These refineries, commissioned mostly in the 1950s and 1960s during India's early industrialisation push, are inefficient and costly to maintain compared to their modern counterparts on the coast mainly operated by private companies.
IOC, the key importer of petrol, has sought almost 700,000 tonnes for March-September delivery.
The government has made it much harder for tycoons to get special dispensations from Delhi
A vilification campaign against Rosneft has begun in right earnest, says M K Bhadrakumar.
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
Oil firms' borrowings could fall by up to Rs 15,000 cr, govt's subsidy bill by 12% .
Prime Minister Modi appreciated the vision of Putin for the welfare for Russia's Far East, saying the Russian President has opened up investment opportunities for India in the region.
Petrol attracts a total excise duty of Rs 17.46 per litre.
At least half a dozen national and international oil giants, including Reliance and Royal Dutch Shell, joined the race, on Friday, for acquiring government's 34 per cent stake in Hindustan Petroleum Corporation Ltd.
This measure will ensure that the price of a scrip cannot move upward or downward beyond a limit set for the day.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
Even if the Paytm fiasco does not mark the end of the bull run, at least some sanity will return to the wild IPO market, observes Debashis Basu.
R-Power, Essar could be hit as state mulls benefit-sharing levy for ecology loss.
Indian companies have made acquisitions of $1 billion so far in January
The ministry of petroleum and natural gas has granted seven authorisations to companies for selling automobile (auto) fuels in the country. These new approvals are under the relaxed guidelines for authorisation to market transportation fuels that were revised in 2019. This is expected to make the competition more intense in India's petroleum retail business. According to a top oil ministry official, a fresh marketing authorisation has been granted to Reliance Industries (RIL) under these norms. This is being done since RIL's existing retail marketing authorisation has been transferred to its subsidiary Reliance BP Mobility
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
India has been eyeing deeper energy ties with Iran and has already lined up $20 billion as investment in oil and gas as well as in petrochemical and fertiliser sectors there.
The petroleum ministry has rapped Reliance Industries for failing to meet its obligations of opening and operating 10 per cent of its petrol and diesel retail outlets in remote and low-service areas.
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India Inc raised various issues to increase trade flows in sectors like pharmaceuticals, banking, energy and infrastructure
The Rs 3-trillion West Coast or Nanar refinery has all the potential to become India's flagship petrochemicals project, with the planet's largest oil producer Saudi Aramco as its biggest shareholder. Yet the locals don't see the plant as a harbinger of better times.
Forest land measuring 1838.79 hectares in Odisha has been diverted for 15 industrial projects in the state between 2004 and 2013.
Putin's visit comes at a time when Russia's economy is stalling as oil prices tumble
Promoters of 517 companies have pledged nearly 46.35 per cent of their shares, the highest since the 2008 global financial crisis.
Govt plans to stop RIL from selling crude to Jamnagar refinery.
TCS, Infosys and Wipro were down 0.4-2% each. Capital goods majors also ended lower with L&T and BHEL down 1.4-3.9% each.
The calculation excludes cross-holding of listed group cos in each other.
Steel manufacturers on Wednesday hit out at 'unilateral' decision of the Oil Ministry to curb natural gas supplies from Reliance Industries' KG-D6 fields to non-core users, saying only a ministerial panel was empowered to take such decision.
They turned a small family construction business into a conglomerate with interests in shipping, steel, oil and gas.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
Non-core sponge iron plants, petrochemicals units and oil refineries have cornered as much as 13.13 million cubic metres per day out of the 60.76 mmscmd of KG-D6 gas allocated.
India has challenged in a Singapore court a verdict of an international arbitration tribunal that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, sources said on Thursday. An international arbitration court had on September 25 rejected tax authorities' demand for Rs 22,100 crore in back taxes and penalties relating to the British telecom giant's 2007 acquisition of an Indian operator. Two sources privy to the development said India had 90 days to file an appeal against the tribunal award, and the same was done in a Singapore court earlier this week.
India Inc is looking at the public sector to steer its ambitions, as former PSU heads are taken on board to lead the private sector.
'There exists a 'brotherhood' of sorts for a very long time and corrupt dealers and corrupt OMC officials are in it together,' Ashwani Attrish, founder, Empowering Petroleum Dealers Foundation, tells Sudhir Bisht, a veteran of the petroleum industry.
The National Commodity and Derivatives Exchange Ltd plans to rope in oil companies like Indian Oil Corporation and Reliance Industries Ltd to boost Brent crude futures trading on the bourse.
BSE Mid-cap index ended at a record closing high of 10499.86 and CNX Mid-cap index ended at a record closing high of 12672.85 levels.
With oil flowing past $145 a barrel, leading companies in the country have lined up plans to explore opportunities in jatropha cultivation and prospects of biofuel. The companies are flocking to Gujarat, which has earmarked 1,900,000 acres in the Narmada region for the crop cultivation.
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
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