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 […]
Category: Oil & Gas
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 […]
MGL slashes CNG price by Rs 2.50 per kg; leaves PNG prices unchanged
After nearly half a dozen times of hikes, the city gas utility Mahanagar Gas on Tuesday announced a reduction of Rs 2.50 per kilogram to Rs 87 a kg in the price of compressed natural gas (CNG), effective from Wednesday. Mahanagar Gas Ltd (MGL), however, left the price of cooking gas PNG unchanged. Since April […]
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 […]
Oil steadies after falling on rate hike worries, Russian crude flows
(Reuters) – Oil prices steadied in early Asian trade on Tuesday after falling by more than 2% in the previous session on the threat of further interest rate hikes and continued Russian crude flows. Brent crude futures gained 28 cents to $85.18 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures […]
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 […]
Russian gas supply hit pushes GAIL Ltd to scout for long-term LNG
GAIL (India) Ltd is scouting for long-term gas import deals and hopes to sign one contract shortly to make up for disrupted supplies from a former unit of Russian energy giant Gazprom, its head of finance said on Monday. India’s largest gas distributor reported a 93% decline in its December quarter net profit as it […]
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 […]
GAIL Q3 profit drops 90% on petrochemical, natural gas marketing woes
State gas utility GAIL (India) Ltd on Monday reported 90 per cent drop in December quarter net profit after it suffered losses in petrochemical and natural gas marketing business. Consolidated net profit of Rs 397.59 crore in October-December 2022 is compared with Rs 3,800.09 crore earning in the same period a year back, according to […]
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 […]
Europe steps up rollback of Russia energy ties with ban on diesel import
Europe is taking another big step toward cutting its energy ties with Russia, banning imports of diesel fuel and other products made from crude oil in Russian refineries. The European Union ban takes effect February 5 following its embargo on coal and most oil from Russia. The 27-nation bloc is trying to sever its last […]