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India's domestic energy landscape saw a notable policy shift in Punjab, where the state government announced it will exclusively purchase electric or hybrid vehicles for its own fleet, marking a step in the country's broader electric vehicle transition. In a significant diplomatic engagement, Prime Minister Modi hosted UAE President Sheikh Mohamed bin Zayed in Delhi, where they agreed to accelerate cooperation in defense and energy. Modi highlighted India's energy sector as presenting a $500 billion investment opportunity.
India's international energy procurement underwent substantial recalibration, most prominently with a sharp reduction in oil imports from Russia. A government minister confirmed the cut, with data showing a 29% monthly drop, a shift U.S. officials linked to threatened tariffs on Russian trade. Concurrently, Indian firms are actively exploring renewed oil purchases from Venezuela following a U.S. policy change. In a major deal strengthening ties with the UAE, ADNOC Gas signed a long-term, up-to-$3 billion LNG supply agreement with India's Hindustan Petroleum Corporation. Despite the pivot from Russia, analysts note purchases could remain significant, underscored by a related enforcement action where French authorities detained an Indian tanker captain for alleged involvement in a 'shadow fleet' moving Russian oil. Separately, a landmark shift occurred as both China and India recorded a decline in coal-fired power generation for the first time in decades.
2 topics | 10 sources
The government of Punjab, a state in India, has announced a new policy for its vehicle fleet. It will now only purchase electric or hybrid cars as part of a transition to electric vehicles.
Indian Prime Minister Narendra Modi hosted Sheikh Mohamed bin Zayed, the President of the United Arab Emirates, for a three-hour meeting in Delhi. The leaders agreed to fast-track cooperation in defense and energy sectors. During the visit, Modi also highlighted that India's energy sector presents a $500 billion investment opportunity.
3 topics | 36 sources
Jan 30
India's oil imports shift away from Russia after US tariff and toward VenezuelaIndia has significantly reduced its purchases of Russian oil. The U.S. Treasury Secretary said this change followed a 25% tariff imposed by the U.S. on Russian crude. At the same time, the U.S. is pitching Venezuelan crude oil to Indian refiners. This comes after Trump announced a U.S. takeover of Venezuela's oil sector, which Indian refiners see as a potential opportunity.