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NATIONAL NEWS
GAIL, Petronet join India’s first gas trading platform
Liquefied natural gas (LNG) terminal owners, state-run GAIL (India) Ltd and Petronet LNG Ltd (PLL), have joined India’s first natural gas exchange that went online on Monday, said Rajesh Kumar Mediratta, director, Indian Gas Exchange. With others such as Manikaran Power, Torrent Power and Adani Gas on board, the exchange will help revive stranded gas…
Alternate means of cash withdrawals find favour as people shun ATMs
MUMBAI: Alternate channels of cash withdrawals like Aadhaar-enabled Payment System (AePS) and point of sale (PoS) terminals grew faster during the lockdown than traditional ATMs, latest RBI data showed. Data from Reserve Bank of India (RBI) showed that cash withdrawals automated teller machines (ATMs) declined by 47% to 286 million in April. At the same…
Dharmendra Pradhan bats for splitting GAIL, new gas tariff policy
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 and gas prices remain low due to high inventories
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…
Oil prices see weekly loss on virus resurgence fears
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…
Saudi Aramco acquires 2.1 billion SABIC shares, sources
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…
UN Report Links Iran To Attacks On Saudi Oil Tankers
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…
OPEC+ Panel To Discuss Compliance With Oil Production Cuts
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…
Ecopetrol denounces sabotage of 31 wells at La Cira-Infantas oil field
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…
Pradhan vows to act against gas well blowout guilty
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…