Public sector oil marketing behemoth Indian Oil Corporation (IOC) will invest close to Rs 8 billion in a greenfield ethanol plant in Gorakhpur district of Uttar Pradesh. Interestingly, Gorakhpur is the pocket borough of chief minister Yogi Adityanath. The state cabinet yesterday approved the proposal to give 50 acres of the defunct Dhuriapar cooperative mill […]
Category: Oil & Gas
Oil & Gas
US threat in mind, OPEC urges members not to mention oil price in meetings
OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of US legal action for manipulating the market, sources close to OPEC said. Proposed US legislation known as “NOPEC”, which could open the group up to […]
Crude oil storage tanks by Punj Lloyd enter ‘Malaysia Book of Records’
Punj Lloyd-designed crude oil storage tanks for Petronas have made it to the listed in the Malaysia Book of Records. Diversified EPC conglomerate Punj Lloyd was awarded a contract worth Rs 35.15 billion (about $581 million) for the storage tank project from a subsidiary of Petroliam Nasional Berhad (Petronas) group. The order entailed construction of […]
India hopes to finalise partners for strategic oil reserves within a year
India hopes to forge partnerships with private players to build out its strategic petroleum reserves within the coming year, the head of Indian Strategic Petroleum Reserves Ltd (ISPRL) said on Monday. India’s government approved two strategic petroleum reserve (SPR) sites with a total capacity of 6.5 million tonnes in June. H. Ahuja, the chief executive […]
Saudi, Iraq to India’s rescue, to make up for oil shortfall from Iran
Indian oil companies like IOC have optional volumes built in their annual crude oil purchase contracts with suppliers like Saudi Arabia and Iraq that will be more than enough to make up for any shortfall in supplies from sanctions-hit Iran, senior officials said Monday. India had contracted to import about 25 million tonnes of crude […]
India buying Iran oil, Russian S-400 ‘not helpful’, reviewing carefully: US
India’s decision to continue buying oil from Iran after November 4 and purchase the S-400 Triumf air defence system from Russia is “not helpful” and the US is reviewing it “very carefully”, the State Department has said. The US is trying to cut off all oil imports from Iran following President Donald Trump’s decision in […]
India targets oil traders for $1.5 billion emergency oil reserve
India is seeking $1.5 billion of investments from global oil producers and traders to build additional emergency crude reserves that will act as a buffer against volatility in oil prices. The plan is to build underground caverns that can hold a combined 6.5 million tons of crude at two locations, Indian Strategic Petroleum Reserves Ltd. […]
OPEC’s Barkindo worried about spare oil capacity as investment falls
OPEC Secretary-General Mohammad Barkindo said on Thursday that oil producers are very concerned about spare output capacity amid a reduction in energy-industry investment, with crude prices rising recently on fears of a drop in Iranian supply. Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments […]
Oil prices dip as IMF lowers global growth outlook, Brent crude at $84.98
Oil prices edged down on Wednesday after the IMF lowered its global growth forecasts, but markets were supported as Hurricane Michael churned towards Florida causing the shutdown of nearly 40 per cent of US Gulf of Mexico crude output. Brent crude futures were down 2 cents at $84.98 a barrel by 0640 GMT, after a […]
Excise cut on fuel credit negative, fiscal deficit may go up 0.1%: Moody’s
The excise duty cut on petrol and diesel is credit negative for India as it will reduce government revenue and increase fiscal deficit by 0.1 per cent to 3.4 per cent of GDP in the year ending March 2019, Moody’s Investors Service said Tuesday. Also, the earning of public sector oil marketing companies (OMCs) would […]
IEA urges Opec to boost output as high oil prices threaten global economy
The International Energy Agency made a direct appeal to Opec and other major oil producers to boost output, warning that prices are inflicting damage on the global economy. “We should all see the risky situation, the oil markets are entering the red zone,” IEA Executive Director Fatih Birol said Tuesday. “We should try to comfort […]
No going back on fuel price deregulation, says Dharmendra Pradhan
Oil Minister Dharmendra Pradhan Monday said there was no question of going back on deregulation of fuel pricing despite the government asking state-owned firms to subsidise petrol and diesel by Re 1 per litre. Speaking at The Energy Forum here, he said international oil prices touching a four-year high of $ 85 per barrel is […]