Gulf Insider
India’s Prime Minister Narendra Modi has urged the government to urgently explore an increase in the use of alternative energy sources, including biogas as a substitute for liquefied petroleum gas (LPG), as the Middle East crisis is choking oil and gas supply to the world’s third-largest crude importer. Modi also urged ministers to move faster with implementing reforms to turn India into a developed nation by 2047, the goal for its 100th independence anniversary. India has been grappling with the energy crisis that the Iran war created. Oil supply from the Middle East was severely constrained, forcing India to boost Russian oil imports – with a U.S. blessing in the form of waivers for Russian crude on tankers – and seek alternative crude and LPG supply from regions other than the Middle East. Earlier this week, reports emerged that India plans to send empty tankers into the Strait of Hormuz to load oil supplies from the Gulf producers. This would be a first such Indian move west of the chokepoint for loading crude and LPG since the Iran war began, sources with knowledge of the matter told Bloomberg on Wednesday. India has boosted imports of oil and LPG from places that don’t […]
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