Saudi Aramco’s bankers are seeing sufficient early demand to pull off the state oil giant’s initial public offering just three days after launching the deal, people with knowledge of the matter said. The IPO arrangers are indicating in private discussions that they already have nearly enough orders to cover the institutional portion of the deal, […]
Category: Oil & Gas
Oil & Gas
IOC, GAIL to pay Adani 5% more charge than their own LNG terminal: Dharmendra Pradhan
State-owned Indian Oil Corp (IOC) and GAIL India will pay Adani Group 5 per cent more in hiring charges for using the private firm’s upcoming LNG import facility at Dhamra in Odisha than their own similar terminal, Oil Minister Dharmendra Pradhan said on Monday. India’s largest oil firm IOC, which recently commissioned a 5 million […]
Moody’s affirms RIL’s Baa2 ratings with stable outlook
Moody’s Investors Service on Thursday affirmed Reliance Industries Ltd’s (RIL’s) Baa2 domestic long-term issuer rating and foreign currency senior unsecured rating. At the same time, Moody’s affirmed the Baa2 backed domestic currency senior unsecured debt ratings on the dollar-denominated bonds issued by Reliance Holding USA Inc with a guarantee from RIL. The outlook on the […]
GAIL Q2 net profit drops 35% YoY to Rs 1,167.6 cr; stock falls over 4%
GAIL, the state-owned natural gas processing and distribution company, on Friday posted a consolidated net profit of Rs 1,167.58 crore, down 34.7 per cent year-on-year (YoY) for September quarter of FY19. The company had posted net profit of Rs 1,788.98 crore in the year-ago period. Profit before tax (PBT) for the quarter under review came […]
NGC Energy to set up Rs 400 cr LPG import and storage unit at Krishnapatnam
NGC Energy, a joint venture between National Gas Company of Oman and Petredec India Pte Ltd, Singapore, is setting up an LPG import and storage terminal at Krishnapatnam Port at an investment of around Rs 400 crore. The Foundation Stone for the terminal was laid by Abdulla Suleiman Hamed Al Harthy, Chairman, NGC Energy today. […]
BPCL privatisation: Pradhan says no role of govt in business; competition to benefit consumers
Days before the Union Cabinet takes up a proposal to privatise state-owned BPCL, Petroleum Minister Dharmendra Pradhan on Thursday said the government has ‘no business to be in business’, and cited examples of telecom and aviation sectors where opening up had led to increased competition and price cuts to the benefit of consumers. Refusing to […]
HPCL’s Q2 profit drops by 4 pc to Rs 1,053 crore as refining margins plunge
Hindustan Petroleum Corporation Ltd (HPCL) on Thursday posted a standalone net profit of Rs 1,052 crore for the quarter ended September 30, down by 4 per cent compared to the same period of last fiscal year. For July to September 2018-19, it had reported a net profit of Rs 1,092 crore. Total income of the […]
Production sharing contract for Vedanta’s Ravva block extended by 10 years
The government has extended by ten years the production sharing contract for the ageing Ravva block in Andhra Pradesh, according to Vedanta, which operates the field. The contract will now be valid until 2029. The extension will enable the Joint Venture partners to recover about 13 million barrels of oil equivalent, Vedanta said in a […]
Karnataka: Gas leakage causes panic in Mangaluru, situation under control
A gas leakage was caused by a tanker after its cap lid opened suddenly in Uppinangady of Mangaluru-Bengaluru National Highway on Monday, causing panic among local residents. The local police along with Mangaluru Refinery and Petrochemicals Limited (MRPL) officials have reached the spot and have controlled the leakage situation. The tanker allegedly belonged to the […]
Oil block bid round under revamped rules almost flops; gets 8 bids for 7 blocks
India’s offer of seven oil blocks on revamped licence terms attracted just eight bids from state-owned firms including six single bids in the latest licensing round ignored by both private and foreign companies. The Directorate General of Hydrocarbons (DGH) in a statement said state-owned Oil and Natural Gas Corporation (ONGC) bid for all the seven […]
Aramco: The world’s most profitable company that pays surprisingly little
They run the world’s most profitable company, oversee one-tenth of global oil output and their decisions help shape the fate of a nation. Their paychecks, however, are a little less grandiose. Saudi oil giant Aramco is a cash cow for the kingdom, allowing the royal family to wield power with a drip-feed of petrodollars. For […]
Crude oil futures decline nearly 1 pc on weak global cues
Crude oil futures fell nearly 1 per cent to Rs 3,924 per barrel on Wednesday after participants reduced positions tracking a subdued trend in global markets. On the Multi Commodity Exchange, crude oil for delivery in November dropped by Rs 36, or 0.91 per cent, to Rs 3,924 per barrel with a business volume of […]