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Betul (Goa), <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is likely to sign a USD 78 billion deal to extend <keyword id="19905315" type="General" weightage="20" keywordseo="lng" source="keywords">LNG</keyword> imports from Qatar by another 20 years till 2048 at rates lower than current prices, sources said. <keyword id="20475720" type="General" weightage="20" keywordseo="petronet-lng-ltd" source="keywords">Petronet LNG Ltd</keyword>, India's biggest liquefied natural gas (LNG) importer, is likely to sign a deal with QatarEnergy to extend a 2004 deal to buy 7.5 million tonne a year of gas for producing electricity, making fertilizers and converting to CNG, on the sidelines of India Energy Week (IEW) here. Sources said the renewal is at a "significantly" lower price than the current deal. At current prices, India will save about USD 0.8 per million British thermal unit at the renewed terms. <keyword id="20387238" type="General" weightage="20" keywordseo="petronet" source="keywords">Petronet</keyword> imports 8.5 million tonne per year (MTPA) of LNG from Qatar under two contracts. The first 25-year deal is to expire in 2028 and is now being extended for 20 additional years. The second deal for 1 MTPA entered into in 2015, will be negotiated separately, sources said. Qatar's energy minister and top officials of QatarEnergy are attending the IEW here. India, the world's third biggest energy consumer, sees natural gas as a transition fuel for migrating to net zero carbon emissions by 2070. As part of this, the government is targeting to raise the share of natural gas in the country's energy mix to 15 per cent by 2030 from 6.3 per cent now. Sources said the current deal is priced at 12.67 per cent of prevailing Brent crude oil prices plus a fixed component of USD 0.52 per million British thermal unit. Under the new contract, the slope would remain more or less the same but the fixed charge of USD 0.52 would be scrapped, they said. Also, India will save an additional USD 0.30 per mmBtu on shipping charges as Qatar has agreed to convert the deal to Delivered Ex Ship (DES) from Free on Board (FOB), thereby undertaking responsibility of shipping. At USD 80 per barrel Brent crude oil price, the annual 7.5 MTPA import will cost USD 3.9 billion annually and over a 20-year period it would total to over USD 78 billion. While 7.5 MTPA of LNG is bought by Petronet, the firm's promoters state-owned Indian Oil Corp (<keyword id="19942852" type="General" weightage="20" keywordseo="ioc" source="keywords">IOC</keyword>), Bharat Petroleum and GAIL (India) buy a combined 1 MTPA of LNG. Sources said the new deal will allow the Indian buyers to decide which terminal in India will receive cargoes. Under existing deals, Qatar delivers LNG at Dahej in Gujarat. Sources said the freedom to decide on the arrival terminal will result in additional savings in cost for transporting the fuel through pipelines within the Indian grid.

India to sign $78 billion deal to extend Qatar LNG imports

India is looking forward to wind generated electricity by wind propelled plants installed in <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword> and <keyword id="20154" type="ORGANIZATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword>. The plants are expected to be completed in about five years as a part of the country’s green energy development programmes. 
 "We are preparing India for offshore wind (and) providing <keyword id="347421" type="ORGANIZATION" weightage="20" keywordseo="MNRE">MNRE</keyword> a road map for offshore wind for Gujarat and Tamil Nadu. It would take three to five years that we see commercial offshore winds projects in India," <keyword id="3798942" type="UNKNOWN" weightage="20" keywordseo="mathias-steck">Mathias Steck</keyword>, Executive Vice President and Regional Manager at DNV GL, an international renewable energy group, said on the sidelines of the Singapore International Energy Week held last week. 
 
He also said that in about three years, a 100 megawatt pilot plant is likely to be installed in ocean of Gujarat. 
 
