Mumbai: The government has reset the price of domestic natural gas to a historic low of $.179 per mmBtu (million British thermal unit) from October 1 to March 31 under its pricing policy. While gas exploration companies will see their revenues fall under in the second half of this fiscal because of this, industries that […]
Month: October 2020
International flights to remain suspended till 31 Oct amid Covid-19: DGCA
Amid rising novel coronavirus cases in the country, Directorate General of Civil Aviation (DGCA) today stated that suspension on scheduled international commercial passenger services to and from India has been extended till October 31. The announcement came moments after the Ministry of Home Affairs released a fresh set of guidelines under the Unlock 5 plan […]
Oil falls back to $40 with aviation slump adding to demand woes
Oil headed lower after capping its first monthly loss since April as a drop in commercial flights added to a worsening demand outlook. Futures in New York fell to near $40 a barrel after losing 5.6% in September. A 7-day moving average of worldwide commercial flights declined to the lowest since mid-August, according to Flightradar24, […]
AirAsia to shut down its Japanese operations: Report
AirAsia Group Bhd. is closing down its operations in Japan as it grapples with coronavirus-related restrictions on global travel, Nikkei reported, citing an unidentified person close to the low-cost airline. The Malaysian group’s directors met Monday and decided to wind up the Japanese venture, Nikkei said. An announcement will follow early next week, according to […]
American Air to lay off 19,000 employees as US weighs aid
American Airlines Group Inc. will start laying off 19,000 workers on Thursday as originally scheduled, spurning an appeal from Treasury Secretary Steven Mnuchin as he negotiates with Congress about extending payroll support for U.S. carriers. The airline will reverse the furloughs if the government agrees to provide additional aid in the next few days, Chief […]
India cuts gas price to decade low adding to producer misery
India has cut the price for most of its natural gas produced from domestic fields to a level last seen in 2010 and well below the production cost of Oil & Natural Gas Corp. and Oil India Ltd. The price of gas produced from fields awarded to state explorers has been fixed at $1.79 per […]
42 firms take part in first commercial coal block auction
Adani Enterprises Ltd, Hindalco Industries Ltd, JMS Mining Pvt. Ltd, Andhra Pradesh Mineral Development Corp. (APMDC) Ltd, EMIL Mines and Minerals Resources Ltd, Vedanta Ltd and Jindal Power Ltd are among 42 firms that have bid for 23 coal mines put on auction for commercial mining, the coal ministry said in a statement. Two or […]
Delhi airport resumes flight operations at T2 terminal from today
The Delhi airport has resumed flight operations at the T2 terminal from today. The airport has been operating flights from the T3 terminal only since March 23, when flight operations in India were curtailed drastically due to the coronavirus pandemic. “Terminal 2 is back in action! Watch the glimpses of the first flight that landed […]
No bids for India’s 2/5th of coal mines up for auction reflect little investor appetite
India received no bids for 15 of the 38 mines to be auctioned as a part of its plan to open up coal mining to private companies, reflecting little investor appetite for the sector clouded by environmental concerns and low margins. “A total number of 82 bids from 46 companies have been received off-line/physically in […]
Top US oil refiner Marathon Petroleum to lay off 12% of workforce
Marathon Petroleum Corp, the largest US oil refiner, said it would lay off about 2,050 employees, or 12 per cent of its workforce, at its US operations, excluding Speedway, as the Covid-19 pandemic crushed global demand for motor fuels. The workforce reduction plan is a result of indefinite idling of its Martinez, California and Gallup, […]
Saudi Arabia’s economy shrank by 7% in Q2 showing depth of coronavirus hit
Saudi Arabia’s economy shrank by seven per cent in the second quarter, a sign of how deeply the new coronavirus hit both the oil and non-oil sectors, official data showed on Wednesday. The world’s largest oil exporter is facing its worst-ever economic decline after the Covid-19 pandemic curbed global crude demand and measures to contain […]
Oil falls on worries that Covid-19 surge will curb demand
Oil prices fell for a second day on Wednesday, extending large losses from the previous as rising coronavirus cases heading into the northern winter prompted concerns about further restrictions on activity that could curb fuel demand. Brent crude for November delivery dropped 40 cents, or 1%, to $40.63 per barrel by 0635 GMT. West Texas […]