Category: Oil & Gas

India’s biggest oil refiner is betting on plastics as it seeks to diversify from an increasingly challenging fuels business. Indian Oil Corp. plans to add petrochemical plants to all of its future refinery expansions and boost existing output at its current facilities, Chairman Shrikant Madhav Vaidya said. Overall, less than 10% of the crude processed […]

Indian gas transporter GAIL (India) Ltd has cut supplies by about 40% to customers, mainly power and fertiliser companies, after a pipeline rupture led to a fire in an Oil and Natural Gas Corp plant, a company source said. GAIL supplies about 60 million standard cubic meters of gas through its northwestern pipeline grid to […]

Taking advantage of low prices in major oil-producing centres in Saudi Arabia and UAE, India has filled up its strategic crude oil reserves to meet its energy needs in times of emergency and saved a neat $685.11 million in the process. It bought crude oil at an average price of $19 per barrel to fill […]

Covid-19 pushed demand squeeze and fall in product prices, including that of fuel is unlikely to impact the profitability of oil marketing companies in the country as their net marketing margin on auto fuel is expected to surge in coming fortnight with expectation that it may remain at elevated levels for rest of the year, […]

Country’s largest oil marketing company Indian Oil Corporation proposes to leverage its growing petrochemical operations to expand textile business as it looks to diversify operations and offset risks associated with oil operations. At a recent Asia Pacific oil summit IOC chairman S.M. Vaidya reportedly said that petrochemical expansion is being targeted by the company as […]

India’s Petronet LNG bought a liquefied natural gas (LNG) cargo for delivery in November, two industry sources said on Monday. It bought the cargo which is for delivery to either Dahej or Kochi LNG terminal over Nov. 17-22 at about $4.80 per million British thermal units (mmBtu), they said. The cargo was purchased on a […]

India saved over Rs 5,000 crore when the country in April-May used two-decade low international oil prices to fill up its three strategic underground crude oil storages, Petroleum Minister Dharmendra Pradhan said on Monday. India, the world’s third-biggest oil importer, has built strategic storages in underground rock caverns at three places to meet any contingency. […]

Fitch Solutions has revised downward its forecast for fuel demand contraction in India to 11.5 per cent in 2020 in line with further deterioration in the country’s economic outlook. Its economists forecast India’s real GDP to contract by 8.6 per cent in the fiscal year 2020-21 (April 2020 to March 2021), down from -4.5 per […]

Oil prices were mixed in early trade on Thursday, just clinging to overnight gains, as concerns about weak fuel demand were in the frame again after Hurricane Sally blasted through the Gulf of Mexico into the southeastern United States. U.S. West Texas Intermediate (WTI) crude futures were flat at $40.16 a barrel at 0118 GMT, […]

This week marks the 60th anniversary of OPEC, the cartel of major oil exporters that has, at times, held sway over the oil markets. It is a good time to ask: Is it still effective? The truth is that OPEC’s power to impact the price of oil has waxed and waned over the past 60 […]

While the Narendra Modi-government has pinned hopes on BPCL privatisation to meet its FY21 disinvestment goal, rating agencies are not sure how the stake sale will play out on the balance sheet of the company. Fitch Ratings said that it continues to treat the potential divestment of BPCL as an ‘event risk’, in absence of […]

A committee under the Ministry of Environment has accorded ‘green signal’ for Chennai Petroleum Corporation Ltd to set up a nine million metric tonnes per annum (MMTPA) Cauvery Basin Refinery in Nagapattinam district of Tamil Nadu at an outlay of nearly Rs 33,000 crore. The CPCL is in the process of setting up a refinery […]