New Delhi: Reflecting the continued weakness in economic activity, the eight core sectors contracted 0.5 per cent in August to a three-and-a-half year low of 0.5 per cent, as production in five key sectors shrank and showed negative growth. Five industries–coal, crude oil, natural gas, cement, and electricity–recorded negative growth. The eight sectors had expanded […]
Category: Oil & Gas
Govt plan to privatise BPCL needs Parliament nod
New Delhi: The government is considering a proposal to sell India’s second-largest state refiner and fuel retailer BPCL to foreign and private firms but the privatisation plan will need a prior nod of Parliament, officials said. Keen to get multi-nationals in domestic fuel retailing to boost competition, the government is mulling selling most of its […]
India slowdown hits global oil demand
London: India’s oil consumption is growing well below its long-term trend as the country struggles with a widespread economic slowdown, including a slump in new vehicle sales. The slowdown is part of a worldwide economic deceleration, which is weighing heavily on the motor industry. But because India has been so important for growth in oil […]
No need to ban petrol, diesel vehicles; EVs picking up momentum naturally: Gadkari
New Delhi: Allaying fears of the automobile industry, Union Road Transport Minister Nitin Gadkari on Monday said there is no need to ban petrol and diesel vehicles as electric mobility has picked up momentum on its own and all buses would be electric in two years. Earlier, government think-tank Niti Aayog had reportedly proposed that […]
Closed sugar mills may see revival soon as govt mulls ethanol production
New Delhi: The government is planning to come out with a policy to revive closed sugar mills by using their land for ethanol production, Union Minister Nitin Gadkari said on Monday. He said the ethanol economy has the potential to reach Rs 1 lakh crore from about Rs 25,000 crore and can reduce the annual […]
Petronet Board disfavoured USD 2.5 bn US LNG deal in Apr; signs non-binding MoU now
New Delhi: The Petronet LNG Board had just six months back disfavoured a USD 2.5 billion deal to buy 18 per cent stake in US firm Tellurian Inc’s proposed Driftwood LNG terminal, and import 5 million tonnes LNG a year from it for 40 years as the gas was available in plenty and no longer […]
Emerging economies like India more vulnerable to big oil price moves: Report
New Delhi: Given weak consumer demand, higher oil prices can result in stagflation in an emerging economy like India, which imports more than 70 per cent of its oil needs, says a report. In economic parlance, stagflation means a situation in a country’s economy when inflation is persistently high, demand is stagnant and unemployment rates […]
Oil-sensitive stocks dip
Mumbai: Dark clouds have once again gathered over the Indian economy as the crude oil prices, which have stayed benign for the last few years, have shot up overnight and raised the prospect of moving up on supply disruption. The country buys over two-thirds of its oil, mostly from the Middle East, making it most […]
Saudi assures India of no oil supply shortage: Oil Min
New Delhi: the world’s third-largest oil consumer, will not face any supply disruption after a reduction in production at its No. 2 supplier Saudi Arabia, Oil Minister Dharmendra Pradhan said on Monday. “Following the attacks on the oil stablization centres of @Saudi_Aramco, top executives of Aramco have been contacted,” he tweeted. “We have reviewed our […]
IndianOil Petronas to offer scholarship to supports economically weaker students
Students from West Bengal have a new reason to cheer about as Indianoil Petronas Private Limited (IPPL) announces its collaboration with NSDL e-Governance Infrastructure Limited for providing education scholarships through NSDL e-Gov’s Vidyasaarathi portal. Students from class 8 to 12 will be eligible to apply for these scholarships. With this association, IPPL aims to provide […]
Government may sell stake in BPCL to a global major
New Delhi: India is considering a plan to sell the nation’s second-largest state refiner and fuel retailer to a global oil company as it explores options to give up its controlling stake in Bharat Petroleum Corp. Ltd., people with knowledge of the matter said. The government is keen to lure multinational companies in the domestic […]
Saudi Aramco tells Indian refiner it will get oil: source
Saudi Aramco has told one Indian refinery there will be no immediate impact on oil supplies as it will deliver crude from other sources and had adequate inventory, a source with the refinery said on Sunday. Aramco has lost half of its production capacity after attacks on its facilities on Saturday and it remains unclear […]