India's PM2.5 pollution, with about 80 per cent of this coming from <keyword id="23824528" type="General" weightage="20" keywordseo="fossil-fuel-combustion" source="keywords">fossil fuel combustion</keyword>, a new study has found. The peer-reviewed study, published in MDPI's "Air" journal, suggests dividing India into 15 airsheds based on regional climate and pollution sources. An airshed is a geographic area where <keyword id="53848" type="General" weightage="100" keywordseo="air-quality" source="Orion">air quality</keyword> is influenced by common factors such as wind patterns and pollution sources. Since pollution can spread across regions, the <keyword id="22077484" type="General" weightage="20" keywordseo="airshed-approach" source="keywords">airshed approach</keyword> promotes coordinated action among states. "Residential cooking and heating, power generation, and all other industries together are responsible for 40-60 per cent of the PM2.5 pollution in all the airsheds, and approximately 80 per cent of the pollution comes from fossil fuel burning sources," said Sarath Guttikunda, lead author of the study and founder of UrbanEmissions.info. The study said biomass burning, including post-harvest crop residue burning, contributed less than 3 per cent to annual PM2.5 levels while transport accounted for 5-10 per cent in all airsheds. PM2.5 are fine particles with a diameter of 2.5 micrometres or less, about the width of a human hair. These are so small that these can penetrate deep into the lungs and even enter the bloodstream, posing significant health risks. An analysis of PM2.5 trends from 1998 to 2020, along with state-level data on fuel consumption, energy demand and emissions, revealed that 11 of the 15 airsheds were critical for India's air quality management and required coordinated interventions. The Indo-Gangetic Plains remain the most polluted region, with significant emissions from residential cooking and heating (especially in winter), power plants, brick kilns (driven by construction demand), waste burning, dust and vehicular movement for passengers and freight. The plateau region between the Eastern and Western Ghats, India's second most populated area, has seen the highest rise in annual PM2.5 pollution during this period, the study said. "This is an indication of the growing urbanisation and demand for transport, industrial, and commercial amenities," it said. Coastal areas, vital to India's industrial economy, have also experienced rising pollution despite the moderating effects of land-sea breezes. This increase is attributed to growing shipping emissions and overall industrial growth in cities such as Mundra, Surat, Mumbai, Goa, Mangalore, Kochi, Thiruvananthapuram, Chennai, Visakhapatnam, Paradip and Haldia.

Study traces 60% PM2.5 pollution in India to residential cooking, power generation, industries

