RIYADH : Saudi Aramco bought 2.1 billion Saudi Basic Industries (SABIC) shares on the Saudi stock market, Tadawul, on Sunday, according to a Reuters report quoting sources and market data.The acquisition was part of a deal agreed upon in 2019 with Saudi Aramco to buy 70 percent of the petrochemical giant, sources added. Four…
United Nations Secretary-General Antonio Guterres has told the Security Council in a report quoted by Reuters that cruise missiles used in attacks on Saudi oil facilities last year were of Iranian origin. Reuters said it had seen the report delivered by the UN chief and that several items recovered in U.S. seizures of weapons…
An OPEC+ monitoring panel will meet next week to discuss the ongoing record production cuts to see how laggards in compliance are doing with making up for flouting quotas, but will not be making any decisions regarding the collective cut that was just extended through the end of July, five OPEC+ sources told Reuters on…
BOGOTA, Colombia’s majority state-owned oil company Ecopetrol denounced on Sunday the sabotage of 31 wells at an oil field in the northeast of the country, which put the wells offline and led to oil being spilled.The acts of sabotage took place at Ecopetrol’s La Cira-Infantas oil field, near the city of Barrancabermeja, which produces around…
Hit badly by the lower crude oil price, state-run Oil and Natural Gas Corporation (ONGC) has sought a price assurance of $45 a barrel from the government. Owing to the lockdown and Covid-19 impact, the company has also cut its capital expenditure by over 15 per cent or Rs 5,000 crore for 2020-21. The…
Privatisation of any public sector bank (PSB) during the current fiscal is very unlikely due to their low valuations and mounting stressed assets amid the COVID-19 crisis, sources said. At present, four public sector banks are under the RBI’s Prompt Corrective Action (PCA) framework, which puts several restrictions on them, including on lending, management…
Union Petroleum Minister Dharmendra Pradhan on Saturday met Assam Chief Minister Sarbananda Sonowal and discussed the fire incident that took place at Baghjan gas well of Oil India Limited on June 9. During the meeting at the Sonowal’s official residence at Brahmaputra State Guest House in Guwahati, both Chief Minister and the Union Minister decided…
Kochi: The deadline for completing the city gas project is fast nearing. With just four months left, IOC-Adani Gas Private Ltd (IOAGPL) could give just around 1,900 piped natural gas (PNG) connections so far while the target was around 40,000 connections in five years starting October 14, 2015. This has resulted in a stalemate over…
New Delhi: Crude oil futures on Friday fell 0.26 per cent to Rs 4,180 per barrel in line with a weak trend in overseas market. Crude oil contracts for December delivery traded lower by Rs 11, or 0.26 per cent, at Rs 4,180 per barrel with a business volume of 16,649 lots on the Multi…
LONDON: Oil prices edged higher on Friday but were on track for their first weekly fall in seven as new U.S. coronavirus cases spiked, raising the prospect of a second wave hitting demand.Brent was up 20 cents, or 0.52 per cent, at $38.75 a barrel by 0926 GMT, having lost more than $1 earlier in…
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