Category: Oil & Gas

Shares of Gujarat Gas gained 5 per cent and hit a fresh all-time high of Rs 324 on the BSE on Tuesday after the oil regulator sanctioned the transfer of two geographical areas (GAs) from Gujarat State Petronet to the company. “The Petroleum and Natural Gas Regulatory Board (PNGRB) vide letter dated June 29, 2020 […]

India Ratings and Research (Ind-Ra) on Monday downgraded Haldia Petrochemicals Ltd’s (HPL’s) long-term issuer rating to AA-minus from AA while resolving the rating watch negative (RWN). The outlook is negative, it said. In March, HPL signed an agreement to acquire Lummus Technology — a technology player in the petrochemicals and refinery segments that has been […]

Oil prices rose on Friday, extending gains on optimism about a recovery in fuel demand worldwide, despite a surge in coronavirus infections in some US states and signs of a revival in US crude production. US West Texas Intermediate (WTI) crude futures gained 57 cents, or 1.5%, to $39.29 at 0431 GMT but were on […]

Diesel price for the first time in living memory crossed the rate of petrol in the national capital on Wednesday when prices were raised for a record 18th day in a row. According to a price notification of state oil marketing companies, petrol price was unchanged after 17 consecutive increases, while diesel rates were increased […]

Reliance Industries (RIL) became the first Indian company to be valued at $150 billion on Monday with the stock hitting a fresh all-time high of Rs 1,804 on the BSE. Over the past three months, the RIL stock has doubled – from a low of Rs 883.85 hit on March 23 as compared to a […]

State-run ONGC is looking at opportunities for optimising its capital and operational expenditures as the coronavirus pandemic has impacted the progress of its projects. “The short term liquidity position was managed by raising short term borrowings to the extent required. The onset of Covid-19 itself will impact project progress to some extent and the Company […]

Larsen & Toubro’s hydrocarbon arm has signed a memorandum of understanding with US-based engineering company KBR for construction of modular process plants for refinery and petrochemicals projects. KBR and L&T Hydrocarbon Engineering (LTHE) will collaborate to develop business opportunities for refineries and petrochemical units, the Indian engineering major said Monday. “Through this MoU with KBR, […]

Diesel price on Saturday hit a record high after rates were hiked by 61 paise per litre while petrol price was up 51 paise, taking the cumulative increase in rates in two weeks to Rs 8.28 and Rs 7.62 respectively. Petrol price in Delhi was hiked to Rs 78.88 per litre from Rs 78.37, while […]

Diesel prices soared to a record on Friday while petrol prices rose to their highest in 19 months after state oil companies increased rates for the thirteenth time in as many days. Diesel has climbed to Rs 77.06 a litre in Delhi and Rs 75.53 in Mumbai. Petrol prices have risen to Rs 78.37 a […]

UK energy major BP plans to hire 2,000 staff for a global business services centre it plans to set up in Pune. The centre, slated to begin operations by January 2021, will provide business processing and advanced analytics capabilities in support of BP’s businesses worldwide, according to a company statement. The new centre will begin […]

After announcing asset sale worth $14 billion and completing a $7 billion rights issue in the past two months, Reliance Industries Ltd’s next leg of debt reduction will be driven by its energy business as cash flows is likely to exceed expectations, a report said on Tuesday. “Deleveraging has played out faster than expected, fuelling […]

Fuel demand has sharply improved in the first fortnight of June as factories, offices and shops reopened across the country and more vehicles came on the road with the easing of the lockdown. However, sales are yet to recover to normal levels but are far better than the lockdown months of April and May. The […]