Essar Oil still owes about 500 million euros in payments for previous purchases of Iranian crude after having paid about 2 billion euros in outstanding dues, Chief Executive B. Anand said on Thursday. The outstanding payments stem from delays in paying for Iranian oil when the country was under international sanctions over its nuclear programme. […]
Month: April 2018
Early signs of execution snags hit Nitin Gadkari’s road ministry
The National Highways Authority of India (NHAI)’s project awarding activity touched a new high in the last financial year. While the awarding activity looks impressive, the ministry may be struggling with fresh reports of delays. In its data shared with the Lok Sabha in March, the road ministry said 107 of its road projects are […]
GAIL says LNG supply from Gazprom will start from May
India’s state-owned gas supplier and developer GAIL Ltd plans to buy 0.5 million tonnes or eight cargoes of liquefied natural gas (LNG) from Russia’s Gazprom in 2018/19, its chairman and managing director B.C. Tripathi said. “The cargoes will start coming from May,” Tripathi told Reuters on Thursday at the International Energy Forum. GAIL renegotiated the […]
India renews call for reasonable oil prices
India on Thursday reiterated its call for reasonable global oil pricing and invited investment in its hydrocarbons sector in line with the country’s drive to attaining energy security. Noting that as the third largest energy consuming country India imports most of its oil and gas needs, Petroleum Minister Dharmendra Pradhan made the call for “responsible […]
UAE says most countries in oil cut deal like idea of long-term alliance
A majority of the OPEC and independent oil producers participating in a current deal to cut supply like the idea of a long-term producers’ alliance, the energy minister of the United Arab Emirates said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC), Russia and several other non-OPEC producers began to cut supply in […]
PM Modi pitches for reasonable, responsible pricing of affordable energy
Prime Minster Narendra Modi today called for reasonable and responsible pricing to provide easy access of affordable energy to all. In the presence of oil cartel OPEC kingpin Saudi Arabian Oil Minister, Khalid A. Al-Falih, Modi said efforts at artificially distorting prices were self-destructing. It is in the interest of oil producers that consuming markets […]
Cabinet simplifies CBM exploration from CIL blocks
The Union cabinet on Wednesday approved simplifying exploration of coal bed methane from coal blocks allotted to Coal India Ltd. The Cabinet Committee on Economic Affairs granted relaxation to Coal India and its subsidiaries from applying for grant of license under the PNG Rules, 1959 for extraction of Coal Bed Methane (CBM) under their coal […]
Oil dips on rising U.S. supplies, market still tense on conflict in Syria
Oil prices on Wednesday eased away from 2014 highs reached the previous session as escalating Middle East tensions were offset by increasing inventories and production in the United States. Brent crude futures fell to $70.80 per barrel at 0702 GMT, down 23 cents, or 0.3 percent, from their last close. Brent surged more than 3 […]
India’s H-Energy aims for commercial start-up of LNG terminal by Q4 – executive
India’s H-Energy Pvt Ltd, a unit of real estate group Hiranandani, aims to start full commercial operations at a new floating liquefied natural gas (LNG) terminal by the fourth quarter of this year, a company official said on Wednesday. The terminal, known as a Floating Storage and Regasification Unit (FSRU), will be berthed at India’s […]
Govt working on ‘unbundling’ of marketing & transportation of gas in the country: Dharmendra Pradhan
The government is working on ‘unbundling’ of marketing and transportation of gas in the country, Oil Minister Dharmendra Pradhan has said, in a move that would end up splitting Gail, the owner of most of nation’s natural gas transportation network. India is aiming to build a gas-based economy, and beefing up policy frameworks and gas […]
Saudi Aramco to take 50% stake in India’s Rs 3-trn West Coast refinery
The world’s largest oil producer Saudi Aramco on Wednesday signed a deal with India to take up 50 per cent stake in the Rs 3 trillion West Coast refinery. The company also offered an interest in foraying into petroleum retail business in India. Saudi Aramco today signed a memorandum of understanding (MoU) with the three […]
Bajaj Electricals wins Rs 2,389-cr order from Purvanchal VidyutVitran Nigam
Bajaj Electricals today said it has bagged orders aggregating to Rs 2,389.03 crore from Purvanchal Vidyut Vitran Nigam Ltd (PuWNL) for rural electrification projects in Uttar Pradesh. “The EPC business unit of the company has bagged orders for six rural electrification projects aggregating to Rs 2,389.03 crore from PuWNL under the Saubhagya Yojna of Government […]