Ujjwala beneficiaries can get free domestic cooking gas cylinder till September

NEW DELHI : The Union cabinet on Wednesday approved an extension till end September for availing free cooking gas cylinders under the marque Pradhan Mantri Ujjwala Yojana (PMUY). The earlier announced Pradhan Mantri Garib Kalyan Yojana (PMGKY) package included providing women of 83 million below poverty line (BPL) families with free cooking gas cylinders for…

Why city gas distribution stocks are feeling low on energy

City gas distribution stocks are feeling the heat this week. Shares of Indraprastha Gas Ltd (IGL), Mahanagar Gas Ltd (MGL) and Gujarat Gas Ltd have declined in the range of 6-8% since Friday. Concerns over competition and the resultant adverse impact on profitability have weighed on investor sentiment. In a conference call with investors and…

Oil steady as virus infections rise but hopes for vaccine lends support

NEW YORK – Oil prices were little changed on Monday as coronavirus cases increased in many countries, though cautious investor optimism about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses. Brent crude was down 6 cents, or 0.1%, at $43.08 per barrel…

China’s record crude oil storage flies under the radar

LAUNCESTON: China’s refineries imported and processed record amounts of crude oil in June, and while these are undoubtedly bullish economic signals, it’s worth noting that flows into storage tanks were also likely at an all-time high. The massive amount of crude being stored in China may end up weighing on oil imports from August onwards,…

Israel approves pipeline deal to sell gas to Europe

JERUSALEM: The Israeli government on Sunday approved an agreement with European countries for the construction of a subsea pipeline that would supply Europe with natural gas from the eastern Mediterranean. The Eastmed pipeline, which has been in planning for several years, is meant to transport gas from offshore Israel and Cyprus to Greece and on…

Threat of tsunami lurks in offshore KG basin as geological faultline found: Study

Researchers from the University of Hyderabad (UoH), the National Institute of Oceanography (NIO) and the Oil and Natural Gas Corporation (ONGC) have discovered a geological faultline that could trigger a major coastal hazardous event in and around Visakhapatnam. The research team, comprising Prof K.S. Krishna and Dr M. Ismaiel from UoH, Dr K. Srinivas from…