Reliance Industries’ earnings growth is starting to be de-risked, amid improving earnings growth clarity, better refining margins, lower tax rate, and cheaper gas feedstock costs, global brokerage Morgan Stanley said noting that company’s tax liability will reduce by 4 percentage points following cut in the corporate tax rate. The shares of Reliance Industries surged as […]
Category: Oil & Gas
UK says Iran responsible for attack on Saudi oil facilities
Britain has concluded that Iran was responsible for attacks on oil facilities in Saudi Arabia, UK Prime Minister Boris Johnson said Sunday. He said the UK would consider taking part in a US-led military effort to bolster the Gulf kingdom’s defenses, while Iran’s president announced plans for a rival Iranian-led security coalition. The UK Conservative […]
Petronet to invest $2.5 bn in Tellurian Inc for 5 m tonns of US LNG
India’s largest LNG importer Petronet will invest $2.5 billion for nearly 20 per cent equity stake in US energy major Tellurian Inc’s Driftwood project to negotiate the purchase of 5 million tons of gas per annum. The Houston-based Tellurian and Petronet LNG Ltd (PLL) signed an MOU on Saturday under which the Indian company and […]
We are committed to meet India’s energy security needs: Saudi envoy
In the midst of disruption in global oil supply following the biggest-ever attacks on its oil installations, Saudi Arabia has said it is committed to meet India’s energy security needs and will work constructively with other oil producers to maintain market stability. Saudi Ambassador Dr. Saud bin Mohammed Al Sati, in an exclusive interview to […]
Markets eke out modest gains as oil prices cool; Fed rate decision eyed
Equity markets found firmer ground on Wednesday after two days of steep declines as easing crude oil prices and a recovering rupee shored up investor confidence. After a range-bound session, the 30-share BSE Sensex ended 82.79 points, or 0.23%, higher at 36,563.88. Similarly, the broader NSE Nifty gained 23.05 points, or 0.21%, to finish at […]
Rouhani says Yemenis attacked Saudi oil sites as ‘warning’
Iran’s President Hassan Rouhani said Wednesday Yemenis targeted Saudi oil facilities as a “warning” about a possible wider war in response to the kingdom’s US-backed intervention in their conflict-ravaged country. “The Yemenis… Haven’t hit a hospital, they haven’t hit a school, they haven’t hit Sanaa bazaar. They just hit an industrial centre… To warn you,” […]
Iran’s Rouhani says Yemenis attacked Saudi oil sites as ‘warning’
Iran’s President Hassan Rouhani said Wednesday Yemenis targeted Saudi oil installations as a “warning” about a possible wider war in response to the kingdom’s US-backed intervention in their conflict-ravaged country. “The Yemenis… Haven’t hit a hospital, they haven’t hit a school, they haven’t hit Sanaa bazaar. They just hit an industrial centre… To warn you,” […]
Ambani raises stake in Reliance Industries
Billionaire Mukesh Ambani has raised promoter stake in flagship Reliance Industries by 2.71 per cent to 48.87 per cent, according to regulatory filing by the company. Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore shares or 2.71 per cent stake in Reliance on September 13, it said. The […]
Oil holds most huge gains after Saudi attack, Fed moves into view
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 and raised […]
Oil prices jump as attack on Saudi plant jolts
Global energy prices spiked Monday by 15% after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record. It was an increase on par with the 1991 Gulf War and analysts said heightened tensions in the Middle East could keep prices elevated for the foreseeable future. […]
China opposes action against Iran after attacks on Saudi oil fields
China on Monday threw its weight behind Iran after the US blamed the country for the weekend drone attacks on major oil facilities in Saudi Arabia, saying that it is not fair to blame Tehran for the bombings without any conclusive probe. The attacks on Saturday targeted Abqaiq, the site of the largest oil processing […]
Saudi assures India of no oil supply shortage: Min
India, the world’s third-largest oil consumer, will not face any supply disruption after a reduction in production at its No. 2 supplier Saudi Arabia, Oil Minister Dharmendra Pradhan said on Monday. “Following the attacks on the oil stablization centres of @Saudi_Aramco, top executives of Aramco have been contacted,” he tweeted. “We have reviewed our overall […]