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Russia has offered India the chance to buy oil and other commodities at discounted prices. The offer is currently being considered by the BJP led Central government. “Russia is offering oil and other commodities at a heavy discount. We will be happy to take that. We have some issues like tanker, insurance cover and oil … Get the latest updates in Hyderabad City News , Technology , Entertainment , Sports , Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS .

India imports 80 per cent of its oil needs, usually buys around 2-3 per cent of its supplies from Russia, which is now said to be offering ‘a heavy discount’.

India is considering taking up a Russian offer to buy its crude oil and other commodities at discounted prices with payment via a rupee-rouble transaction, two Indian officials said, amid tough Western sanctions on Russia over its invasion of Ukraine.India, which imports 80 per cent of its oil needs, usually buys about 2-3 per cent of its supplies from Russia. But with oil prices up 40 per cent so far this year, the government is looking at increasing this if it can help reduce its rising…

India, which imports 80% of its oil needs, usually buys about 2% to 3% of its supplies from Russia.

Ukraine believes the only way the Russian president will back down is if his economic power base in fossil fuels is seriously threatened. Putin thinks Europe and the US is too weak to do it – but some believe there is a way Allies of the Ukrainian president Voldymyr Zelenskiy say Vladimir Putin will only accept a compromise on Ukraine’s future neutrality if he is facing a credible threat to his economic power base by a rapid and permanent exclusion of Russia’s oil and gas exports from its lucrative European markets. The Russian government receives 40% of its budget revenues from energy exports. But Ukraine is meeting stubborn resistance from Germany, which insists its economy would be plunged into recession if it suddenly lost access to Russian gas and oil. Continue reading…

March 14, 2022 5:23 PM NEW DELHI (REUTERS) - India is considering taking up a Russian offer to buy its crude oil and other commodities at discounted prices with payment via a rupee-rouble transaction, two Indian officials said, amid tough Western sanctions on Russia over its invasion of Ukraine.

The Nigeria Downstream and Midstream Petroleum Regulatory Authority (NDMPRA) says only Nigerian National Petroleum Company (NNPC) Limited can explain why the whooping sum of $1.2 billion was deducted from the Federation Account in 2019. The Ogbugo Ukoha-led management of NDMPRA said this while responding to the query from the office of the Auditor General which asked the agency to recover the said money from the NNPC or face sanction before the House of Representatives Public Accounts Committee (PAC). The NDMPRA replaced the Department of Petroleum Resources (DPR) since the Petroleum Industry Act (PIA) came into force in 2021 In it’s annual report on the Federal Government of Nigeria consolidated financial statements of the year ended 31st December 2019 submitted to the National Assembly on the 18th of August 2019, the Auditor General for the Federation reported the deduction of $1,278,364,595.49 by the NNPC from oil and gas royalty assessed by the DPR. The report said: “Audit observed from the review of 2019 Joint Venture Ledger and other related records that the sum of US$1,278,364,595.49 was deducted by Nigeria National Petroleum Corporation (NNPC) from the Oil and Gas Royalty assessed by the Department of Petroleum Resources (DPR) for 2019” The Auditor General gave a breakdown if the deduction as Distribution of Mid/Downstream Cost $992,693,875.57; Repayment Agreement (RA) – Oil Royalty $215,664,380.91; Modified Carry Agreement (MCA) –Oil Royalty $59,075,576.79 and Modified Carry Agreement (MCA) – Gas Royalty – $10,930,762.22.

Dangote cement , Lafarge, Bua, Dantata and Sawoe as well as 5 states of the federation contributed over 60 percent of government revenue from the solid minerals sector in 2020 This is as 2000 mining companies owe over N2.7billion to the federal government during the same period. These facts were contained in the 2020 Solid minerals development report released on Sunday by the Nigerian Extractive Industries Transparency Initiative ( NEITI) The report further stated that while the sector contributed N128 billion in 2020 as against N75 billion in 2019, government earnings from the sector increased by 54% with FG, States, LGs Sharing a total of N8.89billion solid minerals revenue during the year under review. The sum of ₦624.45billion was earned from the sector in 13 years. A breakdown of the total production showed that granite, limestone, sand and laterite were the highest contributors to minerals royalty payments recorded within the period with five states of the Federation topping the table by contributing 66% of solid minerals produced in the country that year.

Indian shares look set to open higher on Monday as oil prices fell in Asian trade, continuing a downward trend from last week, amid signs that Russia might be willing to have substantive negotiations over Ukraine.

The GBP/JPY pair is grinding higher from the last few trading sessions as rising prices of the commodities such as crude oil, grains and metals are hu

Crude oil futures are expected to remain volatile as the escalating Russian-Ukraine conflict, along with Iran nuclear deal talks keep market participants on the edge. At 0200 GMT March 14, front-month May ICE Brent crude futures stood at $109.14/b, down $3.53/b (3.13%) from the March 11 settlement. Middle East crude ** Spot trade for May-loading Middle East crude is expected…

Nigeria’s inflation rate is expected to accelerate in the coming months on the back of the surge in energy prices, following the latest sanctions placed on Russian oil by the United States, analysts have said. The analysts’ comments come ahead of the release of February inflation numbers by the National Bureau of Statistics which is […]

Stabilising crude oil prices and BJP''s impressive show in state polls boosted the morale on the streets. This week investors will track the two-day Fed meeting against the backdrop of US inflation

European Central Bank (ECB) Governing Council member Francois Villeroy de Galhau made some comments on the impact of the oil shock and the Russia-Ukra

Oil prices fell at the start of the session, extending last week''s decline, as a US official said Russia was showing signs it might be willing to have substantive negotiations over Ukraine