Category: Oil & Gas

Manoj Jain, chairman and managing director of national gas major GAIL, has been appointed as chairman of the city gas distributor Mahanagar Gas Ltd as well. Jain took over as the chairman of Mahanagar Gas Ltd (MGL) on May 6, the company said in a statement on Thursday. On Thursday, PTI reported that Jain had […]

India has decided to take advantage of the low oil prices in major producing centres in Saudi Arabia and the UAE to top up its strategic oil reserves created to meet the emergency in times of exigencies, two government officials privy to the information said. It has decided to buy oil worth Rs 5,000 crore […]

Saudi Arabia said the government will cut spending by 5%, or about $13.3 billion, to offset the impact of plunging oil prices and the effects of the new coronavirus on its economic outlook and deficit. In a statement carried by the state-run Saudi Press Agency late Wednesday, Finance Minister Mohammad Al-Jadaan said additional measures would […]

Congress leader Adhir Ranjan Chowdhury on Tuesday attacked the government in Lok Sabha over hike in excise duty on petrol and diesel saying that an effort was being made to run the government by adversely impacting the pockets of people. Raising the issue in zero hour, Chowdhury said that the international price of crude was […]

State-owned Indian Oil Corp (IOC) on Friday declared an interim dividend of Rs 4.25 per share, which will give the government Rs 2,060 crore. “The Board of Directors of the company at its meeting held today (Friday) has declared an interim dividend of 42.50 per cent i.e. Rs 4.25 per equity share of face value […]

At least in the oil sector, the global health emergency posed by the spread of the novel Coronavirus and Saudi Arabia declaring a price war, is coming to India’s advantage. India oil import bill is expected to fall by a sharper 10 per cent in FY20 as the increasing spread of Coronavirus and now the […]

The NCLAT has upheld the fair trade regulator CCI’s order, holding Adani Gas Limited (AGL) “guilty of of abuse of dominant position” while supplying piped natural gas to industrial customers in Faridabad. However, a two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya reduced the quantum of penalty from four per cent of the […]

Oil prices rose more than 1 per cent on Thursday, recouping losses from the previous day on a smaller-than-expected rise in crude oil inventories in the United States, although the gains were capped by uncertainties over cuts by major oil producers. Brent crude rose by 78 cents, or 1.5 per cent, to $51.91 per barrel […]

Coronavirus has not had any effect on oil or gas production in Iran, the deputy head of the National Iranian Oil Company (NIOC) said on Wednesday, according to the Tasnim news agency. “The production and distribution of Iran’s oil and gas is being carried out without any effect from the outbreak,” Farokh Alikhani was quoted […]

Indian Oil, which has picked up a minority stake in high-tech battery maker Phinergy earlier this month, is in talks with leading domestic electric vehicle makers to start field trials for the metal-air batteries that the Israeli company specialises in. Indian Oil chairman Sanjiv Singh has also said they will soon form a joint venture […]

India’s annual refined fuel demand is expected to rise 3.1% in the next fiscal year to March 2021 from the projected 1.3% in this year, according to government data, pointing to a possible economic recovery in the South Asian nation. India’s economy expanded at its slowest pace in more than six years in the last […]

India’s leading power trading platform Indian Energy Exchange (IEX) launched its natural gas trading platform last week. Called the Indian Gas Exchange (IGX), it is now looking for trader members and gas buyers. This even as the Petroleum and Natural Gas Regulatory Board (PNGRB) is yet to come out with guidelines for gas trading. IGX […]