IOC said the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely
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
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.
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.
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.
There will be corresponding price revisions on petrol and diesel in other states on account of change in dealer commission
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.
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.
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.
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.
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
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.
ETFs function like a mutual fund scheme and have underlying assets of government-owned companies.
A consortium of Gujarat State Petroleum Corp and Mumbai-based Essar Group has bid for an oil and gas exploration block in Syria.
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.
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.
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 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.
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
Government plans to sell 5 per cent of its shareholding in ONGC in the follow-on public offer next month.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
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 US Federal Reserve's interest rate decision, global cues, macroeconomic data announcements and the ongoing quarterly earnings are the major triggers that will dictate trends in stock markets this week, analysts said. Besides, the trading activity of foreign investors and the movement of global oil benchmark Brent crude will also be tracked. "All eyes are on the outcome of the US Federal Reserve meeting scheduled for November 1, particularly due to the multi-year high levels of the US bond yields.
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
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.
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.
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.
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
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.
With this increase, diesel prices have touched a record high while petrol is at a 56-month peak.