It is to kick start a new power generating sector under the Facilitating Offshore Wind in Industry (FOWIND) programme funded by the European Union. 
 The project is being implemented in close cooperation with <keyword id="386624" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-New-and-Renewable-Energy">Ministry of New and Renewable Energy</keyword> (MNRE) and <keyword id="2541861" type="UNKNOWN" weightage="20" keywordseo="National-Institute-of-Wind-Energy">National Institute of Wind Energy</keyword>. 
 "Over the time DNV GL has been in India, we have looked over 50-gigawatt of onshore wind projects," <keyword id="3798941" type="PERSON" weightage="20" keywordseo="steck">Steck</keyword> said, adding "this is a market leading position" as DNV GL works for a large number of clients in renewable energy projects. 
 
DNV GL is also looking at prospects in solar and tidal wave energies in India, he further added.

India to generate electricity from wind energy in five years

<ul class="summary-list"><li>The West has clamped down on <keyword id="13610598" type="UNKNOWN" weightage="60" keywordseo="russian-energy" source="Orion">Russian energy</keyword>, but a new coalition in the East has bolstered Russia's finances.</li><li>By scooping up <keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> and natural gas, <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> and <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> are indirectly financing the war in Ukraine.</li></ul>Russia's invasion of Ukraine united the West against a common adversary. It also built a shakier coalition in the East that's been keeping Russia's <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> alive since the conflict began.The past few weeks have seen the US, UK, and European Union strike at Russia's energy industry with varying bans on Russian coal, crude oil, and natural gas. The moves, <a href="https://www.businessinsider.com/russia-pick-between-saving-economy-continuing-invasion-treasury-secretary-yellen-2022-4">according to Treasury Secretary Janet Yellen</a>, would force the Kremlin "to choose between propping up its economy and funding the continuation of Putin's brutal war."Yet Russia hasn't felt the pressure like the West had hoped. The blame largely lies with India and China. Neither country has explicitly sided with or against Russia, and instead have stood a murky middle ground while the majority of the world's nations condemn President Vladimir Putin. They've also continued to buy Russian energy, indirectly funding the invasion of Ukraine while maintaining effectively the same trade relationships they had before the war began.India aggressively ramped up its purchases of Russian oil in recent weeks, attracted by the highly discounted price compared to soaring rates for other kinds of crude. India's government has ordered at least 13 million barrels since the war broke out in late February, according to <a href="https://www.reuters.com/world/indian-pm-modi-suggests-direct-talks-between-putin-zelenskiy-2022-04-11/">Reuters</a>. That sum, accumulated over just two months, already nears the 16 million barrels India bought from Russia through all of 2021.China, meanwhile, <a href="https://markets.businessinsider.com/news/commodities/putin-ally-china-oil-deals-russia-ukraine-sanctions-sinopec-cnooc-2022-4">is still honoring existing oil contracts</a> it has with Russia, Reuters reported. Chinese state-run refiners have refrained from signing any new deals, but the continuation of existing plans locks in a major buyer for the Kremlin. China is the biggest buyer of Russian oil, having imported nearly 1.6 million barrels a day throughout 2021, according to <a href="http://english.customs.gov.cn/statics/report/trade.html">Chinese government data</a>.The People's Republic of China was also a top customer of <keyword id="13654526" type="UNKNOWN" weightage="60" keywordseo="russian-gas" source="Orion">Russian gas</keyword>, having bought 16.5 billion cubic meters of natural gas — roughly 7% of Russia's supply — last year.To be sure, the West's measures have been far from perfect, with Russian energy continuing to flow into countries opposed to the invasion. While the US was readily able to embargo Russian oil and gas, the UK and EU are much more reliant on those goods to keep their economies operating. That dependence is why Europe has been slower to wean itself off of Russia's energy trade.Manufacturing giants like Germany <a href="https://www.businessinsider.com/germany-reliance-russian-energy-ukraine-war-natural-gas-oil-trade-2022-4">are under the most intense pressure</a>. Cutting out Russian energy would immediately lift prices for commodities crucial to Germany's industrial sector. That higher inflation would also slam homes in the form of higher utility bills. Without the ability to quickly backfill the loss of Russian energy, a full embargo would almost certainly plunge Germany — the EU's largest economy — into a major recession. Between the <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword>' shortcomings and continued trade with India and China, the Kremlin is offsetting at least some of the West's impact. Russia <a href="https://markets.businessinsider.com/news/commodities/russia-oil-energy-sales-exports-sanctions-embargo-ukraine-commodities-2022-2022-4">is on track to make $321 billion</a> from its energy exports in 2022 should its current trading partners keep buying, according to a <a href="https://www.bloomberg.com/news/articles/2022-04-01/putin-may-collect-321-billion-windfall-if-oil-gas-keep-flowing?sref=GUP2BhaG">Bloomberg</a> analysis published on April 1. The forecasted earnings are up by more than a third from last year's windfall.The forecasts are just that, and the energy market remains extremely volatile. But Russia is already beating its own projections. Energy sales in April are now expected to come in $9.6 billion above the Kremlin's previous target due to higher prices, the <a href="https://t.me/s/minfin">finance ministry</a> said on April 5.Kremlin officials bolstered the positive outlook in recent interviews, claiming the West's sanctions have done little to affect energy revenues. Russia is ready to sell energy products to "friendly countries in any price range," Energy Minister Nikolai Shulginov told the <a href="https://iz.ru/1319679/irina-tcyruleva-elena-likhomanova/konstruktivno-nastroennye-strany-izuchaiut-vozmozhnost-oplaty-v-rubliakh">Izvestia newspaper</a> in an April 13 interview.Foreign Minister Sergey Lavrov was more pointed in downplaying Western sanctions in early March. Russia "will not persuade anyone to buy our oil and gas," he said at a briefing, adding the West is "welcome" to replace Russian energy with an alternative. "We will have supply markets, we already have them," Lavrov said.Those markets haven't gone unnoticed by the West. Treasury Secretary Yellen said last week that sanctioning countries "will not be indifferent" to those that are "sitting on the fence."Yet no concrete policies have been announced to target those buying Russian energy. As <a href="https://www.businessinsider.com/zelenskyy-russian-forces-start-new-offensive-ukraine-eastern-donbas-region-2022-4">the next phase of Russia's invasion begins</a> in Ukraine's Donbas region, cash from India and China is helping the Russian economy stay afloat.

