Total and Indian Oil Form Joint Company in India to Offer High-Quality Bitumen Derivatives

Indian Oil Corporation, India’s largest refiner and marketer of petroleum products, and Total, broad energy company with headquarters in Paris, France, announce the formation of a 50:50 Joint Venture(JV) company that will manufacture and market high-quality bitumen derivatives and specialty products for the growing road-building industry in India. 

Total is the leading bitumen manufacturer and supplier in Europe, while Indian Oil is the largest player in the Indian bitumen market. The two companies have already an established business relationship in India, notably in LPG and fuel additives businesses. 

The new JV will combine the R&D and marketing strengths of both Indian Oil and Total to manufacture and market innovative bitumen formulations and superior quality products such as polymer-modified bitumen, crumb rubber modified bitumen, bitumen emulsions and other specialty products. The JV will set up manufacturing units across the country with cost-effective logistics solutions, keeping innovation, safety and sustainability at the helm of its operations. The JV will also explore possibilities to cater to other South Asian markets. 

“India is a strategic country for the future of Total and we are delighted by this partnership, yet another testimony of our commitment to this fast-growing market.” highlighted Patrick Pouyanné, Chairman and CEO of Total. “Today, Total is further cementing its longstanding business cooperation with Indian Oil, into a strong and sustainable new partnership. With this agreement, we are pursuing the growth of businesses with key Indian energy players, adding to our ongoing developments in renewables, gas and power.” 

Shrikant Madhav Vaidya, Chairman of Indian Oil said: “The Indian Oil-Total joint venture company would combine Indian Oil’s credentials as India’s Flagship National Oil Company and the Total’s strength as an International Energy Major. This would cater to B2B customers involved in road infrastructure development, both in the government and private sectors and I am confident that this would start a revolution in road construction activities in the country by providing superior technology products at competitive prices”. 

He added: “This joint venture company would bring in latest technologies and formulations for Polymer Modified Bitumen (PMB) and other fast-growing non-conventional derivatives such as Cold Mix & Micro Emulsion, Block Bitumen, etc. to the Indian market. The operations of this JV would commence by taking over an existing plant of Total at Jodhpur and subsequently set up new Greenfield plants”. 

The Government of India has a strong focus on developing the country’s road infrastructure with mega projects like the ‘Bharatmala project’ which envisages development of 34,800 km of roads at an estimated investment of over Rs. 5 lakh crore in the first phase (equivalent to approximately 66 billion USD). 

The demand for aggregate material and manufactured material for the highway construction and rehabilitation sector in India is very high, especially for good-quality bitumen derivatives. The Indian Oil and Total JV will offer high-spec products using sustainable technologies. 

Vedanta Launches Phase 2 of ‘Meal for All’ Program to Daily Wage Earners

Vedanta Limited a subsidiary of Vedanta Resources Limited, a global oil & gas and metals company, has launched Phase 2 of its “Meal for All” program to provide meals to daily wage earners across the country during the Covid-19 pandemic.

The program successfully provided more than 11.08 lakh meals to daily wage earners in the first phase. The project also distributed 49,626 dry ration packets to local communities and engaged more than 15,000 women in mask-making activities. The program not only provided aid to the suffering people, but also extended a helping hand to stray animals in the rural and urban areas. More than 12.70 lakh stray animals were fed in Delhi, Mumbai, Jaipur and Pune in the first phase.

Speaking on the initiative, Mr. Anil Agarwal, Chairman - Vedanta Resources, said, “The spread of Covid-19 pandemic has led to the closure of many economic and employable institutions. This has left a huge number of daily wage earners stranded without any scope of income and daily essentials.  Our initiative is an effort to provide them with the basic necessities and ease their pain as much as possible. We aim to reach maximum number of people with this initiative and provide a ray of hope to the daily wage earners and give them strength.”

The Phase-2 of the ‘Meals for all’ program was flagged off by Mr. Gunvant Patel, noted entrepreneur and philanthropist. It will be a week-long initiative with a target of reaching 38,000 daily wage earners and their families across Delhi, Mumbai & Ahmedabad. They are being provided with ration kits consisting of daily essentials such as Rice, Pulses, Refined oil and Spices along with a pair of slippers. The project aims to provide better living conditions to people in the coming days whilst providing a temporary relief.

