Reliance Industries (RIL) rose 1.15% to Rs 1675.35 after the company announced that it has become net debt free. RIL on Friday (19 June) said has raised over Rs 168,818 crore in just 58 days through investments by global tech investors in Jio Platforms (Rs 115,693.95 crore) and through rights issue of RIL (Rs 53,124.20 Read more

India is expected to resume spot imports of LPG in September after clearing the current inventory backlog, as rising LPG production after state-owned refiners ramp up operating rates, and languishing demand from the commercial sector during the lockdown added on to domestic supply, market sources said in the week of June 15. “The LPG market Read more

Skirmishes at the border between India and China have put the spotlight on state-owned firms. This is because many business leaders have asked for the privatisation of behemoths like BHEL and BEML to enable India Inc to compete with Chinese firms in the capital goods space. The call for privatisation has, however, come at a Read more

Oil prices rose on Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China. Brent crude futures were up 78 cents at $41.48 a barrel and West Texas Intermediate crude Read more

NEW YORK: Oil prices rose slightly Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China. Brent crude futures were up 54 cents at $41.25 a barrel by 11:23 a.m. Read more

DUBAI: State oil giant Saudi Aramco started laying off hundreds of employees this month, two sources familiar with the matter said, as global energy companies reduce their workforces in response to the coronavirus crisis. Like other top oil firms, Aramco has cut capital spending for 2020 after the pandemic brought an unprecedented drop in oil Read more

NEW YORK (Reuters) – U.S. refiners and other buyers of crude oil are reworking some of their supply contracts to guarantee volumes after many were cut off unexpectedly when a price collapse this spring led drillers to curtail production, sources said. FILE PHOTO: A pump jack is seen at sunset near Midland, Texas, U.S., on Read more

LONDON/DUBAI/MOSCOW: An Opec+ panel pressed countries such as Iraq and Kazakhstan on Thursday to comply better with oil cuts and left the door open for extending or easing record production curbs from August. The panel, known as the Joint Ministerial Monitoring Committee (JMMC), advises Opec+ and will meet again on July 15, when it would Read more

CAIRO – Ministry of Petroleum announced achieving a petroleum discovery in the offshore Geisum concession in the south of the Gulf of Suez with shallow waters.The Ministry clarified that the new discovery comes with an initial production rate of 2,000 barrels per day of crude oil, and it is estimated that there are about 70 Read more

MOSCOW – the Operator of the Sakhalin-2 project has extended for 5 years license to develop two oil and gas fields in the Okhotsk sea, the company said Sakhalin energy on Thursday. License to the Piltun-Astokhskoye and Lunskoye fields will be in effect until may 2026. The operator can prolong the validity of licenses five-year Read more

With gas continuing to flow out uncontrollably and the blaze still raging at a natural gas well of Oil India Limited (OIL) at Baghjan in Assam, an environment impact assessment study is in progress along with monitoring of air quality and noise level, the PSU said. Well number 5 has been spewing gas uncontrollably since Read more

Prime Minister Narendra Modi will on Saturday launch a Rs 50,000 crore employment scheme to provide income support to migrant workers who returned to their home states during the coronavirus lockdown.The ‘Garib Kalyan Rojgar Abhiyan’ will primarily focus on six states where maximum migrant workers have returned. This massive rural public works scheme will empower Read more

New Delhi: UK oil major British Petroleum said it will set up a major new centre for its global business services (GBS) operations in Pune, India. The BP-owned centre, will provide business processing and advanced analytics capabilities in support of bp businesses worldwide, is expected to begin operations by January 2021, the company said in Read more

New Delhi: Prime Minister, Shri Narendra Modi today reviewed the situation arising out of OIL India Limited Oil Well Blow Out and fire in the oil well No. Baghjan-5 in Tinsukia District, Assam. The Review Meeting was attended, amongst others by Home Minister Shri Amit Shah, Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan, Read more

NEW DELHI, June 18: Prime Minister Narendra Modi today said business activity in India is fast returning to normal levels with consumption and demand approaching pre-COVID levels as visible in macro data on power, fuel and other consumption. India faced a recession-like scenario after a national lockdown was imposed on March 25 to curb spread Read more