In a first, India’s biggest LNG importer Petronet on Tuesday said it is close to signing a long-term LNG deal benchmarked to daily or spot prices, which generally are lower than standard rates of such contracts. India bought liquefied natural gas (LNG) under long-term contracts from Qatar and Australia at an average of USD 3.5-4.5…
Gujarat State Petronet announced that Petroleum and Natural Gas Regulatory Board (PNGRB) has vide its Letters dated 29 June, 2020, accepted the proposal made by the Company to transfer the Authorizations for developing City Gas Distribution (CGD) Network in the Geographical Areas of Amritsar District and Bhatinda District to Gujarat Gas (GGL). GGL is required…
The Indian Oil Corporation, National Thermal Power Corporation, and South Delhi Municipal Corporation (SDMC) on Tuesday signed an MoU to develop a waste-to-energy facility at Okhla landfill site using gasification technology. This plant will process 17,500 tons per annum of Refuse Derived Fuel (RDF) produced from combustible components of municipal waste to generate syngas which…
State-owned Indian Oil Corp (IOC) on Tuesday said it has set up a joint venture with Bangladesh’s RR Holdings Ltd for LPG business in the neighbouring country. “IOC Middle East FZE, Dubai, a wholly-owned subsidiary of IOC, and RR Holdings Ltd, Ras Al Khaimah, UAE, the holding company of Beximco LPG of Bangladesh, signed an…
NEW YORK: Oil prices edged higher on Monday, after bullish data from Asia and Europe, but sharp spikes in new coronavirus infections around the world tempered gains.Brent crude rose 30 cents, or 0.7 per cent, to $41.32 a barrel by 11:12 a.m. EDT (1512 GMT). US crude rose 44 cents, or 1.1 per cent, to…
Oil prices that had been declining in the morning, the day erased losses and began to rise.Investors shifted attention to the prospects for economic recovery and hopes for new monetary stimulus after the people’s Bank of China (PBOC) promised to use new monetary policy tools to maintain adequate liquidity, Trading Economics writes. The cost of…
In Dubai on Friday, the temperature reached 40 Celsius, nothing surprising for this time of year. Yet Verkhoyansk in Siberia, north of the Arctic Circle, hit 38 degrees, an Arctic record. This shocking occurrence, in one of the coldest places in the world during winter at -50 degrees, warns the petroleum industry that rapid, transformational…
China’s state-owned oil companies—Sinopec, CNOOC, PetroChina, and Sinochem—are discussing an arrangement to buy crude oil together instead of individually, to avoid bidding wars and gain more bargaining power, unnamed sources in the know told Bloomberg. The group has already secured the support of the central government and its first step as a collective buyer would…
Oil and gas company BP has sold its global petrochemicals business to Ineos for $5 billion, part of its plan to shift activities to renewable sources of energy. The company said in a statement Monday that the overlap of the petrochemicals business with the rest of the company is “limited” and that it takes “considerable…
TUNIS, A tribal leader in Libya’s oil-producing region on Monday indicated tribes there were ending a blockade on output and exports, saying “we opened the oil”, and have handed authority to eastern-based forces to negotiate a restart in production. However, some other tribal leaders in the region did not take part in the issuing of…
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