Saudi Arabia promises to meet India’s oil needs; keen to invest in downstream

Agencies
October 16, 2018

New Delhi, Oct 16: Saudi Arabia on Monday committed to meeting India's rising oil demand and said it is keen to invest in fuel retailing and petrochemical business in the world's fastest-growing energy consumer.

Speaking at India Energy Forum, its oil minister Khalid al-Falih heaped lavish praises on Prime Minister Narendra Modi and his government for making it easier to do business in the country and ushering in "acche din".

"My frequent visits to India are indicative of the importance Saudi Arabia attaches to this great nation as a critical energy and a strategic global player," he said calling the county an "emerging superpower".

Saudi Arabia is India's second-biggest oil supplier behind Iraq and is committed to meet any shortfall that may arise due to sanctions on Iran, he said.

"I had the privilege of meeting Prime Minister Narendra Modi and oil minister Dharmendra Pradhan today. I assured them of our full and continued commitment of meeting India's oil demand as well as continuing to invest here in India," he said adding Saudi Arabia will maintain close contact with major consumers and seek their views.

India, the world's third-biggest oil importer, is facing record high retail prices as international crude rate soared and value of rupee dipped.

He cited his country's national oil company Saudi Aramco together with Abu Dhabi National Oil Company (ADNOC) signing up for taking 50 per cent stake in the proposed $44 billion, 60 million tonnes Ratnagiri refinery and petrochemical complex in Maharashtra as "early example of growing partnership" between India and Saudi Arabia.

"But it is not going to be the only one. This is indeed just the start," he said. "Saudi Aramco's desire is also to invest in consumer-facing segments such as retail fuels and petrochemicals, building an integrated downstream business spanning India as well as our commitment to invest in crude oil storage here in India in order to be more responsive and closer to the demand needs".

The government has announced plans to build two strategic storage facilities to hold 6.5 million tonnes of oil costing around Rs 11,000 crore through a joint partnership between state-owned firms and private companies.

Also, SABIC, the petrochemical giant of Saudi Arabia, is keen to invest in Indian petrochemical segment.

He went on to praise the present government for its policies and vision.

"Under Prime Minister Modi's stewardship, today I am glad to note that doing business in India has become significantly easier. FDI has grown and inflation is under control. In other words, Prime Minister Modi is making good on his promise of 'Achhe din' ... good days are here. We see good days in India," he said.

The minister said India's accelerated economic growth is playing a major role in rebalancing the distribution of global economic growth. "India is the world's fastest-growing energy and oil consuming nation. And this trend is playing an important role in driving future demand for oil and gas for decades to come."

Talking of global oil markets, he said there could be another round of unanticipated disruptions because of events in places like Nigeria, Libya and Venezuela. "And we have seen sanctions on Iran. These supply disruptions need a shock absorber and the shock absorber to a large extent has been Saudi Arabia," he said. "We have invested tens of billions of dollars to build the spare capacity of 2-3 million barrels per day over years."

But for this spare capacity that Saudi Arabia has used to deliver extra barrels in the market, oil prices would "easily be at the three-digit range", he said.

Oil prices hit a four-year high of $86.74 a barrel earlier this month as the market grapples with the expected loss of Iranian exports due to US sanctions. Rates have cooled to $81.23 on Monday.

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News Network
December 7,2025

envoy.jpg

Since 1946, the United States has attempted 93 coups or “regime change” operations across the world — including two in Iran, US Special Envoy for Syria Tom Barrack has admitted.

Speaking to the UAE-based IMI Media Group, in remarks published by The National, Barrack said Washington tried twice to overthrow the Iranian government but failed both times. 

“For (Trump) then to be imputed with regime change — we had two regime changes in Iran already. Neither one worked. So I think wisely leave it to the region to solve,” said Barrack, who also serves as the US ambassador to Turkey.

His comments come six months after the US joined Israel in airstrikes against Iran during ongoing indirect nuclear negotiations between Tehran and Washington.

On June 13, Israel launched an attack on Iran that killed at least 1,064 people and hit civilian infrastructure. Days later, the United States targeted three nuclear facilities — Fordow, Natanz and Isfahan — in what Iran called a clear violation of international law. Iranian retaliation eventually forced a halt to the assault on June 24.

Barrack further claimed that US President Donald Trump and Foreign Secretary Marco Rubio are “not into regime change” and prefer a regional approach driven by Middle Eastern countries themselves. According to him, regional dialogue and non-interference by outside powers offer a more durable path forward.

He added that Washington is still open to an agreement with Tehran if Iranian authorities show “seriousness” and willingness to engage constructively.

