India reportedly asked the International Maritime Organisation (IMO) to focus on a realistic target that will ensure net-zero carbon fuels occupy 5% of the marine fuel mix by 2030, without any additional checkpoints during this period. At the plenary of the 80th session of the Maritime Environmental Protection Committee, Indian delegate Ajithkumar Sukumaran, chief surveyor-cum-additional DG, Ministry of Shipping, said, “Any unrealistic target is to excessively pressurise the Centre to resort to flawed policies, industry’s unsustainable investments haste and the research push through half-cooked and immature technological solutions.”
Indian refiners start paying for Russian oil imports in Chinese Yuan
According to a Reuters exclusive, Indian refiners have begun paying for some oil imports from Russia in Chinese yuan, as Moscow has been forced to find alternatives to the dollar—the main global oil currency—for settling payments. Russia’s invasion of Ukraine has shifted global trade flows with India emerging as the largest buyer of Russian oil. As per a report, in June, Indian Oil Corp became the first state refiner to pay for Russian purchases in Chinese yuan.
Govt may recover excess revenue earned by power firms in spot markets
India is considering a plan to recover excess revenue earned by power plants in spot markets in order to provide funds for gas-fired stations during crises. A uniform price cap on spot power trades would be replaced with new limits for each source of power generation. The cap was lowered to ₹10 in April, from ₹12 last year and ₹20 previously. While the move could help power retailers that struggle to buy electricity on markets when prices are high, it could hurt the margins of power companies that sell in spot markets.
Coal production doubled in first quarter of 2023-24 FY: NTPC
The state-owned power giant National Thermal Power Corporation (NTPC) announced that coal production from its captive mines has increased by an astounding 99% and has witnessed an increase of 112% in coal despatching in the first quarter of 2023-24 FY. According to a statement from the company, Q1 FY24 saw an exceptional increase in coal production from Q1 FY23 of 4.27 MMT to 8.48 MMT.
Centre probes sudden increase in met coke imports
The government started a safeguard probe into the sharp increase in the imports of metallurgical coke, used as fuel in steel and chemicals plants, following a complaint by domestic industries. The BLA Pvt Ltd, Jindal Coke Ltd, Saurashtra Fuels, Vedanta Malco Energy and Visa Coke Ltd, in an application to the commerce ministry’s arm Directorate General of Trade Remedies (DGTR) have alleged that there has been a significant and recent increase in the inbound shipments of low ash metallurgical coke in India, which is adversely impacting the industry.