8MAY 2024ENVISION ENERGY'S LATEST VENTURE TO BOOST INDIA'S NET-ZERO EMISSION PROGRESSRUSSIAN CRUDE MOUNTS TO 40 PERCENT OF INDIA'S OIL IMPORTSEnvision Energy, a global leader in green technolo-gy, and Hero Future Energies, a leading Renewable Energy IPP, have signed a framework agreement for cooperation across multiple aspects of the Renewable Energy sector, including WTG supply and other technolo-gies, including BESS and Green Hydrogen. The framework agreement also includes Envision providing 588 MW (178 units of EN 156-3.3 MW Wind Turbine Generators) that will produce 2,200 GWh units of clean energy annu-ally, significantly accelerating India's progress towards achieving its net-zero emissions goals.With the setting up of manufacturing facilities for nacelles, hubs & blades, and a remote-control center for wind projects built across the country, India has emerged as a strategic market for Envision, creating more than 2,000 jobs (direct and indirect). This much-cherished as-sociation with Hero Future Energies would play a pivotal role in ramping up renewable energy capacity in India. With a proven track record in global markets, Envision WTGs are well poised to bolster India's wind energy land-scape. Built with a rotor diameter of 156 m, hub- height of 140 m, and a rated capacity of 3.3 MW, these WTGs are best suited to perform in the Indian wind regime. In April, Russia's share in Indian crude oil imports surged to nearly 40 percent, up from 30 percent in March, nearing its previous peak of 42 percent in July. This increase was driven by higher global oil pric-es, prompting Indian refiners to boost their intake of discounted Russian barrels to mitigate their average crude purchase costs.According to energy cargo tracker Vortexa, Indian refiners imported 1.78 million barrels per day (mb/d) of crude oil from Russia in April, marking a 19 percent increase from March. This volume surpassed both Chi-na's imports of 1.27 mb/d and Europe's 396,000 barrels per day (bp/d) of seaborne Russian crude for the same month.In April, Russia outpaced India's next three top suppliers - Iraq, Saudi Arabia, and the UAE - combined in terms of crude oil imports. However, India's overall crude imports experienced an 8 percent decline month-on-month to 4.5 mb/d in April. Imports from Iraq, the second-largest supplier, plummeted by 31 percent to 776,000 barrels per day (bp/d), while those from Saudi Arabia dipped by 6 percent to 681,000 bp/d. Addition-ally, imports from the UAE dropped by 40 percent, and those from the US decreased by 15 percent.Iraq's share in Indian imports fell to 17 percent in April from 23 percent in March, while the UAE's de-clined to six percent from nine percent. Notably, Rus-sia's share in April exceeded its average share of 35 per-cent throughout 2023-24. TOPSTORIES
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