Indian Oil Corporation has developed an indigenous technology that can double LPG production in refineries, Petroleum Minister Murli Deora said on Thursday.
Iraq has invited Indian Oil Corporation, the country's largest oil refiner, to set up refineries in the war-torn country, and also participate in other downstream projects, a government statement said.
"I understand your pain," Singh, who rushed to the city from Delhi, said during his meeting with some of those injured in the terror attacks that have left 125 dead
Indian industry should welcome the implementation from June 1 of the new merger and acquisition (M&A) norms under sections 5 and 6 of the Competition Act, 2002.
Petroleum Minister Murli Deora and Chairman of Oil and Natural Gas Corporation R S Sharma are planning a visit to Russia in the first week of next month, hoping the Russian government would give its assent for the proposed acquisition of UK-listed Imperial Energy.
Australia on Tuesday invited Indian companies to take part in exploration of natural gas but expressed inability to supply LNG to India in the short term.
The north-eastern states are keen to have a proposed gas pipeline from Myanmar routed through the region as they believe the project could bring about a development windfall.
In a new twist in the gas row between the Ambani brothers in the Supreme Court, the Anil Ambani-led RNRL on Thursday sought cross-examination of Petroleum Minister Murli Deora, accusing the Government of siding with the Mukesh Ambani's group RIL.
India has asked oil cartel Organization of the Petroleum Exporting Countries to raise crude oil production to stem the relentless rise in international oil prices that have threatened to derail import dependent economies such as India.
Kazakhstan will give ONGC Videsh Ltd an oil block in the Caspian Sea.\n\n
Adversity often brings out the best in companies, even state-owned ones. Faced with a bloated fuel bill, companies are busy devising new ways to control costs. These range from cut in travel to shift to cheaper fuels and even reduced recruitment. Power equipment maker Bharat Heavy Electricals Ltd has a brand new strategy in place -- it will set up onsite fabrication units rather than transport equipment over long distances.
Five persons were killed and 150 others sustained burn injuries in a major fire that broke out after a petrol tanker exploded in Sitapura industrial area in Jaipur on Thursday evening, the police said. The fire spread fast and enveloped several factories located within a radius of three kms. Details about the extent of the damage caused by the fire is still awaited, said the police.
A decision on raising retail fuel prices and partly compensating revenue losses of oil firms will be taken by Saturday (May 31), even as Prime Minister Manmohan Singh on Thursday assessed the problems caused by the spike in crude prices.
State-owned fuel retailers IOC, BPCL and HPCL are likely to lose Rs 65,000 crore on selling diesel, domestic LPG and kerosene below cost during the current fiscal, Oil Minister Murli Deora said on Wednesday.
India's Petroleum Minister Murli Deora and his Pakistani counterpart Khwaja Asif said they had made "significant progress" in bilateral talks on the India-Pakistan-Iran gas pipeline and were determined to go ahead with it despite reported reservations of the US on the project. They said the two sides had reached a broad agreement on principles for deciding the transportation tariff and transit fee, two key issues that had held up the finalisation of the 2,600-km pipeline.
India on Monday said it will meet Pakistan next week to resolve issues, such as transit fee, impeding progress on the over $7 billion Iran-Pakistan-India gas pipeline project, even as it gets formally inducted in a rival line from Turkmenistan.
The government will next week launch the 9th round of auction under the New Exploration Licensing Policy for the oil and gas sector.
The board of ONGC has approved its 30 per cent share of the $2.431 billion revised field development cost proposed by Cairn India for the Block RJ-ON-90/1, petroleum minister Murli Deora informed the Rajya Sabha on Monday. ONGC will invest $729.43 million.
Petroleum Minister Murli Deora has announced that the cabinet will soon take a decision on fuel price hike.
The government on Thursday rejected demands for a roll back in the hike in petrol and diesel prices, saying it would favourably consider the issue only when global crude prices come down.
With volatile international oil prices costing the country $43 billion in import bill, energy-hungry India has called for forging enduring partnerships between oil producing and consuming countries to contain the effect of surging oil prices.
Participants included members of the House Caucus on India and Indian Americans.
Contrary to reports, oil PSUs will not make a counter bid to Vedanta Resources' $9.6 billion offer to buy Cairn India, as the oil ministry is disinclined to a rival bid.
Petroleum Minister Murli Deora and Minister of State for Petroleum Jitin Prasada took charge on Friday.
Kuwait Petroleum Corporation (KPC) is in talks with Reliance Industries and Indian Oil Corporation for investing in refineries and petrochemical plants in the country.
India on Thursday won Vietnam's support for its bid for crisis-hit BP Plc's energy assets in the South Asian country, as Hanoi stressed BP must give priority to its partners in the stake sale.
Oil Minister Murli Deora flew into the Vietnamese Capital this morning with heads of bluechip Indian oil firms to lay a claim with Hanoi on BP's stake in two offshore gas fields, a pipeline and power project -- together referred as Nam Con Son, Vietnam's largest gas project.
Petroleum Minister Murli Deora today launched the 'Preferred Time LPG Delivery' scheme.
ONGC Videsh Ltd has much riding on $150 million investment plans in gas and oil exploration that Petroleum Minister Murli Deora says is critical for India's energy security. But apart from this, Myanmar apparently offers rich potential in engineering, fertilisers, tourism and pharmaceuticals for the private sector.
An Empowered Group of Ministers (EGoM) may go with Oil Minister Murli Deora's proposal to free petrol prices from government control, which would trigger a hike of Rs 3.73 a litre, official sources said.
The ministerial panel is now likely to meet on June 24 or 25.
Monday's meeting of the empowered group of ministers on pricing of gas from Reliance Industries' D6 block in the Krishna-Godavari basin has proved inconclusive.
For the second time in as many months, the Government on Wednesday night cut petrol price by Rs 5 a litre and diesel by Rs 2 per litre, while the domestic LPG rate was also slashed by as much as Rs 25 per cylinder.
With the rising price of crude oil, the gap between the desired selling price and the actual selling price -- referred to as under-recovery -- is up to Rs 190 crore (Rs 1.9 billion) a day. The solution is to raise retail prices, an unpopular move.
Iran on Friday invited India's Prime Minister Manmohan Singh and Pakistan President Pervez Musharraf to Tehran for signing a tri-nation deal on natural gas, supply of which could start from 2011.
The government may soon raise prices of natural gas produced by state-owned ONGC and Oil India by as much as 30 per cent, Petroleum Secretary S Sundareshan said on Monday.
Iran may put the $22 billion deal to sell liquefied natural gas to India on the backburner as New Delhi refuses to re-open the contract sealed two years ago, according to an assessment by the petroleum ministry.
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