China and India are saving Russia from economic collapse

New Delhi, Dec 14 () India is among the top 10 nations as per the Climate Change Performance Index (CCPI) which is based parameters like renewable power and energy use efficiency, Power Minster R K Singh said on Saturday.
 This assumes significance in view of India's resolve to reach 175 GW of clean energy capacity by 2022. The country has already achieved around 84 GW of clean energy capacity, including 32 GW of solar and 37 GW of wind energy.
 At present, India's total installed power generation capacity is around 365 GW.
 "I am happy to share that as per CCPI report, released during COP 2019 at Madrid, India is ranked among the top 10 countries in CCPI, which was released after analysing four parameters, that is green house gases emission, renewable energy, climate change and energy use," Singh said while addressing the 29th National Energy Conservation Awards ceremony in the capital.
 The minister said 355 industrial units and other establishments have participated in the awards and have collectively achieved savings of Rs 5,283 crore by saving 105.66 billion units of electricity.
 This year, energy conservation was celebrated through week-long activities culminating in the National Energy Conservation Day on Saturday.
 Singh highlighted the importance of energy conservation in the country's sustainable development approach.
 He emphasised the need for taking measures in order to reduce carbon dioxide emissions so as to minimise the adverse impact of climate change.
 The power minister also lauded the efforts of the Bureau of Energy Efficiency and complimented the industry for making sincere efforts in implementing various schemes.
 On the occasion, Star Labelling Programme for solar water heaters was launched and a handbook for implementation of provisions of Energy Conservation Act 2001 was released. KKS ABM

