NOVEMBER 20239TATA POWER RENEWABLES WELCOMES DEEPESH NANDA AS CEOINDIAN REFINERS OPTING CHEAPER ALTERNATIVES TO RUSSIAN CRUDETata Power, one of India's largest integrated energy companies, today announced that Deepesh Nanda has been appointed as Head of Renewable Energy and Managing Director of Tata Power subsidiary Tata Power Renewable Energy Limited (TPREL) effective from November 1, 2023.A respected leader in the energy industry, Nanda brings with him 28 years of extensive experience from companies such as GE, Flowserve and Tyco. Nanda joined Tata Power from GE Gas Power, where he was Managing Director of South Asia, overseeing operations in India, Bangladesh, Sri Lanka, Mauritius and Nepal.He was additionally President & CEO of GE's Aero-derivative Gas Turbine business segment for Asia. A distinguished alumnus of Annamalai University, India, Nanda graduated in Mechanical and production engineering. He further pursued an MBA from the Open University Business School, Milton Keynes, UK, and has undergone extensive leadership training at GE Crotonville. In his new role, Nanda will be responsible for driving the growth and profitability of Tata Power's renewable energy portfolio, which encompasses solar, wind, hybrid, and B2C green energy solutions. He will also lead innovation and digital transformation initiatives in the renewable energy sector. In October, Indian refiners upped their demand for cheaper Urals as they reduced imports of more expensive Russian grades to minimize expenses. Urals, the flagship Russian crude that sells at a $10 discount to more costly grades like ESPO and Sokol, accounted for 90 percent of all Russian imports in October. This compared to 72 percent in September and 75 percent on average from January to September.According to Vortexa, India's total imports of Russian oil fell 4 percent sequentially to 1.55 million barrels per day (mbd) in October, while Chinese purchases of seaborne Russian crude stayed unchanged at 1.2 mbd. Analysts do not anticipate an increase in Indian imports from Russia in November.Due to the Middle East war, OPEC+ production limitations, and confusing global demand signals, oil prices have been high and unpredictable in recent months."Indian refiners take Russian supply because it comes cheap. Russian grades, which make commercial sense, will get preference," said an executive at an Indian refiner.India's overall imports of Russian crude dropped 4 percent sequentially to 1.55 million barrels per day (mbd) in October, while Chinese imports of seaborne Russian crude remained little changed at 1.2 mbd during the month, according to Vortexa. Analysts don't expect Indian imports from Russia to rise in November. TOP STORIES
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