Experts say local demand, government policies in retail and refining sector are attracting foreign players.
Reliance Industries Ltd, India's largest private firm, will invest $5.5 to 6 billion to raise capacity of its Jamnagar oil refinery to 60 million tonnes by 2009.
Public sector oil firms on Tuesday slashed aviation turbine fuel prices by 7.9 per cent in line with fall in international oil prices.
Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.
The price of non-subsidised cooking gas (LPG) was on cut by Rs 21 per cylinder and that of jet fuel (ATF) by a steep 3 per cent on the back of falling international oil rates.
Sarthak Behuria on Tuesday took over as the chairman of Indian Oil Corp, the country's largest oil refining and marketing company.
State-owned Indian Oil Corp wants diesel prices to be freed from government control before its twin follow-on public offersto raise maximum funds, company Chairman B M Bansal said on Monday.
The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
Indian Oil Corp, the country's largest oil firm, has opened its first petrol station in Mauritius, making it the second country after Sri Lanka where IOC has begun fuel retailing outside India.
It constitutes over 40 per cent of an airline's operating costs.
Government has begun drawing contingency plans to avert any shortage of domestic cooking gas as a result of go-slow agitation by employees of the country's largest oil company Indian Oil Corp.
Indian Oil Corp, the country's largest refiner, said on Thursday the value of its inventory of crude oil and refined products dropped Rs 350 crore (Rs 3.5 billion) in April as crude prices fell after the Iraq war.
In a major relief to cash-strapped airlines, jet fuel (ATF) prices were on Monday cut by a steep 4.3 per cent, the first reduction in rates in three-and-a-half months.
A consortium of Bharat PetroResources, Videocon Industries and the US-based Anadarko Petroleum Corp have discovered additional oil in their block in the Campos basin, off the Brazilian coast.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
State-run oil firms have stopped issuing new domestic cooking gas connections in view of the surge in steel prices, which increases the manufacturing cost of cylinders.
Credit rating agency Moody's Investors Service on Friday assigned senior implied issuer ratings of Ba1 to India's Tata Power and Indian Oil Corp -- one notch above the sovereign rating it assigns to India.\n\n\n\n
The fields have reserves of about 89 million tonnes
In a move that may spook Oil and Natural Gas Corp's (ONGC) planned public offering, the government has hiked the contribution of upstream oil companies toward fuel subsidies to 38.8 per cent for 2010-11 fiscal.
Rates at different airports vary because of differential in local sales tax or value added tax.
It is time the political leaderships in this country arrived at a common ground over issues of foreign and security policy concerns. There has to be a greater communication between the government and the Opposition leaderships for the nation to present a unified face against the rest of the world, advises N Sathiya Moorthy.
Jet fuel prices were on Thursday hiked by 3.8 per cent, the second increase in rates in as many months.
Jet fuel (ATF) price was on Monday hiked by a steep 56.5 per cent and that of non-subsidised cooking gas LPG by Rs 11.5 per cylinder on the back of firming up of international oil rates, but petrol and diesel prices continued to remain on freeze for a record 78th day. Aviation turbine fuel (ATF) price was hiked by Rs 12,126.75 per kilolitre (kl), or 56.5 per cent, to Rs 33,575.37 per kl in the national capital, according to a price notification by State-owned oil marketing companies.
In all, 61 companies have been pre-qualified to bid for 11 shallow water and 19 deepwater blocks in an international tender, according to Myanmar's Energy Ministry.
This is the first time that petrol sales in the world's third-largest oil importer have risen since the March 25 nationwide lockdown crippled economic activity and sent demand plummeting.
IOC said the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely
Gandhi said the one paisa cut in petrol rates was not a "suitable response" to the fuel challenge he threw to the prime minister a few days ago.
There will be corresponding price revisions on petrol and diesel in other states on account of change in dealer commission
After GAIL, Indian Oil Corp has expressed interest in buying out Asian Development Bank's 5.2 per cent stake in Petronet LNG Ltd, company chairman Sarthak Behuria said. However, if the state-run promoters of Petronet are not allowed to raise stake in the company for fear of it becoming a public sector unit, Behuria suggested selling ADB's shareholding to the public.
ETFs function like a mutual fund scheme and have underlying assets of government-owned companies.
The proposed chemical plant will use 2,50,000 tons of naphtha produced by IOC's Barauni refinery and the natural gas that GAIL plans to bring from eastern offshore and imported LNG through the planned Jagdishpur-Haldia pipeline. The two firms by the fiscal year would prepare a techno-economic feasibility study for the unit that would take up to five years for construction.
Public sector companies should increase efficiency and productivity to reduce the gap between salary structures of government undertakings and private firms, Sarthak Behuria, chairman and managing director of Indian Oil Corp and chairman of SCOPE sai
SAARC nations, including Bangladesh, Pakistan, Sri Lanka and Nepal are projected to have a fuel deficit of 17.05 million tons by 2015 and 20.85 million tons by the year 2020. IOC has said if the SAARC countries accept a long-term tie up with IOC for the supply of petroleum products, it can suitably expand some of its existing refineries to meet their requirement on mutually agreed terms based on international prices.
According to sources, Russian energy giant Rosneft or its affiliates, Saudi Aramco and Reliance Industries are in race for BPCL's three refineries - Mumbai, Kochi in Kerala and Bina in Madhya Pradesh - 16,309 petrol pumps, 6,113 LPG distributor agencies and more than a fifth of 256 aviation fuel stations in the country.
In Mumbai, ONGC Chairman R S Sharma confirmed Mittal's pullout. OVL had anticipated such a move and had a few months back sought Cabinet approval to invest all of the $400 million in the Satpayev on its own in case Mittal walked out.
On Friday, Indonesia awarded 22 new oil and gas blocks out of the 25 it had offered for bidding recently. The consortium of Essar E&P and GSPC was awarded the Southeast Tungkal block, industry sources said. Among the other winners were ConocoPhillips, Chevron Corp, Australia's Pearl Energy and Worldwide Exploration, China's Sinochem Petroleum, Malaysia's Ranhill Energy and Husky Energy.
Russia has promised India four to five million tonnes of crude oil annually from its Far East Siberian oil fields if it fails to accommodate ONGC Videsh Ltd in Yuganskneftegaz, the core asset of Yukos that has been acquired by Russian state-owned Ros
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