India among top 10 nations on climate change performance index: Power Min

<ul><li>The <keyword id="386624" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-New-and-Renewable-Energy">Ministry of New and Renewable Energy</keyword> has announced a <keyword id="3465757" type="PERSON" weightage="20" keywordseo="Startup-Challenge">startup challenge</keyword> to find the best solutions for problem statements in <keyword id="477360" type="ORGANIZATION" weightage="20" keywordseo="sustainable-energy">sustainable energy</keyword>.</li><li>The first prize will be awarded ₹10 lakhs, second ₹7 lakhs and the third best idea will get ₹5 lakhs. </li><li>The challenge is also open to students from academic institutions who can present a prototype for their solutions. </li></ul>The Ministry of New and Renewable Energy has announced a startup challenge to solve key problems in the sustainable energy sector. The top 3 ideas presented will be awarded with cash prizes. The first prize will be ₹10 lakhs, second will get ₹7 lakhs and the third best idea will get ₹5 lakhs. The problems are in the areas of livelihood application, power system and design, solar energy, wind energy, energy solutions for industrial processes in SMEs, mid-to-large-scale manufacturing units, biomass and waste-to-energy supply chain for power and thermal generation, mobility and energy storage etc. The challenge is also open to students from academic institutions who can present a prototype of their solutions. This is not the first time the Indian government has opened up its problem statements for solutions from the budding startup ecosystem. Every other week, through the Startup India portal, different ministries set up challenges calling out innovators to send in their ideas and solutions. The government also partnered with technology leaders like WhatsApp. The messaging platform announced its interest in the Indian entrepreneurial ecosystem by partnering with Invest India (which runs Startup India) in October 2018 and had said that it would work towards identifying <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> with large-scale socio economic impact.

Indian government announces ₹2.1 million cash prize for the best innovative ideas for sustainable energy

<ul class="summary-list"><li>Cargoes bound for Asia have fallen by more than 15% from May highs, as Russian flows edge lower. </li><li>Russian shipments to Asian countries aside from <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> and <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> are drying up, per Bloomberg. </li></ul><keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s seaborne crude <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword> bound for Asia are dropping in a sign that the country's <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> supplies are waning, <a href="https://www.bloomberg.com/news/articles/2022-07-04/russia-s-crude-oil-shipments-to-crucial-asian-markets-falter">Bloomberg reports</a>. As most countries moved to sanction Russian energy over its war with Ukraine, Asia instead, decided to snap up <a href="https://markets.businessinsider.com/news/commodities/china-india-half-russia-crude-oil-exports-sanctions-2022-6">discounted Russian oil</a> in which India and China now make up for about 50% of the country's seaborne <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> exports. Russian crude oil is priced at much cheaper prices to other grades on the spot market due to sanctions and boycotts, but energy prices have skyrocketed this year, boosting sales for the country. According to a <a href="https://www.bloomberg.com/news/features/2022-06-01/has-sanctioning-russia-worked-oil-gas-sales-put-285b-in-putin-s-pocket">Bloomberg Economics</a> report, sales of Russian oil and gas are forecasted to rise to $285 billion in 2022 which is a 20% increase than the country's 2021 takings. But as the country brings in huge profits, Russian flows of seaborne crude exports have fallen more than 15% on a weekly and four-week average basis from the highs it witnessed in May, per Bloomberg. During that month, Russia's oil export revenues <a href="https://markets.businessinsider.com/news/commodities/russian-oil-export-revenues-surge-may-iea-energy-prices-ukraine-2022-6">jumped 11% to reach $20 billion</a>. On average, Russia's crude shipments in the four weeks leading up to July 1 hit 3.46 million barrels a day, down from a peak of 3.75 million barrels a day it reached in the four weeks leading up to April 29. Shipments to Asian countries other than China and India have essentially dried up, the outlet reported, with just the odd cargo heading to Japan and South Korea, reflecting a broad decline in demand. The region accounts for about 52% of Russia's total seaborne exports, down from a high of 63% in the four weeks to mid-April. Russia has already lost much of the European market for its seaborne crude after Brussels announced last month that it would cut imports of Russian oil by 90% by the end of 2022. The <a href="https://markets.businessinsider.com/news/commodities/russia-oil-production-decline-18-percent-2023-eu-ban-eia-2022-6">US Energy Information Administration said</a> Russia's oil output could slide 18% by the end of next year. The Organization of the Petroleum Exporting Countries (OPEC) have even considered <a href="https://markets.businessinsider.com/news/commodities/russia-opec-exclusion-production-quota-agreement-oil-price-supply-experts-2022-6">removing Russia</a> from an oil-production agreement after the country missed its output target. An OPEC official told the Wall Street Journal that it made little sense for Russia to have to stick to quotas that it could not meet.

