Ahead of the Union Budget, the Oil Ministry has made a renewed pitch for inclusion of natural gas in the ambit of GST to promote the use of the environment-friendly fuel by reducing multiplicity of taxes and improving business climate. When the Goods and Services Tax (GST) was introduced on July 1, 2017, amalgamating 17 […]
Category: Oil & Gas
Libya says oil shutdown caused over $255 million in losses
The closure of Libya’s major oil fields and production facilities has resulted in losses of more than USD 255 million in the six-day period ending January 23, the country’s national oil company said Saturday. The closures came when powerful tribal groups loyal to military commander Khalifa Hifter earlier this month seized several large export terminals […]
NITI Aayog apprised of C’garh’s stand on biofuel
Ajay Singh, Vice Chairman, State Planning Commission on Friday met Amitabh Kant, Chariman – NITI Aayog, and Rajiv Kumar, Vice Chairman NITI Ayog, and discussed the recent developments taking place in Chhattisgarh in line with the National Biofuel policy 2018. ?Ajay Singh put forth the view of the state government that it has decided to […]
GAIL to invest over Rs 45,000 cr to create infra for gas-based economy
GAIL India Ltd, the country’s largest gas utility, plans to invest over Rs 45,000 crore over the next five years to expand the National Gas Pipeline Grid and city gas distribution network to help push for greater use of environment-friendly fuel, its chairman Ashutosh Karnatak said. The gas pipelines are planned to take the fuel […]
Ujjwala inspires Ghana, India to assist Ghana in implementation of its LPG promotion policy
Ghana wants to replicate the highly successful Ujjwala model of giving out cooking gas (LPG) connections to the need and has signed an agreement with state-owned Indian Oil Corp (IOC) seeking its assistance and technical expertise in implementation of the African nation’s national LPG promotion policy. Alhassan Sulemana Tampuli, Chief Executive, National Petroleum Authority (NPA) […]
Oil India moves SC against DoT seeking Rs 48K cr payment on Rs 1.47 cr revenue
State-owned Oil India Ltd (OIL) on Wednesday said it has filed a clarificatory/modificatory petition in the Supreme Court against a Rs 48,000 crore demand raised by the telecom department on cumulative revenue of Rs 1.47 crore it had earned on an NLD telecom licence. Following the October 24 Supreme Court ruling that non-telecom revenues of […]
India keen on importing more oil from Brazil
India on Wednesday expressed interest in raising the import of crude oil from Brazil as the world’s third largest oil consumer is looking at diversifying its import basket beyond the highly volatile Middle East region. Oil Minister Dharmendra Pradhan met visiting Brazilian Minister for Mines and Energy Bento Albuqueroque to review cooperation between the two […]
ONGC gets 28 bids for 50 oil, gas fields in first bid round
State-owned ONGC has received bids for 50 out of the 64 small and marginal oil and gas fields it has offered in a first of its kind bid round for raising production by involving private companies. As many as 12 companies made 28 bids for 50 fields at the close of bidding on January 17, […]
Govt considering specific excise duty on ATF
With no sight of including jet fuel in Goods and Services Tax (GST) in near future, the government is considering levying specific rate of excise duty on aviation turbine fuel (ATF) in place of current ad valorem rates to insulate its prices from cascading effect in times of volatile prices. ATF presently is chargeable at […]
RIL consolidated profit rises 13.5pc to record Rs 11,640cr in Q3
Reliance Industries on Friday reported a 13.5 per cent rise in consolidated net profit to a record Rs 11,640 crore in the third quarter ended December 31, 2019, on the back of continued rise in consumer businesses of retail and telecom. Net profit in October-December stood at Rs 11,640 crore, compared to Rs 10,251 crore […]
Reliance reports record quarterly net profit of Rs 11,640 crore in Q3
India’s most valuable company Reliance Industries on Friday posted a record quarterly net profit of Rs 11,640 crore as a turnaround in oil refining business together with the continued rise in the share of its consumer businesses of retail and telecom countered lower profitability in petrochemicals. The oil-to-telecom conglomerate, led by richest Indian Mukesh Ambani, […]
Guv opens ‘Sakham’ fuel save drive
Governor Prof Ganeshi Lal on Thursday inaugurated “Saksham 2020”, an oil and gas conservation awareness drive, here on Thursday. The month-long drive organised jointly by the Petroleum Conservation Research Association (PCRA) and the Oil Industries under the Ministry of Petroleum and Natural Gas would create awareness among the people on need of oil and gas […]