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.
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.
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.
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.
The government has ordered Oil and Natural Gas Corp (ONGC) to pay a near-record Rs 13,764 crore as fuel subsidy for the December quarter, a move that will dent the firm's profitability.
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
ETFs function like a mutual fund scheme and have underlying assets of government-owned companies.
State-owned Indian Oil Corp on Friday reported a 16 per cent drop in fourth quarter net profit to Rs 55.57 billion (Rs 5,556.77 crore) as it was not fully compensated for selling fuel below cost.
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
A consortium of Gujarat State Petroleum Corp and Mumbai-based Essar Group has bid for an oil and gas exploration block in Syria.
Defying high court orders, oil PSU executives on Wednesday stopped work forcing stoppage of natural gas supplies to industries on the nation's main trunk pipeline but aviation services and fuel supplies continued to be normal.
The National Security Strategy document should flag all major issues concerning security strategy and provide guidelines to concerned departments to work out suitable action plans. Since the global and regional geopolitical canvas is dynamic, the NSS document should be deliberated at length before formulation and should be reviewed periodically, recommends Commodore Venugopal Menon (retd).
The government on Wednesday said there was no proposal to either merge Hindustan Petroleum and Bharat Petroleum with Oil and Natural Gas Corp or Oil India Ltd with Indian Oil Corporation.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
Government plans to sell 5 per cent of its shareholding in ONGC in the follow-on public offer next month.
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
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.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
Top gainers in the Sensex pack included ONGC, HDFC, Bharti Airtel, Infosys, Maruti, HCL Tech, Mahindra and Mahindra, HUL, TechM and SBI -- rising up to 2.89 per cent.
State-owned Indian Oil Corp plans to invest more than Rs 23,000 crore (Rs 230 billion) over the next five years in adding new capacities at the existing refineries and building a new refinery at Paradip in Orissa.
The reduction in auto fuel prices today was the fifth cut in two months on back of softening global oil prices.
The Oil Ministry has approved part sale of government's stake in Oil and Natural Gas Corp as well as Indian Oil Crop, a move that could fetch about Rs 24,000 crore (Rs 240 billion) for the Centre this fiscal.
The Venezuela-based company is also in talks with ONGC for exploration of Ayacucho and Boyaca fields.
SpiceJet grounded all its aircraft due to payment woes
The department believes dividend from CPSUs is a return on investment made by the government.
Petrol price had been cut 10 times since August 2014.
Oil and Natural Gas Corp, India's largest oil producer, bagged eight out of the 18 oil and gas block awarded today while country's largest private sector firm Reliance Industries managed five.
With this increase, diesel prices have touched a record high while petrol is at a 56-month peak.
Air fares to go up as ATF price is hiked by 8.2%.
Indian Oil Corp is unlikely to bid for a share in six new pipelines being built by Reliance Industries to transport fuel from its refinery to its planned chain of petrol stations.\n\n\n\n
The US Export-Import Bank said on Tuesday that it will provide $75 million in loan guarantees for exports of US technology, equipment and services to build Indian Oil Corp's Rs 5104 crore (Rs 51.04 billion) integrated petrochemical complex at Panipat
'Reliance on crude oil is still very high. Globally, natural gas is 25 per cent of the energy basket. In India, it has fallen to 6.5 per cent, from 11 per cent in 2014.'
The initial public offering of the Sri Lankan unit of Indian Oil Corp was oversubscribed more than three times. "The IPO raised (Sri Lankan) Rs 359.99 crore (Rs 3.59 billion)," company officials said.
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
Movement of prices in international oil market and rupee-USD exchange rate will be monitored
India's crude oil production rose by 3.2 per cent in May on back of better performance by state- owned oil major Oil and Natural Gas Corp (ONGC), while refinery output remained unchanged.
Liquor baron Vijay Mallya on Wednesday met Oil Secretary S Sundareshan to discuss defaults by his group firm Kingfisher Airlines on payment of jet fuel bills, but did not say when he will clear the outstanding of Rs 176 crore (Rs 1.76 bilion).
On the 30-share index, Maruti was the biggest loser, shedding 3.60 per cent. Other major laggards were Yes Bank, IndusInd Bank, Tata Steel, Hero MotoCorp and NTPC -- ending up to 2.33 per cent lower.
The country's largest refiner Indian Oil Corp is planning an initial public offer of its Sri Lankan subsidiary Lanka IOC by June this year to raise between $20-25 million.
