Oil prices resumed their decline on Monday, falling around 1% as worries about a drop in demand for fuel products in the wake of yet more European lockdowns dominated trading. Brent crude was down 60 cents, or 0.9%, at $63.93 a barrel by 0136 GMT. U.S. oil was off by 68 cents, or 1.1%, at […]
Day: March 22, 2021
India’s crude oil throughput hits 4-month low in February
India’s crude oil processing fell to its lowest in four months in February, retreating from a near one-year high hit in the prior month hurt by higher crude prices and weaker fuel demand in the country. Crude oil throughput in February dropped 8.8% year-on-year to 4.87 million barrels per day (18.62 million tonnes), provisional government […]
Saudi Aramco to prioritise energy supply to China for 50 years, says CEO
Saudi Aramco will ensure China’s energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, CEO Amin Nasser told the China Development Forum on Sunday. Saudi Arabia, the world’s biggest oil exporter, retained its position as China’s top supplier in […]
Airtel to acquire 7.48% stake in Sandhya Hydro
Bharti Airtel has entered into an agreement for acquisition of 1,743,560 (7.48%) equity shares in Sandhya Hydro Power Project Balargha, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws. The cost of acquisition is Rs […]
Adani Green Energy arm get letter of award for 300 MW wind project
Adani Green Energy (AGEL) on Monday said that its arm has received a letter of award for 300 MW wind power project under a tender of Solar Energy Corporation of India (SECI). “AREHFL, a subsidiary of the AGEL, had participated in the tender issued by SECI for setting up 1,200 MW ISTS-connected wind power project […]
Karnataka aviation boost! Airports planned at Byndoor, Karwar under UDAN scheme
Soon, more airports are likely to come up under Modi government’s UDAN scheme! The state government of Karnataka has proposed to open airports at Byndoor and Karwar under the regional air connectivity scheme of the Union government- UDAN (Ude Desh ka Aam Nagrik) scheme, according to a PTI report. On Sunday, while speaking after the […]
Goldman Sach expects crude oil to hit $80 this summer despite price pullback
NEW DELHI: Rising concerns over a resurgence in Covid-19 cases in certain European and Asian countries may have led to a 7 per cent fall in crude oil prices on Thursday, but investment banker Goldman Sachs believes that the pullback notwithstanding, Brent crude oil prices will resume increasing as global demand cranks up pace and […]
Discom dues decline for second month in a row
NEW DELHI: In a reversal that may provide some comfort to India’s power sector—distributors (discom) and generators (gencos) both—discoms’ pending dues to gencos fell for the second month in a row in January, according to data from the Ministry of Power. A perusal of the figures released on the ministry’s PRAAPTI portal show that discoms […]
Adani Green to buy 50 MW solar project
NEW DELHI: Gautam Adani-led Adani Green Energy Ltd (AGEL) on Saturday announced that it will buy a 50 megawatt (MW) solar project in Telangana from Toronto-headquartered SkyPower Global. The project is located in Telangana and was commissioned in October 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company in […]
Saudi Arabian state oil giant Aramco sees recovery signs
Saudi Arabian state oil giant Aramco is betting on an Asian-led rebound in energy demand this year after it reported a steep slide in net profit for 2020 on Sunday and scaled back its spending plans. The Covid-19 pandemic took a heavy toll on the company and its global peers in 2020, but oil prices […]
Reliance Industries sells bulk of gas to affiliate
Reliance Industries Ltd has sold three-fourth of the gas from its coal seams in Madhya Pradesh to an affiliate of the company at a price of just over $6 per million British thermal unit (mBtu) at current oil prices. India Gas Solutions Private Limited, a 50: 50 joint venture of RIL and UK’s BP, bought […]
Telangana Energy Minister Jagadish rules out hike in power tariff
HYDERABAD: Telangana Energy Minister G Jagadish Reddy on Saturday ruled out the possibility of increasing the power tariff. Replying to a question in the State Legislative Council, the Minister said there was no proposal to increase the power tariff in the State. He said Covid-19 had imposed an additional burden of Rs 4,000 crore on […]