Price of international crude oil - the raw material for making petrol and diesel - dropped to a three-year low before marginally recovering but a revision in domestic petrol and diesel rates is likely only if lower rates are sustained, industry sources and officials said. Global oil benchmark Brent crude futures fell below $70 per barrel on Tuesday - the first time since December 2021 - but gained thereafter after Hurricane Francine hit crude supply in the Gulf of Mexico. Brent rose above $71 a barrel on Thursday while West Texas Intermediate advanced to trade near $68.
India's biggest oil and gas bid round attracted four bidders that included state-owned ONGC and OIL and private sector Vedanta Ltd, with most blocks getting just two bids, according to Directorate General of Hydrocarbons (DGH). The OALP-IX bid round, where 28 blocks or areas spread over 1.36 lakh square kilometre were offered for finding and producing oil and gas, for the first time saw Reliance Industries Ltd-bp plc combine bidding together with ONGC for one block in Gujarat offshore.
Over two dozen people have been detained for questioning in connection with the suspected bid to derail the Kalindi Express in Kanpur two days ago, officials said on Wednesday.
Even as Russia and West Asia have been slugging it out for market share in India to sell their crude oil, the US is quietly making its moves on the sidelines. The US has doubled its share of the Indian crude market in the past few months, according to industry sources and ship-tracking data. Some of the increase in America's market share may have come at the expense of Russia, India's biggest crude oil supplier, said industry sources.
Favourites Indian Oil retained the Beighton Cup hockey title, outplaying Punjab National Bank (PNB) 5-2 in the title clash in Kolkata on Sunday.
International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below $70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at $74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at $71.71.
Goals by Raghunath and Deepak Thakur gave Indian Oil Corporation a 2-0 victory over Indian Airlines in the final.
As Archana navigates her new path, her time as a top athlete continues to shape her perspective and inspire others.
Like the rest of the world, it's the oil companies that are dominating the Fortune 500 entries from India in 2013.
Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs. The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.
Indian Oil blanked South Central Railways 5-0, while BSF pipped Punjab and Sind Bank 3-2 in the quarter-finals of the Nehru hockey tournament.
Indian Oil Corporation Ltd will start manufacturing fuel used in F1 racing in three months' time.
Indian Oil prevailed over Star Hockey Club of Pakistan 4-2 in a well-contested match of the Shastri hockey tournament.
The third and final test in the series of landing experiment (LEX-03) was conducted at 07:10 1ST at the Aeronautical Test Range in Chitradurga, Karnataka.
The public sector oil marketing firm stopped supplying fuel to the cash-starved carrier from 12 noon Friday.
"The economies of scale for a refinery are different for India and Africa. India being a net exporter of products, refineries need to have capacities to the tune of 15 mtpa to push products to the domestic market and for export. In Africa even a small refinery makes sense," the analyst said.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
DY Patil Blue faced a formidable challenge from CAG, ultimately losing by six wickets in a gripping quarterfinal clash.
IndianOil would get into retail trade in a big way this year, leveraging on its nation-wide network of petrol stations, as it seeks to make non-fuel business a driver of growth, company officials said on Monday.
Punjab and Sind Bank will lock horns with Indian Oil in the final of the Surjit hockey tournament.
IndianOil already has a 8.89 per cent stake in HPL by virtue of a Rs 150-crore (Rs 1.5-billion) investment made in 2004.
Prabhjot Singh and Kamlesh Kumar scored a brace each in a 4-0 victory over Indian Airlines in the final.
BPCL plans to save Rs 500-800 cr, while HPCL eyes 10% reduction in total costs.
The company, which has successfully commissioned the 'open access' fuel storage system for the first time in the country at Bangalore International Airport, has submitted its expression of interest for the projects. Currently, IOC, HPCL and BPCL are providing fuel storage services at Mumbai and Delhi airports.
Seeks deferred payments for domestic purchases, dollar window.
Energy supermajor Exxon Mobil Corp is in talks to buy a stake in producing oil and gas fields in India, Oil Minister Dharmendra Pradhan said on Wednesday showcasing efforts to raise domestic output to cut imports. Exxon Mobil had in October last year signed a memorandum of understanding (MoU) with state-owned Oil and Natural Gas Corporation (ONGC) to offer its expertise and technology for developing resources in offshore blocks.
Star-studded Air India lifted the 115th edition of the Beighton Cup hockey tournament scoring a 2-1 win over defending champions Indian Oil at the Sports Authority of India artificial turf in Kolkata on Wednesday.
The Indian firms will develop the Carabobo-1 block in Venezuela's Orinoco Belt with Spain's Repsol YPF SA and Malaysia's Petroliam Nasional Bdh, ONGC said.
Faced with soaring demand, stagnant output at home and a need to diversify from Iranian crude imports lost to Western sanctions, Indian oil companies are hungry for deals like Oil and Natural Gas Corporation's ( ONGC's) Kashagan buy that promise supplies sooner rather than later.
Defending champions Indian Oil brightened their semi-final hopes with a 5-3 win over Hockey Bhopal in the quarter-final league of the 117th All-India Beighton Cup Hockey Tournament at the SAI artificial turf in Kolkata on Tuesday.
The IOC share sale is the fourth disinvestment this fiscal but the biggest in 2015-16 so far.
Escalation of the conflict in West Asia between Israel and Iran has had a direct impact on the energy markets, and more broadly on the financial markets as well as the global economy.
Larsen & Toubro (L&T) will aim to invest $3-4 billion in green hydrogen projects, along with its joint venture (JV) partners, said a senior executive from the company. These investments are planned over three to five years, depending on cost economics. The engineering conglomerate is also in talks to acquire the Nuclear Power Corporation of India's (NPCIL's) share in one of its forging JV companies for a consideration of Rs. 100-150 crore. "We are considering investments worth $3-$4 billion in the green hydrogen space, in collaboration with partners," said S N Subrahmanyan, chief executive officer and managing director of the company.
Discarded India goalkeeper Baljit Singh stood out with a man-of-the-match performance as Indian Oil won the Coal India 116th All India Beighton Cup Hockey tournament after a 2-0 victory over ONGC in Kolkata on Friday.
Truck drivers protesting against a provision in the new penal law on hit-and-run road accidents, called off their strike in Nashik district of Maharashtra on Tuesday after the local authorities assured to look into their demands.
A large part of this investment, about Rs 5,000 crore (Rs 50 billion), would go to the Paradip refinery
Taking Indo-Chinese co-operation in the oil sector a step forward, the country's biggest oil refiner and retailer, Indian Oil Corporation, has signed a memorandum of understanding with integrated Chinese national oil company Sinopec.
Captain Deepak Thakur's brilliant hat-trick helped Indian Oil Corporation (IOC) rally brilliantly and beat Karnataka XI 4-3 in a quarter-final match of the DCB Presents Aga Khan hockey tournament - 2011, at the Bombay Gymkhana ground, in Mumbai, on Tuesday.
As on December 31, government stake in IndianOil stood at 78.92 per cent.
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