8OCTOBER, 2024TOP STORIESINDIA'S OIL IMPORT FROM RUSSIA SOARS 2M BARRELS PER DAYINDIAN OIL JOIN HANDS WITH EVERENVIRO TO LAUNCH COMPRESSED BIOGAS PLANIndia's crude oil imports from Russia surged by 11.7 percent in September to approximately 1.9 million barrels per day (bpd), representing about 40 percent Indian Oil and EverEnviro Resource Management Pvt. Ltd will create a 50-50 joint venture to establish compressed biogas (CBG) plants.The nation's top refiner said in an announcement, "By leveraging their combined expertise, Indian Oil and EverEnviro aim to accelerate the deployment of CBG plants nationwide."Founded in 2019 by Eversource Capital, EverEnviro offers opportunities for handling diverse kinds of waste, such as agricultural waste, industrial agro waste, and urban waste.Indian Oil is the topmost oil and gas PSU in India, positioned 116th on the Fortune 'Global 500' list. For three years in a row, it has held the top place in the 'BW Top 500' rankings and has been addressed as the most honored Oil and Gas Company by Business World.At present, their aim is to attain operational Net-Zero Emissions by 2046, in line with India's global Net-Zero target by 2070. In spearheading India's shift towards clean energy, Indian Oil is directing to accomplish a value of 'One Trillion Dollar Giant' by 2047. of the country's total crude imports for the month, according to tanker data from industry sources. In total, India's refiners imported 4.7 million bpd of crude oil in September, reflecting a slight increase compared to August and about 8.5 percent higher than the same month a year prior.Indian refiners have invested significantly in plant upgrades, enabling them to process a wider range of crude grades, thereby reducing costs. As the world's third-largest oil importer and consumer, India has become the top buyer of discounted Russian seaborne oil after Western nations halted purchases following Russia's invasion of Ukraine.Crude imports from the Commonwealth of Independent States (CIS), including Russia, Kazakhstan, and Azerbaijan, accounted for 43 percent of India's total imports in September, up from 38.5 percent in August. In the first six months of the fiscal year (April-September), India's imports of Russian oil rose by 9.1 percent to 1.91 million bpd.In September, Russia remained India's top oil supplier, followed by Iraq and Saudi Arabia. Russian oil imports were more than double Iraq's 867,600 bpd. Additionally, India resumed Venezuelan oil imports in September after a two-month pause, with Reliance Industries Ltd receiving a shipment.
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