UAE Current Affairs - 2019

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Indian Charity sets Guinness Records for holding Longest Iftar

PCT Humanity, a charity run by an Indian named Joginder Singh Salaria in the United Arab Emirates (UAE), sets a new Guinness World Records for ‘Longest Line of Hunger Relief Package’ in Abu Dhabi.

Key Highlights

  • Indian expat Joginder Singh Salaria is the founder of PCT Humanity, which set the Guinness world record with Iftar distribution. The PCT stands for Pehal Charitable Trust.
  • The Hunger Relief Package efforts were in continuation to vegetarian iftar which is held daily by PCT Humanity at premises of Salaria’s company Pehal International in Dubai Industrial Park, Abu Dhabi.
  • PCT Humanity’s record-breaking Iftar line contained seven meal items spread in a line without keeping any gap which continued for about a kilometre in length.
  • The charity was held for hunger relief efforts during the Muslim’s holy month of Ramzan.

Month: Categories: Awards

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India to stop Importing Crude Oil from Iran

In the backdrop of the US refusal to extend the sanctions waiver for India to import crude from Iran, the Ministry of Petroleum and Natural Gas has taken steps necessary steps to end the imports from Iran.

Even though India has urged the US to restore the sanction waivers it has decided to not to proceed with the purchase as the oil trade cannot happen in anticipation.

Ministry of Petroleum and Natural Gas has stated that a robust plan for an adequate supply of crude oil to Indian refineries is in place. It has been stated that shortfall will be met through alternate supply sources available in Saudi Arabia, Kuwait, UAE and Mexico.

Meeting the Shortfall

India which is the world’s third-biggest oil consumer meets more than 80 per cent of its oil needs through imports. In 2017-18, Iran was India’s third-largest supplier after Iraq and Saudi Arabia and about 10 per cent of total needs were met through imports from Iran.

India can avail optional volumes (over and above the term contracts) from a number of suppliers which it can exercise to make up for any shortfall from Iran. India also plans to avail the route of spot market to source crude.

But the cause of concern is more related to prices in India. When President Trump had first pulled out of the nuclear deal, oil shot up to over USD 85 a barrel and it fell to near USD 50 after the US administration unexpectedly granted the waivers.

Month: Categories: Business, Economy & BankingUPSC

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