Category: Oil & Gas

New Delhi: State-owned ONGC plans to invest about Rs 1 lakh crore to set up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for an energy transition. “We have plans to invest Rs 1,00,000 crore by 2028 or 2030 in two projects in two separate states,” said D. […]

Finance Minister Nirmala Sitharaman on Friday said the Union government wants to bring petrol and diesel under the ambit of the Goods and Services Tax (GST), but the Congress is adopting “double standards” on the issue. The Bharatiya Janata Party and the central government have been in favour of bringing petroleum products under the GST […]

The Oil and Natural Gas Corporation (ONGC) has reported a 20 per cent drop in the September quarter net profit on a decline in oil prices and lower output. The company reported a net profit of Rs 10,216 crore in July-September quarter compared with Rs 12,826 crore in the same period last year. This is […]

The government is mulling another round of cooking gas subsidies under the Ujjwala Yojana scheme even as it keenly monitors inflationary pressures on the economy. The scheme offers cheap LPG to women of BPL households. “The possibility of another round of subsidy for Ujjwala beneficiaries cannot be ruled out. A call would be taken on […]

Vedanta Resources and the Zambian government have finalised an agreement which will restore the ownership and management of Konkola Copper Mines to the conglomerate. The agreement was signed on Monday between state firm ZCCM-IH and Vedanta’s head of base metals Chris Griffith in Lusaka, according to Reuters. Zambia seized the Konkola mine from Vedanta in […]

Gogoro Inc has tied up with Hindustan Petroleum Corporation Ltd (HPCL) to set up battery swapping stations in the country. The Nasdaq-listed company will build the battery-swapping infrastructure for electric two-wheelers at HPCL’s 21,000 retail outlets. “We are announcing a partnership with HPCL to roll out thousands of Gogoro battery swapping stations across its retail […]

State-owned 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 the acquisition of 100 per cent stake in Mercator Petroleum Limited (MPL) has been approved by the National Company Law Tribunal, Mumbai Bench […]

Reliance Industries Ltd and its partner BP plc of the UK have reverted to oil indexation for pricing the gas they produce from India’s largest private-sector operated field in the KG basin as they look to tap into the upside from the buoyant oil market. Reliance and BP in a tender have sought bids from […]

Fifteen global health leaders, including three from India, have demanded that fossil fuel industry interests be kept out of climate negotiations, their call coming ahead of a UN climate change conference in the United Arab Emirates next month. “Fossil fuel interests have no place at climate negotiations,” the health experts have said in an open […]

State-owned gas utility GAIL (India) Ltd has signed a Rs 63,000-crore deal to source feedstock for its upcoming petrochemical plant at Usar in Maharashtra from Bharat Petroleum Corporation for 15 years, the two companies said. “The 15-year supply contract, estimated at a value of over Rs 63,000 crore, will see GAIL procuring 600,000 tonnes per […]

State-owned Indian Oil Corporation (IOC) on Tuesday reported a return to profitability with a net profit of Rs 12,967.32 crore in the three months to September 30 — more than half of its best-ever annual profit in just one quarter. The net profit came on the back of a boost in refining and marketing margin. […]

Edible oil major Adani Wilmar on Wednesday reported a consolidated net loss of Rs 130.73 crore for the September 2023 quarter, as profitability was badly impacted in the cooking oil business. The company, which sells edible oil and other food products under the Fortune brand, had posted a net profit of Rs 48.76 crore in […]