Green hydrogen crucial for economic development, energy security: Survey

Green hydrogen will be crucial for India’s economic development, energy security and achieving decarbonisation of harder to abate sectors, according to the Economic Survey 2022-23. The survey tabled in the Parliament on Tuesday stated that from the emerging global momentum on green hydrogen, India can situate this decarbonisation opportunity not just within the context of […]

Oil prices falls on US Fed interest rate hike worries, Russian export flows

LONDON (Reuters) -Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures fell by $1.01, or 1.19%, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract […]

Reliance Industries stops local petcoke sales, boosts imports: Reports

Reliance Industries has stopped selling petroleum coke within India and boosted imports of the product to turn it into synthetic gas to power its refineries, according to two sources familiar with the matter and trade data. Petroleum coke is a carbon intensive solid residue left over from coking units in oil refineries that break down […]

Indian Oil Corp Q3 net dips 92% to Rs 448 cr on higher costs, forex losses

BENGALURU (Reuters) – Indian Oil Corp Ltd (IOC), the country’s top refiner, reported a 92.4% fall in third-quarter profit on Tuesday, hurt by static pump prices, higher costs and foreign exchange losses. The marketing under-recovery of oil marketing companies was hurt by retail prices that have remained unchanged since April 2022. The state-owned company reported […]

BPCL Q3 results: Net profit falls 36% to Rs 1,747 cr, revenue up 13%

State-owned Bharat Petroleum Corporation (BPCL) reported a consolidated net profit of Rs 1,747 crore for the quarter ending December 31, 2022 (Q3FY23), getting back into the black after two consecutive quarters of loss reported in the July-September and April-June periods. But Q3 net profit was down 36.7 per cent versus the year-ago period, when the […]

GAIL Q3 net falls 92% to Rs 246 cr on higher prices, Russian gas disruption

State-run GAIL on Monday reported a 92.5 per cent drop in net profit during the third quarter (October-December), as higher global gas prices and disruption in supply from Russian energy giant Gazprom hurt business. Net profit stood at Rs 245.73 crore in the October-December quarter compared to Rs 3,287.99 crore in the same period a […]

Mangalore Refinery and Petrochemicals swings to Q3 loss due to windfall tax

BENGALURU (Reuters) – India’s Mangalore Refinery and Petrochemicals Ltd (MRPL) swung to a third-quarter loss from a year-ago profit on Monday, hurt by the government’s windfall tax on some fuel exports and a surge in the cost of materials consumed. The crude oil refiner reported a net loss of 1.88 billion rupees ($23.1 million) for […]