Over 60,000 retail petrol pump and hundreds and thousands of small and big transporters, bulk users and diesel-consuming industries will soon be able to hedge the price risk in petrol and diesel, as Sebi is in final stages of allowing futures in these two commodities. ICEX, the third largest Commodity Exchange, has urged the regulator […]
Month: August 2018
China’s Unipec suspends U.S. oil imports as trade spat intensifies
China’s Unipec, the trading arm of state oil major Sinopec, has suspended crude oil imports from the United States due to a growing trade spat between Washington and Beijing, three sources familiar with the situation said on Friday. The sources declined to be identified as they are not authorised to speak to the media. It […]
India looking to set up LNG import terminal in Myanmar: Dharmendra Pradhan
India is planning to set up a liquefied natural gas (LNG) import terminal in Myanmar as it looks to expand energy diplomacy in its neighbourhood, Oil Minister Dharmendra Pradhan said on Friday. The terminal to import super-cooled natural gas will be in addition to the similar facilities planned by Indian firms in Bangladesh and Sri […]
Will move HC against arbitration ruling that went in favour of RIL: Govt
Oil Minister Dharmendra Pradhan today said the government will file an appeal in High Court against a ruling by an international tribunal which rejected its USD 1.55 billion claims against Reliance Industries for allegedly siphoning gas from fields operated by state-owned ONGC. A three-member international arbitration tribunal, by a majority vote last week, held that […]
Indian Oil sells naphtha from Paradip refinery for first time since May ’17
Indian Oil Corp (IOC) sold a naphtha cargo from its Paradip refinery this week, four traders that participate in the market said on Friday, in what was likely the first sale since May 2017. IOC sold up to 30,000 tonnes of naphtha on late Thursday in two separate cargoes for second-half August loading from Paradip […]
GE Power India net profit falls 77% to Rs 2.4 cr in Apr-Jun
GE Power India’s standalone net profit dropped around 77 per cent at Rs 2.4 crore in the quarter ended June 30, 2018, compared to the year ago period. The company’s standalone net profit was Rs 10.58 crore in the quarter ended on June 30, 2017, said a BSE filing today. According to the filing, its […]
Coal India output rises 14 per cent to 177 million tonnes in four months
State-owned CIL today said it produced 177.43 million tonnes of coal in the first four months of the ongoing fiscal, registering a growth of 14 per cent. It had produced 155.53 million tonnes (MT) of coal in the year-ago period, Coal India Ltd said in a filing to BSE. In July CIL produced 40.56 MT […]
High-level panel set up to explore aircraft building under Make In India
India’s dream of getting its own indigenously made aircraft has finally got a leg up with the government setting up a task force to draw a roadmap, providing a major boost to PM Narendra Modi’s flagship ‘Make in India’ programme. The high-level task force will formulate a plan for the development of indigenous civilian aircraft, […]
Oil falls for a third day, dented by rising tide of supply
Oil prices fell for a third day on Thursday, following a surprise increase in U.S. crude inventories that added to existing concern about the rapid rise in global crude supply. Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help compensate for an anticipated […]
Power sector is seeing a revival in demand: NTPC
India’s power sector, guilty in the past of adding significantly to the pile of bad loans, is seeing a revival in demand with growth in power consumption every month, the chairman of the country’s biggest power producer said Wednesday. “Power demand is coming back…it is an optimistic scenario,” National Thermal Power Corporation (NTPC) chairman Gurdeep […]
Trump administration supports environment case against Tata Mundra project
The Trump administration has urged the Supreme Court to reverse a lower court order on the Tata Mundra Power Plant in Gujarat funded by a financial wing of the World Bank, arguing that the US-based International Finance Corporation enjoys absolute immunity. In a brief filed before the Supreme Court, the Trump administration argued that all […]
RIL jumps 53 places in Fortune 500 list; IOC highest ranked Indian firm
Seven Indian companies have made it to the latest Fortune 500 list of the world’s biggest corporations in terms of revenue, with state-owned IOC continuing to be the highest ranked Indian firm and Reliance Industries (RIL) jumping 53 places. In the list topped by retail giant Walmart, Indian Oil Corp (IOC) with 23 per cent […]