Trading houses and buyers of Venezuelan crude oil are chartering very large crude carriers (VLCCs) for the first time since a new Caracas-Washington supply deal began, a development expected to boost deliveries to India. VLCCs are among the largest tankers in the world, with a capacity of up to 2 million barrels per voyage, and their use can significantly reduce transportation costs and speed up shipments compared with smaller tankers. According to shipping data and sources, at least three VLCCs, Nissos Kea, Nissos Kythnos and Arzanah, chartered by trading firms Vitol and Trafigura h
India and the Gulf Cooperation Council (GCC) on Tuesday formally launched negotiations for a comprehensive Free Trade Agreement (FTA) by signing a joint statement, marking a major milestone in their economic partnership. Union Commerce and Industry Minister Piyush Goyal and GCC Secretary General Jasem Mohamed Al Budaiwi endorsed the agreement to begin talks. Announcing the development on X, Goyal said the signing builds on the Terms of Reference finalised on February 5, 2026, and formally initiates negotiations for a broad-based and mutually beneficial pact. He described the move as a s
India’s state-owned refiners Indian Oil Corporation and Hindustan Petroleum Corporation have jointly agreed to buy 2 million barrels of Venezuelan Merey crude oil for delivery in the second half of April. The cargo will be loaded on a single very large crude carrier (VLCC), with IOC taking about 1.5 million barrels and HPCL about 500,000 barrels, and is expected to arrive on India’s east coast. The seller in the deal was the trading firm Trafigura. This move is part of a broader strategy by Indian refiners to diversify oil import sources, including a shift away from heavy reliance on R
India’s electronics exports have surged 47 % to $12.41 billion in the first quarter of the current fiscal, underscoring the country’s rapid emergence as a global manufacturing hub. According to the Ministry of Commerce and Industry, the United States, the UAE, and China were the top three export destinations for India’s electronics shipments during the April–June quarter. The Netherlands and Germany also featured among key markets. This broad geographical spread reflects India’s deeper integration into global electronics supply chains and its growing credibility as an alternative
Union Minister of Commerce and Industry Piyush Goyal asserted that quality must define India’s manufacturing and export ecosystem, aligning the “zero defect, zero effect” vision of Prime Minister Narendra Modi with the broader goal of Viksit Bharat 2047. Addressing the first National Quality Conclave virtually, he said India’s ambition to become a $30–35 trillion economy by 2047 rests on three pillars: quality, sustainability, and inclusivity. Organised by the Department for Promotion of Industry and Internal Trade in partnership with the Quality Council of India, the Conclave fo
In a significant boost to Bihar’s agri-exports, five tonnes of premium Mithila makhana have been shipped to a Chinese company, opening a new chapter in the state’s global trade footprint. The consignment was dispatched through the International Cooperative Development Council in Patna and flagged off by Agriculture Minister Ram Kripal Yadav. Officials termed it a proud milestone for farmers and fishermen across north Bihar, where makhana is traditionally cultivated in ponds and wetlands. The export was facilitated by the Bihar State Fishermen’s Cooperative Federation (COFFED), which
Piyush Goyal addressed the plenary session of the India–Brazil Business Forum in New Delhi, underscoring the expanding economic partnership between the two countries. Noting that bilateral trade grew 25 per cent in the past year to reach USD 15 billion, he described the figure as below potential. He called for greater ambition in scaling up economic engagement. Referring to the higher benchmarks set by Luiz Inácio Lula da Silva and Narendra Modi, he said both nations can “grow faster, grow bigger and grow together” for shared prosperity. Describing India and Brazil as natural partne
Union Agriculture Minister Shivraj Singh Chouhan met his Brazilian counterpart, Carlos Fávaro, to review ongoing bilateral cooperation and explore new avenues for collaboration in agriculture and allied sectors. Chouhan highlighted the deep-rooted and friendly ties between India and Brazil, anchored in shared democratic values and strengthened through regular high-level engagements, including the recent visit of Prime Minister Narendra Modi to Brazil for the BRICS Summit. He also appreciated Brazil’s participation in the India AI Impact Summit, describing it as a meaningful step toward
India is seeking to diversify its crude oil and coking coal imports, with a proposed trade agreement with the United States expected to support that strategy, Commerce and Industry Minister Piyush Goyal said at the Global Economic Cooperation Summit in Mumbai. He noted that India remains dependent on a handful of geographies for coking coal, leading to price volatility, and expressed interest in sourcing high-quality American coking coal. Of the 50% additional tariffs previously imposed by the US, 25% linked to India’s purchase of Russian oil have been removed. The remaining 25% reciproc
The first phase of the MTerra Solar project in the Philippines has reached a major milestone with the successful grid synchronization and initial energization of the facility on the Luzon grid. The project, being developed on the island of Luzon, is planned as a 3.5 GW solar plant combined with a 4.5 GWh battery energy storage system, making it the world’s largest integrated solar-plus-storage facility once completed. According to Meralco PowerGen Corporation, the initial switch-on confirms system readiness and safe grid connection. The National Grid Corporation of the Philippines descri