State-owned Indian Oil Corp (IOC) and its partners are in talks to buy 49 per cent stake in Russia’s Vankor cluster oilfields to consolidate their presence in the energy-rich Arctic region. IOC, Oil India Ltd and Bharat Petro Resources Ltd (a unit of Bharat Petroleum Corp. Ltd or BPCL) is looking at buying a stake […]
Month: May 2017
Oil falls as rising Libyan, US outputs undermine Opec-led cuts
Oil prices fell by one per cent on Wednesday, as rising output from Libya added to concerns about increasing US production that is undermining the Organisation of the Petroleum Exporting Countries (Opec)-led production cuts aimed at tightening the market. Brent crude futures, the international benchmark for oil prices, were at $51.30 per barrel at 06:57 […]
Opec, non-Opec to cut oil inventories to 5-year average: Saudi Minister
The Organisation of the Petroleum Exporting Countries (Opec) and the non-Opec members are committed to bringing global oil inventories down to the industry’s five-year average, Saudi Energy Minister Khalid al-Falih said on Wednesday, adding, he saw the target being reached in the very near future. Speaking in Moscow after a meeting between Opec and Russia, […]
Coal India to focus on marketing, renames sales and marketing wing
State-run miner Coal India has rechristened its sales and marketing wing as ‘Marketing and Sales’ department in order to give more stress on marketing of the fossil fuel. “The ‘Sales & Marketing’ wing of CIL and subsidiaries is renamed as ‘Marketing & Sales’ department,” an official said. The board of directors which met this month […]
No foreigners please: Air India might be sold to local, domestic investors
India’s sole domestic carrier Air India could go to local investors as top echelons in the government are not very keen to hand it over to foreign carriers as part of its strategic disinvestment plan. According to senior officials, the Niti Aayog in its recommendations made to the Prime Minister’s Office (PMO) advocated 100 per […]
Saudi Aramco-Hyundai in $5.2 bn shipyard deal
Saudi Aramco is to build the region’s biggest shipyard in a $5.2 billion joint venture with South Korea’s Hyundai Heavy Industries and others, the partners said on Wednesday. The yard, to be constructed on the kingdom’s Gulf coast, will have the capacity to produce four offshore rigs and 40 vessels, including three supertankers, a year, […]
India’s record diesel demand to continue in 2017, growth to slow
India’s diesel demand is expected to rise to record levels again this year as a slew of infrastructure projects boosts use of the transport and industrial fuel, although a government-induced cash shortage will hold growth to its slowest in three years. Increased fuel efficiency, a fall in commercial vehicle sales, and the use of other […]
Power Grid plans capex of Rs 25,000 crore for FY18
State-run Power Grid Corporation, which has reported a 22 per cent rise in standalone net profit for March 31 quarter at Rs 1,916.36 crore, has planned a capex of Rs 25,000 crore for this fiscal. “We have been aggressively expanding and participating in all possible opportunities. For the current fiscal, we have planned a capex […]
India struggles with no uptake for rooftop solar in metro cities: Study
India might be playing a leadership role in bringing the world together for the International Solar Alliance, but it is struggling with the adoption of solar rooftops in its metro cities, a recent study has shown. Despite friendly policies and net metering guidelines in several states and a subsidy of 30 per cent offered by […]
Adani to finalise Carmichael coal mine project after royalty agreement
Adani Enterprises (ADEL.NS) will move ahead with a final financing decision for its Carmichael coal mine project in Australia after an end to negotiations on how to pay government royalties, it said on Tuesday. “The Adani parent company board will consider the final investment decision at the next board meeting.” the company said in a […]
REC Q4 net profit up 14% at Rs 1,319 cr
State-run Rural Electrification Corp (REC) today reported 13.72 per cent jump in standalone net profit to Rs 1,319.23 crore for the March quarter of last fiscal, 2016-17. Its net profit was Rs 1,160.03 crore in the January-March quarter of the previous fiscal, 2016-16, the REC stated in BSE filing today. The company’s total revenue however […]
Aviation ministry to cooperate with CBI probe into Air India deals
India’s civil aviation ministry will cooperate with a federal investigation into alleged irregularities in the purchase of 111 aircraft by state-run carrier Air India and into its merger with Indian Airlines, the civil aviation minister said on Tuesday. The Central Bureau of Investigation (CBI) said on Monday it had registered three cases against Air India […]