However, Iran maintains the US has not shown readiness for meaningful talks. In an interview with Japan’s Kyodo News, Iranian Foreign Minister Abbas Araghchi said negotiations could advance only if Washington acknowledges Iran’s right to peaceful nuclear energy and lifts unilateral sanctions.

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News Network
December 13,2025

New Delhi: School-going children are picking up drug and smoking habits and engaging in consumption of alcohol, with the average age of introduction to such harmful substances found to be around 13 years, suggesting a need for earlier interventions as early as primary school, a multi-city survey by AIIMS-Delhi said.

The findings also showed substance use increased in higher grades, with grade XI/XII students two times more likely to report use of substances when compared with grade VIII students. This emphasised the importance of continued prevention and intervention through middle and high school.

The study led by Dr Anju Dhawan of AIIMS's National Drug Dependence Treatment Centre, published in the National Medical Journal of India this month, looks at adolescent substance use across diverse regions.

The survey included 5,920 students from classes 8, 9, 11 and 12 in urban government, private and rural schools across 10 cities -- Bengaluru, Chandigarh, Delhi, Dibrugarh, Hyderabad, Imphal, Jammu, Lucknow, Mumbai, and Ranchi. The data were collected between May 2018 and June 2019.

The average age of initiation for any substance was 12.9 (2.8) years. It was lowest for inhalants (11.3 years) followed by heroin (12.3 years) and opioid pharmaceuticals (without prescription; 12.5 years).

Overall, 15.1 per cent of participants reported lifetime use, 10.3 per cent reported past year use, and 7.2 per cent reported use in the past month of any substance, the study found.

The most common substances used in the past year, after tobacco (4 per cent) and alcohol (3.8 per cent), were opioids (2.8 per cent), followed by cannabis (2 per cent) and inhalants (1.9 per cent). Use of non-prescribed pharmaceutical opioids was most common among opioid users (90.2 per cent).

On being asked, 'Do you think this substance is easily available for a person of your age' separately for each substance category, nearly half the students (46.3 per cent) endorsed that tobacco products and more than one-third of the students (36.5 per cent) agreed that a person of their age can easily procure alcohol products.

Similarly, for Bhang (21.9 per cent), ganja/charas (16.1 per cent), inhalants (15.2 per cent), sedatives (13.7 per cent), opium and heroin (10 per cent each), the students endorsed that these can be easily procured.

About 95 per cent of the children, irrespective of their grade, agreed with the statement that 'drug use is harmful'.

The rates of substance use (any) among boys were significantly higher than those of girls for substance use (ever), use in the past year and use in the past 30 days. Compared to grade VIII students, grade IX students were more likely, and grade XI/XII students were twice as likely to have used any substance (ever).

The likelihood of past-year use of any substance was also higher for grade IX students and for grade XI/XII students as compared to grade VIII students.

About 40 per cent of students mentioned that they had a family member who used tobacco or alcohol each. The use of cannabis (any product) and opioid (any product) by a family member was reported by 8.2 per cent and 3.9 per cent of students, respectively, while the use of other substances, such as inhalants/sedatives by family was 2-3 per cent, the study found.

A relatively smaller percentage of students reported use of tobacco or alcohol among peers as compared to among family members, while a higher percentage reported inhalants, sedatives, cannabis or opioid use among peers.

Children using substances (past year) compared to non-users reported significantly higher any substance use by their family members and peers.

There were 25.7 per cent students who replied 'yes' to the question 'conflicts/fights often occur in your family'. Most students also replied affirmatively to 'family members are aware of how their time is being spent' and 'damily members are aware of with whom they spend their time'.

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News Network
December 15,2025

Mangaluru, Dec 15: Air India Express has announced that it will resume direct flight services between Mangaluru and Muscat from March 2026, restoring an important international air link for passengers from the coastal region.

Airport authorities said the service will operate twice a week—on Sundays and Tuesdays—from March 1. The initial flights are scheduled on March 3, 8 and 10, followed by March 15 and 17, with the same operating pattern to continue thereafter. The flight duration is approximately three hours and 25 minutes.

The Mangaluru–Muscat route was earlier operated under the 2025 summer schedule, with services beginning on July 14. At that time, Air India Express had operated four flights a week before suspending the service.

Officials said the summer schedule will come into effect from March 29, after which changes in flight timings and departure schedules from Mangaluru are expected. Passengers have been advised to check the latest schedules while planning their travel.

The resumption of direct flights to Muscat is expected to significantly benefit expatriates, business travellers and others, further strengthening Mangaluru’s air connectivity with the Gulf region.

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