NEW DELHI: The arbitration process initiated by Cairn Energy against the Indian government’s demand of retrospective tax dues worth Rs 10,247 crore has run into a hiccup, with the three-member Arbitral Tribunal indicating that the award will be further delayed to mid-2020, the British firm said on Monday. The international tribunal, which had completed the […]
Category: Oil & Gas
MRPL to deliver BS-VI petrol, diesel by March ’20
MANGALURU: The Mangalore Refinery and Petrochemicals Limited (MRPL) is all set to supply BS-VI grade petrol and diesel to consumers in the state by the first week of March 2020, a month ahead of the Supreme Court’s deadline to do so. MRPL Managing Director M Venkatesh told reporters here on Saturday that the production of […]
BPCL nationalisation act already repealed in 2016, way clear for privatisation
NEW DELHI: Ahead of a proposed move to fully privatise state-owned fuel retailer Bharat Petroleum Corporation Ltd (BPCL), the government had quietly repealed the legislation that had nationalised the company, doing away with the need to seek Parliament nod before selling it off to private and foreign firms.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 […]
Legal hurdles for Bharat Petroleum sale cleared
As the government is considering to fully privatise State-owned fuel retailer Bharat Petroleum Corporation Ltd (BPCL), officials in the finance ministry claim that the government had already repealed the legislation by which the firm was nationalised and therefore, there is no need to now seek Parliament nod before selling it off to private and foreign […]
Muted second quarter results likely for oil and gas majors
NEW DELHI: While the sharp reduction in corporate taxes may boost the Indian oil and gas sector’s earnings sharply during the second quarter, analysts note that the three-month period between July and September is likely to be a muted one in terms of financial performance. According to Centrum Wealth analysts Probal Sen and Akshay Mane, […]
BPCL, Shipping Corporation of India up for sale as Centre exits from profit-making PSUs
NEW DELHI: A group of secretaries on strategic disinvestment has approved the sale of the government’s entire shareholding in Bharat Petroleum Corporation Ltd (BPCL) and the Shipping Corporation of India (SCI), paving the way for a complete exit from the two profit-making PSUs. This will be the first significant strategic sale of PSUs by the […]
Fuel prices continue to soar, Rs 80 per litre in Mumbai
NEW DELHI: Petrol and diesel prices continued the upward trend on Friday with petrol selling at Rs 80/litre and diesel at Rs 70.55/litre in Mumbai. The maximum surge was recorded in Maharashtra’s Parbhani where the price of petrol was Rs 81.93/litre and diesel Rs 71.31/litre. Petrol rates increased by 15 paisa in Delhi, Kolkata and […]
Fuel retailers struggle to meet LPG demand as Saudi defers exports
Fuel retailers in India are scampering for liquefied petroleum gas (LPG) ahead of the nation’s most celebrated festival, as demand looks set to climb just as drone attacks on Saudi Arabian facilities hurt exports. Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. are scouring the market for prompt LPG supplies for delivery before […]
Petrol, diesel prices surge for 7th straight day amid Middle East tensions and US-China trade war
NEW DELHI: Petrol and diesel prices in the country continued to surge for the seventh day on Monday on the back of the ongoing tensions in the Middle East and the US-China trade war. Petrol rates in Delhi, Kolkata, Mumbai and Chennai were Rs 73.91, Rs 76.60, Rs 79. 57 and Rs 76.83 per litre […]
Petronet LNG signs USD 2.5 billion deal to take stake in US LNG plant
NEW DELHI: Petronet LNG Ltd, India’s biggest liquefied natural gas importer, has signed a preliminary deal to buy a stake in Tellurian Inc’s proposed Driftwood project in Louisiana and import 5 million tonnes a year of LNG. The deal is worth about USD 2.5 billion, sources privy to the development said. “Tellurian Inc. and Petronet […]
Fire breaks out at WB Haldia Petrochemicals unit, 15 workers hurt
KOLKATA: A major fire broke out at Haldia Petrochemicals, around 140 km from the state capital, on Friday morning. Fifteen workers of the unit were injured and six of them were stated to be critical after they were rushed to a nearby healthcare centre. According to fire brigade officials, 15 fire tenders were pressed into […]
45 lakh LPG consumers did not get subsidy for April, May
CHENNAI: About 45 lakh LPG consumers in the State have not received their subsidy for April and May. While 20.5 lakh gas connections are yet to be linked with Aadhaar, which is mandatory to receive subsidy, a whopping 25.31 lakh consumers have not received subsidy in spite of submitting all documents, revealed data obtained by […]