Anil Agarwal-owned Vedanta Resources (VRL), which has hired Standard Chartered Bank to raise funds for its Konkola copper mine assets, says it is engaging with several potential partners for both short-term funds and long-term equity financing for the Zambian project. A Vedanta official said its commitment to optimising capital allocation and driving expansion is a […]
Category: Oil & Gas
Oil & Gas
Brokerages reiterate Buy on Reliance Industries despite muted profit- Read to know why
The broking firm Motilal Oswal has maintained the rating and target price on the stock of Reliance Industries. However, it said that the company might see some pressure in oil to chemicals earnings in the first quarter of FY25 as volume is expected to be muted sequentially. It has a “Buy” rating, with a target […]
TotalEnergies signs deal with Oman to build LNG hub, eyes marine fuel mkt
Oman LNG and TotalEnergies, one of its shareholders, have signed a sale and purchase agreement to supply 800,000 metric tons per year of liquefied natural gas, the companies said on Monday. TotalEnergies, which owns 5.54 per cent of Oman LNG, will be supplied by the company for 10 years from 2025, they said in separate […]
Hindustan Petroleum to set up a global oil trading desk
State-run Hindustan Petroleum Corp. Ltd (HPCL) plans to set up an international oil trading desk, a company official said. The company is currently in the process of finalizing the location. Hindustan Petroleum Corporation Limited (HPCL) is executing the Visakh Refinery Modernisation Project (VRMP) to modernize and enhance capacity … Post modernization, the refinery will produce […]
Russia squeezes Mideast, OPEC shares in India’s oil mkt to historic lows
Russia became the top oil supplier to India during the fiscal year 2023/24 for a second year in a row, squeezing the market share of Middle Eastern and OPEC producers to historic lows, ship tracking data from industry sources showed. New Delhi has been gorging on Russian oil sold at a discount after Western nations […]
India’s oil import bill hits $10.7 billion in March, up from $9.8 billion last year
India’s indigenous crude oil and condensate production in March 2024 reached 2.5 million metric tons (MMT), marking a 2.02% increase from March 2023, according to data from the Petroleum Planning and Analysis Cell (PPAC). Oil India Limited (OIL) reported production of 0.3 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT, and production under […]
GAIL to commission its first green hydrogen project in April
State-run natural gas company GAIL (India) Ltd plans to commission its first green hydrogen project in central India in April, three company sources said. The 10-megawatt proton exchange membrane electrolyser for the green-hydrogen producing unit at the Vijaipur complex in Madhya Pradesh state has been imported from Canada, they added. “Once the initial hiccups are […]
Noida International Airport, BPCL ink deal for 34-Km ATF pipeline to enhance fuel efficiency, reduce emissions
In a significant move towards enhancing operational efficiency and reducing environmental impact, Noida International Airport (NIA) has teamed up with Bharat Petroleum Corporation Limited (BPCL) to establish a dedicated aviation turbine fuel (ATF) pipeline. The pipeline, stretching 34 kilometers from BPCL’s Piyala Terminal to NIA’s tank farm, was formalized through an agreement signed on Monday. […]
Govt raises windfall tax on petroleum crude to Rs 9,600 per MT from Apr 16
The Indian government has raised its windfall tax on petroleum crude to 9,600 rupees ($114.99) a metric ton from 6,800 rupees with effect from April 16, the government said on Monday. The tax, which is revised every fortnight, will remain unchanged at zero for diesel and aviation turbine fuel. The government had on April 4 […]
Oil demand growth slows to 1.6 mb/d, non-OPEC+ set to boost output by 1.6 mb/d in 2024: IEA
Global oil demand growth is losing momentum, increasing by only 1.6 million barrels per day (mb/d) in the first quarter of 2024, down 120,000 barrels per day (kb/d) from previous forecasts, due to weak deliveries in OECD countries, the International Energy Agency (IEA) said in its monthly report. The IEA projects further deceleration in demand […]
India braces for summer heat: Gas-based power stations set for full operation
In a move to address the anticipated surge in electricity demand during the 2024 summer season, the central government has mandated the activation of gas-based power plants across the country. Under Section 11 of the Electricity Act, 2003, which allows the government to direct power stations to operate under extraordinary circumstances, these plants are to […]
Shell sees significantly lower Q1 LNG trading results
Shell said on Friday it expects significantly lower results from its liquefied natural gas trading business in the first quarter of 2024 compared with the previous three months. In an update ahead of quarterly results on May 2, Shell also said its oil trading results are expected to be significantly higher than the last quarter […]