India seems to hold the upper-hand over Iran in a dispute over payments for crude oil shipments that has been rumbling for over six months.
Iran supplies India with 12-14 per cent of its total imports, making it India’s second biggest provider after Saudi Arabia. But a payments dispute has left India owing debts estimated at anywhere between $2-6 billion. In effect, this means India has been importing Iranian oil on credit since December 2010. Read more
Pakistan is to become a key buyer of Iranian natural gas at a time when relations with Washington are at their most strained in recent years.
Work on extending the Iran-Pakistan gas pipeline will begin in the next six months and is set to be complete by 2014, according to Asim Hussain, the Pakistani natural resources minister. Some 1,100 km of the 2,700 km pipeline has already been completed on the Iranian side of the border, stretching from the South Pars field to the frontier with Pakistan. Read more
Energy use in non-OECD Asia, led by China and India, is growing faster than anywhere else in the world – it will more than double between 1990 and 2035, according to a report by the US Energy Information Administration published in April. Read more
India’s hunger for coal is just as insatiable as China’s, and in the race with the Middle Kingdom for foreign acquisitions, it would appear that India is outpacing China. Read more
In the immediate aftermath of the Japanese quake and beginning of the nuclear crisis, I wrote that the responses of the China and India, which are both planning major investment into new nuclear plants, was much more pro-nuclear than that of Western governments.
But now both have changed position. Read more
In one of the biggest foreign direct investments to date in India, BP is to pay $7.2bn to Reliance Industries in a deal that will give it a 30 per cent stake in 23 oil and gas blocks. Read more
Cairn Energy may have the fortitude to search for oil in the Arctic but it has more than met its match in the hotter climes of India. Sub-zero temperatures and pack ice can be no more hostile than an indecisive, glacial regulator. Read more
While China declares itself as a world leader in wind energy, India is also trying to make its claim in the global renewable energy sector, and it is one step closer with the announcement that it plans to build Asia’s first commercial tidal power plant. Read more
And then there were five. With the arrival of Dmitry Medvedev in New Delhi on Tuesday, India has completed an impressive diplomatic quintet. Russia’s president is the fifth and final leader from the five members of the UN Security Council to visit India in the past six months, following a path that has led to multi-billion business deals and burnished India’s sense of its rising global importance. Read more
India’s Nuclear Power Corporation is a sleepy public utility that runs 17 atomic plants not very efficiently. Last year, it made headlines for the wrong reasons, when an act of apparent sabotage at one plant put the whole country on high alert. Prime minister Manmohan Singh also frequently laments that Asia’s third largest economy only produces just 3 per cent of its electricity from nuclear power. Read more