Russia is cashing in on soaring oil prices right now, but it may not be able to for much longer — its exports are drying up

The ongoing <keyword id="1928343" type="UNKNOWN" weightage="20" keywordseo="Sweden-India-Nobel-Memorial-Week">Sweden India Nobel Memorial Week</keyword> 2016, which will go on till October 7, is also lauding innovation, keeping <a href="http://www.businessinsider.in/searchresult.cms?query=Prime+Minister+Narendra+Modi&amp;sortorder=effectivedate">Prime Minister Narendra Modi</a>’s ‘<a href="http://www.businessinsider.in/searchresult.cms?query=Make+in+India&amp;sortorder=effectivedate">Make in India</a>’ initiative in mind. 
 This is the 10th edition of the Memorial Week and this time, the <keyword id="2158545" type="UNKNOWN" weightage="20" keywordseo="Sweden-Embassy">Sweden Embassy</keyword> in India is highlighting innovations done by the Swedish companies, in line with Modi’s vision of turning India into a innovation hub. 
 The <keyword id="23050" type="COUNTRY" weightage="100" keywordseo="Sweden">Sweden</keyword> India Nobel Memorial Week 2016 has a string of events such as seminars and board discussions among well known Indian and Swedish chiefs from government and business and in addition the scholarly world, to rivalries for understudy and social exhibitions. 
 These events are taking place across <keyword id="6359298" type="COMPANY" weightage="20" keywordseo="Indore">Indore</keyword>, <keyword id="2094" type="COMPANY" weightage="20" keywordseo="Pune">Pune</keyword>, <keyword id="6355033" type="COMPANY" weightage="20" keywordseo="Bangalore">Bangalore</keyword>, Hyderabad, Chennai, Mumbai, Ahmedabad, Bhubaneswar, <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword>, Guwahati and New <keyword id="66" type="COMPANY" weightage="20" keywordseo="Delhi">Delhi</keyword>. 
 The highlight of event is <keyword id="3405451" type="UNKNOWN" weightage="20" keywordseo="ibrahim-baylan">Ibrahim Baylan</keyword>, Minister for <keyword id="3719651" type="UNKNOWN" weightage="20" keywordseo="policy-coordination-and-energy">Policy Coordination and Energy</keyword>, and Erik Brandsma, Director General of Swedish Energy Agency, who will be in attendance. Other exciting projects of the week are The Nobel Wall in Delhi, <keyword id="18858" type="COMPANY" weightage="20" keywordseo="Noida">Noida</keyword> and Chennai, The Swedish Film Festival in Chennai and Nobel Memorial Reception. 
 Sweden's Ambassador <keyword id="1441970" type="PERSON" weightage="20" keywordseo="Harald-Sandberg">Harald Sandberg</keyword> said, "The Nobel Week is a great platform to strengthen cooperation and deepen relations between both the countries. India and Sweden do share common basic values and interests, and at the same time, we see a great potential to take inspiration from each other and expand our cooperation across a range of sectors. India is a great example of unity in diversity and Sweden collaborates with India under the India's "Smart Cities" initiative. Many Swedish companies specializing in the sustainable urban development sector have been working in India for many years." 
 The Sweden India Nobel Memorial Week is held in memory of Swedish innovator and giver <keyword id="233417" type="PERSON" weightage="20" keywordseo="Alfred-Nobel">Alfred Nobel</keyword> to observe Indian Nobel laureates and is sorted out in participation with leading Swedish organizations in India. The topic for the tenth version of the Week is Swedish commitments - "Sweden Makes in India", including sustainability and innovation. Our try is to utilize this stage to concentrate on innovations and sustainable advancement, which is the trademark of Swedish organizations." 
 There are around 160 Swedish companies operating in the country employing 160,000 people directly. Big names from Sweden present in India include ABB, Altas Copco, Ericsson, IKEA, SAAB, Scania, SEB, Tetra Pak, Volvo Cars and <keyword id="164894" type="COMPANY" weightage="20" keywordseo="Volvo-Group">Volvo Group</keyword> and the SME partners Blueair, Camfil and CleanMotion. 
(image: indiatimes)

