English हिन्दी
Connect with us

Latest business news

PM Modi meets Oil Cos CEOs, urges cost reduction, payment terms review for relief to rupee

Published

on

PM Modi meets Oil Cos CEOs, urges cost reduction, payment terms review for relief to rupee

Prime Minister Narendra Modi today, Monday October 15, met with global leaders of the energy sector to discuss the prevailing energy scenario, effects of US sanctions on Iran and volatile oil prices affecting economic growth.

In his interaction with the heads of oil and gas companies and organisations in New Delhi, PM Modi made a strong case for partnership between oil producing and consuming countries to reduce energy cost, media reports said.

The meet was part of 40 heads of top oil companies and organisations.

At the meeting that was attended chief executives of top oil companies and ministers from Saudi Arabia and the UAE, Modi asked foreign oil companies to ease payment terms and channel their investible surplus into commercial exploitation in the developing countries.

The Prime Minister underlined that oil consuming countries, due to rising crude oil prices, were facing many other economic challenges including serious resource crunch. India, which imports more than 80 percent of its oil imports, has been under pressure as crude oil prices have surged and the rupee weakened.

“The cooperation of the oil-producing countries would be very critical to bridge this gap,” a statement by Prime Minister’s Office said, outlining PM Modi’s four-point message to global leaders of the energy sector.

“Lastly and importantly, PM Modi requested for review of payment terms so as to provide temporary relief to the local currency,” the statement said.

Earlier, PM Modi highlighted the significant positioning of India in the oil and gas market and said the oil market was producer driven and quantity and prices were determined by oil producing countries.

Modi said that a partnership between oil producers and consumers should be formed on the lines of other sectoral markets. Modi noted that the oil market was producer-driven both in terms of quantity and price. He said that a partnership between oil producers and consumers would help stabilise the global economy.

“Though there is enough production, the unique features of marketing in the oil sector have pushed up the oil prices. The prime minister made a strong case for a partnership between the producers and consumers in the oil market, as it exists in other markets. This will help stabilise the global economy which is on path of recovery,” the statement said.

PM Modi underscored that India held a significant position in the oil and gas market. India is the third largest consumer of oil in the world.

The PM also spoke of higher acreage under exploration and sought cooperation of the developed countries, both in terms of technology and extension, of the coverage.

Modi sought greater participation of private companies in the distribution of the gas sector. Talking about technology, PM Modi said that there should be greater cooperation on the front of technology sharing among the countries for viable commercial exploitation of natural gas.

The rising crude oil prices have triggered a near-daily rise in fuel prices domestically and affected the value of rupee against dollar. The rupee has touched record low levels multiple times and lost over 15 per cent of its value against dollar this year.

The roundtable came on a day diesel price rose for the 10th consecutive day to wipe out all of the Rs 2.50 per litre cut in rates announced earlier this month through excise duty cut and oil company subsidy. A litre of diesel on Monday costs Rs 75.46 in Delhi, Rs 79.11 in Mumbai and Rs 79.80 in Chennai while petrol costs Rs 82.72 in Delhi, Rs 88.18 in Mumbai and Rs 85.99 in Chennai.

The Prime Minister in 2015 had set a target of reducing India’s oil dependence by 10 percent to 67 percent (based on import dependence of 77 percent in 2014-15) by 2022. Import dependence has only increased since then and the government is now looking for ways to raise domestic output.

Union ministers Arun Jaitley and Dharmendra Pradhan and NITI Aayog vice-chairman Rajiv Kumar were also present at the meeting. Senior Director at World Bank Riccardo Puliti also attended the meeting.

Heads of the International Gas Union, Gazprom, Vedanta, Reliance Industries, Indian Oil, Hindustan petroleum, Petronet LNG, American Gas Association were among those attended the meeting.

The gathering also included ministers from Saudi Arabia and UAE and CEOs and experts from organisations, including Saudi ARAMCO, ADNOC, BP, Rosneft, IHS Markit, Pioneer Natural Resources Company, Emerson Electric Company, Tellurian, Mubadala Investment Company, Schlumberger Ltd, Wood Mackenzie, World Bank, International Energy Agency (IEA), NIPFP, Brookings India and various Indian companies involved in both upstream and downstream operations.

Latest business news

Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

Published

on

Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

Continue Reading

Latest business news

Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

Published

on

Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

Continue Reading

Latest business news

Facebook chief Mark Zuckerberg shares pictures from 2nd day of Anant Ambani and Radhika Merchant pre-wedding celebrations

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

Published

on

Facebook boss Mark Zuckerberg and wife Priscilla Chan joined the star- studded pre-wedding celebrations of Anant Ambani and Radhika Merchant in Jamnagar on Friday. The event was attended by many prominent figures from different fields. Zuckerberg took to his Instagram handle congratulated the couple and said he loved Indian weddings.

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

The theme of the opening day of the pre-wedding celebrations was Evening in Everland as the guests wore cocktail attire. The first day of the grand celebrations elevated the expectations of the guests for the following days. The theme of the 2nd day of the pre-wedding bash is known as a Walk on the Wildside and the guests can be seen in Jungle Fever attire.

Zuckerberg has opted for an animal print shirt with white trousers, Chan is complementing his look in a strappy one piece in black and golden. The Jungle theme is aligned to Vantara, Reliance’s animal welfare initiative undertaken and launched by Anant Ambani a few days back.

International pop star Rihana electrified the pre wedding celebrations on Friday with an amazing performance, marking her debut appearance in India. The chart topping artist engaged the audience with performances of her iconic hits which included Pour it Up, Work and Diamonds.

Zuckerberg graced the opening day, wearing a black-on-black firefly blazer and shoes from Alexander McQueen while his wife Priscilla wore a black gown with gold flower details and other accessories such as dainty chain bracelet, gold necklace and stud earrings. Mark Zuckerberg and wife Priscilla Chan are one of the Power couples invited from the global business community for the festivities currently underway at Jamnagar.

Continue Reading

Trending

-->

© Copyright 2022 APNLIVE.com