Malaysia’s Petroliam Nasional Berhad (Petronas) has secured a deal with Mahindra & Mahindra Ltd. Petronas Lubricants International (PLI) and Petronas Lubricants (India) Pvt. Ltd. bagged an Aftermarket Service Fill contract from India’s largest sports utility vehicle (SUV) manufacturer. Under the agreement, Petronas Lubricants will be the sole distributor of vehicle fluids to Mahindra’s authorized dealers, workshops, and stockists under the Maximile brand within Mahindra’s South Zone Distribution network in India, Petronas said in a media release. The deal involves engine oils, transmission oils, axle oils, and steering fluids. The deal spans 50 Stock Keeping Units (SKUs), catering to a wide range of passenger cars and SUVs across the region, Petronas said. “This collaboration marks a strategic step for PLIPL, reinforcing its commitment to deliver high-performance, OEM-aligned solutions to India’s rapidly growing automotive market”, Petronas said. “Through decades of engineering expertise, PLIPL’s innovative products will now be accessible to a broader market, enabling more customers to experience its award-winning Fluid Technology Solutions™ while supporting the future of mobility in India with Mahindra as a trusted partner. “With proven capabilities in R&D, manufacturing, and global distribution, PETRONAS Lubricants International is ideally positioned to support Mahindra’s expansive service network and evolving customer expectations”, it added. The agreement was signed by Binu Chandy, Chief Executive Officer of Petronas Lubricants India Pvt. Ltd., and R. Veeraraghavan, Senior Vice President of Strategic Sourcing, Mahindra & Mahindra Ltd., in Mumbai. To contact the author, email [email protected] What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy. MORE FROM THIS

Anzana Electric Group has signed a tentative deal with Ruzizi III Holding Power Co. Ltd. (RHPCL) to acquire up to 10 percent in a hydroelectric project that would serve Burundi, the Democratic Republic of the Congo (DRC) and Rwanda. The agreement for the 206-megawatt Ruzizi III Regional Hydropower Project was part of over $2.5 billion in deals and commitments between African and American partners signed during the United States-Africa Business Summit in Luanda, Angola, according to the U.S. State Department. The $760-million project is planned to rise on the Ruzizi River between DRC in Central Africa and Rwanda in Eastern Africa. It is a private-public partnership. RHPCL, a special-purpose vehicle registered in Rwanda, is the private partner to the project company Ruzizi III Energy Limited under a build-own-operate-transfer scheme. RHPCL expects to power about 30 million people across the three neighboring countries, “in a region where 54 percent live below the poverty line and electricity access averages just 24 percent”, said a joint statement by RHPCL and Anzana. “The project will nearly double Burundi’s current capacity, boost Rwanda’s by 30 percent, and deliver critical baseload and dispatchable power to eastern DRC, advancing economic growth, regional integration, and energy security in one of Africa’s most underserved regions”. RHPCL and Anzana, which invests in hydropower and grid distribution projects in East, Central and Southern Africa, committed to negotiating for a binding partnership agreement to be penned by September. “The agreement will outline governance rights, investment commitments, and the trajectory for further collaboration”, the companies said. Anzana chief executive Brian Kelly said, “Through this partnership, we are not only powering homes, communities, and industries, we are helping to drive regional integration, strengthen energy security and stability, and pave the way for expanded U.S. investment and trade in Africa’s energy future”. On the same

Russia’s sanctioned Arctic LNG 2 project raised production to record levels during the last days of June as the facility appears to have resumed loading cargoes. Natural gas output at the Novatek PJSC-led facility averaged 14 million cubic meters a day on June 28 and June 29, according to a person with knowledge of the matter.  That’s the highest daily level for the plant, historic data shows. Higher natural gas output doesn’t automatically indicate a hike in LNG production, but historically the plant produced more gas when it was able to load cargoes. In December 2023, when it was launched, Arctic LNG 2 pumped an average of 13.7 million cubic meters of gas a day. The facility located above the Arctic Circle is key for Russia’s ambition to triple LNG production by 2030. Those plans were squeezed by international restrictions after the invasion of Ukraine, but a liquefied gas tanker appeared to load a cargo several days ago, suggesting Russia may be finding ways around the penalties. Gas output at Arctic LNG 2 averaged 8.9 million cubic meters a day during most of June, compared with 9.4 million cubic meters a day the month before, the person said, asking not to be identified because the information isn’t public. Novatek, the largest shareholder of Arctic LNG 2, and the plant’s operator didn’t immediately respond to requests for comments. The Iris tanker — previously known as North Sky and blacklisted by the US, the EU and the UK — left the site Sunday. Its draft level, which the crew inputs manually, has increased, potentially indicating the tanker loaded a cargo there, according to ship-tracking data compiled by Bloomberg. The tanker is heading toward the Arctic port of Murmansk, where it’s expected to arrive July 2. Novatek uses waters near Murmansk to transfer LNG cargoes

