Metal baron Anil Agarwal has upped the ante in oil sector with submission of expression of interest (EoI) for BPCL. Agarwal’s move comes while Reliance Industries Chairman Mukesh Ambani soft pedals the game in fossil fuel. Agarwal has a high chance of winning the race for BPCL since the government has received just three…
Jaipur: Chief minister Ashok Gehlot on Wednesday constituted a cabinet sub-committee under him to review the progress of the Barmer refinery so that the ambitious project could be completed on time. The other members of the committee are PHED and energy minister Dr BD Kalla, UDH minister Shanti Dhariwal, industry minister Parsadilal Meena, mines…
Addressing the India Energy Forum meet by CER AWeek, the company’s chief executive officer Bernard Looney said, “GST has been a very welcome federal initiative to ease trade in India. We believe it would make sense to incorporate gas in that.” At present, petrol, diesel, jet fuel, crude oil and natural gas fall…
State-run Bharat Petroleum Corporation Limited (BPCL) clarified about a buzz which claimed that workers held 48 hours strike at Kochi refinery. On Thursday, BPCL stock was among the lead gainer on stock exchanges. BPCL stock has surged by over 4% with an intraday high of Rs422.85 per piece in early trade. Clarification was sought from…
The unprecedented OPEC+ deal in April, which led to drastic output cuts, is now entering its most dangerous phase, with oil demand and prices recovering. At the time, President Donald Trump claimed credit for the breakthrough, even though the U.S., the world’s biggest oil producer, wasn’t part of the agreement. Now the American president could…
It’s going to take months for oil demand in the world’s third biggest market to get back to pre-virus levels as India faces its deepest recession ever in the wake of its near two-month lockdown. Once the engine of global oil demand growth, India’s fuel consumption collapsed by as much as 70% at one stage…
President Donald Trump said on Monday that his administration was considering the possibility of stopping incoming Saudi Arabian crude oil shipments as a measure to support the battered domestic drilling industry. “Well, I’ll look at it,” Trump told reporters at a daily news conference after he was asked about requests by some Republican lawmakers to…
The May futures contract of West Texas Intermediate (WTI) crude fell into unchartered territory on Monday, with sellers willing to pay buyers $37.63 a barrel to take delivery. The big problem, of course, was that there is hardly any storage capacity available, so buyers were shying away as well. Note that WTI crude futures contracts…
MUMBAI : Historically low crude oil prices could mean the multi-billion dollar deal between Reliance Industries and Saudi Aramco could take longer to seal. Chairman Mukesh Ambani had last August announced Reliance Industries’ plan to sell 20% stake in its refining and petrochemicals business for $15 billion to Saudi Aramco, as part of his plan…
US oil futures touched an unprecedented negative pricing on Monday over low demand and scarce storage. Closer home, Indian refiners, too, are facing a similar issue with their refined products. This has forced some like Bharat Petroleum Corporation (BPCL) to float some products in the Arabian Sea. Officials said products have been stored in tanker…
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