NEW DELHI: Delhi Lieutenant Governor (L-G) VK Saxena on Thursday launched a domestic piped natural gas (PNG) facility in Qutabgarh village, the first-ever such installation in rural Delhi, Raj Niwas officials said. The move would provide unprecedented impetus to the development of hitherto neglected villages in Delhi, they added. This also marks the first venture […]
Category: Oil & Gas
Nava Kerala Sadas : LPG use in eateries near Aluva venue barred
KOCHI: With a session of the Nava Kerala Sadas outreach programme slated to be held at Aluva on December 7, the police have barred eateries functioning near the private bus station from using LPG cylinders. Kerala Hotel and Restaurant Association (KHRA) office-bearers said the notice was issued to wayside eateries and teashops where LPG cylinders […]
State-owned IOC buys MPL for Rs 148 crore
NEW DELHI: Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about Rs 148 crore in an insolvency proceeding, according to regulatory filings by the company. “The resolution plan submitted by IOC for acquisition of 100 per cent stake in Mercator Petroleum Limited (MPL) has been approved by the National Company Law Tribunal, Mumbai Bench […]
Adani-Total Gas reports 20% jump in net profit to Rs 168 cr
NEW DELHI: Adani Total Gas Ltd, the city gas joint venture of Adani Group and TotalEnergies of France, on Tuesday reported a 20% jump in net profit at Rs 168 crore on CNG sales boost for the second quarter of current financial year. The company’s net profit was at Rs 139 crore in the same […]
Indraprastha Gas’s stock nosedives as Kejriwal eyes EV shift for Delhi
Major CNG player Indraprastha Gas’s stock has corrected by over 15% in the last two days after the Delhi government approved the electric vehicle policy for cab aggregators and delivery services- the biggest consmers of CNG. The stock has taken a tumble on fears that the Delhi government’s EV policy could lead to a sharp […]
OMCs may have to bear burden of LPG cylinder price cut
NEW DELHI: The oil marketing companies (OMCs) might have to absorb the Rs 200 a cylinder price cut in cooking gas (LPG) announced by the government on August 29, 2023. According to a report citing sources in the petroleum ministry, the bumper earnings in the first five months of the current fiscal and international benchmark […]
Crude import from Saudi Arabia falls to multi-year low
NEW DELHI: India’s crude from Saudi Arabia crude slipped to a multi-year low of 480 kbd (thousand barrel per day) in July 2023, according to energy intelligence firm Vortexa monthly data. India imported 4.6 mbd crude in July 2023. Meanwhile, India’s crude import from Russia posted a record high of 1.9 mbd (million barrels per […]
RIL net profit falls 11 per cent on weak petroleum biz, finance cost
MUMBAI: Reliance Industries Limited (RIL), the country’s most valuable firm in terms of market capitalisation, on Friday, announced an 11% decline in net profit to Rs 16,011 crore for the quarter ending June 2023, compared to Rs 17,955 crore in the same quarter the previous year. The company’s profit was impacted by weakness in its […]
Russia oil exports hit lowest since Mar 2021, profit falls to $1.5 bn
NEW DELHI: Oil exports of Russia declined to the lowest since March 2021, according to the monthly oil report of the International Energy Agency (IEA). The country’s oil exports declined 600 thousand barrels per day (kb/d) to 7.3 million barrels a day (mb/d) in June, and its estimated export revenues plunged by $1.5 billion to […]
Core sector industries’ output grows 4.3 per cent in May
NEW DELHI: The eight core sector industries slowed down to 4.3% in May as compared to the same month last year when this sector grew at 19.3%. The fall in output of crude oil, natural gas and electricity drag down the growth rate in May. However, in the previous month, the core sector growth rate […]
India’s imports from OPEC at all-time low as Russian oil buy peaks
NEW DELHI: Oil producers cartel OPEC’s share in India’s oil imports fell to an all-time low of 46 per cent in April as purchases of cheaper Russian oil peaked, industry data showed. Organization of the Petroleum Exporting Countries (OPEC) nations, mainly in the Middle East and Africa, had a 72 per cent share of all […]
Adani Total Gas auditor mentioned in Hindenburg report, resigns
NEW DELHI: Ahmedabad-based chartered accountancy firm Shah Dhandharia & Co., which was named in Hindenburg Research’s stinging report on Adani Group, has resigned as statutory auditor of Adani Total Gas, citing ‘professional pre-occupation’ as the reason.