State-owned Numaligarh Refinery Ltd may rope in North East Development Foundation (NEDF) of Guwahati-based NEDFi (North Eastern Development Finance Corporation Ltd) for operating its ₹10-crore start-up fund. A similar move is also expected from the Dhuliajan-based Oil India, which announced the setting up of a ₹50-crore fund. Tie-up with IIT Guwahati Created in 2017, the […]
Category: Oil & Gas
Trump warns Saudi Arabia on oil prices as focus turns to re-election
US President Donald Trump has warned OPEC not to tighten the oil market too much and risk another spike in prices that could harm the global economy and his re-election campaign in 2020. Oil prices getting too high, the American President warned in a message posted on Twitter on Monday. OPEC please relax and take […]
HPCL shares decline 3 per cent; Britannia up over 1 per cent on NSE rejig
Britannia Industries will replace HPCL in the Nifty50 index from March 29, the NSE said Shares of Hindustan Petroleum Corporation (HPCL) fell by nearly 3 per cent Tuesday after the National Stock Exchange (NSE) said Britannia Industries will replace the oil marketing company in the Nifty50 index from March 29. The company’s shares opened the […]
Asian demand propels LNG growth in 2018
Shell: India, China will be prominent drivers of future growth India’s dependence on imported Liquefied Natural Gas (LNG) exceeded 50 per cent of its consumption for the first time in 2018 according to the Shell LNG Outlook 2019. “India is also using LNG to meet its increasing needs for a secure energy supply. Domestic gas […]
Oil prices firm on hopes for US, China trade deal
Oil prices rose on Monday as Washington and China appeared to edge closer to a trade deal, dampening fears over the outlook for global economic growth. International Brent crude oil futures were at $67.26 a barrel at 0005 GMT, up 14 cents, or 0.2 per cent, from their last close. They ended Friday little changed […]
Saudi Arabia to make India regional hub for oil supply: Saudi FM
Saudi Arabia is looking at making India a regional hub for supply of crude oil and will invest billions of dollars in the country to build storage facilities and strengthen refineries, Saudi Foreign Minister Adel bin Ahmed Al-Jubeir has said. Saudi Arabia will also invest in downstream assets in India besides helping the country boost […]
Brent hits new 2019 high on US-China trade talk hopes
Oil prices rose on Friday, supported by OPEC’s ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute. International Brent crude futures hit a new 2019 high of $67.60 a barrel, up 53 cents from Thursday’s close. Further gains were tempered by US crude oil production hitting a record 12 […]
Crude oil output falls 4.33% in Jan
Crude oil production during January stood at 2.85 million tonnes while natural gas production stood at 2841.45 million standard cubic meters. An official statement said domestic crude oil production was 4.33 per cent lower while gas production was 5.43 per cent higher in January compared to the same month last year. There was lower crude […]
Politics will decide fate of Ratnagiri refinery
The mega refinery project at Ratnagiri could be in cold storage for now but the script could change after the national elections in May. “Politics has prevailed for now but this is only a temporary setback,” said an industry source familiar with the project. Earlier this week, the feuding BJP and Shiva Sena had agreed […]
Fuelling change: TN Prisons dept and IOC to run fuel outlets outside prisons
The Tamil Nadu government has accorded approval to the Prisons department to operate retail fuel outlets on the outer premises of Central prisons across the State. The department has joined hands with IndianOil Corporation for operating these outlets at 11 locations. In the first phase, outlets have been opened at Puzhal in Chennai, Vellore, Pudukottai, […]
Saudi Aramco to sign China refinery deals as Crown Prince visits: Sources
Saudi Aramco plans to sign preliminary deals to invest in two oil refining and petrochemical complexes in China during the Saudi Arabian Crown Prince’s visit this week, sources familiar with the plans said, as Beijing seeks expanded ties with Riyadh. The Saudi delegation, including top executives from Aramco, arrived in Beijing on Thursday for a […]
Retail outlets: Oil companies issue letters of intent to over 2,500 applicants
Public sector oil marketing companies have issued letters of intent (LOI) to over 2,500 applicants to set up petrol pumps. Minister for Petroleum and Natural Gas Dharmendra Pradhan issued the online intimation to this first batch of successful candidates to enable them to collect the LOIs. It takes anywhere between six months and two years, […]