1. Sakhalin-1 Project
Tags: International News
ONGC Videsh, a subsidiary of Oil and Natural Gas Corporation, recently said that oil production from the Sakhalin-1 project in Russia is back from zero to a high of around 200,000 barrels per day (bpd).
An overview of the news
ONGC expressed confidence that it would be able to retain its 20 per cent stake in the Sakhalin-1 project.
ONGC last year applied to the new Russian operator of Sakhalin-1 to retain its stake in the oil and gas project in the country's Far East.
ONGC Videsh also has a 26% stake in Russia's Vankorneft, a company that owns Vankor Field and the North Vankor licence.
ONGC, which has set a net zero target by 2038, is expecting gas production from its Mozambique project to begin by 2026-27.
About Sakhalin-1 project
The Sakhalin-1 project is an oil and gas exploration and production project located on the northeastern coast of Sakhalin Island in Russia.
It is one of the largest foreign direct investments in Russia's energy sector.
The Sakhalin-1 project is estimated to have significant oil and gas reserves.
Consortium: The project is operated by Exxon Neftegas Limited, a subsidiary of ExxonMobil, in cooperation with other international partners, including Rosneft, ONGC Videsh Limited, and SODECO (a consortium of Japanese companies).
Technological Challenges: The project faced numerous technological challenges due to its location in a remote and harsh environment.
The offshore fields are located in the subarctic region, where ice and extreme weather conditions pose significant operational difficulties.
Socio Economic Impact: The Sakhalin-1 project has had a significant socioeconomic impact on the region and Russia as a whole.
It has contributed to job creation, infrastructure development, and technology transfer, stimulating economic growth in the area.
Future Expansion: Additional exploration activities are being conducted to identify new reserves and expand production capacity.
Collaboration and Partnerships: The Sakhalin-1 project serves as an example of successful international collaboration in the energy sector.
It has brought together major international oil companies and Russian partners to leverage their expertise, resources, and technology.
About ONGC Videsh
ONGC Videsh Limited is a Miniratna Schedule "A" Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum and Natural Gas.
It is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC).
ONGC Videsh Limited's primary business is to explore possibilities for oil and gas production outside India, including exploration, development and production of oil and gas.
2. India, Vietnam hold 3rd Maritime Security Dialogue
Tags: International Relations International News
India and Vietnamese officials held the third Maritime Security Dialogue in New Delhi on 31st May.
An overview of the news
Both sides discussed ways to better maintain the marine environment which is helpful for theinclusive development of both the countries.
Senior officials from ministries and services dealing with maritime affairs participated in the dialogue.
The two sides also reviewed initiatives for maritime cooperation and ways to strengthen international and regional mechanisms for comprehensive maritime security.
The second India-Vietnam Maritime Security Dialogue was to be held in virtual format in April 2021 after the first round was held in Hanoi in March 2019.
India, Vietnam Relation
Vietnam has become an important partner in India’s Act East policy and the Indo-Pacific vision as both countries have disputes with China.
Vietnam is involved in a dispute with China on the South China Sea Island. China claims nearly all of the disputed South China Sea islands, though Taiwan, the Philippines, Brunei, Malaysia and Vietnam all claim parts of it. Beijing has built artificial islands and military installations in the South China Sea.
India favours free and open navigation right in the South China Sea which is threatened by China.
India has oil exploration projects in the Vietnamese waters in the South China Sea. India and Vietnam are boosting their maritime security cooperation in the last few years to protect common interests.
In 2016, during Prime Minister Modi’s visit to Vietnam, the bilateral relations were further elevated to a “comprehensive strategic partnership”.
India and Vietnam signed an important Joint Vision Statement on defence partnership during the visit of the Defence Minister Rajnath Singh to Vietnam on 8 June 2022.
During the defence minister's visit India provided a $500 million defence loan to Vietnam.
About Vietnam
It lies in South East Asia and it is a member of Association of Southeast Asian Nation (ASEAN)
Prime Minister: Pham Minh Chinh
Capital: Hanoi
President: Vo Van Thuong
Currency: Dong
3. India, Vietnam hold 3rd Maritime Security Dialogue
Tags: International Relations International News
India and Vietnamese officials held the third Maritime Security Dialogue in New Delhi on 31st May.
An overview of the news
Both sides discussed ways to better maintain the marine environment which is helpful for theinclusive development of both the countries.
Senior officials from ministries and services dealing with maritime affairs participated in the dialogue.
The two sides also reviewed initiatives for maritime cooperation and ways to strengthen international and regional mechanisms for comprehensive maritime security.
The second India-Vietnam Maritime Security Dialogue was to be held in virtual format in April 2021 after the first round was held in Hanoi in March 2019.
India, Vietnam Relation
Vietnam has become an important partner in India’s Act East policy and the Indo-Pacific vision as both countries have disputes with China.
Vietnam is involved in a dispute with China on the South China Sea Island. China claims nearly all of the disputed South China Sea islands, though Taiwan, the Philippines, Brunei, Malaysia and Vietnam all claim parts of it. Beijing has built artificial islands and military installations in the South China Sea.
