The Kremlin said on Tuesday that it did not recognise the price cap introduced by Western countries on its oil exports, after the United States said that the cap was “working well”. Washington was one of the key architects of the Western price cap on Russian oil, which aims to drive down Moscow’s revenues used […]
Category: Oil & Gas
India’s oil deals with Russia dent decades-old dollar dominance
US-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies. The dollar’s pre-eminence has periodically been called into question and yet it has continued because of the overwhelming advantages […]
IOC to develop Haldia refinery into petrochemicals complex
Oil marketing PSU Indian Oil Corporation (IOC) is keen to develop its existing refinery in West Bengal Haldia into a petrochemicals complex for “sustaining operations profitably”, a company official said on Wednesday. Running a standalone refinery is “not sustainable in terms of profitability” for which it has to be supplemented by a petrochemicals complex, he […]
Inside BP’s plan to reset renewables as oil and gas boom
BP hasn’t fallen out of love with renewables. It just wants to have more power. CEO Bernard Looney’s pursuit of green energy outstripped all rivals three years ago when he outlined a radical blueprint to move away from fossil fuels. Last month he applied the brakes, slowing BP’s planned cuts in oil and gas and […]
Bengaluru: Boy, 11, dies in explosion at ‘illegal’ LPG refilling centre
A minor boy died in an explosion caused by leaking LPG at an illegal refilling centre on Sunday morning, police said. Mahesh (11) was playing outside his home in Guddadahalli, near Hebbal, in northern Bengaluru. The house is located next to a shed where an LPG refilling shop is run. Police say the shop is […]
6 minors among 13 injured in LPG blast in Bengaluru
Thirteen people, six of them minors, were injured in an accidental fire that broke out due to a leaking LPG cylinder at a house in northern Bengaluru’s Rajajinagar early Friday, police said. A 60-year-old injured woman is critical. All are undergoing treatment at Victoria Hospital. Police said that the fire broke out due to the […]
India’s Russian oil imports hit record high in February; now more than Iraq, Saudi put together
India’s imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a fifth […]
US oil investors get $128 billion handout amid fossil fuel concerns
Worldwide oil demand is racing toward an all-time high and some of the smartest minds in the industry are forecasting $100-a-barrel crude in a matter of months, but US producers are playing the short game and looking to turn over as much cash as possible to investors. Shareholders in US oil companies reaped a $128 […]
Fuel retail becomes profitable for oil marketing companies again
Fuel retail has again become profitable for oil marketing companies as domestic prices remain unchanged as against softening international rates. Hindustan Petroleum, Bharat Petroleum, and Indian Oil have been estimated to have made an average margin of Rs 1.2 per litre on the retail sale of petrol and diesel in the present quarter thus far, […]
Windfall tax on diesel slashed to Rs 0.50 per litre, nil on ATF
The government slashed windfall profit tax on export of diesel to its lowest of Rs 0.50 per litre and nil on jet fuel while the levy on domestically produced crude oil was marginally increased, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) […]
Indonesians search charred homes after fuel depot fire kills 17
Residents searched through the remains of their charred homes Saturday after a fuel storage depot fire in Jakarta left at least 17 people dead, including two children. After Friday night’s blaze at state energy firm Pertamina’s Plumpang depot in north Jakarta, Indonesian officials called for an audit of “all fuel facilities and infrastructures” in the […]
At least 17 killed in fire at Indonesia fuel storage depot
At least 17 people have been killed and dozens injured in a massive blaze at a state-run fuel storage depot in Indonesia’s capital. The inferno burned several houses, caused people to flee in panic and forced the evacuation of residential areas near the depot run by energy firm Pertamina in north Jakarta, officials said. The […]