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Indian Oil signs $9 bn LNG import deal with ADNOC.

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Indian Oil

Adnoc Gas, Adnoc’s integrated gas processing unit, struck a 14-year supply arrangement worth $7 billion to $9 billion with Indian Oil Corporation Limited, the country’s largest refiner in South Asia.

Adnoc Gas said on Tuesday night that it will provide IOCL with up to 1.2 million metric tonnes of liquefied natural gas per year. “”We are pleased to announce this long-term LNG sale, which strengthens our long-standing partnership with IOCL,” Adnoc Gas CEO Ahmed Alebri said.

“We look forward to expanding our collaboration and are confident that Adnoc Gas’ LNG exports will help IOCL’s development and contribute to India’s growth story.” Since Russia’s invasion of Ukraine last year, Europe has imported record quantities of the supercooled fuel to replace Moscow’s gas supply.

According to the International Energy Agency, global LNG trade will reach $450 billion in 2022 due to increased European demand.

Despite rising demand, LNG supply increased by only 5.5% last year, owing primarily to maintenance at large export terminals and the closure of Freeport LNG’s Texas-based plant, one of the world’s largest export centres for the supercooled fuel.

The agreement represents a “significant milestone” for Adnoc Gas as it develops its global presence, consolidating its position as a “landmark LNG export partner of choice,” according to the firm. Adnoc Gas, which is listed on the Abu Dhabi Securities Exchange, has access to 95% of the UAE’s natural gas reserves, which are thought to be the sixth largest in the world.

It also meets more than 60% of the UAE’s gas needs.

Furthermore, the company has signed a three-year supply agreement with TotalEnergies Gas and Power, a subsidiary of France’s TotalEnergies, for the export of LNG as global demand for less polluting fuel rises as decarbonization efforts continue.

India, which surpassed the United Kingdom as the world’s fifth-largest economy last year, intends to expand natural gas’s portion of the country’s total energy mix to 15% by 2030, up from approximately 6% today. According to Indian Prime Minister Narendra Modi, the country’s LNG import capacity nearly quadrupled last year, from 21 million tonnes per year in 2014.

India has also been working hard to diversify its crude oil source while expanding local output.

Despite India’s growing reliance on discounted crude barrels from Russia, IOCL chairman Shrikant Vaidya stated in May that the refiner was dedicated to long-term oil and gas arrangements with the Middle East.

The International Energy Agency warned earlier this week that “fierce” rivalry for gas exports could arise this winter as China’s economy grows faster than projected and North East Asia experiences colder weather.

Indian Oil
Adnoc raised around Dh9.1 billion ($2.5 billion) earlier this year through the sale of a 5% share in Adnoc Gas. The company sold over 3.8 billion shares in its first public offering, which drew significant demand from institutional and individual investors and generated more over $124 billion in orders.

Despite a significant drop in hydrocarbon prices, Adnoc Gas reported a 9% yearly growth in first-quarter net profit as it cut costs and maintained healthy margins.

The company reported a $1.3 billion net profit for the three months ending March 31, up from a $1.2 billion pro forma adjusted net profit in the same period previous year.

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Government Files Discrimination Lawsuit Against Tesla Over Racial Harassment Claims

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A government organization documented a grievance against Tesla on Thursday, blaming the organization for oppressing Dark representatives who it claims were exposed to bigoted slurs, given less positive work tasks than white representatives, and excused when they raised concerns.

The Same Business Opportunity Commission claims in its complaint that Tesla specialists had a few consciousness of the partition and rambunctious assault anyway took no action to end it. The affiliation communicated that directly following endeavoring greatly to come to a simultaneousness with Tesla to address the isolation, it recorded suit.

This objection is the latest to accuse Tesla of far reaching bigotry at its assembling in Fremont, California, not a long way from San Francisco. A Minority who ensured the automaker dismissed the extremist incitement he experienced while working as a laborer for enlist at the workplace got for the most part $3.2 million from a jury this year.

To seek after charges of racial detachment, a social occasion of roughly 240 Ethnic minorities and women who have worked at Tesla beginning around 2016 have referenced a selected power to surrender them class movement status. These cases consolidate frequently being insinuated as “slave,” “you people,” and substantially more dreadful.

Tesla

The state’s foe of isolation guideline prerequisite body for California, the Division of Fair Business and Housing, by and by known as the Social uniformity Division, has in like manner reported a case against Tesla, charging notwithstanding different things that Dim specialists are “truly underrepresented” in managerial positions.

As per Bryan Schwartz, an Oakland lawyer who is addressing the offended parties in the legal claim, “it is telling that each administration organization and laborers’ backer who takes a gander at this present circumstance has a similar response.”Tesla’s racial harassment and discrimination against Black employees is abhorrent, illegal, and requires systematic, class-wide attention.Requests for response from Tesla’s attorneys went unanswered.

Tesla stated in a 2022 statement that it “strongly opposes” any sorts of discrimination in response to the California agency’s case. The business referred to the case as “a narrative spun” by plaintiffs’ attorneys and the state agency.

Tesla is accused of breaching federal law by “engaging and continuing to engage in discrimination against Black employees at the Fremont factory by subjecting them to severe or pervasive racial badgering and by establishing a threatening workplace due to their race.”

The complaint claims that racial misbehavior “occurred across all shifts, departments, and positions and was frequent, ongoing, inappropriate, and unwelcome.”

As indicated by the grievance, which was brought by the commission’s San Francisco Area Office, dark representatives were frequently alluded to as bigoted designations. The claim asserted that there was bigoted spray painting, including insignias and references to the Ku Klux Klan, on workstations, in bathrooms, lifts, and, surprisingly, on autos falling off the sequential construction system.

