Category: Oil & Gas

The reevaluation of the decision to sell a 20 per cent stake in Reliance Industries Ltd’s oil-to-chemical business to Saudi Aramco will not impact the firm’s credit quality, Moody’s Investors Service said Tuesday. On November 19, the conglomerate announced that it will reevaluate the transfer of its oil-to-chemical (O2C) business – comprising its refining, marketing […]

For years, Mukesh Ambani has studied the ways in which billionaire families, from the Waltons to the Kochs, passed on what they’d built to the next generation. Recently, that process has intensified, with Asia’s richest man eyeing a blueprint for the next stage of his $208 billion empire that seeks to avert the succession warfare […]

Oil prices came off seven-week lows on Monday but remained under pressure after Japan said it was weighing releasing oil reserves and as the COVID-19 situation in Europe worsened, raising concerns about both oversupply and weak demand. Brent lost 26 cents, or 0.3%, to $78.63 a barrel as of 0725 GMT and U.S. West Texas […]

NEW YORK (Reuters) -Oil prices rose on Monday, rebounding from recent losses, on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand. Brent crude futures rose 81 cents, or 1%, to settle at $79.70 a barrel. WTI crude […]

LONDON (Reuters) -Oil prices rose on Monday but remained under pressure from rising COVID-19 cases in Europe and a potential release of Japanese oil reserves, raising concerns about both oversupply and weak demand. Prices of the Brent and U.S. West Texas Intermediate (WTI) crude benchmarks fell more than $1 in early trading, hitting their lowest […]

Japanese and Indian officials are working on ways to release national reserves of crude oil in tandem with the United States and other major economies, but the timing of such a release remains unclear, seven government sources with knowledge of the plans told Reuters. Such an announcement could come as early as Tuesday, according to […]

Japan is considering the unprecedented release of state oil reserves after a request from Washington for coordinated action to combat soaring energy prices, three government sources with knowledge of the possible plan told Reuters. One of the sources said the government was looking into releasing from the portion exceeding the minimum amount required as a […]

The Chhattisgarh government on Monday decided to reduce Value Added Tax (VAT) on petrol and diesel by 1 per cent and 2 per cent, respectively. This decision was taken during the cabinet meeting chaired by Chief Minister Bhupesh Baghel, a government official said. The move will cause a loss of nearly Rs 1,000 crore to […]

Shares of Reliance Industries were down 4 per cent at Rs 2,368.20 on the BSE in Monday’s intra-day trade after the company called-off the deal with global oil giant Saudi Aramco for a 20 per cent stake acquisition by the Saudi firm in the oil to chemicals (O2C) business of the former company. With today’s […]

Australia and Germany plan to spend around $90 million to fund hydrogen projects as part of a joint push to speed up development of the clean fuel to help cut carbon emissions, the Australian government said on Tuesday. Germany has committed 50 million euros ($56 million) and Australia A$50 million ($36 million) toward the alliance, […]

The demand growth for petrol and diesel is going to be severely impacted due to the push towards Compressed Natural Gas (CNG), ethanol blending, and electric vehicles. According to Crisil Ratings, the demand growth in petrol and diesel combined will likely decline to 1.5 per cent annually this decade, compared with 4.9 per cent in […]

The State Department sought Monday to keep up pressure on Russia over that country’s U.S.-opposed Nord Stream 2 pipeline, sanctioning what the U.S. said was a Russia-linked company and ship working on the project. The U.S. has unsuccessfully tried to slow or stop the construction of Nord Stream 2, which would carry Russian gas to […]