Indian Oil Corp (IOC) bought a commissioning cargo of liquefied natural gas (LNG) for its new Ennore terminal in south India, in a sign that India’s first terminal in the east coast is readying for start-up, three industry sources said on Monday. State-owned IOC bought a partial LNG cargo for delivery on February 25 from […]
Day: February 18, 2019
Corrected: Oil prices near 2019 highs on supply cuts, trade talk optimism
Oil prices on Monday hit their highest levels since November last year, lifted by OPEC-led supply cuts, U.S. sanctions against Iran and Venezuela, and hopes that the Sino-American trade dispute may soon end. International Brent crude futures were at $66.63 per barrel at 0657 GMT, up 38 cents, or 0.6 percent, from their last close. […]
Indian Oil signs first annual deal for U.S. oil
Indian Oil Corp, the country’s top refiner, has signed its first annual deal to buy U.S. oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 to diversify its crude sources, its chairman said on Monday. IOC is the first Indian state refiner to buy U.S. oil under an […]
BPCL buys gasoline cargo for March in rare move
India’s Bharat Petroleum Corp Ltd has bought a gasoline cargo for first-half March arrival, two trade sources said on Monday. BPCL bought late last week 35,000 tonnes of 91.5-octane gasoline at a low single-digit premium to Singapore quotes on a cost-and-freight (C&F) basis, said the sources. Both sources said strong demand and low gasoline prices […]
L&T arm wins over Rs 7,000-crore contract for building major airport
Infrastructure major Larsen & Tourbo (L&T) Monday said its construction arm has won a contract for building a major airport. The engineering and construction company, however, did not provide the exact value of the contract; but specified that as per its classification, the mega project is in the range of over Rs 7,000 crore. “L&T […]
Andhra Pradesh discoms seek revision of tariff regulation for wind projects
Andhra Pradesh DISCOMs, the Southern Power Distribution Company of Andhra Pradesh Limited (APSPDCL) and Eastern Power Distribution Company of Andhra Pradesh Limited (APEPDCL), have jointly filed a petition with the Andhra Pradesh Electricity Regulatory Commission (APERC) seeking relief in the terms and conditions for tariff determination for wind power projects in the state between FY […]
Power Finance not to extend open offer to REC’s minority holders
Power Finance Corp Ltd said on Monday the company was not considering extending the open offer to the minority stakeholders for its deal with REC Ltd. There has been no finalisation on the deal value, the non-banking finance company said. The Indian government had approved a plan in December by one state-owned lender to the […]
DGCA keeping tabs on IndiGo’s crew strength
Aviation watchdog DGCA is monitoring IndiGo to check if the airline has sufficient crew to match its rapid fleet expansion, according to a top official. IndiGo has decided to cancel at least 30 flights per day in February and March due to shortage of pilots. The country’s biggest airline in market share (43%) and fleet […]
Panel backs old system for oil block bid
Two years after the government shifted to revenue sharing contracts for oil and gas block auctions, a high-level panel has suggested reverting to the earlier system of awarding areas in most basins based on exploration commitment. The six-member panel, headed by NITI Aayog Vice-Chairman Rajiv Kumar, in its report submitted on January 29, stated that […]
Venezuelan oil finds home in India as US shuns shipments
India is feasting on Venezuelan oil, after the U.S. imposed a de facto ban on crude imports from the Latin American nation. While flows to the U.S. came to a halt, India became the No. 1 buyer of Venezuelan crude in the first half of February, with imports jumping 66 percent to 620,000 barrels a […]
Aircraft to Chennai from Colombo suffers tyre burst after touchdown
CHENNAI: A Colombo-Chennai SriLankan Airlines flight suffered a tyre burst soon after landing at Chennai airport on Sunday. Passengers on the flight disembarked safely. Airport sources said the A321 aircraft with 140 passengers touched down around 8.30am and suffered a tyre-burst when the aircraft was taxiing from the main runway. The plane’s tyre was damaged […]
Andal airport gets second service; Air India starts flight operation between Hyderabad and Durgapur
KOLKATA: The Kazi Nazrul Islam Airport at Andal near Durgapur received its second service on Sunday as Air India that had already been running three flights a week to Delhi began another thrice-a-week operation between Hyderabad and the industrial belt in Burdwan. The inaugural flight – an Airbus A319 – touched down at Andal with […]