KOCHI: The Kerala government on Thursday held a high-level meeting of all stakeholders in Thiruvananthapuram to fast-track the process of setting up the Petrochemical Park project in Kochi following no concrete progress in its move to acquire 481.79 acres of FACT land at Ambalamedu nearly two months after the Central Government gave its nod. The […]
Category: Oil & Gas
Saudi Minister’s assurance pushes crude oil prices down, lifts OMC stocks
NEW DELHI: Global crude oil prices continued declining on Wednesday after Saudi Arabia’s Energy Minister assured that full production at the drone-hit facilities will be restored to normal by the end of this month. The announcement made close to midnight Indian time, saw crude prices falling sharply, bringing relief to major crude oil importers like […]
Oil holds most huge gains after Saudi attack, Federal Reserve moves into view
HONK KONG: Oil prices dipped Tuesday but held most of the previous day’s record gains following an attack on Saudi facilities that wiped out half the country’s output, with traders nervously awaiting the US response after it said Iran was likely to blame. The crisis revived fears of a conflict in the tinderbox Gulf region […]
Hot oil singes stock markets, foreign institutional investors flee
NEW DELHI: The uncertainty over oil prices due to the war-like situation in West Asia dragged the stock markets Tuesday with the Sensex falling 642.22 points and the Nifty dropping 185.9 points. The day also saw foreign institutional investors pull out Rs 800 crore from Indian markets, displaying lack of confidence on the Indian bourses. […]
Oil minister allays fears, says no effect on crude supply in India following Aramco attacks
NEW DELHI: There will be no effect on oil distribution and supply in the country despite attacks on the oil processing centres of Saudi oil giant Aramco, petroleum Minister Dharmendra Pradhan said on Tuesday. Pradhan said that Aramco officials have ensured that there will be no impact on distribution. “It is unfortunate that the oil […]
Oil is on the boil, retail fuel prices may jump by Rs 4
NEW DELHI: Saturday’s drone attack on Saudi Arabia’s largest crude oil processing facility may see petrol and diesel prices shoot up to Rs 4 per litre over the next fortnight. However, the overall impact on Indian interests is likely to be muted unless the disruption lasts for longer than three months. Kotak Institutional Securities analysts […]
Saudi assures India of no oil supply shortage: Oil Ministry
NEW DELHI: India, the world’s third-largest oil consumer, will not be hit by a reduction in production at its No.2 supplier Saudi Arabia, the Oil Ministry said on Monday. “Yesterday (September 15), Saudi Aramco officials informed the Indian refiners that there would be no shortage of supplies to them. Ministry of Petroleum and Natural Gas […]
Reliance-BP to compensate gas purchasers for supply shortfall
NEW DELHI: With gas production starting to flag and output lagging supply commitments, Reliance Industries Ltd (RIL) is now offering to compensate gas customers for any shortfall in the contracted supply of natural gas from new fields currently under development. This is the first time the oil and gas giant is offering gas buyers such […]
PSU refiners continue to be upbeat about mega west coast refinery
MUMBAI: India’s state-owned refiners are still betting on expansion of refining capacity, though the focus now is also on upgrading refineries to include petrochemicals along with refining. The increased focus on electric vehicles and the announcement by the owner of the largest refining complex on their ability to shift from oil to chemicals have not […]
Bharat Petroleum BS-VI ready, targets aggressive expansion
MUMBAI: Bharat Petroleum Corporation Ltd (BPCL), which runs refineries on the country’s west coast at Mumbai and Kochi with a capacity of 12 and 15.5 MMTPA respectively, said it will be ready with BS-VI fuel by September. The company will be able to roll out the fuel from October to January, senior BPCL officials said […]
Jet fuel price cut by 1 per cent, LPG rate up by Rs 15.5
NEW DELHI: Jet fuel price on Sunday was cut by about 1 per cent to a four-month low on softening international oil prices, according to state-owned fuel retailers. Market-priced or non-subsidised cooking gas (LPG) price was however raised by Rs 15.5 per cylinder, oil firms said in a price notification. Aviation Turbine Fuel (ATF) price […]
NCLAT dismisses Centre’s claims of USD 314 million from Videocon Industries for Ravva offshore
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has rejected the oil ministry’s plea seeking USD 314 million (around Rs 2,245 crore) from insolvency-bound Videocon Industries in unpaid profit petroleum from the Ravva oil and gas fields in the eastern offshore. The ministry had on October 22 last year sent Videocon a demand notice […]