OPEC has said that an IEA report suggesting that investors should not fund new oil projects to curb emissions could lead to oil-price volatility if it is acted on. The International Energy Agency on Tuesday said investors should not fund new oil, gas and coal supply projects if the world wants to reach net zero […]
Day: May 21, 2021
Little time, miscalculations may have ended ONGC vessels in cyclone whirlwind, say sources
Inadequate advance notice and miscalculations of cyclone Tauktae’s ferocity and its path may have contributed to a false belief that oilfield operations in the Arabian Sea need not be paused, said top sources close to ONGC whose vessels with 700 onboard were struck by the storm. A drillship of Oil and Natural Gas Corporation (ONGC) […]
India’s HPCL aims to fully start revamped Mumbai refinery by July
India’s Hindustan Petroleum Corp.’s Mumbai refinery will start full scale operation at a higher capacity of 190,000 barrels per day (bpd) by end-June or in July, its chairman M. K. Surana said on Thursday. HPCL had fully shut the 150,000 bpd Mumbai refinery in western Maharashtra from April 1 for maintenance and capacity expansion, Surana […]
Fuel prices hiked again across metros, petrol crosses Rs 93 in Delhi
After a gap of two days, petrol and diesel prices again witnessed a minor hike across the metros on Friday. In Delhi, petrol prices went up by 19 paise from 92.85 per litre on May 19 and reached 93.04 per litre while the diesel prices have gone up by 29 paise from Rs 83.51 per […]
CSC to set up 1 lakh LPG distribution centres in rural areas by March; 21,000 made operational
The government’s e-services delivery arm CSC SPV on Thursday said it plans to set up 1 lakh LPG distribution centres across India, with focus on rural and semi-urban areas, by March 2022. The CSC SPV further said it has opened around 21,000 LPG centres across states in tie up with three government oil marketing companies […]
Adani Transmission hits record high; rises 27% in five day
Adani Transmission jumped 4.95% to Rs 1454.50, extending its winning run to fifth consecutive trading session. Shares of Adani Transmission rallied 27.2% in five trading days from its previous closing low of Rs 1143.50 on 14 May 2021. The counter hit a record high of Rs 1,455.20 in intraday today. The stock has surged 769% […]
Magenta EV to get USD 15 mn investment from philanthropist Kiran C Patel
NEW DELHI: Magenta EV Solutions on Thursday said eminent Indian-American philanthropist, cardiologist and serial entrepreneur Kiran C Patel has committed an investment of USD 15 million (close to Rs 110 crore) in the company. This latest round of Series A funding will be used to develop more EV charging solutions and grow an international footprint, […]
French energy giant signs deal to supply LNG to ArcelorMittal’s plants in Gujarat
NEW DELHI: French energy giant Total on Thursday said it has signed a deal to supply imported LNG to ArcelorMittal Nippon Steel’s (AMNS) steel and power plants in Gujarat. Under the deal, Total will supply up to 0.5 million tonnes of liquefied natural gas (LNG) per year until 2026, a company statement said.
Amendment in Central Motor Vehicles Rules to promote clean fuel in rural India
NEW DELHI: The Ministry of Road Transport and Highways has notified an amendment in the Central Motor Vehicles Rules, with an aim to promote clean fuel in rural India. Following the amendment, agriculture tractors, power tillers and construction equipment vehicles that run on diesel and petrol can be retrofitted with CNG, bio-CNG and LNG fuel […]
HPCL profit hits all-time high of Rs 10,664 crore in FY21
State-run Hindustan Petroleum Corporation (HPCL) reported a net profit of Rs 10,663.9 crore on a standalone basis for the fiscal ended March 31, which is 304% higher than the profit posted a year ago. This is the highest annual profit ever reported by the oil refining and marketing company.
Rise in tariff with duty hike may help stranded solar plants find buyers
The basic customs duty (BCD) to be levied on import of solar products from April, 2022 may salvage about 4 giga-watt (GW) of solar projects which have already been bid out but are yet to find buyers, analysts at Crisil pointed. Since the BCD will lead to tariff hikes of Rs 0.25-0.50 per unit, state-run […]
China to add at least 90 GW wind and solar capacity to the grid in 2021
China has ordered power transmission firms to connect a minimum of 90 gigawatts (GW) of wind and solar capacity to the grid this year, the National Energy Administration said on Thursday, as part of a new policy initiative aimed at meeting its low-carbon targets. The NEA also said it will set targets for the transmission […]