Category: Oil & Gas

Reliance Industries on Friday reported an 18.6 per cent rise in consolidated net profit to a record Rs 11,262 crore for the second quarter of the current fiscal on the back of a turnaround in refining margins and continued rise in consumer businesses of retail and telecom. Net profit in July-September stood at Rs 11,262 […]

Ahead of a proposed move to fully privatise state-owned fuel retailer Bharat Petroleum Corp Ltd (BPCL), the government had quietly repealed the legislation that had nationalised the company, doing away with the need to seek Parliament nod before selling it off to private and foreign firms. The Repealing and Amending Act of 2016 had annulled […]

The United Arab Emirates will invest a whopping USD 5 billion in an oil refinery project in cash-strapped Pakistan by the end of the year, the Gulf nation’s envoy was quoted as saying by a media report on Friday. “This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on […]

French oil major Total has completed the acquisition of Anadarko’s 26.5% stake in Mozambique’s liquefied natural gas project for $3.9 billion, Total said on Monday, in a deal expected to raise much-needed revenue for Mozambique. “Mozambique LNG is a one of a kind asset that perfectly fits with our strategy and expands our position in […]

India’s crude oil imports from the US have jumped by over 72 per cent in the first five months of the current fiscal as the country looks to diversify oil purchases beyond its traditional suppliers in the Middle East, official data showed. According to data sourced from the Directorate General of Commercial Intelligence and Statistics, […]

Saudi Arabia’s crude exports dropped steeply following the Sept. 14 attacks and remain lower month-on-month, according to export figures, a tangible sign that supplies to the market are being curbed even as production recovers. A report from tanker-tracking firm Petro-Logistics, seen by Reuters, said crude exports averaged 5.875 million barrels per day in the 10 […]

Japan and its private sector firms will invest $10 billion on liquefied natural gas (LNG) projects worldwide, the country’s industry minister said on Thursday, in a strategy to boost the global LNG market and reinforce the security of energy supply. The move, doubling a commitment by Japan two years ago to bolster energy supply chains, […]

Tuesday saw fuel prices going up for the eighth consecutive day. In the last eight days, there has been an increase of around Rs 2 per litre of petrol and around Rs 1 per litre of diesel. This is one of the sharpest hikes in the past two years. One litre of petrol in Bengaluru […]

Petrol prices have soared by Rs 1.59 a litre and diesel by Rs 1.31 in the last six days — the most since daily price revision was introduced in 2017, as a massive strike at Saudi Arabian oil facilities jolted oil markets. Petrol price was on Sunday hiked by 27 paise to Rs 73.62 a […]

The four road transport corporations (RTCs) providing transportation to crores of people every day are worried about the rise in the diesel prices at a time when their cumulative losses since 2013-14 have crossed Rs 2,200 crore. The RTCs, including Bangalore Metro Rail Corporation Limited (BMTC) and Karnataka Road Transport Corporation (KSRTC), are bleeding money […]

After their success in dishing out delicious and cost-effective food items, prisoners in Kerala are now gearing up to manage fuel stations, thanks to an innovative government initiative. Drawing inspiration from their counterparts in Tamil Nadu and Punjab, the Prison Department is all set to open petrol pumps in the outer campuses of three central […]

Billionaire Mukesh Ambani has raised promoter stake in flagship Reliance Industries by 2.71 per cent to 48.87 per cent, according to a regulatory filing by the company. Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore shares or 2.71 per cent stake in Reliance on September 13, it said. […]