Union Minister Nitin Gadkari Friday said tribals were being encouraged to accumulate non-edibile seeds for producing biofuel as the government looks to reduce dependence on crude oil imports. As India incurred a huge Rs 8 lakh crore bill on crude imports, tribals are being urged to accumulate non-edibile seeds like ‘ratanjot, saal and mohan’ for […]
Category: Oil & Gas
Oil & Gas
Oil slips as economic concerns counter tighter supply
Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand. Benchmark Brent crude oil was down 70 cents a barrel at $79.04 by 0830 GMT. U.S. light crude fell $1.15 to a low of $69.22 a barrel. The International […]
Petronet CEO gets 12.5 pc higher commission in FY18
Petronet LNG, India’s biggest liquefied natural gas importer, has paid a 12.5 per cent higher commission-on-profit to its chief executive Prabhat Singh and company directors in the fiscal year ended March 31, 2018. According to the company’s Annual Report for 2017-18, Singh was paid a commission of Rs 22.50 lakh over and above his remuneration. […]
IOC books Iranian oil imports for October; uncertain about future
Amid uncertainty over impending US sanctions against Tehran, Indian Oil Corp (IOC) has booked for import of usual monthly quantity of 0.75-0.8 million tonnes of crude oil from Iran in October but is unsure if the trade would continue thereafter, a senior official said. While India wants to continue importing Iranian oil, albeit a reduced […]
Oil prices rise on declining U.S. crude stockpiles, looming Iran sanctions
Oil prices rose on Wednesday after a report of a decline in U.S. crude inventories and looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global market. U.S. West Texas Intermediate (WTI) crude futures were at $69.93 per barrel at 0646 GMT, up 68 cents, or 1 […]
Rising fuel price: Delhi HC refuses to intervene, says it’s policy decision
Daily change in fuel prices was an “economic policy decision” of the central government and the courts must remain away from it, the Delhi High Court said Wednesday. A bench of Chief Justice Rajendra Menon and Justice V K Rao made it clear it was not inclined to interfere with the government’s decision, saying “there […]
State-run BPCL looks to shift LPG facility outside Mumbai refinery
State-run Bharat Petroleum Corporation (BPCL) looks to move out its liquefied petroleum gas (LPG) facility outside the Mumbai refinery location, as part of its efforts to strengthen safety measures at its facilities. Company officials also added similar options under consideration for its remaining refineries. “Will look at moving some of the related facilities to alternate […]
GAIL to expand gas pipeline network capacity by 50% in 3 yrs
GAIL India Tuesday said it will expand its pipeline network capacity by about 50 per cent by constructing 5,500-kilometers of new lines in the next three years. The state-owned company is also looking at setting up 400 CNG stations and giving out a record 10 lakh piped natural gas (PNG) connections to household kitchens, its […]
Petroleum prices rising due to global factors: ASSOCHAM
The major factor for rising prices of petrol and diesel is the global macro situation, said industry body ASSOCHAM but expressed hope the tax burden would be brought down to some extent. “It has been our stand that petrol and diesel should be brought under the Goods and Services Tax (GST). However, it may not […]
Government to sign OALP-1 contracts on September 24
The government is likely to sign on September 24 contracts for 55 oil and gas exploration areas awarded under India’s maiden open acreage auction OALP-1, people with direct knowledge of the development said. The signing of contracts with the winners of Open Acreage Licensing Policy (OALP) round-1 was initially scheduled for September 6 but it […]
Oil treads water as US crude inventories fall, but trade tensions weigh
Oil prices held steady stable on Friday, as the market balanced a fall in U.S. crude inventories to the lowest levels since 2015, with Sino-American trade tensions and economic weakness from emerging markets. US West Texas Intermediate (WTI) crude futures were at $67.78 per barrel at 0448 GMT, up just 1 cent from their last […]
BS-VI fuel to be available across India by April 2020: Dharmendra Pradhan
Union Minister Dharmendra Pradhan on Thursday assured the automobile industry of a steady supply of Bharat Stage-6(BS-6) emission norms compliant fuel by 2020. According to the Minister for Petroleum & Natural Gas and Skill Development & Entrepreneurship, the fuel will be available across the country from April 1, 2020. Pradhan was speaking at the 58th […]