A recent study by the Center for Study of Science, Technology and Policy (<keyword id="22661207" type="General" weightage="20" keywordseo="CSTEP" source="keywords">CSTEP</keyword>) has sounded alarm bells about the escalating threat of <keyword id="21236365" type="General" weightage="20" keywordseo="sea-level-rise" source="keywords">sea level rise</keyword> to India's <keyword id="20010174" type="General" weightage="20" keywordseo="coastal-cities" source="keywords">coastal cities</keyword>. The data is stark: <keyword id="19895282" type="General" weightage="20" keywordseo="Mumbai" source="keywords">Mumbai</keyword> has experienced the most significant rise in sea levels among 15 major coastal cities in recent decades, a worrying trend that is set to worsen. Mumbai saw a rise of 4.44 cm between 1987 and 2021. Following Mumbai, Haldia recorded a rise of 2.726 cm, Visakhapatnam 2.381 cm, Kochi 2.213 cm, Paradip 0.717 cm, and <keyword id="19895758" type="General" weightage="20" keywordseo="Chennai" source="keywords">Chennai</keyword> 0.679 cm. To make matters worse, the study forecasts that sea levels will continue to rise until the end of the century, with Mumbai expected to face the highest increase. By 2100, projections indicate that sea levels will rise by 76.2 cm in Mumbai, 75.5 cm in Panaji, 75.3 cm in Udupi, 75.2 cm in Mangalore, 75.1 cm in Kozhikode, 74.9 cm in Kochi, 74.7 cm in Thiruvananthapuram, and 74.7 cm in Kanyakumari, even under a medium-emission scenario. <div type="Article" hostid="261" msid="110502066" title="Feeling like nights are getting too uncomfortable? New report confirms that nighttime temperatures aren’t dipping enough" mstype="2" mssubtype="0"></div> The study also explores potential inundation areas in these cities under the Intergovernmental Panel on <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">Climate Change</keyword>’s (IPCC’s) medium- and high-emission Shared Socio-economic Pathway (SSP) scenarios for 2040, 2060, 2080, and 2100. These scenarios consider how socio-economic factors such as population, education, and urbanisation might affect greenhouse gas emissions, impacting climate change. The report categorises the cities into Tier-I (Chennai and Mumbai), Tier-II (Thiruvananthapuram, Kochi, Mangaluru, Visakhapatnam, Kozhikode, and Haldia), and towns (Kanyakumari, Panaji, Puri, Udupi, Paradip, <keyword id="19898995" type="General" weightage="20" keywordseo="thoothukudi" source="keywords">Thoothukudi</keyword>, and Yanam). By 2040, more than 10% of the land in Mumbai, Yanam, and Thoothukudi, 5%-10% in Panaji and Chennai, and 1%-5% in Kochi, Mangalore, Visakhapatnam, Haldia, Udupi, Paradip, and Puri are predicted to be submerged due to <keyword id="21682268" type="General" weightage="100" keywordseo="rising-sea-levels" source="keywords">rising sea levels</keyword>. The percentage is expected to increase by 2100, with higher risks in Mangalore, Haldia, Paradip, Thoothukudi, and Yanam compared to Mumbai and Chennai under a high-emission scenario. <div type="Article" hostid="261" msid="107632251" title="Why is everyone concerned about the Earth being 1.5°C warmer for 12 months in a row?" mstype="2" mssubtype="0"></div> Dr. Anushiya J, a Research Scientist at CSTEP and the lead author of the report, emphasised the far-reaching implications of rising sea levels. "Climate change brought on by fossil-fuel burning and greenhouse gas emissions has led to a steady increase in global temperatures. As a result, sea surface temperatures and glacier melting have increased, eventually rising sea levels and posing a major threat to coastal cities worldwide, including Indian coastal cities," she stated. She highlighted that many Indian coastal cities are major economic hubs with natural ports, cultural centres, biodiversity hotspots, and religious monuments. The continuing sea level rise necessitates immediate action to frame suitable adaptation and risk mitigation strategies. The report underscores the urgent need for comprehensive policies to address the challenges posed by rising sea levels. The sectors most vulnerable include water, agriculture, forest and biodiversity, and health. The beaches, backwaters, and mangrove forests, which are crucial for biodiversity and tourism, are particularly at risk.

Mumbai, Chennai to lose 10% and 7% of their land to rising sea levels in just 15 years, says study

