Saudi Aramco said it will continue to look for investment opportunities in India, days after Reliance Industries Ltd. scrapped a plan to sell a stake in its oil-to-chemicals unit to the Middle Eastern company. “India offers tremendous growth opportunities over the long term,” Aramco said in a statement on Sunday. It will “continue to evaluate […]
Category: Oil & Gas
India working on ways to release of oil reserves after US request
India is working on ways to release crude oil from its strategic storages in tandem with other major economies to dampen prices, a top government official said on Monday. The US had last week made the unusual request to some of the world’s largest oil-consuming nations, including China, India and Japan, to consider releasing crude […]
ONGC should decide on mode for raising oil, gas output: Oil ministry
Weeks after its second-highest-ranking official asked ONGC to give away its largest producing oil and gas fields to foreign companies, the Petroleum Ministry on Monday clarified that production from existing fields has to be increased through all means including technology and involvement of private sector companies in a transparent manner. Amar Nath, additional secretary (exploration) […]
Oil hits 7 week-low amid expectations on supply release, Europe Covid surge
Crude oil fell to seven-week lows on Monday, extending declines after the previous session’s slide, on concerns about excess supply after Japan said it was weighing releasing oil reserves and over demand from a worsening COVID-19 situation in Europe. Brent lost 57 cents, or 0.72%, to $78.32 a barrel as of 0206 GMT and U.S. […]
Avoiding diesel, Maruti to focus on making petrol cars more fuel-efficient
Maruti Suzuki India (MSI) has ruled out getting back into the diesel segment as it believes sale of such vehicles would further come down with the onset of the next phase of emission norms in 2023, according to a senior company official. The country’s largest carmaker believes the next phase of emission norms would jack […]
Saudi stock exchange seeks to raise up to $1 billion via initial offering
Saudi Arabia is keeping the home fires burning for regional public offerings, readying what could be the biggest sale of shares by a stock-exchange operator since Euronext NV. Saudi Tadawul Group Holding is seeking to raise as much as $1 billion after setting the price range for an initial public offering at 95 riyals ($25.32) […]
Abu Dhabi’s ADNOC weighs IPO of logistics and services unit next year
State oil firm Abu Dhabi National Oil Company (ADNOC) is weighing an initial public offering of its marine services, logistics and shipping arm next year, two sources familiar with the matter told Reuters. ADNOC Logistics & Services has been selected for a potential float in Abu Dhabi in 2022, said the sources, declining to be […]
ONGC union protests Centre’s proposal to give away Mumbai High fields
The petroleum ministry’s proposal to give away ONGC’s biggest oil and gas fields to foreign companies has met with strong resistance from the officers union of the company, which has said that the government should empower and give the company a level-playing field rather than giving away its prime assets to the private sector on […]
Japan mulls releasing oil reserves to respond to increasing prices: Reports
The Japanese government is considering to release crude oil reserves to curb the oil prices growth, Japan’s Kyodo news agency said on Saturday, citing sources. Previously, Japan resorted to this measure only in case of natural calamities or disruptions in overseas supplies caused by unstable political situation. Consequently, the step is being considered as a […]
Oil hovers above six-week low as China readies crude reserve release
Oil prices rose slightly on Thursday, bouncing after a drop to six-week lows as investors wondered about how much crude major economies would release from their strategic reserves and how much that would ease global crude demand pressures. Prices fell to the six-week lows early in the session as China said it was moving to […]
How Joe Biden’s overture to Asian oil consumers serves warning to OPEC+
The Biden administration’s push for a coordinated release of oil stockpiles serves as a warning to the OPEC+ production group that it should pump more oil to address concerns of high fuel prices in powerhouse economies like the United States, China and others. For weeks, the White House and administration officials had urged the Organization […]
Indonesia to keep carbon trade local until greenhouse gas target met
Indonesia to keep carbon trade local until greenhouse gas target met JAKARTA, Nov 19 (Reuters) – Indonesia will not allow cross-border carbon trade until it meets its greenhouse gas reduction targets, its finance minister said on Friday, underlining that its domestic carbon price would be among the cheapest in the world. Southeast Asia’s largest economy […]