The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi on Wednesday, approved two projects of Ministry of Railways worth Rs 6,405 crore, with aim to improve travel convenience, reduce logistic cost, decrease oil imports and contribute to lower CO2 emissions.
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi on Wednesday, approved two projects of Ministry of Railways worth Rs 6,405 crore, with aim to improve travel convenience, reduce logistic cost, decrease oil imports and contribute to lower CO2 emis
India is the world's second-largest consumer and number one vegetable oil importer, and it meets 60 per cent of its needs through imports. A large part of this is palm oil and soy oil and their derivatives.
India's dependence on traditional fossil fuel-based energy will come down to 30 per cent by the time the country turns 100th, petroleum and natural gas minister Hardeep Puri said on Friday.
The central government has allowed the Adani Group-owned port at Krishnapatnam in Andhra Pradesh to import petroleum into India by sea in public interest.
He also pointed out that in addition to the oil import, India has also increased its imports of fertilizers, cooking coal and other natural resources from Russia.
Japan imported 31.80 million barrels of oil from the UAE in October 2024, accounting for 47.8 per cent of its total imports for the month, according to data from the Agency for Natural Resources and Energy under Japan's Ministry of Economy, Trade and Industry.
Speaking at the FIPI Oil and Gas Awards Ceremony, the minister highlighted the dramatic shift in India's oil sourcing over the past two years, with Russian oil imports surging from a mere 0.2 per cent in February 2022 to consistently occupying the top spot in recent months.
Puri pointed out that some "ill informed commentators" wanting to put restrictions on India when European and Asian countries had also engaged in significant energy purchases from Russia.
The ongoing conflict between Israel and Iran is not expected to have a significant impact on India's crude oil imports, as experts pointed out that India's crude imports from Iran are almost negligible.
India is the world's second-largest consumer and number one vegetable oil importer, and it meets about 60 per cent of its needs through imports. A large part of it is palm oil and its derivatives, which are imported from Indonesia and Malaysia.
With approximately 20 million barrels per day of crude oil and condensate passing through the Strait of Hormuz, equivalent to about a fifth of global consumption, any disturbance in this key maritime route reverberates across the world.