Category: Oil & Gas

Qatar Investment Authority, Qatar’s sovereign wealth fund, has proposed to buy a 25.1 per cent stake in Adani Electricity Mumbai Ltd for around Rs 3,200 crore ($450 million). A part of Adani Transmission Ltd, AEML distributes power to three million consumers in Mumbai. “Adani Transmission Ltd (ATL), Adani Electricity Mumbai Ltd (AEML) and a subsidiary […]

Oil eased on Wednesday following an industry report showing a surprise build in US crude stockpiles, but hopes surrounding the signing of the first phase of a US-China trade deal prevented a bigger drop in prices. Brent crude futures dropped 15 cents, or 0.23 per cent, to $64.12 a barrel by 0421 GMT, while West […]

British multinational BP and Reliance Industries Limited (RIL) have proposed to form a new joint venture that will include a retail service station network and aviation fuels business across India. RIL and BP’s venture will incorporate and build on RIL’s current fuel retailing network of over 1,400 sites across India, which the partners aim to […]

New Delhi, May 24 () In a significant move, the fleet of AN-32 transport aircraft of the Indian Air Force was on Friday certified to fly on blended aviation fuel containing up to 10 per cent bio-jet fuel. The approval for use of bio-fuel to fly the Russian made fleet was given by the Centre […]

The Pune Mahanagar Parivahan Mahamandal Limited (PMPML) on Friday paid Rs 27 crore to the Maharashtra Natural Gas Limited (MNGL), after the latter threatened to stop the supply of CNG over unpaid dues. Of the 3,000 buses in the transport body, at least 1,235 run on CNG with a daily requirement of gas worth Rs […]

With US President Donald Trump ending exemptions from sanctions for India and other countries buying oil from Iran, the Congress and the CPI(M) have asked Prime Minister Narendra Modi to “stand up” to the American government. The Congress said the US decision was a “direct assault and attack on India’s political and economic sovereignty”, adding […]

With the White House announcing the end of the waiver to buy Iranian oil, Washington has conveyed to Delhi that it has stood by India on combating terrorism after the Pulwama attack and expects reciprocity on President Donald Trump’s commitment to disrupt Iran’s terror network, The Indian Express has learnt. In its conversation with Delhi, […]

Citing procedures and antecedents, the Department of Public Enterprises (DPE) has thrown a spanner at Petroleum Minister Dharmendra Pradhan’s push to grant more autonomy to refining and marketing company Hindustan Petroleum (HPCL). Through a letter dated February 12, the DPE has insisted that the Ministry of Petroleum & Natural Gas (MoPNG) should first obtain consent […]

The surging price of oil is an Achilles heel for the Indian economy, complicating its inflation, current account, fiscal balance and currency outlook, a market report by Singapore’s DBS banking group has said. “The sharp rally in oil weighed on all asset classes; USD-INR jumped to 69.87 high before closing slightly lower, while equity markets […]

In a move to allow a bureaucrat to head the state-run ONGC Videsh Ltd (OVL), the government has permitted filling up of OVL managing director’s post on deputation so that the officer could go back to his service after a five-year stint. And to make the choosing process easier, the Appointments Committee of the Cabinet […]

Agricultural experts and farmer union leaders on Monday dismissed the state government’s budget as “deceptive”, adding that reducing diesel price by Re one while cutting petrol price by Rs five was a cruel joke on the ‘farming community’. While welcoming the allocation of Rs 3000 crore for waiving of loans of ‘landless farm labourers’ and […]

To ensure a steady inflow of crude oil at a time imports from Iran are falling, state-run Indian Oil Corp (IOC) has become the first domestic company to sign a long-term supply contract with the US. The oil marketing company, in a statement released on Monday, said the annual deal is worth $1.5 billion and […]