State run oil and gas explorer ONGC’s plan to merge its refining subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) with Hindustan Petroleum Corp Ltd (HPCL) has got delayed. The process is now expected to be complete by FY24. The merger was in the works with the aim of aligning ONGC’s upstream and downstream operations…
Mumbai: Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and US plans for a large stimulus package. Brent was down 83 cents, or 1.5%, at $55.59 by 1316 GMT, after gaining…
The Trump administration took another swipe at China and its biggest firms on Thursday, imposing sanctions on officials and companies for alleged misdeeds in the South China Sea and imposing an investment ban on nine more firms. The moves come just days before Trump steps down and President-elect Joe Biden takes office. Executives…
OPEC’s crude oil export revenues for 2020 could decline to $323 billion, the U.S. Energy Information Administration said in a new report, noting that this would be the lowest revenue level in 18 years.This would compare to $595 billion in oil revenues for 2019, the authority added. Unsurprisingly, the biggest chunk of OPEC’s…
OPEC, and especially OPEC+, has always seemed to be at odds with the U.S. shale industry. From the drastic oil embargos of the ‘70s to the all-out oil price war of 2020, OPEC policies have threatened to upend the United States’ use and production of crude. But the group’s latest policies may be a…
LONDON: Energean announced on Thursday it will develop a new natural gas field off the coast of Israel at an initial cost of $150 million.Energean also said it had signed an 18-month, $700 million loan facility with J.P. Morgan and Morgan Stanley to help fund the development and pay for the acquisition of a…
OSLO: A dozen workers at Norway’s Mongstad oil refinery could go on strike if an upcoming round of wage talks fails to result in agreement, Norway’s Safe labour union said on Friday. No date has yet been set for the negotiations, which will be led by a government-appointed mediator.In case of a protracted…
Venezuela is opening up to foreign investment in its oil industry, President Nicolas Maduro said this week, in a bid to reverse a catastrophic drop in its output under the weight of U.S. sanctions. Jorge Jraissati reported for Anadolu Agency this week that Maduro said in its annual accountability speech that Venezuela will…
India on Friday said all member states of the United Nations, including those lying beyond the tropics, can now join the International Solar Alliance (ISA) with an amendment to its framework agreement coming into effect recently. In pursuance of the vision of Prime Minister Narendra Modi for achieving the universalisation of the membership…
Energy and land connectivity, including the construction of a second fuel pipeline, were among key topics discussed by the foreign ministers of India and Nepal on Friday at their sixth Joint Commission meeting. External affairs minister S. Jaishankar and Nepalese counterpart Pradeep Kumar Gyawali also exchanged views on railway connectivity between the two…
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