India favours free and open navigation right in the South China Sea which is threatened by China.
India has oil exploration projects in the Vietnamese waters in the South China Sea. India and Vietnam are boosting their maritime security cooperation in the last few years to protect common interests.
In 2016, during Prime Minister Modi’s visit to Vietnam, the bilateral relations were further elevated to a “comprehensive strategic partnership”.
India and Vietnam signed an important Joint Vision Statement on defence partnership during the visit of the Defence Minister Rajnath Singh to Vietnam on 8 June 2022.
During the defence minister's visit India provided a $500 million defence loan to Vietnam.
About Vietnam
It lies in South East Asia and it is a member of Association of Southeast Asian Nation (ASEAN)
Prime Minister: Pham Minh Chinh
Capital: Hanoi
President: Vo Van Thuong
Currency: Dong
4. PM Modi to chair SCO Summit virtually
Tags: Summits National News
Prime Minister Narendra Modi will chair the 22nd Summit of the SCO Council of Heads of State on 4th July.
An overview of the news
It will be held in the virtual format. India assumed the rotating Chairmanship of SCO at the Samarkand Summit on 16 September last year.
All the SCO Member States, China, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan and Uzbekistan have been invited to attend the Summit.
In addition, Iran, Belarus and Mongolia have been invited as observer states.
As per SCO tradition, Turkmenistan has also been invited as the Guest of the Chair.
In addition, heads of six international and regional organizations have also been invited.
The theme of the summit is 'Towards a Secure SCO'.
The SECURE acronym was given by Prime Minister Narendra Modi at the 2018 SCO summit which refers to security, economy and trade, connectivity, unity, respect for sovereignty and territorial integrity and environment.
Shanghai Cooperation Organization (SCO) :
It is a permanent intergovernmental international organization.
It was founded in 2001.
The SCO Charter was signed in 2002, and came into force in 2003.
It is a Eurasian political, economic and military organization.
Its aim is to maintain peace, security and stability in the region.
China, Russia and four Central Asian states – Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan – were founding members of the SCO.
Its members include China, Russia, India and Pakistan, as well as 4 Central Asian countries - Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan.
Official Languages - Russian and Chinese
Chairmanship - On the basis of rotation for a year by Member States
5. Recep Tayyip Erdogan becomes the President of Türkiye
Tags: Person in news International News
Justice and Development Party (AK Party) leader Recep Tayyip Erdogan became the President of Turkey.
An Overview of the News
In the parliamentary elections, the AK Party and its allieswon 323 out of 600 seats.
Erdogan has been in power for two decades after becoming prime minister in March 2003.
Erdogan won the presidential election, defeating Kemal Kilikdaroglu, the opposition leader of the Republican People's Party (CHP).
Erdogan's government aims to prioritise fighting inflation and dealing with the aftermath of the devastating February 6 earthquake.
About Türkiye
It is officially known as the Republic of Turkey, a transcontinental country.
It is located mainly on the Anatolian Peninsula in Western Asia, with a small portion on the Balkan Peninsula in Southeast Europe.
Ankara is the capital of Türkiye.
Istanbul is the largest city in Turkey and serves as the main financial center.
President - Fuat Octay
Assembly Speaker -Mustafa Sentop
Chief Justice - Zuhu Arslan
Official languages - Turkish
6. Sri Lanka's National Poson Week begins
Tags: Festivals International News
In Sri Lanka, the National Poson Week began on 31 May.
An overview of the news
The Posan festival will be held till June 6 and will be centered around the holy city of Mihinthalaya, Thanthirimalaya and Anuradhapura.
The festival celebrates the introduction of Buddhism to Sri Lanka in 236 BCE by Arhat Mahinda, the son of Emperor Ashoka.
A large number of devotees are expected to visit Anuradhapura for the festival this year and steps have been taken to provide all facilities to the devotees.
Due to economic crisis and lockdown in the last few years the festival could not be celebrated on a large scale.
Apart from this, the traffic police have implemented a special traffic plan to make travel easier in Anuradhapura.
About Poson Festival
Posan, also known as Poson Poya, is an annual festival held by Sri Lankan Buddhists celebrating the arrival of Buddhism in Sri Lanka in the 3rd century BCE.
The festival is the most important Poya (full moon) holiday of the year and the second most important Buddhist holiday of the year.
Posan is celebrated throughout the island, with Anuradhapura and Mihintale holding the most important celebrations of the festival.
The festival is held in early June, coinciding with the June full moon.
7. Bola Tinubu of Nigeria sworn in as President
Tags: Person in news International News
Bola Tinubu was sworn in as the President of Nigeria on 29 May.
news overview
Tinubu was inaugurated at Eagles Square in Abuja, which was attended by local and foreign dignitaries.
Tinubu's presidency is marked by economic crisis, security concerns, and the need for political stability.
Economic challenges in Nigeria include the need for diversification to reduce dependence on oil revenues.
Nigeria
It is an African country located on the Gulf of Guinea.
