The Brent crude benchmark opened slightly lower on Tuesday as the U.S. dollar strengthened and traders waited for cues from the U.S. Federal Reserve meeting minutes, after optimism over demand amid tightening supplies drove prices higher on Monday. Brent crude was down 59 cents, or 0.5%, at $83.57 a barrel on Tuesday. U.S. West Texas […]
Category: Oil & Gas
Petrol, diesel can be brought under GST ambit if Council takes a call: FM
Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call. She was in Jaipur to attend the post-budget press conference where she answered at length on questions related to petrol-diesel prices, inflation, rising repo rates, among other issues. Answering a […]
India’s Russian oil imports surge to a record 1.4 mn barrels per day in Jan
India’s Russian oil imports climbed to a record 1.4 million barrels per day (bpd) in January, up 9.2% from December, with Moscow still the top monthly oil seller to New Delhi, followed by Iraq and Saudi Arabia, data from trade sources showed. Last month Russian oil accounted for about 27% of the 5 million bpd […]
Pak’s party TLP party gives govt ‘ultimatum’ to withdraw fuel price hike
Pakistani political party Tehreek-e-Labaik Pakistan (TLP) has given a 72-hour ‘ultimatum’ to the Pakistan Muslim League-N (PML-N) led the government to withdraw the latest hike on petroleum products, The Express Tribune reported. Addressing a press conference, TLP Chief Saad Hussain Rizvi warned that if the government does not withdraw the price hike, the party would […]
GAIL imitates Reliance: Plans to import ethane from United States
India’s largest gas firm GAIL is imitating billionaire Mukesh Ambani-led Reliance Industries Ltd in planning to import ethane from the US to replace natural gas and naphtha as feedstock at its petrochemical plants. “In a bid towards diversification of the feedstock, GAIL is looking to import ethane from ethane-surplus countries with matured export terminal infrastructure […]
Truck carrying LPG cylinders rams into another in Ajmer, four dead
An LPG-laden truck collided with another one carrying marble in Rajasthan’s Ajmer district, leaving four people dead and another injured, police said on Friday. The accident occurred on national highway-8 near Rani Bagh resort on Thursday night, leading to a huge traffic jam on the highway, they said. The fire engulfed neighbouring shops and residences […]
Oil heads for weekly loss on Fed rate hike worries, signs of ample supply
LONDON (Reuters) – Oil fell almost 3% on Friday and was on course for a weekly decline, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand, and signs of ample supply. Two Fed officials on Thursday warned additional hikes in borrowing costs are essential to lower inflation to […]
India’s procurement of Russia’s oil at low price furthering G7 policy: US
By driving a hard bargain with Russia in procuring crude oil at the lowest price possible, India is furthering the policy of G7 nations to reduce Russian oil revenues and Washington is comfortable with New Delhi on issues relating to energy security, a top Biden administration official has said. Assistant Secretary of State for Energy […]
Govts spent record $1 trillion last year subsidising fossil fuels
Even as global governments raise their ambitions to cut fossil fuels in the future, they spent a record $1 trillion last year subsidizing energy sources that are the main driver of climate change. That’s the finding from the International Energy Agency, which estimates that the combined subsidies for oil, natural gas, electricity and coal hit […]
Indian start up develops specialised robots to clean petrochemical tanks
BENGALURU DCM54 Beta Tank Robotics Pvt. Ltd Indian Start up Develops Specialised Robots to Clean Petrochemical Tanks Bengaluru, Karnataka, India(NewsVoir) Beta Tank Robotics Pvt. Ltd., a Bengaluru based start-up, has developed specialised robots to clean petrochemical tanks. Operators of petrochemical tankages traditionally employ manual resources for tank de-mucking. This exposes the maintenance personnel to tremendous […]
Govt gives in-principle approval to nine ethanol blending projects
Government has given in-principle approval to nine more ethanol projects under its ethanol interest subvention scheme. These projects are expected to add to the additional capacity of about 35 crore litres. Out of these nine projects, five projects are grain-based and three projects are molasses-based and one project is based on dual feed stock. These […]
GAIL plans to buy up to 26% equity stake in LNG projects in United States
SINGAPORE (Reuters) – India’s largest gas distributor GAIL (India) Ltd is looking to buy an equity stake of up to 26% in a liquefied natural gas (LNG) liquefaction plant or project in the United States, according to a document issued by the company. GAIL had run into supply disruptions last year after Russia-owned Gazprom Marketing […]