Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as an independent director in a precursor to a $15 billion deal. Reliance chairman and Asia's richest man Mukesh Ambani, who had two years back disclosed the talks to sell a 20 per cent stake in the company's oil-to-chemical unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company's annual meeting of shareholders. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said. On the sale of a 20 per cent stake in the O2C business, he said the deal is likely to conclude this year.
The government allocated Rs 650 billion for petroleum subsidies in FY14, of which Rs 450 billion was used to pay oil marketing companies for the subsidy gap incurred in the previous financial year.
Tata Steel delivered one of its best financial performances ever in the third quarter of the current financial year, and surpassed its deleveraging target of $1 billion. In an interview, Koushik Chatterjee, executive director and chief financial officer, Tata Steel, tells Ishita Ayan Dutt that the company will continue to focus on deleveraging but profitable and value-added growth will be equally important.
India on Monday invited South Korean oil companies to invest in the country's upstream and refining sector and also work jointly to explore opportunities in other countries.
The government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), Oil Minister Dharmendra Pradhan said on Wednesday. Mining-to-oil conglomerate Vedanta had on November 18 confirmed putting in an expression of interest (EoI) for buying the government's 52.98 per cent stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.
Godrej Upstream Ltd, part of the Godrej Group, needs Customer Relationship Associates at their Thane BPO centre.
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
The staggered increase in kerosene rate may not have the same impact of freeing up the fuel price as for diesel.
For India's upstream sector that has seen no new discovery coming into production.
Experts attribute this trend to a combination of end of capital expenditure cycle, increased automation, RIL's preference for time-bound labour contracts, and telecom and retail's outsourced human resource model.
Shiv Sena on Monday continued to demand the resignation of Maharashtra Deputy Chief Minister Ajit Pawar in the Legislative Council over his controversial remarks on drought and load-shedding.
Aalaap Narasipura, a senior electrical engineering student at Cornell's College of Engineering was reported missing since Wednesday.
The overall confirmed cases on the mainland have reached 81,518 as of Monday, which included 3,305 people who died of the of disease.
RIL had in February last year submitted a revised field development plan for the MA oilfield, which has been producing crude oil since September 2008.
Upstream firms have a tremendous financial pressure due to selling crude at subsidised rates to oil marketing firms.
Directorate General of Hydrocarbons Director General Rajiv Nayan Choubey did not take calls made for comments.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
Indian basket at 6-month low of $49.11 a bbl
Burdened with the impact of subsidising the retail losses of downstream oil marketing companies (OMCs), Oil India Ltd has asked the Union government to take the average of the last five years' net profit for calculating the proportionate share of upstream companies, against the current practice of the last three years' average.
Oil India is set to usher in a new era with a road map drawn to ramp up production and diversification plans to foray into liquefied natural gas
Upstream regulator DGH has suggested that the $1.235-billion investment of Reliance Industries should be disallowed over the Mukesh Ambani-run firm's failure to adhere to prestated drilling and gas production targets, but the oil ministry is yet to agree on the numbers.
ONGC's net sales dropped to Rs 19,768.18 crore from Rs 22,616.32 crore in second quarter of last financial year.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
The state government asked the local administration to shift people from low-lying areas in Vadodara if needed as water entered into houses in several localities.
Union Budget 2012-13 has hiked the cess on crude petroleum oil produced in India from Rs 2,500 per tonne to Rs 4,500 per tonne. This is highly negative for upstream companies producing crude oil because the companies have to absorb the hike in cess as crude oil prices are priced based on the landed cost of imports.
The sale is key to meeting the government's disinvestment target of Rs 2.1 trillion in the financial year 2020-21. So far, the disinvestment exercise has fetched the government Rs 34,845 crore during the current financial year.
A massive drone strike on the world's largest crude-processing facility operated by Saudi Arabia's Aramco has driven oil prices to their highest level in nearly four months. The attack has knocked out over half of Saudi Arabia's production as it cut 5.7 million barrels per day or over 5 per cent of the world's supply.
Reliance Industries has strongly defended its decision to impose a marketing margin over-and-above the government-approved sale price for KG-D6 gas, saying the levy was to cover for the risk and cost associated with marketing of gas.
The problem is that nations or states are always ready to 'share' water with others living upstream, but their perception changes when the question comes to 'sharing' with lower riparians, says Claude Arpi after attending a 3-day conference in New Delhi on conflict resolution in the faceoff over water
Moody's expects the new government to increase the retail selling prices of controlled fuel products -- kerosene and liquefied petroleum gas -- to help control its subsidy burden.
GAIL India plans to consolidate presence in petrochemicals and renewable energy, allocate a percentage of annual capital expenditure for exploration and production (E&P), pick up equity in upstream LNG projects abroad, and pursue investments in shale gas projects in and outside.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
'The rivers that caused the maximum problem were the ones that had dams built on them.'
India has asked bulk buyers to pay market rates for diesel since last January and has also been raising the price of subsidised diesel in small amounts every month in an effort to cut its ballooning fuel subsidies.
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
Cairn India, whose success in Rajasthan may have propelled Reliance to bid for two blocks in the state, has submitted offers for only two blocks -- one onland and one offshore.
Lack of clarity on the overhaul of the subsidy-sharing mechanism by upstream companies.
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