Sweden is showing innovations by Swedish companies in line with ‘Make in India’ initiative

The civil nuclear deal would be part of the discussions between Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> and President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword>, the <keyword id="6356037" type="ORGANIZATION" weightage="20" keywordseo="white-house">White House</keyword> has said, emphasising that the US was looking forward to its nuclear reactors contributing to India's energy security, according to PTI news report. "In terms of the actual deals, the US is still looking forward to US-built nuclear reactors contributing to India's energy security. We think that this civil nuclear partnership will bolster India's energy security, create jobs and trade opportunities for the American people. "So we're still very much interested in seeing this deal move forward," a senior administration official told reporters ahead of PM <keyword id="6354642" type="PERSON" weightage="100" keywordseo="Modi">Modi</keyword>'s visit to the US next week. "I think Westinghouse stands behind the viability of the project, and it presented it in its technical commercial offer to India. "So we very much support continued negotiations between Westinghouse and its Indian partners, recognising that deals on this scale can take time," the official said, acknowledging that this is a very complicated issue. "This will be part of the discussion. It's the White House Energy Week, so civil nuclear energy cooperation is bound to come up," the official said in response to a question and dismissed reports that it has been suspended. "I wouldn't characterise the civil nuclear deal that was completed now nine years ago as being suspended or it's done. That waiver was provided for India. The Nuclear Suppliers Group agreed to a waiver for India to receive civil nuclear technology and fuel. So that's completed," said the official. Meanwhile, a senior White House official preparing for PM Modi's maiden meeting with <keyword id="6354862" type="PERSON" weightage="100" keywordseo="Trump">Trump</keyword>, said that the US president is well aware of India's economy and strategic potential. He said that Trump has already visited Mumbai, the commercial capital of India, in his capacity as a real estate tycoon. "He has visited India. I think Mumbai, he's been to Mumbai," he said. "As you know, during the campaign he was very much in touch with the Indian-American community. He expressed a very positive feeling toward India. "I think he said that if he were to be elected, India would find a true friend in the White House," said the official. "He (Trump) is not new to India. He has understood their contribution to the US economy, everything that's happening in <keyword id="6357722" type="COMPANY" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword>, for example. Indian Americans have really embraced the innovation and entrepreneurship. So there's a lot of synergies and linkages between the US and India in this particular realm," the official said. Noting that Indian-Americans have founded 15 per cent of Silicon Valley startups alone, the official said that as a businessman, India is not new for him (Trump). "He has been acquainted with India. This will offer an opportunity to really deepen the strategic partnership and his strategic understanding of India," he said. According to the official, the preparations for Modi's trip started long ago. "There's been a lot of preparatory work done. There has been a great deal of preparation to make this a really memorable visit," the official said adding that both sides recognise the importance of the US-India partnership. "There are a lot of things that the two countries need to do together in terms of promoting security and stability. There's a lot they have to do that is in their mutual interests," the official said adding that the administration has been working with inter-agency when it comes to the US- India partnership. "There have been a tremendous amount of preparation, and we're looking forward to a really good visit," he added.

