Mumbai: Petrol and diesel price rose again on Thursday with a climb of 5-7 paise in petrol costs whereas diesel was raised by 5-6 paise per litre across major cities of the country. On Wednesday, retail of petrol and diesel price was kept unchanged by the oil marketing companies. In Delhi petrol and diesel are […]
Category: Oil & Gas
Oil gains, led by US crude, as recession worries ease
Tokyo: Oil prices rose on Wednesday, with US crude gaining 1 per cent after an industry report showed stockpiles in the United States, the world’s biggest oil user, fell more than expected, easing worries about economic growth due to the China-US trade war. Brent crude futures climbed 42 cents, or 0.7 per cent, to 59.93 […]
Aramco Trading sells first US West Texas Light crude to Hyundai: sources
Singapore: Aramco Trading Company (ATC) sold its first-ever cargo of US West Texas Light (WTL) crude, with a South Korean refiner the buyer, as the Saudi Aramco unit expands its US oil dealings to boost trade volumes, four people familiar with the matter said. ATC is key to Saudi Aramco’s strategy as it expands its […]
RIL’s $4 billion petcoke bet hurt by too much gas
A global glut in natural gas is threatening to undermine a $4 billion investment by Reliance Industries aimed at boosting profits at the world’s largest oil refining complex. The project made all the sense in the world when energy magnate Mukesh Ambani’s conglomerate announced it in 2012: convert petroleum coke, or petcoke, one of the […]
India to relax rules for entry into fuel retail sector: source
New Delhi: India is set to relax rules for setting up fuel stations after almost two decades, in a move expected to allow companies like Saudi Aramco, Total and Trafigura to gain a foothold in a sector dominated by state-run entities. The new rules – suggested by an expert panel – mirror those in developed […]
India looking at cutting west coast refinery capacity as cost escalates to USD 60 bn
New Delhi: India is looking at cutting capacity at its biggest oil refinery to match lower fuel demand projections and contain costs which jumped to USD 60 billion due to meeting stringent environment norms and relocation of the plant, top officials said. State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum […]
BP to enter India’s fuel retail market with Reliance tie-up
New Delhi: Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalise on rising demand in Asia’s third-biggest economy. The move comes days after BP said it would build a network of charging hubs for electric vehicles with China’s Didi Chuxing, betting on […]
State Bank of India seeks bids for Videocon’s overseas oil, gas assets
Mumbai: The State Bank of India has invited bids for overseas oil and gas assets of Videocon Industries Ltd, a newspaper advertisement showed on Monday, as India seeks to recover billions of dollars in loans from the beleaguered private firm. Consumer electronics firm Videocon Industries is one of the most indebted companies in India, with […]
Petronas says has no intention of buying stake in India’s Bina oil refinery
Kuala Lumpur: Malaysian state energy firm Petroliam Nasional Bhd (Petronas) said on Monday that it was not interested in acquiring a stake in India’s Bina oil refinery. “While India remains a key market for Petronas, we have no intention of acquiring any stake in the said refinery,” the company said
India’s oil minister urges local oil firms to boost overseas funding
NEW DELHI: India’s oil minister Dharmendra Pradhan said Friday he wants state-owned oil companies to boost their overseas borrowings, replicating the funding success of the country’s renewable industry. With funding from local banks and non-banking financial companies drying up following a bad loan and credibility crisis in the financial sector, top global pension funds, sovereign […]
Non-subsidised cooking gas price cut by Rs 62.50 per cylinder
New Delhi: Non-subsidised cooking gas (LPG) price was on Wednesday cut by Rs 62.50 per cylinder on softening international rates. Non-subsidised or market priced LPG, which consumers buy after exhausting their quota of 12 cylinders of 14.2-kg each at subsidised rates, will now cost Rs 574.50 with effect from midnight tonight, IOC said in a […]
IOC net drops 47 per cent on lower refinery margins
New Delhi: State-owned Indian Oil Corp (IOC) on Wednesday reported a 47 per cent drop in its first quarter net profit after refinery margins slumped. IOC reported a consolidated net profit of Rs 3,737.50 crore, or Rs 4.07 per share in April-June quarter this year, as compared to a net profit of Rs 7,092.42 crore, […]