Opportunities for Indian Companies to Invest in Sakhalin Oil Field: Russian Government Invites amid Global Shifts

2023-06-18 05:09:00

The Russian government has invited Indian companies to invest in the Sakhalin oil field, which is rich in huge reserves of crude oil. Following the war in Ukraine, India received the invitation in the context of the withdrawal of companies from the American and European countries from the energy complex project being developed in the Sakhalin oil field. China has also been invited to invest. The governor of Sakhalin, Russia’s largest island, Valery Limarenko, has invited companies from both countries to invest through his website.

Meanwhile, the central government has decided to keep the windfall tax on domestic crude oil at zero. Windfall tax rates on crude oil produced in the country remained unchanged for the second consecutive fortnight. The central government’s decision comes in the context of the price of crude oil remaining below 75 dollars in the international market. The windfall tax rate on crude oil was reduced from Rs 4,100 per tonne to zero in mid-May.

Today’s fuel price

Petrol and diesel prices in the state remain unchanged today. In Thiruvananthapuram city, the price of a liter of petrol remains at Rs 109.73 and a liter of diesel at Rs 97.20. In Ernakulam, petrol is priced at Rs 107.77 and diesel at Rs 96.69. In Kozhikode city, petrol remains unchanged at Rs 108.28 and diesel at Rs 97.20.

Meanwhile, the price of a liter of petrol in Mumbai city remains at Rs 106.31 and diesel at Rs 94.27. In the national capital city of New Delhi, the price of petrol remains unchanged at Rs 96.72 and diesel at Rs 89.62.

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Exchange value of Rs

One of the factors that can directly influence fuel prices in the country is the exchange rate of the rupee. Especially since the country imports 85% of its crude oil for domestic consumption. Meanwhile, the exchange rate of the Indian rupee against the US dollar is at 81.8834. The rupee has been showing strength against the dollar for a week.

Similarly, the exchange rate of 1 Euro is Rs 89.7256. Similarly, 1 British pound is exchanged at the rate of Rs.104.9008. The exchange rate has been fixed at 0.5818 rupees per 1 yen, the currency of Japan. These are the exchange rates published on the Reserve Bank’s website.

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