RIL TO SELL US OIL AS RUSSIAN FLOWS PICK UP
Reliance Industries Ltd. offered US oil to other buyers in Asia last week, surprising the market as it’s unusual for refiners to try and resell crude within weeks of buying it.
India’s biggest private processor tried to sell West Texas Intermediate Midland crude for May loading, according to traders with knowledge of the matter who asked not to be identified as the information is private. Indian refiners including Reliance have recently started taking Russia’s Sokol grade again after mainly avoiding it since December amid a tougher approach to sanctions from the US.
Reliance didn’t immediately respond to a request for comment.
WTI Midland, Sokol and the UAE’s Murban are similar varieties, which produce more diesel when refined. It’s unclear if the reselling of the US oil was linked to the resumption of Sokol purchases, and it’s also not certain if flows of the Russian crude to India will return to last year’s levels.
The civil aviation ministry will look at having a differentiated regulatory framework for drones used for civilian and industrial purposes, a senior official said on Tuesday as he pitched for indigenous development of the drone ecosystem.
Civil aviation secretary Vumlunmang Vualnam also emphasised that the government will make efforts to promote drones as well as push advanced air mobility.
Speaking at the national conference on drones in the national capital, he said that “much has been done and more will be done” on the regulations for drones.
The ministry is looking at having a differentiated regulatory framework for civilian and industrial drones, he noted.
A Production-Linked Incentive (PLI) Scheme for drones and drone components was notified in September 2021.
An incentive of Rs 120 crore is being provided for Indian manufacturers of drone and drone components on the basis of value addition and certain other conditions.
At the conference organised by industry body CII, Vualnam said the scheme has been successful and stressed on the need for indigenous development of the drone ecosystem.
He also made it clear that there should not be dependency on incentives and that the drone industry should sustain on its own.
About the Namo Drone Didi Scheme, he said specifications for the drones will be issued soon.
The scheme seeks to provide agricultural drones to rural women and 15,000 drones will be given to women-led self-help groups.