Oil prices fell on Friday, weighed down by a drop in the U.S. equities market, but Brent still marked a weekly increase, supported by easing trade tensions and a temporary shutdown by Saudi Arabia of a key crude oil shipping lane. Brent crude futures fell 25 cents to settle at $74.29 a barrel, but notched […]
Category: Oil & Gas
Oil & Gas
Indian Oil shuts 40,000-bpd crude unit at Haldia plant after fire incident
Indian Oil Corp, the country’s top refiner, has shut a 40,000-barrel-per-day (bpd) crude unit at its 150,000-bpd Haldia refinery on the east coast after a minor fire, a company source said on Friday. The crude unit has been isolated and is expected to resume operation from Saturday, the source said, adding that the remaining units […]
Petronet submits proposal to set up $1 billion LNG terminal in Bangladesh
Petronet LNG Ltd, India’s biggest liquefied natural gas importer, has submitted a firm proposal to set up an LNG import facility in Bangladesh at an investment of about USD 1 billion, its Managing Director & CEO Prabhat Singh said. Petronet had last year signed a MoU with Petrobangla to set up a 7.5 million tonnes […]
HPCL cancels Iran oil shipment after insurer excludes coverage
India’s Hindustan Petroleum Corp (HPCL) cancelled the purchase of an Iranian oil cargo earlier this month after its insurance company refused to provide coverage for the crude because of U.S. sanctions, three sources with knowledge of the matter said. HPCL, India’s third-biggest state-owned refiner, renewed its installation insurance, which protects against any accidents at its […]
Brent oil price up as some Saudi Red Sea shipments suspended
Brent crude prices rose on Thursday after Saudi Arabia suspended its oil shipments through a key Red Sea strait in response to an attack on two of its tankers and as data showed U.S. inventories fell to a 3-1/2 year low. Brent crude futures had risen 55 cents to $74.48 a barrel by 0832 GMT, […]
India and Vietnam can boost cooperation in oil and gas sector: V K Singh
There is scope for India and Vietnam to deepen cooperation in the oil and gas sector despite “all the troubles” the Southeast Asian country faces, Minister of State for External Affairs V K Singh said today, in an oblique reference to Vietnam’s disputes with China. There was also great potential to enhance cooperation in the […]
Oil steady as US-Iran row balances trade worries
Oil prices steadied on Tuesday as rising tension between the United States and Iran highlighted risks to supply while escalating trade disputes raised the prospect of slower economic growth and perhaps weaker energy demand. Brent crude oil was unchanged at $73.06 a barrel by 0840 GMT. U.S. light crude was up 15 cents at $68.04. […]
Government considering using LNG as transportation fuel: Dharmendra Pradhan
The Government is actively considering using Liquefied Natural Gas (LNG) as a transportation fuel, Union Minister Dharmendra Pradhan said today. LNG is being imported under open general license on terms and conditions mutually agreed upon between buyers and sellers and it is being traded in the country on market-based mechanism. During Question Hour, Pradhan told […]
Oil steady after G20 warns of risks to growth
Oil prices stabilised on Monday as worries over production losses were outweighed by concerns that trade disputes would reduce economic growth and hit global energy demand. Benchmark Brent crude oil was up 15 cents at $73.22 a barrel by 0750 GMT. U.S. light crude was unchanged at $68.26. Finance ministers and central bank governors from […]
U.S. oil industry lobbies against tighter sanctions on Russia
The U.S. oil and gas industry is lobbying against tighter sanctions on Russia that could impact U.S. investments there, congressional sources said on Friday. The U.S. Senate has revived a bill, called DETER, that would allow for swift sanctions if Moscow was found meddling in future U.S. elections. Both Democrats and Republicans are looking to […]
Security concerns over TAPI gas project need to be addressed: Akbaruddin
India has said the ambitious TAPI gas pipeline brings with it both reward and risk and the genuine regional security concerns associated with the USD 10 billion trans-national project should be heeded and addressed sincerely. The Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project seeks to build connectivity in the South and Central Asian regions through gas pipelines and […]
Indian Oil, BPCL, Adani top bidders for city gas licences
State-owned fuel retailers IOC and BPCL as well as billionaire Gautam Adani’s group were the top bidders for gas retailing licences in the country’s biggest city gas distribution (CGD) bid round. Of the 86 cities offered for retailing of CNG to automobiles and piped cooking gas to households in the 9th CGD bid round, IOC […]