RIO DE JANEIRO – As Brazil’s state-controlled Petrobras rapidly boosts oil output and exports, executives are looking to a new market: India. In an interview as part of the Reuters Commodity Trading Summit, Chief Executive Roberto Castello Branco said that crude sales to China – an increasingly vital export market for Brazilian oil…
NEW DELHI: India’s fuel demand has almost recovered to pre-COVID-19 levels and the nation will experience the fastest growth in energy consumption among all large economies in the coming decades, oil minister Dharmendra Pradhan said on Monday. In October local sales of gasoline, gasoil and cooking gas in India, the world’s third biggest…
India has invited global firms to invest in its strategic petroleum reserves (SPRs) as the nation’s energy consumption growth would be fastest among large economies in coming decades, oil minister Dharmendra Pradhan told a conference on Monday.India’s share in global energy consumption is set to rise from 7% to 12% in 2050, Pradhan told…
Oil sector regulator PNGRB has given up to eight-and-a-half months of extra time to companies such as Indian Oil Corporation (IOC), GAIL and Adani Gas to fulfil their city gas project rollout commitments that had been impacted by COVID-19 lockdowns. On November 5, the Petroleum and Natural Gas Regulatory Board (PNGRB) issued…
GUWAHATI: A National Green Tribunal (NGT) panel set up to probe into the blowout at Baghjan in Assam’s Tinsukia district on Tuesday submitted a report saying that Oil India Limited (OIL) was operating the oilfield without the mandatory environmental clearance when the incident took place. On May 27, OIL’s Well No. 5 experienced a…
The board has approved proposal to buyback 10 crore shares, which represents 6.56% equity share, at ₹250 per share.The buyback price is at premium of 34% to HPCL stocks’ closing price on 4 November. On Wednesday, HPCL’s scrip on NSE closed 0.83% higher at ₹187.20.HPCL’s standalone net profit more than doubled during the September…
They have spent a combined Rs 31,956 crore in the six months through September 2020, 32.4 percent of the capital expenditure of Rs 98,522 crore targeted for H1/FY21. Indian Oil Corporation (IOC) has has spent only 28.6 percent of its planned capex of Rs 26,233 crore. The company is managing multiple projects, including product…
Nayara Energy, a new-age integrated downstream energy company, signed a tripartite memorandum of understanding (MOU) with the Foundation for Innovation & Technology Transfer (FITT), IIT-Delhi and Gexcon to further progress development and implementation of process safety and risk management standards in the manufacturing industry. The MOU will enable Nayara Energy to advance its operational…
U.S. oil prices jumped more than 2% on Wednesday after industry data showed crude inventories in the United States dropped sharply and as investors awaited results from the tumultuous presidential election. West Texas Intermediate CLc1 was up $1.01, or 2.7%, at $38.67 a barrel by 1138 GMT Tuesday, after gaining more than 2% in…
Oil managed to stage quite a recovery yesterday, with the market closing higher on the day after it was down more than 5% in early trading in Asia. Strength has continued in early morning trading today. The catalyst for the move was the Russian energy minister, who yesterday met with domestic oil companies to…
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