Mumbai-based Gatik Ship Management, which emerged as one of the largest transporters of Russian crude over the past year, has been busy transferring oil and fuel tankers managed by it to a web of seemingly related shipping companies, as per an analysis of changes in the mysterious shipper’s fleet records over the past few weeks. […]
Category: Oil & Gas
2 minors among 6 injured in blast after gas leak at Khar
At least six people including two minors sustained severe burns in a gas leak-induced blast at Koliwada in Mumbai’s Khar suburb on Monday morning. “The gas leak occurred in one of the rooms of the residential building leading to the accumulation of gas. After this, there was a spark because of which the accumulated gas […]
India cuts windfall tax on petroleum crude to zero
The central government Monday slashed the windfall profit tax on domestically produced crude oil to zero in the latest fortnightly review. The government left the windfall tax on petrol, diesel, and aviation turbine fuel at zero. Earlier in May, the tax was cut to Rs 4,100 per tonne from Rs 6,400 per tonne. The new […]
Vedanta net profit falls 57% to Rs 3,132 cr in Jan-Mar
Mining giant Vedanta on Friday reported 57 per cent drop in March quarter net profit on weakness in aluminium business and write-offs. Consolidated net profit of Rs 3,132 crore in January-March is compared with Rs 7,261 crore net earning in the same period a year back, according to a stock exchange filing by the company. […]
MSCI drops Adani Total Gas, Adani Transmission from India index; stocks fall
Index provider Morgan Stanley Capital International (MSCI) on Thursday said that it has dropped two of Adani group companies from its India Standard Index, as part of its quarterly index review. MSCI said Adani Total Gas and Adani Transmission are no longer eligible for inclusion in MSCI global investable market indexes, reported Reuters. This comes […]
India eyes green hydrogen bunkering at major ports by 2035
India has set a deadline of 2035 to establish green hydrogen bunkering and refuelling facilities at major ports in the drive to cut its carbon footprint, the shipping ministry said in guidelines issued on Wednesday. One of the world’s biggest emitters of greenhouse gases, India aims to cut emissions to net zero by 2070, and […]
COP28 president-designate urges oil industry to phase out methane emissions by 2030, eliminate carbon intensity
COP28 President Designate Sultan Ahmed Al Jaber called upon the oil and gas industry to phase out methane emissions by 2030 and align in favour of comprehensive net-zero emission plans by or before 2050. Speaking at the inaugural UAE Climate Tech summit, Jaber, who is also UAE’s minister of industry and advanced technology and the […]
Oilfield firm SLB retrenches as Russia sanctions squeeze: report
SLB has made several operational and structural changes to keep its Russian business in compliance with Western sanctions on oil equipment and technology transfers, as it aims to ride out efforts to curb Russia’s use of energy to finance its war efforts. SLB, the world’s largest oil services and equipment provider, last year rejected calls […]
Ban diesel four-wheelers in cities with 10 lakh population, says panel
India should by 2027 ban the use of diesel-powered four-wheelers in cities with over 10 lakh population and switch to electric and gas-fuelled vehicles, according to a report commissioned by the oil ministry. The report of the committee headed by former Oil Secretary Tarun Kapoor also suggested phasing out motorcycles, scooters, and three-wheelers with internal […]
China’s renewed appetite for Urals could temper India’s Russian oil buys
Chinese refiners are ramping up purchases of Russia’s Urals crude–the mainstay of India’s Russian oil imports–leading to competition between the two Asian neighbours, which, among other factors, could result in New Delhi’s oil imports from Moscow peaking as early as this month. In April, India’s import of Russian crude set a new record of 1.68 […]
Oil climbs as recession fears begin to fade
Oil rose on Monday as easing U.S. recession fears shifted market focus to tightening supplies, offering support after crude prices registered three straight weekly declines for the first time since November. A healthy U.S. jobs report for April helped oil to climb by about 4% on Friday even though labour market strength could compel the […]
China’s renewed appetite for Urals could temper India’s Russian oil buys
Chinese refiners are ramping up purchases of Russia’s Urals crude–the mainstay of India’s Russian oil imports–leading to competition between the two Asian neighbours, which, among other factors, could result in New Delhi’s oil imports from Moscow peaking as early as this month. In April, India’s import of Russian crude set a new record of 1.68 […]