<keyword id="20083426" type="General" weightage="20" keywordseo="indian-oil" source="keywords">Indian Oil</keyword> Corporation (IOC) is set to start producing fuel for <keyword id="20115890" type="General" weightage="20" keywordseo="formula" source="keywords">Formula</keyword> 1 (F1) cars in three months. The fuel will be produced at the Paradip refinery in Odisha, which is known for its advanced technology and strategic location. Indian Oil Corporation (IOCL) will produce fuel for Formula One cars, which are being produced at Odisha's Paradip refinery, said SM <keyword id="20076681" type="General" weightage="20" keywordseo="vaidya" source="keywords">Vaidya</keyword>, Chairman, IOCL, as he announced the partnership with Two Wheels Motor Racing as the "Official Fuel Partner" for the prestigious <keyword id="20243142" type="General" weightage="20" keywordseo="fim" source="keywords">FIM</keyword> (Federation Internationale De Motocyclisme) Asia Road Racing Championship (ARRC) over a span of three years, from 2024 to 2026. The certification for the special fuel to be used for Formula one cars will be done within three months, Vaidya said. This collaboration entails Indian Oil providing FIM category 2 race fuel, "STORM-Ultimate Racing Fuel," across all Asia Road Racing Championship rounds. "<keyword id="20271693" type="General" weightage="20" keywordseo="storm" source="keywords">STORM</keyword>", which is produced at Indian Oil's Gujarat refinery, is a highlight of Indian Oil's diverse and ambitious product range, which also includes AVGas 100LL and reference fuels, reflecting India's commitment to self-reliance (Atma Nirbhar Bharat) and technological advancement. The arrival of 'STORM,' in the international arena marks a significant stride towards bolstering the 'Make in India' initiative. This race fuel also showcases IndianOil's innovation and expertise in producing specialized fuels that adhere to stringent international norms, receiving approval from the FIM-approved M/s Intertek in Switzerland. Speaking on the occasion, <keyword id="20248815" type="General" weightage="20" keywordseo="shrikant-madhav-vaidya" source="keywords">Shrikant Madhav Vaidya</keyword>, Chairman of Indian Oil said, "As we embark on this exhilarating partnership with TWMR for the FIM Asia Road Racing Championship, Indian Oil is proud to fuel the fast lanes of motorsport with our cutting-edge 'STORM-Ultimate Racing Fuel'. The fuel stands as a symbol of innovation and excellence, embodying our relentless pursuit of developing specialised fuels that meet stringent international standards. This collaboration marks a significant step in strengthening the 'Make in India' initiative on the global stage." The benefits of using STORM- Ultimate Racing Fuel in racing vehicles are multifaceted. It ensures the cleanliness of engine parts and the fuel delivery system, while also providing corrosion protection for the vehicle's metallic components. This leads to tangible improvements in vehicle performance, including faster acceleration, increased power, and smoother drivability. Additionally, it contributes to lower engine deposits and reduced exhaust emissions, promoting both engine longevity and environmental sustainability. In preparation for the upcoming Thailand event of ARRC scheduled from March 15-17, IndianOil has shipped off "STORM" fuel from Nhava Sheva port in Mumbai on February 23, 2024, with a virtual flag-off by Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas. IOCL Chairman said that the company is not going to stop here until it can produce fuel for the world's prestigious Formula One car racing championship. 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Indian Oil set to produce fuel for Formula 1 cars

<ul class="summary-list"><li>Millions of barrels of Russian oil heading to India never reached their destination, per Bloomberg.</li><li>The tankers holding the cargoes are now idling at sea. </li></ul>Roughly five million barrels of Russian oil that was on the way to India never reached their destination, according to a <a href="https://www.bloomberg.com/news/articles/2023-12-20/russia-s-sokol-oil-gets-stuck-on-tankers-while-en-route-to-india?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a> report. The cargoes of Russia's Sokol grade crude were supposed to arrive over the past four weeks, but instead the relevant tankers are idling at sea, miles out from their intended ports.It's unclear why the ships haven't arrived, per the report, but sanctions on sellers moving Russian crude above the $60 price cap set by G7 nations may be part of the explanation.The US Treasury has sanctioned eight ships tied to the crude cargoes since October, with six of them owned by Russia's Sovcomflot PJSC.One vessel, which was headed to the port Vadinar in India, has been idle since November 16 near Sri Lanka, Bloomberg reported. Two more Sovcomflot ships heading to the same place have joined it in the past week. Meanwhile, three other ships heading to the Paradip port in east India should have arrived by now but have not. The issue comes as <a href="https://markets.businessinsider.com/news/commodities/oil-market-supply-russia-opec-saudi-arabia-us-production-commodities-2023-12">Russia's weekly oil flows rose to the highest level in five months</a> in the seven days up to December 10, Bloomberg shipping data showed. Exports in that stretch hit 3.76 million barrels a day.That increase comes as OPEC+ have committed to reducing crude production to help stabilize prices. The group plans to cut production by a total of <a href="https://markets.businessinsider.com/news/commodities/oil-price-crash-opec-saudi-arabia-us-production-brent-outlook-2023-12?utm_medium=ingest&amp;utm_source=markets">2.2 million barrels a day</a> through the first quarter of 2024, with some of that coming from Russia.Oil prices have softened over recent weeks amid a <a href="https://markets.businessinsider.com/news/commodities/oil-prices-today-outlook-crash-demand-supply-crude-energy-saudi-2023-12">US production boom and an uncertain demand outlook</a>. On Wednesday, <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> moved 1.69% higher to $75.18 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 1.51% to $80.46 a barrel.

