Aramco also plans to invest in building India's largest oil refinery on the country's west coast.
Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
'To keep the next catastrophe at bay, a carbon free economy will be an imperative. 'Our 2000 cc internal combustion engine powered personal cars and public transport may have to give way to electric and hydrogen powered fuel cells. 'The oil refineries which were so much part of my professional life may have to be dismantled and trees planted in its place. 'The smokestacks, which once upon a time represented growth and prosperity, will now be gory symbols of a polluting past,' notes former Hindustan Petroleum chairman Arun Balakrishnan.
Indian Oil Corporation (IOC) and two other public sector oil firms will install 22,000 electric vehicle (EV) charging stations over the next 3-5 years to support the nation's target to reduce its carbon intensity and reach net zero emissions by 2070. IOC, the country's largest state-controlled refiner by capacity, will set up EV charging facilities at 10,000 fuel outlets over the next three years, chairman Shrikant Madhav Vaidya said. Bharat Petroleum Corporation Ltd (BPCL) said it will set up 7,000 stations over the next five years while Hindustan Petroleum Corporation Ltd (HPCL) has plans for 5,000 stations.
According to the Geological Survey of India (GSI) and UP geology and mining directorate reports, gold reserves totalling 2,944 tonnes have been found in the Sona Pahadi and Hardi blocks of the backward Sonbhadra district.
Adani is the fastest growing energy company in Asia-Pacific and the second fastest in the world
The Oil Industry Safety Directorate, under the Petroleum Ministry, carries out safety audits of oil and gas installations, besides formulating and standardising procedures and guidelines for design, operation and maintenance.
On Tuesday, Petroleum Minister Dharmendra Pradhan met Russian oil giant Rosneft's chief executive officer Igor Sechin and discussed raising crude imports from that country, in addition to talks about going for more acquisitions.
Petrol price on Saturday breached the Rs 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in the last fortnight. Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies. Petrol price in Delhi rose to Rs 83.13 per litre from Rs 82.86. Diesel rates went up from Rs 73.07 to Rs 73.32 per litre.
If international crude oil prices zoom past the current level of about $90 per barrel and move towards $100 and beyond, middle-class consumers are not going to keep quiet about their discomfort, points out Arun Balakrishnan, former chairman and managing director, Hindustan Petroleum.
This comes even after the Indian ambassador there had said this would affect the interests of other Indian companies.
The price of diesel sold to bulk users has been hiked by about Rs 25 per litre in line with a near 40 per cent rise in international oil prices, but retail rates at petrol pumps remain unchanged, sources said. Petrol pump sales have jumped by a fifth this month after bulk users like bus fleet operators and malls queued up at petrol bunks to buy fuel rather than the usual practice of ordering directly from oil companies, widening the losses of retailers. Worst hit are private retailers like Nayara Energy, Jio-bp and Shell, who have so far refused to curtail any volume despite a surge in sales.
Tata Consultancy Services (TCS), the group's biggest cash generator, overtook Vedanta to become the highest dividend payer in India in FY23. The IT services major paid Rs 42,090 crore for FY23, up 167.4 per cent from Rs 15,738 crore for FY22. The 10 biggest payers together shelled out Rs 2.06 trillion for FY23, more than double the Rs 98,371 crore for FY22.
For first time in 8 yrs, stake sale proceeds could exceed Budget Estimates. ONGC's acquisition of HPCL alone could get the exchequer more than Rs 30,000 crore.
This increase excludes local levies. The actual hike after considering VAT would be Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.
Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre, the third reduction in rates this month.
Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
The tankers carrying fuel from terminals to dealer outlets would not just have global positioning system (GPS) tracking but also an electronic key (e-key).
Chanda Kochhar has been ranked as the most powerful woman in the Asia Pacific region by fortune magazine.
According to data shared with the Lok Sabha, 19 road projects awarded after May 2014 were facing delays
Vedanta group chairman, Anil Agarwal, 69, is well known for his business journey from a scrap dealer from Bihar to a London-based globe-girdling metal and oil and gas conglomerate with revenues of $19 billion. Now his abilities to keep his group from over-leveraging itself will be put to the test. Over the years, Agarwal, now based in London, set up the conglomerate via acquiring iron ore producer Sesa Goa, Cairn's oil producing assets in India, and Electrosteel Steel.
Fernandes wanted Coca-Cola Company to not just transfer 60 per cent of the shares of its Indian firm but also the formula for its concentrate to Indian shareholders.
Petrol price had been cut 10 times since August 2014.
Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease consumer burden. Petrol and diesel price was hiked by 35 paise per litre each after a gap of a week, according to price notification of state-owned fuel retailers. The increase took petrol prices to a fresh high of Rs 86.65 a litre in Delhi and to Rs 93.20 in Mumbai.
Air fares to go up as ATF price is hiked by 8.2%.
This will encompass the sale of Air India, a number of other privatisation initiatives, mergers, initial public offerings, the Centre's two exchange-traded funds, buybacks and offers-for-sale, and even monetisation of land assets.
If cleared, the ONGC arm will become the first subsidiary company of an existing Maharatna to get into this superior league among government-owned entities.
Revenue from divestment has fetched Rs 40,000-50,000 crore against target of Rs 2.10 trillion.
The reduction in auto fuel prices today was the fifth cut in two months on back of softening global oil prices.
The Cabinet Committee on Economic Affairs at its meeting this morning approved the project, official sources said.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price cut will bring relief to the cash-strapped carriers.
The mid-cap index fell while small-cap advanced.
Only 48.3 per cent of the rural households used LPG, while the figures were much higher in urban areas at 86.6 per cent, according to a NSO report.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
Movement of prices in international oil market and rupee-USD exchange rate will be monitored
Aviation turbine fuel to now cost more.
Jet fuel (ATF) prices have been hiked by a steep 6.9 per cent, taking the rates to lifetime high of Rs 75,031 per kilolitre.
Ujjwala Yojana was launched on May 1, 2016 at Ballia district in Uttar Pradesh and has so far covered 47.3 million consumers in 715 districts
Upstream firms have a tremendous financial pressure due to selling crude at subsidised rates to oil marketing firms.
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