This is what Modi and Trump will discuss, according to White House

<ul class="summary-list"><li><keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> is shipping half of its seaborne crude oil to <keyword id="11902482" type="UNKNOWN" weightage="60" keywordseo="asia" source="Orion">Asia</keyword> — mainly <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> and <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>, per Bloomberg.</li><li>In May, Russia overtook Saudi Arabia to become India's second-largest supplier of oil.</li></ul>Half of the Russian oil transported by ship is now heading for Asia — mainly to China and India, according to a <a href="https://www.bloomberg.com/news/articles/2022-06-13/russia-s-crude-flows-to-asia-take-hold-near-unprecedented-levels">Bloomberg</a> analysis published on Monday.Russia shipped 3.55 million barrels of oil a day in the week ending June 10. About 50% of those shipments, or 1.878 million barrels of oil, was heading to Asia, Bloomberg reported, citing commercial vessel tracking data. That's up from under 40% of the exports in the weeks leading up to Russia's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> on February 24.While China's imports from Russia have remained constant, India's buying has ramped up significantly, according to the Centre for Research on <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">Energy</keyword> and Clean Air (CREA), an independent research organization. In the first 100 days after Russia invaded Ukraine, India's purchases of Russian crude rose from 1% to 18% of the exports by value, the CREA wrote in a <a href="https://energyandcleanair.org/wp/wp-content/uploads/2022/06/Financing-Putins-war-100-days_20220613.pdf">report</a> published on Monday.In May, Russia became India's second-largest supplier of oil behind Iraq, overtaking Saudi Arabia, <a href="https://www.reuters.com/world/india/russia-becomes-indias-second-biggest-oil-exporter-trade-sources-2022-06-13/">Reuters</a> reported, citing trade sources. Indian refiners imported about 819,000 barrels of Russian oil each day in May — a record amount, and about three times more than the 227,000 barrels a day it received in April, according to Reuters.Russian crude oil is priced at a record discount to other grades on the spot market due to sanctions and boycotts, but energy prices have surged this year, propping up sales for the country. Sales of Russian oil and gas are expected to rise to $285 billion in 2022 — 20% higher than the country's $235.6 billion takings from oil and gas in 2021, according to a <a href="https://www.bloomberg.com/news/features/2022-06-01/has-sanctioning-russia-worked-oil-gas-sales-put-285b-in-putin-s-pocket">Bloomberg Economics</a> report earlier this month.<h2>Drawing international scrutiny</h2>Chinese and Indian purchases of Russian oil amid the war have drawn scrutiny from the international community and stand in contrast to sanctions and boycotts from a number of Western countries. The US <a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3">banned Russian energy imports</a> in March, and the <a href="https://www.businessinsider.com/european-union-leaders-russian-oil-2022-5">European Union has agreed</a> to slash 90% of its Russian oil imports by the end of this year. <a href="https://markets.businessinsider.com/news/commodities/india-russian-oil-purchases-us-criticism-energy-sanctions-trade-ukraine-2022-6">Amos Hochstein,</a> the US special envoy for energy affairs, told senators on Thursday that he had urged India to refrain from buying too much Russian oil.Neither India nor China has condemned Russia's invasion of Ukraine.<a href="https://www.reuters.com/world/china/china-says-not-deliberately-circumventing-sanctions-russia-2022-04-02/">Beijing</a> has <a href="https://www.businessinsider.com/china-accuses-united-states-of-creating-panic-sanctions-against-russia-2022-2?utm_medium=ingest&amp;utm_source=markets">criticized sanctions against Russia.</a> India, meanwhile, has hit back at criticism that it's funding the war in Ukraine through its oil purchases. In May, the <a href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1822665">Indian petroleum and natural gas ministry said</a> Russian energy accounts for a "minuscule" proportion of its consumption and that a sudden stop to crude shipments would jack up global oil prices and hurt consumers.In April, former White House press secretary <a href="https://www.whitehouse.gov/briefing-room/press-briefings/2022/04/11/press-briefing-by-press-secretary-jen-psaki-april-11-2022-2/">Jen Psaki said</a> India isn't violating sanctions by buying Russian oil. In May, White House officials said China isn't violating sanctions by buying Russian oil either, <a href="https://www.reuters.com/markets/commodities/chinese-efforts-replenish-reserves-with-russian-oil-would-not-violate-us-2022-05-19/">Reuters</a> reported.

