Organization of the Petroleum Exporting Countries

Organization of the Petroleum Exporting Countries (OPEC)

Brazil recently approved its entry into OPEC+.

About OPEC: OPEC is a permanent intergovernmental organization made up of 12 oil-exporting developing nations. India is not a member.

• Genesis: It was established at the Baghdad Conference in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
• Objective: The organization aims to coordinate and unify petroleum policies among its member countries to ensure fair and stable oil prices for producers.
• Headquarters: Vienna, Austria

OPEC+:
In response to falling oil prices due to a significant increase in U.S. shale oil production, OPEC entered into an agreement with 10 other oil-producing countries in 2016, forming OPEC+.

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Production Linked Incentive (PLI) Scheme for National Programme on Advanced Chemistry Cell (ACC) Battery Storage

The Ministry of Heavy Industries has signed an agreement with Reliance New Energy Battery Limited under the Production Linked Incentive (PLI) Scheme for ACC.

About Advanced Chemistry Cell (ACC) Scheme:

• Launch: The scheme was approved by the Union Cabinet in 2021.
• Objective: To enhance India’s manufacturing capabilities for Advanced Chemistry Cells (ACC) by establishing large-scale ACC and battery manufacturing facilities within the country, with a focus on maximizing domestic value addition.
• Target: Beneficiary firms must achieve at least 25% domestic value addition, increasing to 60% within five years. They must also make a mandatory investment of INR 225 crore per GWh of committed capacity within two years.

What is ACC?
Advanced Chemistry Cells are next-generation energy storage technologies with much higher energy densities (both volumetric and gravimetric) compared to conventional cells.

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