Sri Lanka to begin talks with India, UAE for new energy hub
The trio signed a deal to create the hub during a visit this month by India's Prime Minister Narendra Modi, the first global leader to visit the island since President Anura Kumara Dissanayake took office last September.
Dissanayake won an election with pledges of stability after the worst financial crisis in decades three years ago triggered runaway inflation, sent the local rupee into free-fall and forced the country to default on $25 billion of debt.
The hub in the eastern harbour city of Trincomalee will involve the construction of a multi-product pipeline as well as bunkering facilities and potentially a refinery.
It will also include development of a World War II-era storage tank farm partly owned by the Sri Lankan subsidiary of
Indian Oil
.
Representatives from state-run
Ceylon Petroleum
,
Indian Oil
and AD Ports will meet in Sri Lanka in late May to start discussions on a detailed business plan for the hub, said Energy Ministry Secretary Udayanga Hemapala.
"A joint project monitoring committee has been set up to oversee the development of the business plan and eventually finalise detailed proposals," Hemapala told Reuters.
President Dissanayake also discussed energy cooperation in Colombo this week with UAE Deputy Prime Minister and Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan, the president's office said.
Chinese state energy firm Sinopec has signed a deal to build a $3.2 billion oil refinery in Sri Lanka's southern port city of Hambantota.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
26 minutes ago
- Mint
NITI Aayog proposes easing investment curbs on Chinese firms, suggests allowing 24% stake without nod: Report
India's leading policy think tank, NITI Aayog, has suggested relaxing regulations that mandate additional scrutiny for investments by Chinese firms, asserting that these rules have caused delays for some significant deals, news agency Reuters reported, citing government sources. All investments by Chinese companies in India currently require necessary security approvals from both the Home Ministry and the Foreign Ministry. However, NITI Aayog has proposed that Chinese companies may acquire a stake of up to 24% in an Indian company without the need for approval, the news agency said, citing sources who did not wish to be named. The proposal is part of an initiative to increase foreign direct investment in India and is currently under review by the trade ministry's industries department, the Ministry of Finance and the Ministry of Foreign Affairs, as well as by Prime Minister Narendra Modi office, the report said. NITI Aayog has also suggested to revamp the board that decides on foreign direct investment proposals, it added. Livemint could not independently verify the report. Notably, the NITI Aayog plays an advisory role and not all proposals suggested by the body are implemented by the government. government. However, the proposal comes at a time when India and China are reportedly trying to improve bilateral relations following the border issues in 2020. The final decision over easing the trade rules will be taken by the political leaders, the report said, citing two sources. The current regulations were introduced following border conflicts in 2020. They apply to land-bordering countries, most impacting Chinese companies. Meanwhile, firms from other countries are generally free to invest in various sectors like manufacturing and pharmaceuticals, although certain sensitive areas such as defence, banking, and media remain restricted. Due to these rules, deals such as China's BYD plan to invest $1 billion in an electric car joint venture in 2023 have been shelved, the report stated. Although global foreign investment has slowed since Russia's invasion of Ukraine, the restrictions on Chinese investment in India are seen as a key reason for a significant decline in the country's FDI. Net foreign direct investment in India dropped to a record low of just $353 million in the last financial year, compared to the $43.9 billion recorded in the year ending March 2021. Foreign Minister S Jaishankar made his first visit to China in five years this week. During his trip, he emphasised to his counterpart the importance of resolving border tensions and urged both nations to avoid restrictive trade measures, such as China's limits on rare earth magnet supplies.
Hans India
26 minutes ago
- Hans India
Centre launches NSCSTI 2.0 to strengthen India's civil services training ecosystem
New Delhi: Union Minister of State (Independent Charge) for Personnel, Public Grievances and Pensions, Dr. Jitendra Singh, launched the National Standards for Civil Service Training Institutes 2.0 (NSCSTI 2.0) on Friday, marking a significant step forward in strengthening the India's civil services training ecosystem to build a future-ready citizen-centric civil service. Prime Minister Narendra Modi-led government has removed unreasonable barriers separating public and private sectors, enabling the best practices from all domains to be harnessed. This framework is an outcome of that vision. The Minister emphasised the need for extending customised training modules to scientific institutions, stressing the importance of administrative preparedness in addition to technical expertise. The upgraded NSCSTI 2.0 framework presents a more refined, inclusive, and future-ready approach to civil services training. It has been simplified and streamlined, with the number of evaluation metrics rationalized from 59 to 43, ensuring greater clarity and a sharper focus on outcome-based assessments. The framework is field-informed, drawing extensively from consultations with over 160 Civil Service Training Institutes (CSTIs), assessors, and domain experts, making it grounded in real-world training challenges and needs. Its inclusive design makes it adaptable for training institutes across all levels of government -- Central, State, and Urban Local Bodies (ULBs). Recognising the shifting learning landscape, the framework is also digitally aligned, embracing hybrid learning models and AI-driven training mechanisms. Most importantly, it is forward-looking, integrating progressive elements such as Indian Knowledge Systems (IKS), the Karmayogi Competency Model (KCM), and the Amrit Gyaan Kosh (AGK), thereby aligning with India's vision of building a future-ready, competent, and citizen-centric civil service. Recounting the global interest in India's civil services reform model, Dr. Jitendra Singh shared that countries like Bangladesh, South Africa, and Maldives have shown keen interest in studying Mission Karmayogi. 'This is a testament to India's leadership in governance reform,' he said. NSCSTI 2.0 also enhances policy visibility, reaffirming the government of India's commitment to institutional excellence and long-term capacity building. The framework serves as a strong motivational tool for CSTIs, encouraging them to embrace innovation, adopt best practices, and pursue continuous improvement. It also builds public awareness by positioning accreditation not merely as a compliance requirement but as a meaningful driver of quality and performance. With the reactivation of the accreditation portal, the framework ensures full operational readiness for a streamlined and transparent accreditation process. Additionally, it fosters cross-learning, enabling training institutes to benefit from the shared experiences and success stories of top-performing CSTIs across the country In just two years, over 195 CSTIs have already been accredited under NSCSTI. The upgraded version builds on real-time feedback and CBC's principle of participatory governance. Developed by the Capacity Building Commission (CBC), the revamped framework marks a major leap in India's mission to build a future-ready civil service. The Minister highlighted how the framework supports cooperative and competitive federalism, empowering institutes to evaluate and upgrade themselves. 'Just as the Aspirational Districts Programme enabled backward districts to outshine expectations, NSCSTI 2.0 encourages CSTIs to introspect, innovate and pursue excellence,' Dr. Singh noted.