According to the report, Tesla the executives saw the way of behaving however never really halted it. According to the lawsuit, employees who complained were disciplined with unpleasant tasks or dismissed.

Also Read: X (Formerly Twitter) Expects Profit by Early 2024, Targets 200-250 Million Daily Users

One Black worker said that after reporting the misbehavior, he had received punishment for playing music. Tesla’s CEO, Elon Musk, has stated that workers are encouraged to play music while working on the assembly line and that the firm is a “fun” place to work.

In its case, the commission requests that the federal court in Oakland instruct Tesla to cease discriminating and retaliating against Black employees and to compensate any mistreated workers. Punitive damages are also sought in the lawsuit.

Source: ANI

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Adani Group Appoints New Auditor for its UK Subsidiaries

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Adani Group Shifts Auditors After Crowe UK’s March Exit

Following the March resignation of the previous auditor Crowe UK, the Indian Adani group has changed Ferguson Maidment & Co to audit its principal UK companies.

According to the Financial Times (FT), Ferguson Maidment & Co. conducted an audit of the annual accounts that Adani Energy Holdings and its affiliates submitted to Companies House, a British government agency, last month.

Deloitte resigned from its position as Adani Ports’ auditor in August due to issues with specific transactions that were mentioned in the short-seller Hindenburg report and the company’s refusal to launch an independent investigation.

Deloitte’s justification for leaving the company as auditor was later cited by the billionaire Gautam Adani-led conglomerate as being “not convincing or sufficient to warrant such a move.”

Adani

Adani Enterprises Limited explained that it would be “inappropriate” to comment on the situation and that it will keep disclosing information in accordance with SEBI rules.

Adani Enterprises Limited on Thursday refuted claims that the Adani Group has recruited accounting firm Grant Thornton to carry out an independent audit of certain of its companies’ finances in response to charges of financial fraud and malpractice leveled by short-seller Hindenburg Research.

To be clear, the aforementioned news item appears to be a market rumor, so it would not be appropriate for us to comment on it. 

We want to reaffirm that we have made and will continue to make disclosures in accordance with our agreements with stock exchanges, the SEBI (Listing duties and Disclosure Requirements) Regulations, 2015, and those duties.

Adani Group’s Market Value Drops by $120 Billion

The market value of Gautam Adani’s group has decreased by around $120 billion since the news of the study by US-based short-seller Hindenburg broke.

Since denying claims of “brazen stock manipulation and accounting fraud… over the course of decades,” the Adani Group has worked to reassure investors by highlighting a “very healthy” balance sheet in response to worries about an excessive debt load.

On Wednesday, business newspaper Economic Times reported that the Adani Group is in discussions with lenders to settle a $500 million bridge loan facility used to purchase majority shares in the cement companies ACC Ltd and Ambuja Cements Ltd.

More guarantees from Adani followed SEBI’s announcement that it is looking into Hindenburg’s claims, and the Congress has now contacted SEBI and the Reserve Bank of India to request an investigation into how public financial institutions were exposed to the situation.

The Group claimed to have reliable assets, healthy cash flow, “fully funded” business plans, and a sustained ability to “deliver superior returns to shareholders” through our portfolio.

Also Read: X (Formerly Twitter) Expects Profit by Early 2024, Targets 200-250 Million Daily Users

Given that Gautam Adani has ties to Gujarat, Prime Minister Narendra Modi’s home state, the opposition parties, particularly the Congress, accuse the governing Bharatiya Janata Party of showing favor to the Adani Group.

Numerous requests for a thorough investigation of the claims have surfaced in the Supreme Court amid the concerns surrounding the business.

Recognizing the gravity of these worries and seeking to safeguard the interests of numerous investors, the apex court has previously written to the federal government.

They stress the requirement for improved legal protections and promote enhancing SEBI’s oversight responsibilities in the financial sector. Several of these petitions will be discussed by the court in an upcoming session on Friday.

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X (Formerly Twitter) Expects Profit by Early 2024, Targets 200-250 Million Daily Users

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Linda Yaccarino,

The platform may now have 200-250 million daily active users, according to X CEO Linda Yaccarino, who also predicted that the firm formerly known as Twitter will turn a profit by the beginning of 2024.

She claimed that since I have now been fully engaged in the business, “we have a good set of eyes on what is predictable” and “what’s coming is that it looks like in mid 2024, we will make money” in a late-night discourse at the Code meeting on Wednesday.

Yaccarino said that “in the last 12 weeks alone, 90% of the top 100 advertisers have returned to the platform.”

She said that the site now has roughly 1,500 returning advertisers.

In its 13 years of operation, X (previously Twitter) has not shown an annual profit and has had difficulty staying profitable.

Linda Yaccarino,

She did not, however, disclose whether the business intended to charge all X users, as its billionaire owner Elon Musk has hinted.

A claim that X was dismantling its election integrity unit was also denied by Yaccarino.

According to her, X is stepping up its efforts to fight platform manipulation and misinformation as a whole, according to The report.

We take this matter very seriously. And in contrast to the remarks made, there is a strong and expanding team at X that is encircling election integrity, the Twitter CEO informed the crowd.

Also Read: Meta’s Gen AI Prepares to Introduce Numerous AI Chatbots Catered to Younger Users

Audio and video conversations will soon be made available to premium, subscription-only consumers, according to X Corp.

After experiencing a significant amount of churn over the previous several months, including significant layoffs and a number of platform upgrades, Yaccarino asserted that X is on the approach of breaking even in August.

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