Category: Oil & Gas

NEW DELHI: State-owned Indian Oil Corp (IOC) will invest Rs 1,000 crore for raising its stake in Chennai Petroleum Corporation Ltd (CPCL), which will use the money for expanding operations. The Board of CPCL on Saturday decided to increase the authorised share capital of the company from Rs 400 crore (40 crore shares of Rs […]

Mumbai: Gujarat State Petronet has reported result for the fourth quarter and year ended March 31, 2015. The company has posted a fall of 26.65% in its net profit at Rs 67.09 crore for the quarter ended March 31, 2015 as compared to Rs 91.46 crore for the same quarter in the previous year. However, […]

New Delhi : Chennai Petroleum Corporation Ltd (CPCL), an Indian Oil Group company, today reported over seven-fold rise in net profit at Rs 364.57 crore for the fourth quarter ended March 31, 2015. The Chennai-based company had reported a net profit of Rs 49.81 crore during the corresponding period of the previous year, CPCL said […]

NEW DELHI: Indian Oil Corp (IOC) will invest Rs 1,000-1,500 crore to raise its stake in Chennai Petroleum Corporation Ltd (CPCL), which will be used by the south Indian refiner to expand operations. The state-owned refiner will make the investment by buying fresh shares of CPCL through a proposed private placement, sources said. The firm […]

SINGAPORE: Indian refiner Hindustan Petroleum Corporation Limited (HPCL) has bought 2 million barrels of Basra Light at the highest premium in years for the Iraqi crude, traders said on Friday. HPCL bought the crude from BP via a tender at $1.40 a barrel above the grade’s official selling price (OSP), which will load in June, […]

KUALA LUMPUR : Malaysian state energy firm Petronas said on Friday it will announce a “conditional” final investment decision on its proposed liquefied natural gas export terminal in Canada in the coming weeks. This comes after the company reached a deal with British Columbia related to project on Wednesday. “With this recent development, we are […]

NEW DELHI: Reliance Industries and its partner BP plc have surrendered two more oil and gas blocks, reducing their tally to four exploration acreages from 21 they held four years back. “During the year, RIL opted to relinquish two blocks KG-DWN-2003/1 and CY-PR-DWN-2001/3 as part of the ongoing effort to high grade its upstream asset […]

LONDON: Global oil benchmark Brent needs no major changes, the head of trading at oil major Royal Dutch Shell said on Wednesday. There was no need to add Russian Urals crude to the stream of grades that determine Brent, Mike Muller said. Fast falling production in the North Sea has triggered discussions how to strengthen […]

NEW DELHI: There’s no reprieve in sight for Reliance Industries Ltd on its ongoing dispute with the government on investments the company has made in the Andhra offshore field. The Public Accounts Committee, which examines the federal auditor’s reports, is likely to accept the Comptroller and Auditor General’s findings on the company’s contracts with the […]

TURKMENBASHI: Turkmenistan, which owns the world’s fourth-largest natural gas reserves, expects foreign companies to invest more than $3 billion in projects on its part of the Caspian Sea shelf this year, a Turkmen government official said on Wednesday. This figure compares with the more than $2.5 billion invested in the Turkmen sector of the sea […]

Singapore : Indian Oil Corp (IOC) is seeking a total of 15,500 tonne of jet fuel and superior kerosene for June 15-17 arrival at Chennai and Vasco in Goa, likely the third time this year the state-owned refiner is looking to import middle distillates. IOC is seeking 5,000 tonne of jet fuel, to be co-loaded […]

KUALA LUMPUR: A 40 per cent drop in oil prices over the last year has shaken up the energy sector, forcing companies to re-evaluate projects worth billions of dollars and sift through balance sheets to cut costs, executives said this week at a conference in Malaysia. Companies are also looking at forming alliances to reduce […]