Assam based Numaligarh Refinery Limited (NRL) stated that it is has received environmental clearance from the Ministry of Environment, Forest & Climate Change for the Refinery Expansion Project. NRL is planning to ramp up its capacity from 3 to 9 MMTPA (million metric tonnes per annum). The 27th Annual General Meeting of NRL was held […]
Category: Oil & Gas
Oil & Gas
Oil prices under five-month highs on weaker dollar, low US crude inventory
Oil prices slipped just below five-month highs on Thursday, with support from a weak dollar and falling US crude inventories undermined by bearish sentiment about fuel demand. Brent crude fell 7 cents to $45.10 a barrel by 0802 GMT, while US crude was down 25 cents at $41.94. The two benchmarks rose to their highest […]
Indian Energy Exchange plans minority stake sale in gas venture: CEO
Indian Energy Exchange Ltd. is in talks with strategic investors to sell a minority stake in its fledgling gas unit. The largest electricity trading platform in India may sell as much as 49 per cent in the venture in a series of deals, Rajiv Srivastava, chief executive officer of IEX said in an interview. The […]
BPCL tumbles over 6% on report it’s divestment may not happen in FY21
Shares of Bharat Petroleum Corporation (BPCL) tanked up to 6.4 per cent to Rs 391 apiece on the BSE on Tuesday after media reports said the divestment of government’s stake in the oil marketing company is unlikely to fructify in the current financial year. At 1:15 pm, the stock was trading 5.2 per cent lower […]
Shell profits plunge 82% as coronavirus pandemic hits energy demand
Royal Dutch Shell said Thursday that its second-quarter earnings plunged 82% as the COVID-19 pandemic slashed energy prices and demand. Shell reported that adjusted profit, which excludes one-time items and changes in the value of inventories, dropped to $638 million from $3.46 billion in the same period last year. Shell took a charge of $16.8 […]
Diesel to get cheaper in Delhi by more than Rs 8 per litre as govt cuts VAT
The Delhi Cabinet on Thursday decided to reduce value added tax (VAT) on diesel from 30% to 16.75%. This will reduce price of diesel in Delhi from Rs 82 to Rs 73.64, a deduction of Rs 8.36 per litre. The decision was taken at the cabinet meeting chaired by chief minister Arvind Kejriwal. Earlier, Kejriwal […]
Oil rises after surprise drop in US inventories offsets demand concerns
Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the US and elsewhere. Brent crude futures were up by 14 cents, or 0.3%, at $43.36 a barrel by 0326 GMT, after dropping […]
End game for oil? OPEC prepares for an age of dwindling demand
The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting […]
Oil edges higher on weaker dollar, but demand threats from US China tension
Oil prices edged higher on Friday on the back of a weaker US dollar, although demand concerns stemming from rising coronavirus cases and escalating US-China tensions kept a cap on prices. The dollar slid to 22-month lows against a basket of currencies. A weaker dollar usually ups buying of commodities priced in the greenback, like […]
Oil companies hold diesel, petrol prices for three consecutive days
Oil marketing companies decided to keep the pump prices of petroleum products petrol and diesel unchanged on Thursday. This is the third consecutive day when auto fuel prices have remained static after diesel prices were increased in the previous weeks on more than two occasions. With prices remaining unchanged, diesel continues to be priced at […]
Government likely to extend deadline for BPCL bidding for third time
The government is likely to extend the deadline for bidding for the privatisation of Bharat Petroleum Corporation (BPCL) for the third time in a row, from the current date of July 31. According to sources, the extension of the timelines for expression of interest (EoI) may well be until international airline services are back in […]
Crude oil prices rise on weaker dollar, high US stocks weigh
Oil prices rose on Thursday on the back of a weaker dollar NSE -0.15 %, but gains were capped by concerns about rising US oil inventories and a persistent surge in new coronavirus cases. Brent crude rose 35 cents, or 0.8 per cent, to $44.64 a barrel by 0837 GMT, while US West Texas Intermediate […]