Union Petroleum Minister Dharmendra Pradhan on Monday said the ministry was considering the bifurcation of GAIL, a step towards bringing transparency to India’s gas market.He also batted for a market-driven pricing mechanism by introducing a new tariff policy for natural gas soon. The government is planning to unbundle GAIL into two companies for gas transmission…
Oil was little changed on Friday and logged a first weekly decline since April as new US coronavirus cases spiked, stoking fears of a second wave of the virus hitting fuel demand. Brent settled at $38.73 a barrel, up 18 cents, while West Texas Intermediate (WTI) settled at $36.26 a barrel. Both benchmarks logged…
NEW YORK: Oil was little changed on Friday and logged a first weekly decline since April as new U.S. coronavirus cases spiked, stoking fears of a second wave of the virus hitting fuel demand. Brent settled at $38.73 a barrel, up 18 cents, while West Texas Intermediate settled at $36.26 a barrel, down 8…
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…
Petroleum and Natural Gas Minister Dharmendra Pradhan has promised strict action against those responsible for the blowout at a natural gas well of Oil India Limited (OIL) in eastern Assam’s Tinsukia district. He also assured the affected families of maximum compensation after the damage was assessed, even as foreign and Indian disaster control experts…
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…
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