The Pollution Control Board, Assam has slapped a fine of Rs 2.05 crore on PSU firm Oil and Natural Gas Corporation (ONGC) for allegedly violating an order by the Supreme Court and causing pollution to the environment. The board’s order was issued considering violation of environmental laws in six wells of the state-owned energy behemoth […]
Category: Oil & Gas
Oil & Gas
Saudi Aramco offers alternative crude oil grade to Indian Oil Corp
Saudi Aramco has offered Indian Oil Corp Arab Heavy crude oil instead of Arab Light following an attack on its oil facilities over the weekend, an industry source told Reuters on Tuesday. IOC will receive full allocated volumes from Saudi Aramco in September and October, the source said, declining to be named as he was […]
Oil prices surge after attack on Saudi facilities disrupts global supply
Oil prices surged more than 15 per cent to their highest level in nearly four months after an attack on Saudi Arabia’s oil facilities that knocked out more than five per cent of global oil supply. Brent crude futures jumped more than 19 per cent to a session high of 71.95 dollars a barrel at […]
Saudi Arabia assures India of no oil supply shortage: Oil Ministry
India, the world’s third-largest oil consumer, will not be hit by a reduction in production at its No. 2 supplier Saudi Arabia, the Oil Ministry said on Monday. “Yesterday (September 15), Saudi Aramco officials informed the Indian refiners that there would be no shortage of supplies to them. Ministry of Petroleum and Natural Gas is […]
BPCL jumps 7% on report govt mulls stake sale to global oil company
Shares of Bharat Petroleum Corporation Ltd gained 7 per cent to Rs 411.55 in Friday’s trade on the BSE on reports that the government is considering a plan to sell its stake to a global oil company. “India is considering a plan to sell the nation’s second-largest state refiner and fuel retailer to a global […]
3 injured in fire at UP HPCL plant; people in nearby areas asked to vacate
A fire broke out in an LPG plant of Hindustan Petroleum Corporation Limited here on Thursday, leaving three persons injured, officials said. Unnao district magistrate and police superintendent rushed to the spot and have asked people in adjoining areas to vacate their houses and shift to safer places. Fire tenders have been rushed from nearby […]
ONGC to invest Rs 13,000 crore in Assam to drill over 220 wells
The Oil and Natural Gas Corporation (ONGC) on Wednesday announced it will invest more than Rs 13,000 crore in exploring oil and gas by drilling over 220 wells across Assam in the next five years. The company said in a statement that it has signed an MoU with the Assam government for enhancing its exploration […]
Challenging times ahead for Indian Petrochemical Producers as olefins cycle set to weaken further, says ICRA
With the olefins cycle likely to decline further, domestic petrochemical producers are expected to face tough times going forward which in turn is bound to lead to subdued returns. As per an note on the industry, most Indian petrochemical players have enjoyed robust cash earnings over the past several years and their net debt levels […]
India grabs US crude set to arrive in China after tariffs
State-owned refiner, Bharat Petroleum (BPCL), has swooped in to buy American oil that was en route to China but due to arrive after new tariffs kicked in. BPCL bought one or two cargoes of US crude that were recently diverted from its original destination of China, Refineries Director R. Ramachandran said in an interview. He […]
BPCL, HPCL buy more gasoline to plug supply gaps
Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd continue to import gasoline to plug a persistent supply gap as their refineries undergo maintenance and upgrade to produce cleaner fuels. BPCL on Wednesday bought 20,000 tonnes of gasoline for Sept. 16-18 arrival at Kandla at premiums of about $4 a barrel to Singapore quotes on […]
Haldia Petrochemicals to invest Rs 50,000 cr in Tamil Nadu naphtha unit
Haldia Petrochemicals has signed an agreement to invest Rs 50,000 crore in Tamil Nadu. At the same time, Jean Martin, Aquil Systems, Scitus Pharma, Nurray Chemicals, Novitium Labs, and Jogo Health, among others, have agreed to invest around Rs 2,780 crore in the state. According to a Tamil Nadu government release, during Chief Minister K […]
Govt hikes ethanol procurement price for fuel blending
The government on Tuesday announced an increase in the price of ethanol procured by public sector oil marketing companies for one year starting December. The decision was taken by the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi. The price of ethanol derived from C heavy molasses has been increased from Rs […]