Capital -Abuja
Vice President - Kashim Shettima
Senate President - Ahmed Lawan
House Speaker - Femi Gbazbiamila
Chief Justice - Olukayode Arivula
8. India's defence exports increased 23 times since 2014
Tags: National Economy/Finance National News
India's defence exports have grown 23-fold since 2014, reaching an all-time high of nearly Rs 16,000 crore in the last financial year.
An Overview of the News
The development reflects India's progress in the global defence manufacturing sector.
The country's defence industry has shown its capability in design and development by exporting to more than 85 countries.
Presently, 100 firms are exporting defence products from India.
The Government has implemented policy initiatives and reforms in the last nine years to boost defence exports.
The Atma Nirbhar Bharat initiative encourages indigenous design, development and manufacturing of defence equipment, thereby reducing dependence on imports in the long run.
Expenditure on defence purchases from foreign sources has declined from 46% in 2018-19 to over 36% in December last year.
India currently exports aircraft (Dornier-228), artillery guns, BrahMos missiles, Pinaka rockets and launchers, radars, simulators and major platforms such as armoured vehicles.
There is a growing global demand for India's indigenous products including LCA-Tejas, Light Combat Helicopter, Aircraft Carrier and MRO activities.
'Atmanirbhar Bharat':
Atmanirbhar Bharat translates to 'self-reliant India' and is a concept promoted by Prime Minister Narendra Modi for the economic development of India.
It aims to make India more efficient, competitive and resilient in the global economy.
Modi first used the term in 2014 while focusing on national security, poverty alleviation and Digital India initiative.
Educational institutions like Visva-Bharati University played a role in furthering self-reliance in education.
9. India's defence exports increased 23 times since 2014
Tags: National Economy/Finance National News
India's defence exports have grown 23-fold since 2014, reaching an all-time high of nearly Rs 16,000 crore in the last financial year.
An Overview of the News
The development reflects India's progress in the global defence manufacturing sector.
The country's defence industry has shown its capability in design and development by exporting to more than 85 countries.
Presently, 100 firms are exporting defence products from India.
The Government has implemented policy initiatives and reforms in the last nine years to boost defence exports.
The Atma Nirbhar Bharat initiative encourages indigenous design, development and manufacturing of defence equipment, thereby reducing dependence on imports in the long run.
Expenditure on defence purchases from foreign sources has declined from 46% in 2018-19 to over 36% in December last year.
India currently exports aircraft (Dornier-228), artillery guns, BrahMos missiles, Pinaka rockets and launchers, radars, simulators and major platforms such as armoured vehicles.
There is a growing global demand for India's indigenous products including LCA-Tejas, Light Combat Helicopter, Aircraft Carrier and MRO activities.
'Atmanirbhar Bharat':
Atmanirbhar Bharat translates to 'self-reliant India' and is a concept promoted by Prime Minister Narendra Modi for the economic development of India.
It aims to make India more efficient, competitive and resilient in the global economy.
Modi first used the term in 2014 while focusing on national security, poverty alleviation and Digital India initiative.
Educational institutions like Visva-Bharati University played a role in furthering self-reliance in education.
10. New Liberation War Gallery Inaugurated at the Indian Cultural Centre in Dhaka
Tags: International News
On 30 May a new Liberation War Gallery of 1971 was inaugurated at the Indian Cultural Center of the Indian High Commission in Dhaka.
An overview of the news
Bangladesh Home Minister Asaduzzaman Khan was the chief guest on the occasion.
India's High Commissioner to Bangladesh Pranay Verma joins Home Minister in inauguration of Liberation War Gallery
The War Gallery houses some rare photographs of the Liberation War of 1971, which culminated in the liberation of then East Pakistan and its rise as the newest nation of South Asian countries.
The inaugural program was attended by many freedom fighters, Bir Muktijodha, and distinguished guests, including many eminent personalities of Bangladesh, representatives of the cultural and educational fields of Bangladesh, and youth.
The gallery displays heroic photographs and documents from the Bangladesh Liberation War of 1971 as a testament to the enduring bond of friendship between India and Bangladesh.
It pays tribute to the brave freedom fighters who fought against oppression and tyranny.
The gallery honors the memory of the unknown millions who laid down their lives during the Liberation War of Bangladesh in 1971.
Liberation War of 1971
In the 1950s, Pakistan was ruled by a military-bureaucratic rule that ruled the entire country (East and West Pakistan) in an undemocratic manner.
The Bengalites had no political representation in this system of governance.
This dominance of West Pakistan was challenged by the Bengalis during the general elections of 1970.
In the general election of 1970, the Awami League of East Pakistan's Sheikh Mujibur Rahman got a clear majority.
West Pakistan was not ready for any leader of East Pakistan to rule the country.
On March 26, 1971, West Pakistan launched Operation Searchlight in East Pakistan.
As a result, lakhs of Bangladeshis had to take refuge in India.
The Pakistani army had to face defeat due to the bravery of the 'Muktiwahini Sena' and Indian soldiers who fought for the independence of Bangladesh.
On 6 December 1971, a new nation Bangladesh was born out of 13 days of war with the intervention of India.
