Category: Oil & Gas

Indian refiners Reliance Industries and Nayara Energy are planning to wind down purchases of Venezuelan oil in April fearing future U.S. sanctions could choke off all avenues to trade with state-run oil firm PDVSA, three sources with knowledge of the matter said. Such a step by Reliance, which operates the world’s biggest refining complex, and […]

The Liquefied Petroleum Gas penetration in Karnataka is ‘absolutely 100 per cent’ due to the Prime Minister Ujjwala Yojana, Indian Oil Corporation Karnataka Executive Director D L Pramodh said here on Friday. In 2014, LPG penetration in the State was only 68 per cent, but after the PMUY, massive number of gas connections were given […]

National oil marketer Indian Oil Corporation (IOC) on Friday said it is ready to supply low emission BS-VI fuels from April 1 and that there will be a marginal increase in retail prices. The largest oil supplier has spent over Rs 17,000 crore to upgrade its refineries to produce the low-sulfur diesel and petrol, the […]

Indian Oil Corporation Ltd (IOCL) is in the process of developing LPG from bio mass and would succeed in another two to three years, a senior official in the R and D wing of IOCL said on Friday. This is being done in tune with the decision of the World LPG Association to have at […]

India’s largest oil marketing company Indian Oil Corporation (IOC) on Friday hinted that retail prices of petrol and diesel are likely to go up from April 1 in view of the national rollout of BS-VI fuels as mandated by the Supreme Court. “There will definitely be a marginal increase in retail prices of the fuels […]

Arunachal Pradesh Chief Minister Pema Khandu on Tuesday handed over the Petroleum Exploration Licenses (PEL) to Vedanta Limited for exploration of hydrocarbon resources in three exploration blocks in the state. The three blocks are spread across 74.4 sq km of area in the districts of Changlang, Tirap and West Siang. The exploration in these blocks […]

In the steepest hike since 2014, the state-owned oil marketing companies on Wednesday raised the price of non-subsidised 14.2 KG cooking gas cylinder by Rs 144.50 per cylinder to Rs 861.50 in Bangalore, Rs 858.50 in Delhi and Rs a sharp Rs 881 in Chennai. However, to insulate the domestic consumers, the Centre almost doubled […]

Russia’s largest oil producer Rosneft is keen to bid for acquisition of Bharat Petroleum Corp Ltd (BPCL), sources said after the Russian firm’s CEO Igor Sechin met Oil Minister Dharmendra Pradhan on Wednesday. Rosneft, which is the majority owner of India’s second-biggest private oil refinery, is keen to expand in the world’s third-largest and the […]

The Oil Ministry has moved a cabinet note seeking approval for hiving off state-owned gas utility GAIL (India) Ltd’s pipeline business into a separate entity for a possible sale to a strategic investor at a later date, sources privy to the development said. GAIL is India’s biggest natural gas marketing and trading firm and owns […]

Forty new Compressed Natural Gas (CNG) stations will be set up soon in Bengaluru city and its outskirts. This will add to the 16 CNG stations already operationalised in the city by GAIL Gas. The new stations will come up in locations across the city including ITI-Dooravani Nagar, Banashankari, Thanisandra, Yelahanka, Hennur, Old Madras Road, […]

The global oil market expects the coronavirus outbreak to create a large demand shock and keep volatility in spot prices elevated, Goldman Sachs said. The market is pricing in a 500,000 barrels per day average year-on-year loss in oil demand for 2020, all else constant (except for the positive impact of lower oil prices on […]

Crude oil prices in the international markets cooled down to a 13-month low as fears of subdued demand in China amid the outbreak of the coronavirus weighed heavily on the global markets. Oil prices fell to the lowest in more than a year on Monday, dragged by concern over demand in China after the coronavirus […]