Category: Oil & Gas

NEW DELHI: The government is likely to roll over the petroleum subsidy worth Rs 13,000 crore to the next financial year. “The petroleum subsidy has shot the budget estimate. The ministry has proposed to roll over the bill to the next financial year,” a senior official with the finance ministry told TNIE. The government had […]

Singapore: The complex web of US pipelines, tanks and export terminals that’s helped make America the world’s top oil producer is causing a headache for some crude buyers. As various types of crude pass through the supply chain from inland shale fields spanning Texas to North Dakota, they risk picking up impurities before reaching Asia […]

New Delhi: The recent award of city gas distribution rights to oil marketing companies such as Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) will help them diversify and maintain their market shares in the domestic cooking and auto fuel markets over the long term, according to Fitch Ratings. IOC and Hindustan Petroleum […]

Bengaluru: An accidental fire broke out due to gas leak at a GAIL pipeline in Parappana Agrahara on Sunday evening. The incident took place at around 7 pm in AECS layout. Two fire tenders were pressed to service and the fire was doused immediately, before it could spread.

Hyderabad: The danger of having massive LPG storage plants near cities and human habitations in Telangana state is being grossly underestimated, according to an environmental engineer. Thousands of tonnes of highly-inflammable liquid gas petroleum stored at Cherlapally, near Secunderabad, could cause unimaginable loss to life and property in case of an accidental release.

New Delhi: With softer gas prices propping up CNG and piped cooking gas consumption, city gas distribution (CGD) entities will continue to see robust margins but any adverse change in the policy of gas allocation is a key risk for the industry’s profitability, ratings agency ICRA said. The volume consumption of compressed natural gas (CNG) […]

New Delhi: India’s Reliance Industries, operator of the world’s largest oil refining complex, on Friday said in a statement it was not breaching US sanctions against Venezuela. The company said its recent fuel exports to Venezuela were agreed to before Washington imposed sanctions in January, and that they were meant to settle Reliance’s crude oil […]

New Delhi/Mexico City: Reliance Industries is selling fuels to Venezuela from India and Europe to sidestep sanctions that bar US-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data. Reliance had been supplying alkylate, diluent naphtha and other fuel to Venezuela through its US-based subsidiary before Washington in late January […]

Kolkata: Election time is not always for freebies and sops! Be prepared to shell out 3-4 per cent more for your CNG and household PNG soon. Domestic gas price is due for a revision. The price is revised every six months and is linked to prices on four international hubs–Henry Hub in the US, Alberta […]

Chennai: Brent crude prices on Thursday hit the highest level since November due to production fall in Venezuela, supply cut by OPEC and dip in US oil inventories. Brent prices touched $67.84 a barrel on Thursday and were seen trading at $67.78 later in the session. US West Texas Intermediate (WTI) crude futures were at […]

New Delhi: State-owned ONGC’s nine biggest oil and gas fields, including Mumbai High and Vasai East, came tantalisingly close to being sold to private and foreign companies but the plan was nixed after strong opposition from within the government, sources said. A high-level committee headed by Niti Aayog Vice Chairman Rajiv Kumar late last year […]

Singapore: Oil prices were firm on Friday amid production cuts led by OPEC and as US sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019. But oil prices have been capped by concerns that an economic slowdown will soon start denting growth in fuel demand. […]