Industry body Ficci on Thursday hailed the centre’s go-ahead to the sale of its stake in BPCL, SCI and Concor, saying that the move would strengthen the performance of these companies and bring in fresh investments for both modernisation and expansion. “It is encouraging to see the government take further steps to push the reforms […]
Category: Oil & Gas
RIL m-cap inches closer to Rs 10 lakh crore-mark
The market valuation of Reliance Industries, the country’s most valued firm, is fast nearing the Rs 10 lakh crore mark helped by continuous rise in its share price. At the close of trade on Wednesday, the company’s stock rose 2.47 per cent to Rs 1,547.05 on the BSE. During the day, it jumped 4.10 per […]
Cong hits out at BPCL disinvestment decision, says govt ‘selling the country’
Criticising the government over its decision on disinvestment of BPCL and other companies, the Congress on Thursday accused it of “selling the country”. The Cabinet on Wednesday approved a strategic divestment of the government’s 53.29 per cent stake in BPCL, along with transfer of certain management control. This is excluding BPCL’s equity share holding of […]
Moody’s assigns Baa1 rating to ONGC’s proposed senior unsecured notes
Moody’s Investors Service on Wednesday said it has assigned a ‘Baa1’ rating to the proposed senior unsecured notes to be issued by Oil and Natural Gas Corp under its USD 2 billion medium-term note programme. The outlook on the rating is negative, Moody’s said in a statement. “The notes’ rating is in line with ONGC’s […]
Ethanol plant to be set up in Bemetara district: Baghel
Chhattisgarh Chief Minister Bhupesh Baghel announced to set up an ethanol plant in Bemetara district, upgrade Nandghat sub tehsil to tehsil and Bhimbhori as sub tehsil along with dedicating developmental works to the tune of Rs 98 crore in Bemetara district on Tuesday. Addressing A public gathering at Basic School Ground, Bemetara, Chief Minister assured […]
Essar, Adani, GAIL buy bulk of Reliance gas; fertiliser firms skip preferring expensive imported LNG
Essar Steel, Adani Group and State-owned GAIL have bought majority of natural gas from Reliance Industries’ newer fields in the KG-D6 block at USD 5.1-5.16 per unit but fertiliser companies skipped the auction that could have helped save at least Rs 800 crore subsidy annually. Essar Steel picked up 2.25 million standard cubic metres per […]
Aramco declares USD 1.71 trillion valuation in blockbuster IPO
Saudi Arabia on Sunday put a value of up to USD 1.71 trillion on energy giant Aramco in what could be the world’s biggest IPO, but missed Crown Prince Mohammed bin Salman’s initial target of USD 2 trillion. Aramco said it would sell 1.5 percent of the company in a blockbuster initial public offering worth […]
IOC launches special winter-grade diesel
Indian Oil Corporation (IOC) on Sunday launched special winter-grade diesel for the high altitude regions like Ladakh which faces sub-zero temperatures during the winter months. The IOC’s Panipat Refinery produced special winter-grade diesel has a pour point of minus 33 degree celsius and does not lose its fluidity even in the region’s extreme winter weather […]
Pradhan leaves for UAE to attend Abu Dhabi Petroleum Exhibition
Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan has embarked on a three-day visit to UAE where he will discuss issues of bilateral hydrocarbon as well as steel sector engagement within the overall framework of India-UAE Strategic Partnership, an official statement said on Sunday. Pradhan, accompanied by an official and business delegation, is […]
Iran announces discovery of massive oil field
Iran has discovered a massive new oil field, President Hassan Rouhani said Sunday, a find that would boost its proven reserves by about a third in a rare piece of “good news” for an economy battered by US sanctions. In a speech aired on state TV, Rouhani said the country’s economy had stabilised despite punishing […]
Iran injects gas in new centrifuges as atomic deal unravels
Iran injected uranium gas into centrifuges at its underground Fordo nuclear complex early Thursday, taking its most-significant step away from its 2015 nuclear deal with world powers. Tehran meanwhile also acknowledged blocking an official from the International Atomic Energy Agency from visiting its nuclear site at Natanz last week, the first known case of a […]
Govt has no business to be in business, says Pradhan ahead of BPCL privatisation
Days before the Union Cabinet takes up a proposal to privatise state-owned BPCL, Petroleum Minister Dharmendra Pradhan on Thursday said the government has “no business to be in business”, and cited examples of telecom and aviation sectors where opening up had led to increased competition and price cuts to the benefit of consumers. Refusing to […]