The nearly 80 per cent rally in the stock of Reliance Industries (RIL) over the past year has been predicated largely on two hopes – path to profit of the telecom business (RJio), and healthy profit growth in the mainstay petrochemicals and refining segments thanks to big capacity expansions and upgrades.
Oil prices dropped more than 1 per cent on Friday as a bounce-back in US production outweighed the ongoing declines in crude inventories. If Friday’s falls last, this week will see the biggest weekly price declines since October.
India is testing new waters in the oil and gas exploration segment with the launch of bids for the Open Acreage Licensing Programme (OALP), which allows companies to pick their own areas for hydrocarbon exploration.
Oil prices rose on Thursday on a reported decline in US crude inventories, and as rebels in Nigeria threatened to attack the country’s petroleum infrastructure. However, prices stayed below recent three-year highs as fuel supplies remain ample and as refineries scaled back operations.
Oil prices gave up some early gains on Wednesday as analysts warned of a downward correction, but remained well supported on the back of tightening supply and strong global demand.
Reliance Industries Ltd will invest ₹5,000 crore in the next three years for the expansion of its petroleum outlets in West Bengal, its Chairman, Mukesh Ambani, said here on Tuesday.
IndianOil has signed LoIs with Phinergy, an Israeli start-up, and YEDA, a technology spin-off from Israel’s Weizmann Research Institute.
India has been re-negotiating most of its long-term gas contracts in the last few years to ensure that the users at home get the fuel at the most competitive prices. After successful re-negotiations with Qatar’s RasGas and Exxon Mobil for Australian gas, the latest re-negotiations have been done with Russia’s Gazprom.
The Government will on Thursday put on auction 55 exploration blocks in the first bid round in eight years that will offer a record area for prospecting of oil and gas.
Brent crude prices were on Tuesday settling in around $70 per barrel, levels last seen before the start of an oil market slump in late 2014. Prices have been driven up by production curbs in OPEC nations and Russia, as well as by robust demand on the back of healthy global economic growth.