The government has formed an advisory panel that would decide the valuation for Oil and Natural Gas Corporation (ONGC) buying the 51 per cent stake in Hindustan Petroleum Corporation (HPCL), said its Chairman and Managing Director M K Surana. Union Finance Minister Arun Jaitley is heading the three-member ministerial panel to oversee and expedite the […]
Day: September 18, 2017
Oil edges up on rising refinery demand, falling U.S. rig count
Oil markets were firm on Monday and remained near multi-month highs hit late last week as the number of U.S. rigs drilling for new production fell and refineries continued to restart after getting knocked out by Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures were at $50.01 per barrel at 0547 GMT, and close […]
Fuel prices, inflation out of control; govt murdering Acche Din: Shiv Sena
Maharashtra’s ruling ally Shiv Sena on Monday launched a sharp attack on the BJP for the runaway inflation and zooming fuel prices and said “Achhe Din” were being “murdered” daily by the government. The party also took to task new union minister K.J. Alphons — who said recently that “those who can afford high prices […]
ONGC Videsh’s Azerbaijan contract extended until 2049
Azerbaijan has extended the oil production contract with ONGC Videsh, BP, Chevron and other consortium partners until 2049 for the giant ACG fields after companies agreed to pay $3.6 billion in bonus to the government and higher stake in the fields to the state oil firm of the Central Asian nation. The ACG oil fields […]
Air India plans cost management blitz, aims to save around Rs 500 crore
National passenger carrier Air India plans to “re-negotiate” its agreements with vendors and suppliers to save operational costs of up to Rs 500 crore ($780 million) within the shortest possible time period. The ambitious short-term target to be achieved in 12-weeks time has been set by the company’s new Chairman and Managing Director, Rajiv Bansal. […]