India will “navigate” its way through the current oil price environment by further diversifying its energy sources, its Minister of Petroleum and Natural Gas Hardeep Singh Puri has said.
An “unintended consequence” of $95 per barrel of oil is a hastening of the transition to cleaner energy, Mr Puri told The National on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference.
As the world’s third-largest crude oil importer, India aims to produce 500 gigawatts of non-fossil fuel capacity by 2030 to meet half of its energy demand through renewables, he added.
“We are the leading success story [in renewables] in the world. We brought the price of solar down from 25 cents to three cents … and will be the leading manufacturer of green hydrogen because we have low-cost power,” Mr Puri said.
“We have got Indian companies supplying green ammonia to German companies. We have got Indian companies supplying to the new electricity turbines in Singapore.”
Asia's third-largest economy boosted its imports of discounted Russian crude after the war in Ukraine propelled oil prices to $140 a barrel.
India's oil imports from the Middle East fell to a 19-month low in September while Russian imports rebounded, Reuters reported earlier, citing data from trade and shipping sources.
Iraq remained the top supplier while Russia overtook Saudi Arabia as the second-biggest after a gap of a month.
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Adipec 2022: day two - in pictures
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It is “entirely possible” that India will continue importing Russian crude as long as the prices are favourable, said Mr Puri.
“India will take whatever decisions it has to; we have a duty only to our consumers,” he said.
Energy markets are expected to enter another phase of uncertainty when the EU ban on Russian crude comes into effect on December 5. A ban on Russian oil products will commence on February 5.
“[We will] let the EU work that out … all sovereign governments take whatever decisions they have to,” Mr Puri said.
Asked about the effect of Europe’s energy crisis on India’s economy, Mr Puri said: “There's an energy crisis, a food crisis [and] a fertiliser crisis … somewhere all these are mixed up.”
The tight crude supply in the market is partly due to an Opec+ decision to reduce its collective output by 2 million barrels per day.
Brent, the benchmark under which two thirds of the world's crude is traded, gained about $14 after the move.
Saudi and UAE energy ministers have previously indicated that supply could be raised to meet market requirements.
“The issue is, if they don’t increase [the supply], demand will go down on its own because of high prices,” Mr Puri said.
The group of oil-producing countries will hold its next meeting on December 4.
Meanwhile, Pakistan is “open to all sources of supply”, to meet its oil demand, Musadik Malik, the country's Minister of State for Petroleum, told The National at Adipec on Monday.
“We are taking stock of everything and then we would do what is in our national interest. From wherever we get affordable energy, we would get that energy but without violating any global regime and in a transparent manner,” Mr Malik said, when he was asked if Pakistan plans to import Russian oil.
Pakistan imports oil and liquefied natural gas from Gulf countries, with Qatar being its biggest LNG supplier.
The country is also focusing on renewable energy projects, with 10,000 megawatts of solar projects planned in a year's time, he said.
“We are also considering a hybrid programme. In Pakistan, winds blow in the evening and the sun comes out in the morning, so it is a very good combination,” Mr Malik said.
“We are experimenting in piloting the hybrid programme along the wind corridor where we have solar and wind mixed.”
Pakistan will put out tenders, with a “first round of bidding” planned within a month, he said.
There are also 7,000 megawatts to 8,000 megawatts of hydro projects “ongoing” in Pakistan, Mr Malik said.
Countries around the globe are boosting investment in renewable projects as energy transition gather pace.
Global investment in the renewables sector climbed 11 per cent to $226 billion in the first half of 2022 amid higher energy prices, according to a report by research company BloombergNEF.
The specs
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MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
MATCH INFO
England 2
Cahill (3'), Kane (39')
Nigeria 1
Iwobi (47')
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
More on Quran memorisation:
Match info
What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
The biog
Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.
Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.
Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.
Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill
Favourite food: Dim sum
Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.
COMPANY PROFILE
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SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine
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Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
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Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular
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Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)
