Category: Oil & Gas

Manali Petrochemicals Ltd (Manali Petro), a part of SPIC Group, has chalked out a two-pronged strategy to accelerate growth by increasing revenue from outside India and improving balance the between commodities and value added. While the company is scouting for acquisitions, it is also focusing on the management team with global expertise and eyeing strategic […]

Public sector oil marketing companies have come to the rescue of flood-ravaged Kerala, assuring the state that there would be no letup in fuel supplies, including LPG, to help it tide over possible shortages. There are 2,020 fuel pumps in the state of which 280 have been totally submerged. As fuelling is an electrical operation, […]

Sudan has asked ONGC Videsh Ltd to withdraw its case against the African nation in an international arbitration court for recovery of over USD 400 million in unpaid oil dues, saying it is making efforts to mitigate the default. OVL, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), however, wants to […]

India’s Bharat Petroleum Corp Ltd will keep a secondary unit at its 120,000 barrels-per-day (bpd) Mumbai refinery offline for at least two months following a fire last week, two industry sources said on Friday. When contacted, a BPCL spokesman could not immediately confirm the duration of the shutdown, saying that a decision will be made […]

India’s crude oil import bill is likely to jump by about $26 billion in 2018-19 as rupee dropping to a record low has made buying of oil from overseas costlier, government officials said today. Besides, the rupee hitting a record low of 70.32 to a US dollar in the opening deal today will also lead […]

Japanese utilities and industrial companies are snapping up U.S. cargoes of liquefied petroleum gas (LPG) that are seeking a new home after Chinese buyers started to shun them amid an escalating trade war between Washington and Beijing. Taking in fuel that would otherwise be heading for China means Japanese imports of U.S. LPG are set […]

Indraprastha Gas Ltd, the firm that retails CNG in national capital and adjoining cities, today reported a 9 per cent rise in its first quarter net profit at Rs 175.89 crore. The company had a net profit of Rs 161.26 crore in April-June 2017. In a regulatory filing, IGL said CNG sales were up 21 […]

Prime Minister Narendra Modi today blamed previous governments for not taking the ethanol blending programme seriously and said now its production will triple to 450 crore litres in the next four years, leading to import savings of Rs 12,000 crore. “Ethanol blending programme was started during Vajpayee government. But previous governments did not take ethanol […]

GAIL India Ltd, the country’s largest natural gas marketer, on Friday reported a 23 per cent rise in its April-June quarter net profit on better margins in gas trading and petrochemicals business. Net profit of Rs 12.59 billion in the first quarter of 2018-19 fiscal was higher than Rs 10.26 billion in the same period […]

Oil prices fell on Friday on concerns that global trade disputes will slow economic growth and demand for fuel, but losses were limited by U.S. sanctions against Iran which look set to tighten supply. Benchmark Brent crude oil was down 30 cents a barrel at $71.77 by 0845 GMT. U.S. light crude was 30 cents […]

In order to speed up production from the areas lying idle for years, the government has kicked off bidding process for the second round of discovered small fields (DSF-II). In this round, 59 marginal hydrocarbon discoveries holding resources worth Rs 1 lakh crore have been put up for auction as compared with Rs 34,600 crore […]

Oil inched up on Thursday, paring some of the previous day’s steep price slide, after the first round of U.S. sanctions against Iran came into effect, although confidence in crude demand has been hit by the escalating China-U.S. trade dispute. Brent crude futures were up 14 cents at $72.42 barrel by 0855 GMT, after having […]