Riyadh: Saudi Energy Minister Khalid al-Falih said on Monday the oil market was “moving towards balance”, and that producers may not need to make additional output cuts. As oil prices hit a five-month high at more than USD 70 a barrel, Falih told a conference in Riyadh that non-OPEC member Russia and other countries have […]
New Delhi: Oil companies stopped fuel supply to Jet Airways for over an hour at the Delhi airport on Thursday due to non-payment of dues, said sources on Thursday. According to sources, the fuel supply was stopped at 5 pm and resumed at about 6:15 pm after the assurance of the payment was given. Jet […]
DUBAI: Oil giant Saudi Aramco revealed on Monday it made the world’s biggest corporate profit last year, opening its secretive accounts for the first time as it prepares to raise funds from investors. International ratings agencies Fitch and Moody’s got rare access to Aramco’s accounts which show the firm posting billions in profits.
Singapore: Saudi Aramco was by far the world’s biggest oil producer ahead of regional peers like Abu Dhabi National Oil Company (ADNOC) and listed oil majors Royal Dutch Shell, Total and BP, ratings agency Fitch said on Monday. “Saudi Aramco is the largest oil producer globally by volume… In 2018 its liquids production and its […]
New Delhi: India has raised the price of its locally produced gas by about 10 percent to USD 3.69 per million metric British thermal units (mmBtu) for the April-September period, compared with the previous six months, a source aware of the development said. India has also set the ceiling price for gas to be produced […]
NEW DELHI: The government is likely to roll over the petroleum subsidy worth Rs 13,000 crore to the next financial year. “The petroleum subsidy has shot the budget estimate. The ministry has proposed to roll over the bill to the next financial year,” a senior official with the finance ministry told TNIE. The government had […]
Singapore: The complex web of US pipelines, tanks and export terminals that’s helped make America the world’s top oil producer is causing a headache for some crude buyers. As various types of crude pass through the supply chain from inland shale fields spanning Texas to North Dakota, they risk picking up impurities before reaching Asia […]
New Delhi: The recent award of city gas distribution rights to oil marketing companies such as Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) will help them diversify and maintain their market shares in the domestic cooking and auto fuel markets over the long term, according to Fitch Ratings. IOC and Hindustan Petroleum […]
Bengaluru: An accidental fire broke out due to gas leak at a GAIL pipeline in Parappana Agrahara on Sunday evening. The incident took place at around 7 pm in AECS layout. Two fire tenders were pressed to service and the fire was doused immediately, before it could spread.
Hyderabad: The danger of having massive LPG storage plants near cities and human habitations in Telangana state is being grossly underestimated, according to an environmental engineer. Thousands of tonnes of highly-inflammable liquid gas petroleum stored at Cherlapally, near Secunderabad, could cause unimaginable loss to life and property in case of an accidental release.
New Delhi: With softer gas prices propping up CNG and piped cooking gas consumption, city gas distribution (CGD) entities will continue to see robust margins but any adverse change in the policy of gas allocation is a key risk for the industry’s profitability, ratings agency ICRA said. The volume consumption of compressed natural gas (CNG) […]
New Delhi: India’s Reliance Industries, operator of the world’s largest oil refining complex, on Friday said in a statement it was not breaching US sanctions against Venezuela. The company said its recent fuel exports to Venezuela were agreed to before Washington imposed sanctions in January, and that they were meant to settle Reliance’s crude oil […]