Petronet LNG Ltd, the country’s biggest importer of liquefied natural gas, on Tuesday reported a near doubling of net profit in September quarter as it derived benefit of lower corporate tax rate. Net profit in July-September at Rs 1,089 crore was 90 per cent higher than Rs 572.89 crore net profit in the same period, […]
Category: Oil & Gas
BPCL’s Mozambique deal under Govt scanner, yet to get investment nod: Sources
The Government is looking into State-owned Bharat Petroleum Corp Ltd’s (BPCL) investments in a gas block in Mozambique and has not yet formally given its approval to the firm for further spendings, sources said. Bharat PetroResources Ltd (BPRL), an exploration and production subsidiary of BPCL, had in August 2008 bought a 10 per cent stake […]
Punjab notifies VAT reduction on natural gas from 14.3 to 3%
In a move aimed at improving revenue generation significantly and reducing environmental pollution by encouraging industry to shift to natural gas, Punjab Government on Friday notified reduction in VAT (value added tax) on Natural Gas, in gaseous State other than compressed natural gas, from 14.3 to three per cent. With this, Punjab has become the […]
PYEA holds rally against Paradip pollution
Paradip is facing a grave problem of air pollution with iron, coal and gypsum dust circulating in air besides IOCL gas and other pollutants severely damaging the environment. In this connection, the Paradip Youth Engineers’ Association (PYEA) on Wednesday demonstrated against the growing pollution and took out a silence march to spread awareness from Atharbanki […]
Petrol, diesel prices fall again after a day of no change
After a day of no change, the prices of petrol and diesel fell again on Thursday, an Indian Oil Corporation (IOC) data revealed. The oil marketing companies reported no change in the price of petrol and diesel on Wednesday. According to the IOC website, the price of petrol fell on Thursday in Delhi, Kolkata, Mumbai […]
Govt eases rules for setting up petrol pumps
In the biggest reform in fuel retailing sector in almost two decades, the Government on Wednesday relaxed norms for setting up petrol pumps, allowing non-oil companies to venture into the business – a move that could help private and foreign firms to enter the world’s fastest-growing market. At present, to obtain a fuel retailing license […]
Reliance reports record quarterly net profit of `11,262 crore in Q2
India’s most valuable company Reliance Industries on Friday posted a record quarterly net profit of Rs 11,262 crore as a steady rise in the share of its consumer businesses of retail and telecom countered lower earnings from traditional petrochemical and refining segment. The oil-to-telecom conglomerate, led by richest Indian Mukesh Ambani, reported a net profit […]
RIL becomes first company to hit Rs 9L cr m-cap mark
Reliance Industries (RIL) on Friday added another feather to its cap by becoming the first Indian firm to hit the Rs 9 lakh crore market valuation mark in intra-day trade. The company’s market valuation zoomed to Rs 9,05,214 crore on the BSE during the day. However, at close of trade, the company’s market capitalisation (m-cap) […]
India’s fuel demand dips to lowest
India’s fuel demand slipped to its lowest in over two years in September after a fall in diesel and industrial fuel consumption negated the rise in petrol and LPG consumption. Consumption of petroleum products in September dropped to 16.01 million tonnes, its lowest since July 2017, from 16.06 million tonnes in the same month last […]
No Bangladeshis inside IOCL, declares IOCL
Apropos of a news story headlined ‘Bangladeshis residing within Paradip IOCL boundary walls’ published in The Pioneer on October 16, 2019, the Indian Oil Corporation Limited has raised an objection, saying it has never permitted any Bangladeshi national to stay inside the plant boundary. “Being a Central Government PSU, we always abide by the law […]
‘Reliance can hit $200 bn m-cap in 24 months’
Reliance Industries in 24 months can become the first Indian company to reach USD 200 billion market cap on the back of its new commerce venture and fixed broadband business, Bank of America Merrill Lynch said on Wednesday. In a report, the brokerage said the key drivers necessary for Reliance to breach USD 200 billion […]
13 die in LPG cylinder blast in Mau
Tragedy struck Mau when a massive explosion in an LPG cylinder in Mohamadabad locality of Walidpur left 13 people dead and over a dozen others critically injured. The impact of the blast early Monday morning was so powerful that a two-storey house occupied by three families collapsed while two adjoining buildings suffered extensive damage. Local […]