China and India now account for about 50% of Russia's seaborne oil exports, as Asian demand props up Moscow's energy revenues

<ul class="summary-list"><li>Russia's seaborne crude oil exports rose 30% in the week ending January 13, per Bloomberg.</li><li>Russia's oil revenues rose 4% on-week to $61 million for the week ending January 13.</li></ul>The European Union may have <a href="https://www.businessinsider.com/european-union-leaders-russian-oil-2022-5">banned most Russian oil imports</a> but the energy giant has still been able to find buyers for its seaborne crude exports — shipments have now surged to their highest level since April 2022, according to <a href="https://www.bloomberg.com/news/articles/2023-01-16/russia-s-seaborne-crude-flows-surge-to-their-highest-since-april" target="_blank" rel="noopener">Bloomberg's</a> analysis based on vessel tracking data.Russia's week-on-week crude oil exports rose 30% to 3.8 million barrels a day in the week ending January 13, Bloomberg reported Monday.That's all thanks to robust demand from Asia, even as European shipments tapered off.While shipments to Europe made up just about 5% of total crude exports, and no exports destined for Northern Europe, China and India were major buyers of Russian crude.Of the total 2.82 million barrels a day which were headed to Asia in the week ending January 13, China and India snapped up 35% and 27% of the shipments, respectively. Another 20% of the total Asian shipments showed unknown destinations — but typically end up in China or India, according to Julian Lee, Bloomberg's oil strategist. <h2>Russia's energy revenues have been hit by sanctions, but it continues to have buyers</h2>The shipments helped boost Moscow's oil coffers, as revenues from Russia's crude oil export duty rose 4% on-week to $61 million in the week ending January 13, according to Bloomberg.However, energy revenues are still significantly lower than a high of $232 million in the week to April 29 last year, because the Kremlin has started charging a <a href="https://www.upstreamonline.com/production/russia-reduces-tax-to-support-oil-export-shipments/2-1-1374888" target="_blank" rel="noopener">lower tax rate</a> for oil shipments to support exports. <a href="https://markets.businessinsider.com/news/commodities/why-oil-prices-have-fallen-recession-russian-production-demand-outlook-2022-8">Other factors</a> are hammering Moscow's oil revenues, like a slump in oil prices due to recession fears, and an overall fall in demand which contrasts with robust Russia supply.Oil prices have also fallen since they reached a <a href="https://markets.businessinsider.com/news/commodities/oil-price-today-russia-ukraine-volodymyr-zelensky-compromise-invasion-war-2022-3">14-year high</a> of nearly $140 barrel in March 2022 after Russia invaded Ukraine. International benchmark <a href="https://markets.businessinsider.com/news/commodities/oil-price" rel="noopener">Brent crude oil futures</a> are now around $85 a barrel.Even Russia's flagship Urals crude — which is priced against the price of Brent oil — has been trading at a <a href="https://markets.businessinsider.com/news/commodities/russia-oil-crude-g7-price-cap-western-sanctions-eu-ban-2023-1">large discount</a> to the international grade, particularly since price-sensitive <a href="https://markets.businessinsider.com/news/commodities/india-china-still-buying-russian-oil-but-demand-huge-discounts-2022-11">China and India</a> are the few willing buyers left.But others have called for stricter measures to further hamstring Russia's oil coffers, and by extension its war efforts in Ukraine. <a href="https://www.businessinsider.com/russia-fossil-fuel-revenue-eu-oil-ban-price-cap-crea-2023-1">Russia's oil revenues</a> have tanked from $1.1 billion a day to $687 million a day, thanks to the EU's embargo on most Russian oil imports and a <a href="https://ec.europa.eu/commission/presscorner/detail/en/QANDA_22_7469" rel=" nofollow">$60 a barrel price cap.</a> But more can be done to press the Kremlin into ending its war in Ukraine, the Helsinki-based Centre for Research on Energy and Clean Air, or CREA, said in a <a href="https://energyandcleanair.org/wp/wp-content/uploads/2023/01/CREA_EU-oil-ban-and-price-cap-are-costing-Russia-EUR160-mn-a-day-but-further-measures-can-multiply-the-impact.pdf" rel=" nofollow">January 10 report</a>.The CREA is recommending stepping up the pressure by further lowering the price cap on Russian crude oil to $25 to $35 a barrel — which would slash Russia's oil export revenue by a further €100 million, or about $108 million, a day."Further cuts to Kremlin's revenue will therefore materially weaken the country's ability to continue its assault and help bring the war to an end," CREA said in its report.

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