India’s flagship energy event observes ‘phenomenal’ GCC presence

Industry leaders participate in a session of India Energy Week 2024 in Goa on Feb. 7, 2024. (India Energy Week)
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Updated 08 February 2024
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India’s flagship energy event observes ‘phenomenal’ GCC presence

  • Top global industry leaders participate in Energy Week 2024
  • Saudi Aramco announces possibility of more investment in India

BETUL, Goa: India Energy Week, currently underway in Goa, is seeing “phenomenal” participation with delegates from Gulf Cooperation Council countries present, the host said on Thursday, as New Delhi eyes more cooperation with the region.

The Indian government’s flagship energy exhibition, running Feb. 6-9, has attracted more than a dozen ministers, industry leaders including top executives of the Saudi oil giant Aramco and the Organization of the Petroleum Exporting Countries, and some 4,000 delegates from around the world.

It is the second edition of India Energy Week, after its inauguration in Bengaluru last year. It is hosted by the Oil and Natural Gas Corp., the largest crude oil and natural gas company in India owned by the Ministry of Petroleum and Natural Gas.

“This year’s participation in IEW has been phenomenal. We have the presence of multiple GCC firms and countries here,” Rajarshi Gupta, ONGC foreign wing managing director, told Arab News.

“It is very significant. They are one of the largest groups present here, and there are multiple touchpoints with them, multiple contracts.”

During one of the event’s sessions, Aramco’s senior vice-president for liquids to chemicals development, Dr. Faisal Faqeer, told delegates that the oil giant was in investment discussions with companies in India and that “hopefully, we will see some announcements soon.”

For India, boosting cooperation with the Gulf is key to its development as one of the world’s fastest-growing major economies.

“We would like to increase this partnership,” Gupta said. “Saudi Aramco is the leader in production, it’s the leader in reserve, it’s a leader in the export of oil and gas ... With them, and their presence and their increasing presence in IEW 2023 and IEW 2024, and going forward, I believe it is an important impetus to the conference and it also will grow bigger in coming years.”

India currently imports 80 percent of its crude oil, two-fifths of which comes from Russia.

Imports from Russia have grown since the beginning of the invasion of Ukraine when Moscow offered New Delhi deep discounts on its crude. Before the war, Russia was a marginal player in the sector.


Funding gaps threaten lives of 1.9 mn displaced in South Sudan: UN

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Funding gaps threaten lives of 1.9 mn displaced in South Sudan: UN

  • IOM said humanitarian needs were dramatically outstripping resources in one of the world’s most displacement-affected countries
  • “Critical funding shortfalls are putting the lives of over 1.9 million displaced people in South Sudan at risk“

GENEVA: The lives of more than 1.9 million displaced people in South Sudan are being put at risk due to aid funding shortages, the UN’s migration agency said Wednesday.
The International Organization for Migration (IOM) said humanitarian needs were dramatically outstripping resources in one of the world’s most displacement-affected countries.
“Critical funding shortfalls are putting the lives of over 1.9 million displaced people in South Sudan at risk,” the agency said in a statement.
South Sudan, the world’s newest sovereign country, has been beset by civil war, poverty and massive corruption since it was formed in 2011.
South Sudan is grappling with new arrivals fleeing the conflict in neighboring Sudan, while dealing with its own displacement caused by years of conflict, flooding and instability, the IOM said.
The agency said that since the war in Sudan erupted in April 2023, more than 1.3 million people had crossed into South Sudan — two-thirds of them being South Sudanese returnees.
The IOM said this had put “immense pressure” on border communities, and the country’s overstretched services and fragile infrastructure.
“South Sudan is carrying an extraordinary burden, and funding shortfalls risk undermining progress toward durable solutions for millions,” said Ugochi Daniels, the IOM’s deputy director general for operations.
“Displaced families and host communities are trying to rebuild their lives, but the strain is real. Without sustained support and progress toward peace, these communities could face renewed instability and displacement.”
The IOM said its 2026 response plan was $29 million short.
The United States was the biggest contributor to the UN but has slashed its foreign aid funding since President Donald Trump returned to power in January 2025 — while other countries have also tightened their belts.
There has been rising violence in recent weeks between supporters of South Sudan’s President Salva Kiir and his long-time rival Riek Machar — much of it centered on Jonglei state where at least 280,000 people have been displaced, according to the UN.
The conflict in has largely pitted the two largest ethnic groups against each other — the Dinka aligned mostly with Kiir, and the Nuer mostly with Machar.