NEW DELHI, After oil, India may now build strategic reserve of natural gas to further strengthen the country’s energy security and shield itself from supply disruptions and frequent price fluctuations coming from perennial political risks in the prime energy supplying countries in the Middle East and Africa. The reserve will also help the…
NEW DELHI: India’s HPCL-Mittal Energy Ltd (HMEL), part-owned by steel tycoon L N Mittal, will shut its 226,000 barrels per day (bpd) Bathinda refinery in northern Punjab state for about 40 days from end-January for maintenance, two sources said. During the shutdown HMEL will also carry out work to be able to hook…
The insurance regulator is in talks with the petroleum ministry to see if fuel pumps and cooking gas agencies can be used for selling simple insurance products. This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India (Irdai). “The motive is to…
Middle East crude benchmarks Oman and Dubai strengthened slightly on Thursday as more Asia-buying interests emerged, while demand concerns lingered.India’s IOC IOC.NS closed two spot tenders to buy sweet and sour crude with bids valid till later on Thursday. The results of Pertamina’s crude purchase tenders, closed earlier this week, were not yet…
Indians pay among the highest prices for petrol globally, because of taxes, even as oil is close to multi-year lows. How can these two extremes be aligned? The ongoing turmoil in the oil markets due to the pandemic and under-utilised supply presents a long-term opportunity for India to secure its energy future. Simply,…
Prime Minister Narendra Modi on Tuesday set out his government’s energy roadmap, envisaging more than double the share of cleaner natural gas in the consumption basket, diversifying sources of energy, connecting the nation with one gas pipeline grid and bringing affordable fuel to people and industry. Inaugurating a 450-km natural gas pipeline between…
Asia had the highest crude oil refinery capacity under maintenance (both planned and unplanned) globally in 2020. The region had a refining capacity of 11,524 thousand barrels per day (mbd) under both planned and unplanned maintenance in 2020, according to GlobalData, a leading data and analytics company. The company’s report: ‘Global Crude Oil…
India on Wednesday welcomed the restoration of diplomatic ties between Qatar and four other Arab countries that had imposed an embargo on it in 2017, saying such a move would give a boost to peace and stability in the region. Saudi Arabia’s foreign minister Prince Faisal bin Farhad said on Tuesday that Bahrain,…
India in no hurry to seek US nod for oil supplies from Iran, VenezuelaNew Delhi: India may not push for resumption of oil supplies from sanction-hit Iran and Venezuela once the Joe Biden administration take charge in the US but would rather wait for it to clear its stand on the issue before making…
There is growing consensus that India could see GDP growth as high as 9% in 2021 as New Delhi steps up efforts to bring the economy out of the painful period witnessed in 2020 due to the pandemic. And some of the initial indicators — such as vehicle sale numbers and industrial output data…
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