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 […]
Day: May 31, 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, […]