5 million barrels of Russian oil on the way to India never arrived

Chinese leader <keyword id="191809" type="General" weightage="80" keywordseo="xi-jinping" source="Orion">Xi Jinping</keyword> on Wednesday departed Russia after pledging to deepen ties with President Vladimir <keyword id="6355086" type="General" weightage="80" keywordseo="putin" source="Orion">Putin</keyword>, however, the talks failed to achieve a breakthrough in the <keyword id="6355101" type="General" weightage="100" keywordseo="ukraine" source="Orion">Ukraine</keyword> conflict, reported CNN. Both leaders did not discuss a Kyiv-proposed peace plan to end the war in Ukraine, said Kremlin spokesman Dmitry <keyword id="2920155" type="General" weightage="80" keywordseo="peskov" source="Orion">Peskov</keyword>. He said that <keyword id="350800" type="General" weightage="80" keywordseo="kyiv" source="Orion">Kyiv</keyword>'s proposal was a matter of Sino-Ukraine relations. The two leaders emphasized that peace talks should be used to solve the Ukraine crisis, but Kyiv and the West say any peace agreement must include the withdrawal of Russian troops, reported CNN. The 10-point peace plan was first presented by Ukrainian President Volodymyr Zelenskyy in a video at a meeting of the Group of 20 nations in November. The steps include a path to nuclear safety, food security, a special tribunal for alleged Russian war crimes, and a final peace treaty between Russia and Ukraine. China released last month, a 12-point statement of broad principles on the war that called for respecting the sovereignty of all countries, abandoning the Cold War mentality, ceasing hostilities, resuming peace talks, resolving the humanitarian crisis, protecting civilians and prisoners of war (POWs), keeping nuclear power plants safe, reducing strategic risks, facilitating grain exports, stopping unilateral sanctions, keeping industrial and supply chains stable and promoting post-conflict reconstruction. But Western leaders have expressed scepticism about China's potential role as a peacemaker and its claimed neutrality. The United States and its allies have instead since last month warned that China is considering sending lethal aid to Russia for its war effort, which Beijing has denied. Xi spent three days in Moscow this week. His visit ended with Beijing and Moscow concluding more than a dozen agreements bolstering cooperation in areas from trade and technology to state propaganda, according to a Kremlin list. The leaders' central statement focused on how the two countries would "deepen" their relationship. However, the two sides failed to move the needle on bringing a resolution to the war, reported CNN. Meanwhile, Peskov said that he is not surprised by what he called a "hostile" reaction from Western nations to the visit between Putin and Xi Jinping this week. "As for the reaction of the countries of the collective West, the fact that on almost all issues this reaction is of an unfriendly, deeply hostile nature is no secret to anyone. The coverage of this important visit is no exception," Peskov said. "Of course, the most important thing is not the reaction of the West, but it's the results of the negotiations that took place. The main thing is the results of the state visit itself," he added. Peskov's comments came after John Kirby, the White House National Security Council spokesman, told that Beijing and Moscow are deepening their relationship in large part due to their mutual interest in challenging the US' global influence, reported CNN. Kirby also pushed back on China's claim that it had staked out an impartial position regarding the war in Ukraine. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-oil-to-invest-61077-crore-in-a-petchem-complex-at-paradip-in-odisha/articleshow/98913116.cms">Indian Oil to invest ₹61,077 crore in a petchem complex at Paradip in Odisha</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/healthcare-consumer-goods-minted-the-most-indian-dollar-billionaires/articleshow/98913863.cms">Healthcare, consumer goods minted the most Indian dollar billionaires</a>

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