India on Wednesday asserted that its energy purchases from Russia remain ‘minuscule’ in comparison to its total consumption and that legitimate energy transactions cannot be politicised as energy export from Russia are yet to be sanctioned. The world’s third-biggest oil-consuming and importing nation has in recent weeks snapped few cargoes available from Russia at deep […]
Category: Oil & Gas
BPCL bid evaluation meet on Tuesday; Vedanta, Apollo Global in race
A high-powered committee will, on Tuesday, evaluate preliminary bids received from mining-to-oil conglomerate Vedanta and private equity firms Apollo Global and I Squared Capital’s arm Think Gas for buying the government’s 52.98 per cent stake in Bharat Petroleum Corporation Limited (BPCL), sources said. Last week, an inter-ministerial meet was held to discuss the BPCL valuation […]
Oil prices near $50 as coronavirus vaccine fuels demand recovery hopes
Oil prices climbed as news about Covid-19 vaccines lifted investor hopes for a recovery in fuel demand and the dollar, in which oil is traded, reached 2 1/2-year lows. Brent crude rose 51 cents, or 1 per cent, to $49.35 a barrel by 7:35 pm IST. West Texas Inter-mediate (WTI) crude climbed 51 cents, up […]
India to save Rs 35,758 crore on key fuel subsidies
India is expected to save ₹35,758 crore on kerosene and cooking gas subsidies this year, which is over 91% of the total budgeted fuel subsidy for 2020-21, mainly because of low international oil prices, according to two officials who asked not to be named. As per prevailing international prices, the expected subsidy on kerosene sold […]
BPCL declines 3% on Q4 pre-tax loss of Rs 2,959 crore, recovers later
Shares of Bharat Petroleum Corporation Ltd (BPCL) slipped to a low of Rs 337.65, down 3.2 per cent, on the BSE on Thursday after the company reported a consolidated pre-tax loss of Rs 2,958.91 crore for the March quarter of FY20 (Q4FY20). In the year-ago quarter, the oil marketing company (OMC) had reported a profit […]
Vedanta Resources appoints Georgeson for shareholder engagement on delisting issue
UK’s Vedanta Resources (VRL) has appointed US-based shareholder engagement firm Georgeson to convince shareholders to accept its delisting process for India’s Vedanta Ltd (VDL). VRL holds 50 per cent stake in VDL and it requires 40 per cent more to delist the company from Indian stock exchanges. VRL has offered ₹87.5 per share as its […]
Oil prices slip as wary traders eye upcoming OPEC+ meeting
Oil prices fell nearly 1 per cent on Monday as traders hedged bets with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June. Brent crude fell 34 cents to $37.50 a barrel, in the first day of trading in […]
Cooking gas prices hiked by Rs 11.50 a cylinder
Cooking gas prices across the country were hiked by Rs 11.50 per 14.2 kg domestic cylinder on Monday. An IndianOil statement said the hike was on account of an increase in the price of Liquefied Petroleum Gas (LPG or cooking gas) in the international markets. “The Retail Selling Price of LPG in the Delhi market […]
Pandemic pain: Output of 8 core sectors contracts 38.1% in April
As expected, the lockdown wreaked havoc on the output of eight core industries in April, contracting 38.1 per cent for the month under review. The eight core industries — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — had contracted 9 per cent in March. In April last year, their output […]
Oil falls but set to post biggest monthly rise in years on output cuts
Oil prices edged lower on Friday, set to post their first weekly fall in five weeks, after US inventory data showed lacklustre fuel demand in the world’s largest oil consumer, while worsening US-China tensions weighed on global financial markets. Brent crude slipped 43 cents, or 1.2 per cent, to $34.86 a barrel by 0643 GMT […]
‘City Gas networks will soon cover 72% of country’s population’
City Gas Distribution (CGD) networks will soon cover 72 per cent of the country’s population, said Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan. Pradhan dedicated 48 CNG stations to the nation and inaugurated eight other CNG stations on Friday. These 56 stations are spread over 11 States/Union Territories — Gujarat, Haryana, Jharkhand, […]
Oil slides on US-China tensions, OPEC+ uncertainty
Oil futures tumbled on Wednesday after United States (US) President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong and as some traders doubted Russia’s commitment to deep production cuts. Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed during a telephone call […]