Oil & Gas articles

Oil rises as Saudi talks about extending output cuts into 2019

Oil prices rose on Friday after the Saudi energy minister said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019. The rise in oil defied global stock markets, which slumped on worries about a trade stand-off between the United States and China. Gold, seen as a safe haven, hit

Myanmar, India mull building cross-border oil pipeline

India has proposed to build a pipeline from the country’s east coast to deliver oil products, mainly diesel, to Myanmar, a Myanmar government official said on Friday. “We have already connected (oil and gas) pipelines to China and Thailand, and we considered connecting (oil) pipelines to India as well as Bangladesh. This is under consideration

Last date of bidding for 55 oil and gas blocks extended

The government today pushed back by a month the last date of bidding for a record number of oil and gas blocks to May 2. Bidding in the auction of 55 exploration blocks on offer for prospecting of oil and as under the open acreage licensing policy (OALP) was to originally close on April 3.

Top India refiner said to mull investing $3.5 billion to expand

India’s biggest oil refiner Indian Oil Corp. is planning to invest as much as $3.5 billion in the year beginning April 1, or about a fifth more than the previous year, to expand and upgrade its refineries and boost its marketing network, according to people with knowledge of the matter. The company plans to use

IOC starts doorstep delivery of diesel

State-owned Indian Oil Corp (IOC) has launched home-delivery of diesel on a pilot basis in Pune and plans to expand doorstep delivery of the fuel to other parts of the country in near future, its Chairman Sanjiv Singh said today. The country’s biggest oil company has mounted a diesel dispenser, similar to the one seen

Gains from low oil prices may not last long: Exim Bank

Low oil prices more than offset the negative impact of ballooning imports on India’s macro-economic indicators – trade and current account deficits as well as inflation – and helped the government manage its finances better by reducing fuel subsidies, according to an Exim Bank report. In its latest perspective report, ‘Oil Price and International Trade

IOCL to commission Rs 30 bn polypropylene facility in six months

Indian Oil Corporation Ltd (IOCL) aims to commission the polypropylene facility coming up near its Paradip oil refinery within the next six months. “The new polypropylene unit in Paradip, which will be commissioned in around next six months, can catalyse a host of downstream industries in the (eastern) region besides opening of new markets in