IOC signs pact to buy Russian crude oil
Why in news?
- Indian Oil Corp has signed a deal with Russia’s Rosneft for the annual purchase of 2 million metric tonnes of crude oil.
Key facts
- This is the first ever annual oil purchase deal between the two countries.
- This is yet another important milestone in our efforts to diversify sourcing of crude oil and in enhancing India’s energy security.
- The two sides agreed to take forward mutually aligned priorities discussed during Minister Pradhan’s visit to Russia in September last year, including exploring a roadmap for Indian investments in the Vostok (Eastern Cluster) project of Russia.
- The crude oil, being sourced under the contract, will be loaded in Suezmax vessels at Novorossiysk port of Russia and will come to India bypassing Straits of Hormuz.
- They also explored opportunities for involvement of Indian companies in infrastructure development projects in the Siberian and Arctic regions.
Vadhavan port
Why in news?
- The government on Wednesday approved setting up a new major port at Vadhavan near Dahanu in Maharashtra at a cost of ₹65,544.54 crore.
Key facts
- The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi.
- Cabinet gives in-principle approval for setting up a new Major Port at Vadhavan in Maharashtra. Total cost of the project is likely to be ₹65,544.54 crore.
- Vadhavan port will be developed on landlord model, it said, adding that a special purpose vehicle (SPV) will also be formed with Jawaharlal Nehru Port Trust (JNPT) as the lead partner with equity participation equal to or more than 50% to implement the project.
- The SPV will develop the port infrastructure, including reclamation, construction of breakwater, besides establishing connectivity to the hinterland, and all the business activities will be undertaken under public private partnership (PPP) by private developers.