NOVEMBER 20248HPCL INCREASES OIL IMPORT QUOTA FROM IRAQ BY 43 PERCENTINDIA RETAINS THE PRESIDENCY OF THE ISA FOR 2024-2026Union Minister Pralhad Joshi announced on Monday that India has been re-elected as the President of the Indian Solar Alliance (ISA) for the term from 2024 to 2026. This announcement was made during the 7th General Assembly of the ISA, where France was also re-elected as the Vice-President of the organization.Hindustan Petroleum Corp Ltd (HPCL), India's state-owned oil company, plans to increase its annual crude oil import from Iraq to 100,000 barrels per day (bpd) in 2025, a rise of approximately 43 percent from its 2024 deal of 70,000 bpd, according to a company source.This increase aligns with HPCL's ongoing refinery expansions. The company is commissioning residue upgradation units at its Vizag refinery in southern India, raising its capacity from 274,000 bpd to 300,000 bpd. HPCL also operates the 190,000 bpd Mumbai refinery in western India and expects to begin operations at its new 180,000 bpd Barmer refinery in Rajasthan by late December or early next year.These expansions will bolster HPCL's refining capacity, supporting its increased crude imports and enhancing its ability to meet domestic fuel demand.HPCL, an Indian PSU in petroleum and natural gas sector, is based in Mumbai. It is a branch of the Oil and Natural Gas Corporation (ONGC), which is government-owned by India and managed by the Ministry of Petroleum and Natural Gas. Since 2018, Oil and Natural Gas Corporation has majority ownership of its stake. HPCL has a IT infrastructure in place to aid its primary operations. The HITEC City in Hyderabad houses the data center. Joshi highlighted that India's continued presidency reflects the significant efforts made by the country, particularly under Prime Minister Narendra Modi's leadership, to promote solar energy adoption globally and attract investment for essential solar projects, such as mini-grids and healthcare solutions.The assembly also elected eight Vice Presidents for the Standing Committee, two from each of the four ISA geographical regions:Africa Region: Ghana and Seychelles as Vice Presidents, with South Sudan and the Comoros as Vice-Chairs. Europe and Others Region: Germany and Italy were chosen as Vice Presidents, along with Greece and Norway as Vice-Chairs.Latin America and the Caribbean Region: Grenada and Suriname will lead as Vice Presidents, while Jamaica and Haiti will act as Vice-Chairs.Additionally, the ISA member countries selected Ashish Khanna as the Director General Designate, who will take office in March 2025, succeeding the current Director General, Ajay Mathur. This re-election underscores India's commitment to enhancing global collaboration in solar energy initiatives and furthering sustainable development goals. TOP STORIES
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