The takeover of India’s Essar Oil by Russia’s largest oil producer Rosneft can be now considered as closed, Rosneft CEO Igor Sechin told a shareholders’ meeting on Thursday. The deal, where Rosneft will hold a 49 percent stake, will allow the Russian company to increase oil refining output by 20 percent this year, he said. […]
Day: June 22, 2017
Tata Power proposes to sell 51% equity in loss-making Mundra UMPP at Re 1
Saddled with losses, Tata Power has approached the ministry of power and Gujarat Urja Vikas Nigam Limited (GUVNL) to sell 51 per cent equity in the 4,000-Mw Mundra Ultra Mega Power Project (UMPP) to them. Tata Power has offered a price of Re 1 for writing off the UMPP from its books. In a letter […]
Oil prices slip as physical excess overpowers OPEC
Oil slid back towards multi-month lows on Thursday, after a brief recovery early in the session, as traders warily eyed a glut of physical supply that has persisted despite OPEC-led efforts to balance the market. Brent crude futures were down 15 cents at $44.67 a barrel at 0850 GMT, after spending much of the Asian […]
India’s LNG-led gas market may grow over 6 times by 2030: Royal Dutch Shell
Global oil major Royal Dutch Shell says that India may see at least six times growth in Indian gas market by 2030 from the current levels. It adds that liquefied natural gas (LNG) may be the largest contributor to it. The prediction comes at a time when India is trying to increase the share of […]
We’ll build Mexico wall with solar panels so that it pays for itself: Trump
US President Donald Trump has proposed to install solar panels on the wall he wants to be built along the border with Mexico, so that the energy produced will help finance it and that Mexico “will have to pay a lot less money”. “We’re thinking of something that’s unique, we’re talking about the southern border, […]