Indian Express
26 minutes ago
- Indian Express
EU announces sanctions on Rosneft-backed Nayara Energy, lowers price cap on Russian crude
The European Union (EU) is sanctioning Indian crude oil refiner Nayara Energy as part of its latest tranche of actions against Russia over the country's war in Ukraine. The EU has also decided to lower the price cap on seaborne Russian crude from the prevailing level of $60 per barrel. Russian oil giant Rosneft owns 49.13% per cent in the company, which was rechristened to Nayara Energy from Essar Oil after the Essar group sold the refinery a few years back. Nayara Energy has a 20-million-tonnes-per-annum refinery in Gujarat's Vadinar, and operates a network of around 6,800 fuel retail outlets. It also sells part of its fuel production to public sector oil marketing companies. The action would mean that Nayara Energy would not be able to export petroleum fuels and products to Europe, and potentially hit any of its dealings with European companies. It could also hit Rosneft's plan to exit Nayara as the EU sanctions could spook prospective investors. To be sure, Nayara Energy is not a big fuel exporter to Europe, and is estimated to have accounted for around 4 per cent of India's total fuel exports to Europe so far in 2025, according to industry data. Reliance Industries (RIL) is the biggest fuel exporter in the country, and accounted for around 90 per cent of fuel exports from India to Europe so far this year. The lower price cap on Russian crude, which has not been specified yet, could be beneficial for India if the new cap is strictly enforced. This is because India is a major importer of Russian crude and if the price of Russian barrels reduces due to a lower price cap, it could potentially lower the cost of imports for India. Currently, Russian crude accounts for around 40 per cent of India's total oil import volumes. Industry insiders said that the likely impact of the EU actions is not clear yet, and clarity is likely only when details of the sanctions and the new price cap emerge. Importantly, it has to be seen whether the United States will join the EU in these measures, as US action could have far greater consequences in terms of enforcement of the sanctions. 'We are standing firm. The EU just approved one of its strongest sanctions package against Russia to date. We're cutting the Kremlin's war budget further, going after 105 more shadow fleet ships, their enablers, and limiting Russian banks' access to funding. Nord Stream pipelines will be banned. A lower oil price cap. We are putting more pressure on Russia's military industry, Chinese banks that enables sanctions evasion, and blocking tech exports used in drones. For the first time, we're designating a flag registry and the biggest Rosneft refinery in India. Our sanctions also hit those indoctrinating Ukrainian children. We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow,' Kaja Kallas, the EU High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission, posted on social media platform X. In her social media posts, Kallas did not provide additional details of the EU's latest sanctions package against Russia. The EU and the US are increasing pressure on Moscow to reach a peace deal with Kyiv and end the Russia-Ukraine war that began in February 2022. Energy exports are the biggest revenue generators for Moscow and Western powers have been targeting this revenue stream to force the Kremlin's hand into ending the Ukraine war. The US, EU, and a few other powers had imposed a price cap of $60 per barrel on Russian crude, as per which Western shippers and insurers cannot participate in Russian oil trade if the price of Moscow's crude is above that level. Payment for oil cargoes in breach of the price cap cannot be in US dollars or Euros. According to industry sources, significant volumes of Russian crude imported by India are transported by the so-called shadow fleet—vessels effectively controlled by Russia—that doesn't rely on Western shipping and insurance, which means that such shipments need not adhere to the price cap. The price cap is adhered to for cargoes that depend on Western shipping and insurance. To be sure, Indian refiners buy Russian crude on a delivered basis, which means that transportation and insurance are arranged by the seller. Sukalp Sharma is a Senior Assistant Editor with The Indian Express and writes on a host of subjects and sectors, notably energy and aviation. He has over 13 years of experience in journalism with a body of work spanning areas like politics, development, equity markets, corporates, trade, and economic policy. He considers himself an above-average photographer, which goes well with his love for travel. ... Read More
