Category: Oil & Gas

MUMBAI: Opposition from farmers has prompted Maharashtra to move the location for what would be the country’s biggest oil refinery, Chief Minister Devendra Fadnavis said. Stare-run oil companies and Saudi Aramco have teamed up to build the $44 billion refinery, which is aimed at giving India steady fuel supplies while meeting Saudi Arabia’s need to […]

New Delhi: Indian Oil Corp, the country’s top refiner, has signed its first annual deal to buy up to 3 million tonnes or 60,000 barrels per day of US oil, its chairman Sanjiv Singh said on Monday. State-run IOC had previously purchased US oil from spot markets and signed a mini-term deal in August to […]

Singapore: Oil prices rose to their highest levels in 2019 on Monday, lifted by OPEC-led supply cuts and by U.S. sanctions on Iran and Venezuela. U.S. West Texas Intermediate (WTI) crude oil futures hit $56 per barrel for the first time this year, before edging back to $55.89 per barrel by 0051 GMT. That was […]

NEW DELHI: As crude oil hit a 3-month high today, the prices of petrol and diesel were also hiked by 15 paise and 13 paise, respectively. Both Brent and WTI crude futures are now at their highest levels since 20 November. However, during the same period, the prices of both the auto fuels have fallen […]

NEW DELHI: Even as crude oil rates continue to rally above $65 per barrel, the prices of petrol and diesel were today increased only marginally by 7 paise and 6 paise, respectively. The prices were similarly increased yesterday by 6 paise for petrol and 5 paise for diesel. A litre of petrol today costs ₹70.46 […]

Singapore: Brent crude oil prices hit 2019 highs above $65 per barrel on Friday, spurred by U.S. sanctions against Venezuela and Iran as well as OPEC-led supply cuts. Brent rose as high as $65.10, pushing past the $65 mark for the first time this year, before edging back to $64.97 a barrel by 0450 GMT. […]

Mumbai: Shares of Oil & Natural Gas Corporation (ONGC) gained as much as 5.9% to ₹139.9 on NSE intraday, its biggest single intraday gain since October 11, after December quarter results beats estimates. ONGC on Thursday posted 64.77% year-on-year rise in profit at ₹8,262.70 crore for the quarter ended December 31 against ₹5,014.67 crore in […]

Indian gas importer Petronet LNG on Thursday signed an initial agreement with Tellurian Inc to invest in its proposed Driftwood project in Louisiana in the United States and buy liquefied natural gas (LNG), Tellurian said in a statement. The deal, reached during a high level US-India commercial dialogue to advance trade and investment, will represent […]

India’s Oil and Natural Gas Corp on Thursday posted a 64.8% jump in third-quarter profit, handily beating analysts estimates, boosted by higher revenue from offshore operations. ONGC’s profit stood at 82.63 billion rupees ($1.16 billion) in the quarter ended Dec. 31, compared with 50.15 billion rupees a year earlier, the oil and gas explorer said […]

Mumbai: When 40-year-old mango and cashew farmer Avinash Mahajan boarded a train to Panipat to visit Indian Oil Corp.’s Panipat refinery, he was protesting against a proposed refinery near his farm in Ratnagiri that is believed will hurt farming prospects in the region. He had every reason to be resentful. Mango farming had suffered in […]

DUBAI: The oil crash came and went but the debt pile it left across the Gulf is still growing, leaving the region’s energy-dependent economies more vulnerable next time a crisis strikes. All but debt-free before crude prices nosedived in 2014, many Gulf governments tried to borrow their way through while making only cautious and halting […]

NEW DELHI: After having left the price of petrol and diesel untouched in the last two days, fuel retailers today marginally increased rates by 6 paise and 5 paise, respectively. So far this month, the price of petrol has fallen by 55 paise and that of diesel by 9 paise. A litre of petrol today […]