India’s Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said. Iran’s Naftiran Intertrade Co Ltd, a trading arm for state-owned National Iranian Oil Co, owns a 15.4 percent stake in […]
Category: Oil & Gas
Oil & Gas
EPCA directs IGL to increase dispensing capacity
Taking note of long queues at gas stations leading to traffic woes, the Environment Pollution Control Authority (EPCA) has directed the Indraprastha Gas Limited to increase dispensing capacity of CNG. Sunita Narain, member of EPCA, confirmed that a direction has been given to IGL to increase dispensing capacity. At present, there are 450 CNG-filling stations […]
$15.3 billion revenue expected from auction of 59 oil, gas fields: Govt
Revenue of about $15.3 billion is expected to be generated in 20 years from 25 contract areas covering 59 oil and gas fields that have been discovered, an official said here on Wednesday. The Centre launched the bid round II under Discovered Small Fields (DSF) policy last month. Under this bid round, there are 25 […]
OVL to exit Kazakhstan’s Satpayev oil block
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), plans to exit Kazakhstan’s Satpayev block after it could not find commercially exploitable oil, an official said Tuesday. OVL had in April 2011 bought 25 per cent of Satpayev oil block. It paid USD 13 million as a signing amount […]
Creditors of Nagarjuna Oil told to explain liquidation value
The bankruptcy court has asked creditors of Nagarjuna Oil Corporation to explain the basis of liquidation value of the Chennai-based company’s assets and why it rejected some resolution plans. The committee of creditors (CoC) has to submit its explanation before the Chennai bench of National Company Law Tribunal (NCLT) on Tuesday. Petitioners in the case, […]
Adani bags 13 of 84 city gas licences; IOC, BPCL, Torrent other big winners
Oil regulator PNGRB Monday declared the final list of winners of city gas retailing licences that had billionaire Gautam Adani’s group, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Torrent Gas as the big winner. Adani Gas won rights to retail CNG to automobiles and piped cooking gas to households and industries […]
Need to propel biofuel production to curb crude oil imports: Gadkari
Union Minister Nitin Gadkari Friday said tribals were being encouraged to accumulate non-edibile seeds for producing biofuel as the government looks to reduce dependence on crude oil imports. As India incurred a huge Rs 8 lakh crore bill on crude imports, tribals are being urged to accumulate non-edibile seeds like ‘ratanjot, saal and mohan’ for […]
Oil slips as economic concerns counter tighter supply
Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand. Benchmark Brent crude oil was down 70 cents a barrel at $79.04 by 0830 GMT. U.S. light crude fell $1.15 to a low of $69.22 a barrel. The International […]
Petronet CEO gets 12.5 pc higher commission in FY18
Petronet LNG, India’s biggest liquefied natural gas importer, has paid a 12.5 per cent higher commission-on-profit to its chief executive Prabhat Singh and company directors in the fiscal year ended March 31, 2018. According to the company’s Annual Report for 2017-18, Singh was paid a commission of Rs 22.50 lakh over and above his remuneration. […]
IOC books Iranian oil imports for October; uncertain about future
Amid uncertainty over impending US sanctions against Tehran, Indian Oil Corp (IOC) has booked for import of usual monthly quantity of 0.75-0.8 million tonnes of crude oil from Iran in October but is unsure if the trade would continue thereafter, a senior official said. While India wants to continue importing Iranian oil, albeit a reduced […]
Oil prices rise on declining U.S. crude stockpiles, looming Iran sanctions
Oil prices rose on Wednesday after a report of a decline in U.S. crude inventories and looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global market. U.S. West Texas Intermediate (WTI) crude futures were at $69.93 per barrel at 0646 GMT, up 68 cents, or 1 […]
Rising fuel price: Delhi HC refuses to intervene, says it’s policy decision
Daily change in fuel prices was an “economic policy decision” of the central government and the courts must remain away from it, the Delhi High Court said Wednesday. A bench of Chief Justice Rajendra Menon and Justice V K Rao made it clear it was not inclined to interfere with the government’s decision, saying “there […]