Arabian Gulf energy exporters are looking for their main energy partner in Asia. Like the protagonist in Vikram Seth’s “A Suitable Boy”, all of the candidates appeal but none are perfect. A flurry of activity in recent weeks has moved exciting India ahead of reliable Japan and lucrative China.
Indian Prime Minister Narendra Modi arrived in Abu Dhabi on Friday, his third trip in four years. Sheikh Mohammed bin Zayed visited India in February, when Adnoc chief executive Dr Sultan Al Jaber signed an agreement for oil storage in the country. ONGC Videsh, the main Indian government oil company, along with state firms Bharat Petroleum and Indian Oil Corporation (IOC), have taken stakes in Abu Dhabi’s oil production and exploration licences.
Saudi Aramco and Adnoc are planning a $60 billion (Dh220.4bn) refinery and petrochemicals complex in India, in partnership with Bharat, IOC and a third state company, Hindustan Petroleum. Initially to be at Ratnagiri in Maharashtra state on India’s west coast, land acquisition problems seem to have pushed it to Raigad, 250 kilometres further north and closer to Mumbai.
Last week, Aramco’s inaugural earnings call covered preliminary plans to pay $15bn for 20 per cent of Indian private conglomerate Reliance Industries’ refining and petrochemicals business. The reported price for the stake in Reliance, significantly above multiples for comparable deals, shows the importance of Aramco’s introduction to India. This urgency would be reinforced if the Maharashtra refinery is further delayed.
While China has been wooed for years, and Aramco already has joint-venture refineries there, India is increasingly the key future energy market. The US has largely disappeared as an oil and gas importer because of its shale boom, while environmental pressures and mature economies and demographics see the appetites of Europe and Japan for hydrocarbons slipping. Other Asian markets such as Vietnam, Indonesia, Pakistan and the Philippines are fast growing, but none can compare in scale with the two continental giants.
India’s population of 1.3 billion will likely outstrip China’s as early as 2024. After lagging China for more than a decade, Indian economic growth has been a little higher than its Asian rival since 2014, and estimated expansion this year of 6.2 per cent would match the Middle Kingdom’s. China’s economy is maturing and growth is slowing, even before the current escalating trade war with the US.
India remains much less wealthy, and uses barely a quarter of the energy per person, and less than a quarter of the petrochemicals that are used to make plastics in many consumer and construction products. Officially, there are only 22 motor vehicles (excluding motorcycles) per thousand Indians, compared to 179 in China.
Several of Mr Modi’s aims are likely to boost energy demand. His government has not quite achieved its goal of tripling road building, but highway construction has doubled. Poorer and rural households have been offered loans and subsidies to switch to using bottled gas for cooking instead of polluting wood, dung and kerosene. In April last year, it was announced that all villages in the country had been connected to electricity, though around 200 million people remain without.
All these statistics suggest that, while China remains the incumbent, India offers brighter long-term energy prospects. Yet there are several challenges in the way.
In the immediate future, the fears of global recession and trade barriers are affecting India too, with its growth prospects downgraded. Despite the “Make in India” aim of boosting manufacturing to a quarter of the economy, it remains stubbornly stuck around 15 per cent.
Its lively and fractious democracy and federal structure should be more sustainable than its northern neighbour’s authoritarian capitalism, but can hinder big infrastructure and industrial projects, such as the Maharashtra refinery. Crowded cities and gridlock limit the practical number of private vehicles, and fuel prices are significantly higher than in the US and China.
While China has moved boldly in the past couple of years to replace coal with natural gas to clean up its notoriously filthy air, India’s cities have become the most polluted in the world, occupying 22 out of the bottom 30 slots. Annual gas consumption has not grown since 2010, held back by insufficient domestic supply, high prices for imports and a preference for cheap domestic coal.
With rival Pakistan, insecure Afghanistan and US-sanctioned Iran to the north-west effectively barring land access to Middle Eastern and Central Asian gas, Delhi has to rely on liquefied natural gas (LNG) imports that are usually more expensive and perceived as less secure. The current glut of LNG might be gas’s opportunity finally to make some inroads.
India’s energy dowry will not be paid solely in fossil fuels. Since 2017, the country has added 11.1 gigawatts of coal power, but 30.4 gigawatts of solar and wind. Electric rickshaws and motorbikes are popular. Larger battery vehicles have struggled for traction, but policies to encourage local manufacturing of electric cars, offer subsidies and cut sales taxes may lead to progress towards the impossibly ambitious target of phasing out oil-fuelled vehicle sales by 2030.
In the longer term, climate change threatens the reliability of the monsoon, and the Himalayan glaciers that supply the Ganges, the Brahmaputra and the rivers of Indian-administered Kashmir that join the Indus. Agriculture still employs more than two-fifths of Indians, making climate a direct issue of jobs, economics and votes.
India’s tremendous economic and energy future explains its assiduous courting by leading national oil companies. However, its political and regional complexities, environmental and infrastructure challenges mean its energy story will not repeat China’s trajectory. Prospective partners can prosper, if they prepare.
Robin Mills is CEO of Qamar Energy, and author of The Myth of the Oil Crisis
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Results
4pm: Al Bastakiya Listed US$300,000 (Dirt) 1,900m; Winner: Emblem Storm, Oisin Murphy (jockey), Satish Seemar (trainer).
4.35pm: Mahab Al Shimaal Group 3 $350,000 (D) 1,200m; Winner: Wafy, Tadhg O’Shea, Satish Seemar.
5.10pm: Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m; Winner: Wildman Jack, Fernando Jara, Doug O’Neill.
5.45pm: Burj Nahaar Group 3 $350,000 (D) 1,600m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.
6.20pm: Jebel Hatta Group 1 $400,000 (T) 1,800m; Winner: Barney Roy, William Buick, Charlie Appleby.
6.55pm: Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m; Winner: Matterhorn, Mickael Barzalona, Salem bin Ghadayer.
7.30pm: Dubai City Of Gold Group 2 $350,000 (T) 2,410m; Winner: Loxley, Mickael Barzalona, Charlie Appleby.
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
Mathews 31, Rimmington 3-28
Karnataka Tuskers win by 19 runs
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
CONFIRMED%20LINE-UP
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EA Sports FC 24
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
How%20I%20connect%20with%20my%20kids%20when%20working%20or%20travelling
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Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
Afcon 2019
SEMI-FINALS
Senegal v Tunisia, 8pm
Algeria v Nigeria, 11pm
Matches are live on BeIN Sports
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
The%20team
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Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
if you go
The flights
Emirates fly direct from Dubai to Houston, Texas, where United have direct flights to Managua. Alternatively, from October, Iberia will offer connections from Madrid, which can be reached by both Etihad from Abu Dhabi and Emirates from Dubai.
The trip
Geodyssey’s (Geodyssey.co.uk) 15-night Nicaragua Odyssey visits the colonial cities of Leon and Granada, lively country villages, the lake island of Ometepe and a stunning array of landscapes, with wildlife, history, creative crafts and more. From Dh18,500 per person, based on two sharing, including transfers and tours but excluding international flights. For more information, visit visitnicaragua.us.
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
More from Neighbourhood Watch:
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Company%20profile
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