Complimenting Vedanta on this initiative, Mr. Gunvant Patel said, “The pandemic is truly a test of our resilience and the strength of togetherness, this is the moment where we have to come together to give, share and reach the people in need. Vedanta’s gesture through the program “Meals for all” is an example of humility and how such initiatives are so important during times like these. I am glad to contribute to the program and look forward to maximize our effortsrogram 

Vedanta Limited a subsidiary of Vedanta Resources Limited, a global oil & gas and metals company, has launched Phase 2 of its “Meal for All” program to provide meals to daily wage earners across the country during the Covid-19 pandemic.

The program successfully provided more than 11.08 lakh meals to daily wage earners in the first phase. The project also distributed 49,626 dry ration packets to local communities and engaged more than 15,000 women in mask-making activities. The program not only provided aid to the suffering people, but also extended a helping hand to stray animals in the rural and urban areas. More than 12.70 lakh stray animals were fed in Delhi, Mumbai, Jaipur and Pune in the first phase.

Speaking on the initiative, Mr. Anil Agarwal, Chairman - Vedanta Resources, said, “The spread of Covid-19 pandemic has led to the closure of many economic and employable institutions. This has left a huge number of daily wage earners stranded without any scope of income and daily essentials.  Our initiative is an effort to provide them with the basic necessities and ease their pain as much as possible. We aim to reach maximum number of people with this initiative and provide a ray of hope to the daily wage earners and give them strength.”

The Phase-2 of the ‘Meals for all’ program was flagged off by Mr. Gunvant Patel, noted entrepreneur and philanthropist. It will be a week-long initiative with a target of reaching 38,000 daily wage earners and their families across Delhi, Mumbai & Ahmedabad. They are being provided with ration kits consisting of daily essentials such as Rice, Pulses, Refined oil and Spices along with a pair of slippers. The project aims to provide better living conditions to people in the coming days whilst providing a temporary relief.

Complimenting Vedanta on this initiative, Mr. Gunvant Patel said, “The pandemic is truly a test of our resilience and the strength of togetherness, this is the moment where we have to come together to give, share and reach the people in need. Vedanta’s gesture through the program “Meals for all” is an example of humility and how such initiatives are so important during times like these. I am glad to contribute to the program and look forward to maximize our efforts.

Oil falls to below $42 a barrel in Asia

Oil prices fell below $42 a barrel Friday in Asia after Russia and Ukraine said a dispute over natural gas payments wouldn't affect shipments to Western Europe.

Light, sweet crude for February delivery fell $3.05 to $41.55 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Singapore. Trading was closed Thursday for New Year's Day.

The contract rose $5.57 on Wednesday, the last trading day of 2008, to settle at $44.60 after Russia threatened to cut off natural gas supplies to Ukraine. Russia followed through with that threat Thursday, though both countries pledged they would keep supplies to the rest of Europe flowing.

Russia's gas monopoly Gazprom shut off gas supplies after talks broke down over Ukraine's payments for past shipments and a new price contract for 2009. Gazprom said it had boosted natural gas deliveries through other pipelines to Western Europe.

The European Union depends on Russia for about a quarter of its gas, with some 80 per cent of that delivered through pipelines controlled by Ukraine.

Concerns that the week-old conflict between Israel and Hamas in Gaza could disrupt supplies in the oil-rich Middle East helped keep prices from falling further. Israeli troops massed on the Gaza border Thursday in preparation for a possible ground offensive.

Oil prices began 2009 the same way they spent the most of the second half of 2008 _ going down. Crude peaked at $147.27 a barrel in July before plummeting to as low as $33.87 on Dec. 19.

Prices fell 54 per cent last year after soaring 57 per cent in 2007.

Investors remain focused on the slowing global economy and its impact on crude demand. The Department of Energy said earlier this week that U.S. fuel consumption fell 3.7 per cent in the four weeks ended Dec. 26 from a year earlier.

In other Nymex trading, gasoline futures fell 3.55 cents to $1.03 a gallon. Heating oil dropped 3.55 cents to $1.41 a gallon while natural gas for February delivery slid 2.2 cents to $5.60 per 1,000 cubic feet.

In London, February Brent crude fell $3.31 to $42.28 a barrel on the ICE Futures exchange.

Source: Agencies