Reliance Industries (RIL) will transfer its Jamnagar syngas project to a subsidiary it owns fully, said the company on Wednesday, referring to mixture of gases used for energy production. The transfer will help “unlock the value of syngas” and will help the company’s transition to renewables as its primary source of energy, said the company […]
Category: Oil & Gas
RIL board decides to restructure, repurpose gasification assets
Reliance Industries Ltd’s Board on Wednesday decided to implement a ‘Scheme of Arrangement’ to transfer the ‘Gasification’ undertaking into a wholly-owned subsidiary (WOS). “RIL targets to have a portfolio which is fully re-cyclable, sustainable and net carbon zero. This will be achieved by transitioning to high value materials and chemicals with renewables as the source […]
Goldman Sachs says global oil reserves release ‘a drop in the ocean’
A coordinated release from government oil reserves led by the United States may add about 70 million to 80 million barrels of crude supply, smaller than the more-than-100 million barrels the market has been pricing in, analysts at Goldman Sachs said. “On our pricing model, such a release would be worth less than $2/bbl, significantly […]
US marshals other nations, challenges OPEC+ with release of oil reserves
WASHINGTON (Reuters) – The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude. Biden, facing low approval ratings amid rising […]
US to release oil from reserves after OPEC+ rebuffs call for more crude
The United States said on Tuesday it would release 50 million barrels of oil from strategic reserves in a coordinated move with China, India, South Korea, Japan and Britain to cool prices after OPEC+ producers rebuffed calls for more crude. The White House issued the statement after a source in the U.S. administration said Washington […]
Oil prices decline on plans to tap emergency crude reserves
Oil prices fell on Tuesday, reversing gains the previous session on talk the United States, Japan and India will release crude reserves to tame prices despite the threat of faltering demand as COVID-19 cases flare up in Europe. The United States is expected to announce a loan of crude oil from its emergency stockpile on […]
Oil prices slip on talks over release of emergency crude reserves
Oil prices dropped on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe. The U.S. Department of Energy is expected to announce a loan of oil from the […]
US set to unveil oil release from emergency stockpile to lower prices
The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said. The move is designed to tame soaring energy prices after the […]
Gas cylinder explosion triggers building collapse in Tamil Nadu, 5 dead
Five people, including three women, were killed after three buildings collapsed following a cooking gas cylinder explosion in a house in Karungalpatti in the city early on Tuesday. A total of 12 people, including a five year old girl, caught in the debris were rescued and admitted to the Government Hospital here, with the condition […]
Kerala FM fires salvo at Centre over fuel surcharge, says GoM meet Nov 27
Training guns on the Centre government again on fuel taxing, Kerala finance minister K N Balagopal has said that the Narendra Modi government’s act of taking surcharges on fuel is unconstitutional and is hampering federal ties. Balagopal also told Business Standard that a Group of Ministers (GoM) is scheduled to meet on November 27 to […]
India to release 5 mn barrels of crude from reserves in bid to cool prices
India will release 5 million barrels of crude oil from its strategic petroleum reserves in a concerted effort to bring down global crude oil prices. This is roughly equivalent to a day’s consumption in the country. Sector watchers say while the quantity is not big, it is a symbolic gesture that has wider implications for […]
India’s crude oil production falls 2.15% in October, gas output rises
India’s crude oil production fell 2.15 per cent in October as state-owned firms produced less but, natural gas output rose by a quarter on the back of output from KG-D6 fields of Reliance-BP, government data released on Tuesday showed. Crude oil production dropped to 2.51 million tonnes in October, as output from fields operated by […]