HPCL to invest ₹12000 crore in capital expansion this fiscal

MUMBAI : State-run Hindustan Petroleum Corporation Ltd (HPCL) will invest ₹12000 crore in capital expansion during the current fiscal. The refiner said it has not revised its capex downward despite the covid-19 impact on the company. “We are would be spending ₹12000 crore towards capital expenditure. For new projects, we will be prioritizing or phasing…

Refining capacity to double to 500 mt by 2030, says Dharmendra Pradhan

India aims to double its refining capacity to 450-500 million tonnes (mt) in the next 10 years, said Union petroleum and steel minister Dharmendra Pradhan on Tuesday. The country has already planned the world’s largest refinery in the western coast, on which work will start soon, said Pradhan. The $44-billion west coast refinery project, with…

Hedge funds wait for signs of cyclical recovery in oil: Kemp

LONDON, Hedge fund managers show little directional conviction on petroleum prices after crude futures doubled between late April and early June, suggesting most now see upside and downside risks as finely balanced. For the second week running, fund managers made no significant changes in their positioning in any of the six most import futures and…

Russian oil Urals causes in Asian countries increased interest

Refiners in the Asia-Pacific region (APR) are showing increased interest in Russian oil Urals in the face of declining offers moderate alternative raw materials from the Middle East due to the OPEC agreement, according to the Agency Argus.Given the limited oil requirements of European companies that are major buyers in the Urals, the APR becomes…

Mexican president says he would sell gasoline to Venezuela for humanitarian needs if asked

Mexican President Andres Manuel Lopez Obrador said on Monday he would sell gasoline to Venezuela for “humanitarian” reasons if asked to, despite U.S. sanctions on the South American country and its state-run oil firm, PDVSA. Lopez Obrador said he had not received such a request from the Venezuelan government. President Donald Trump’s administration wants to…

Saudi Aramco cuts July crude supplies to at least 5 buyers in Asia

SINGAPORE: World’s largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday.The cuts were mainly for medium and heavy grades and were seen at refineries in countries such as China, the sources with knowledge of the matter…

Cry for ‘satisfactory’ aid in well zone

Residents of Baghjan in Tinsukia district of Assam on Monday staged a dharna for six hours demanding immediate compensation to those affected by the blowout and subsequent fire at a Oil India Limited gas well, a day after chief minister Sarbananda Sonowal promised a development package and “maximum compensation” and action against those found guilty…

Coronavirus onslaught delays Kanchan well drilling

The onslaught of coronavirus is delaying drilling of an exploratory well by India’s ONGC Videsh Ltd, or OVL, at Kanchan under shallow sea block SS-04.The Indian firm has already informed state-run Petrobangla about the novel coronavirus issue and cited it as the cause for delay in initiating the drilling programme. Earlier, a dispute over advance…