Venezuela is open to barter-like payments from India to boost oil sales to the world’s third-biggest oil consumer, the South American country’s oil minister Manuel Quevedo said on Monday. Venezuela buys a slew of products including medicines from India, and it is looking for alternative payment mechanisms after application of the latest stringent U.S. sanctions. […]
Day: February 11, 2019
Pradhan launches guidelines for setting up of DODO CNG stations
Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Monday launched the general guidelines for the setting up of Dealer Owned Dealer Operated (DODO) CNG stations in India. The guidelines were launched on the sidelines of the 13th edition of Petrotech 2019 in the presence of heads and senior officials of all major organisations […]
UAE to invest in refining, petrochemical projects, oil storage in India
Betting big on rising oil demand in the world’s third largest energy consumer, oil-rich UAE Monday said it is looking at investing more in refining and petrochemical projects as well as stocking more crude in India. UAE’s Abu Dhabi National Oil Co (ADNOC) and its partner Saudi Aramco have jointly taken a 50 per cent […]
Pilots on strike, thousands stranded during peak travel season in Asia
A shortage of pilots has caused chaos for thousands of passengers during peak travel season in the region, as cockpit crew complaining of overwork extended a strike at Taiwan’s biggest carrier to a fourth day. Since the pilots’ union of China Airlines Ltd. decided to stay away from work starting early Feb. 8, the carrier […]
Oil prices steady, OPEC cuts countered by slow progress in trade talks
Oil prices were steady on Monday as support from OPEC-led supply restraint was countered by an uptick in U.S. drilling and concerns about demand due to the slow progress in U.S.-Chinese trade talks. Benchmark Brent oil was little changed, up 3 cents at $62.13 a barrel at 0945 GMT. U.S. West Texas Intermediate (WTI) crude […]
India entering phase of greater energy availability: PM Modi at Petrotech
With schemes like Saubhagya and Ujjwala, the country is now entering a phase of greater energy availability, said Prime Minister Narendra Modi at the Petrotech 2019 Summit. “We are entering an era of greater energy availability,” Modi said, adding, “India has taken a lead in addressing issues of energy access. But more than a billion […]
Energy supply and consumption patterns are changing to tackle climate change: PM Modi
Prime Minister Narendra Modi said on Monday that patterns of energy supply and consumption are changing globally and countries are coming together to tackle climate change. There are signs of convergence between cheaper renewable energy, technologies and digital applications, he said while addressing the inaugural session of 13th international oil and gas conference Petrotech 2019. […]
Restoration work continues along Jammu-Srinagar highway
The restoration work along the Jammu-Srinagar national highway continued for the sixth straight day on Monday as fresh landslide hampered the efforts to reopen the only all-weather road linking Kashmir with rest of the country, officials said. A massive landslide hit the 270-km-long highway at Maroog on Sunday afternoon shortly after 150 Srinagar-bound stranded vehicles […]
Crude oil futures fall 1.3% on weak overseas cues
Crude oil futures plunged by Rs 49 to Rs 3,711 per barrel on Monday as speculators reduced bets amid a weakening trend overseas.
It’s imperative to manage oil price risks
The crude oil market has been groping for direction since the beginning of the year. There is no fresh market moving trigger to influence price direction. The market is currently seen to be in consolidation mode in the vicinity of $60 a barrel for Brent.
KEC International completes sale of transmission asset to Adani for Rs. 227 cr
KEC International Ltd (KEC) on Friday announced completion of the sale of its 99.99 per cent stake in KEC Bikaner Sikar Transmission Private Limited (KECBSTPL) to Adani Transmission Ltd. (ATL) at an Enterprise Value of around Rs. 227 crore. The deal was initially announced in November, 2018, and has been subject to regulatory approvals which […]
‘New reactors under IAEA norms based on source of uranium’
India will decide on the number of new reactors to be placed under IAEA safeguards only after assessing if these will be fuelled by uranium procured abroad, a senior official said.