Oil edged up from near the lowest levels in a month as tensions once again flared in the Middle East, returning the spotlight to the fragility of a truce between Israel and Iran. West Texas Intermediate rose 0.5% to settle near $65.50 a barrel, while Brent closed above $67. Volumes were trending lower ahead of Friday’s July 4 holiday in the US. Investors are watching closely to see whether Iran’s inventories of near-bomb-grade uranium have been depleted and whether its moves to cut off communication with key United Nations watchdog officials will trigger another wave of US strikes. President Donald Trump has said the US will “be there” unless Iran backs away from its nuclear program. So far, the conflict has not disrupted flows in the region but the mere possibility of supply interruptions now has some traders taking a wait-and-see approach. During the heat of tensions, a quarterly record of combined options contracts for WTI and Brent changed hands as traders bet on the outcome of these fast-evolving conflicts, based on data from the exchanges. Aside from geopolitics, macro factors also lent conflicting signals to oil. The demand outlook for the US darkened slightly after factory activity contracted in June for a fourth consecutive month, although the labor market showed signs of strength. The Middle East developments took away the focus from a meeting between the Organization of the Petroleum Exporting Countries and its allies. The group is expected to agree to a fourth monthly major supply increase during discussions Sunday, according to a Bloomberg survey, as de facto leader Saudi Arabia continues its bid to reclaim market share. Oil lost almost 10% last quarter in a volatile three months that saw prices drop sharply in April on Trump’s tariff plans, and surge in June after Israel attacked Iran,

Dive Brief: The Senate voted Tuesday to pass an amended version of the Republican budget megabill that significantly curtails clean energy tax credits. It does not contain a proposed excise tax on wind and solar projects that caught many by surprise when it was added late Friday. The final version carves out an exception to the bill’s new phaseout deadline for wind and solar project tax credits. Previously, the legislation stipulated that wind and solar projects had to be placed in service by the end of 2027 to qualify for the clean energy production credit. This was amended to exempt projects that begin construction within a year after the signing of the legislation. The bill that made it out of the Senate Finance Committee had softened some of the IRA cuts made in the House. That version was supplanted over the weekend by harsher language that included the now-dead excise tax. The Senate bill now heads back to the House, with Republican leadership in both chambers aiming to deliver the bill to President Trump’s desk for him to sign it into law by Friday. Dive Insight: Sen. Rand Paul, R-Ky., and Sen. Thom Tillis, R-N.C., continued to oppose the legislation after voting against it over the weekend. They were joined by Sen. Susan Collins, R-Maine, along with all Democrats. Vice President JD Vance provided the tiebreaking vote. “Under the last-minute carveout, Big Green has 12 months to initiate as many subsidized projects as it wants using the insanely-easy-to-meet ‘construction’ threshold,” tweeted fossil fuel advocate Alex Epstein, who helped congressional Republicans shape the megabill. “Several Senators have already told me they didn’t know about or understand this last-minute paragraph. If that’s the case they should do whatever they can to fix the situation.”  Harry Godfrey, who leads Advanced Energy United’s federal policy team, said

US diesel demand, a closely watched measure of the country’s economic health, was higher in April than early weekly estimates, the Energy Information Administration said in its monthly report. Distillate fuel oil demand was 3.88 million barrels a day in April, according to the agency’s latest Petroleum Supply Monthly report released Monday. That is 4.7% higher than early estimates published by the agency in its Wednesday weekly report and 2.2% higher than April 2024. April was a volatile month for diesel futures after President Trump announced sweeping tariffs on April 2, causing prices to tank. Demand for jet fuel was revised down by 5% in the monthly EIA report to 1.76 million barrels a day from estimates of 1.86 millions barrels a day. Those same tariffs also clouded the outlook for air travel, with some Americans opting for road trips over flying as they tighten spending.  Demand for gasoline, the most consumed fuel in the US, was in-line with weekly estimates published earlier this year. Total US liquids production eked out a record-high of 20.83 million barrels a day in April, up roughly 50,000 barrels from the previous month, the report said. The number, which includes crude oil and natural gas liquids, came in roughly 340,000 barrels higher than a previous estimate for the month of April. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.