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Modi urges partnership with oil producers, Saudi output to rise (Lead)
New Delhi, Oct 15 (IANS) Blaming current marketing practice for the current high oil prices, Prime Minister Narendra Modi on Monday made a strong case for partnership between producers and consumers at a meeting here with global company heads, following which Saudi Arabia said it expects its oil output to rise next month to counter the impact of US sanctions on Iran.
With domestic petrol and diesel prices daily breaching record levels, Modi on Monday met the chief executives of major global and Indian oil and gas companies.
Besides Finance Minister Arun Jaitley, Petroleum Minister Dharmendra Pradhan and NITI Aayog Vice-Chairman Rajiv Kumar, the meeting included ministers from Saudi Arabia and the UAE and CEOs and experts from organisations like Saudi ARAMCO, BP, Rosneft, IHS Markit, World Bank and International Energy Agency.
“Modi made a strong case for a partnership between the producers and consumers, in the oil market, as it exists in other markets. This will help stabilise the global economy which is on path of recovery,” the Prime Minister’s Office said in a statement.
Highlighting the significant positioning of India in the oil and gas market, Modi said the oil market was producer driven and both the quantity and prices were determined by the oil producing countries.
“Though there is enough production, the unique features of marketing in the oil sector have pushed up the oil prices,” he said.
Following the meeting, Saudi Petroleum Minister Khalid Al Falih told reporters here on the sidelines of a global conference organised by CERAWeek that he expects Riyadh’s oil production to rise next month from the current 10.7 million barrels per day (bpd) and that it has the required capacity in place to do so.
“Saudi Arabia has the capacity to produce 12 million bpd and is currently producing 10.7 million bpd and production will rise further next month,” Al Falih said.
According to the PMO, Modi said the consuming countries face many other economic challenges due to rising crude oil prices, including serious resource crunch and stressed that the cooperation of the oil producing countries would be very critical to bridge this gap.
“He appealed to oil producing countries to channel their investible surplus to pursue commercial exploitation in oil sector in the developing countries. Secondly, he spoke of higher acreage under exploration and sought cooperation of the developed countries both in terms of technology and extension of coverage.
“Lastly and importantly, he requested for review of payment terms so as to provide temporary relief to the local currency,” the statement said.
The meeting took place in the backdrop volatile crude oil prices and with the US sanctions on Iran due to come into effect from November 4.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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