India has substantially increased its crude oil imports from the US, with the country's share in India's crude basket hitting a record 14.3 per cent in December, commerce ministry data showed.
In order to facilitate purchase of crude oil from Iran, the Finance Ministry has issued a notification exempting payments made in Indian rupee for such imports from any local tax.
State-owned Oil and Natural Gas Corp (ONGC) has written to the Oil Ministry seeking appointment of an international expert to assess if Reliance Industries Ltd was drawing out any of its gas in KG basin.
Oil ministry had previously proposed a 30 per cent hike in price of gas produced by Oil and Natural Gas Corporation and Oil India Ltd to $2.3 per mmBtu but finance ministry wants these rates to be brought on par with RIL, sources in the know of the development said.
'Modi is trying avenues to convince people why they should vote for the BJP.'
Hybrids have helped Maruti acquire leadership in SUVs, a segment that was never its forte. Toyota has also risen with the hybrid tide to clock its highest-ever annual sales in 2023.
CAG's report on Hydrocarbon Exploration Efforts of ONGC, which was tabled in Parliament today, expressed concern at the company's lack of adequate efforts and results in new fields and wanted the Oil Ministry to reset annual targets set out in memorandum of understanding that the firm signs with the government.
India, the world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects.
RIL said it had launched 'an internal probe' into its staff's detention.
Minister of state for petroleum and natural gas Jitin Prasada in a written reply to a question in the Lok Sabha said the finance ministry is yet to approve the oil bonds. Indian Oil, Bharat Petroleum and Hindustan Petroleum lost Rs 11,853 crore (Rs 118.53 billion) in revenues on not being allowed to raise LPG and kerosene prices in line with the cost during April- September.
Among the Sensex firms, Asian Paints, Tata Steel, HCL Technologies, Nestle, Maruti, JSW Steel, NTPC and Larsen & Toubro were the major laggards. Sun Pharma, Bajaj Finserv, Reliance Industries, State Bank of India and Bharti Airtel were the gainers.
Finance Minister P Chidambaram on Monday said the surge in international oil prices is a matter of grave concern and it was for the petroleum ministry to take a call on retail pricing of petroleum products.
OIL, which produces 3.5 million tonnes a year of oil, will offer 2.64 crore equity shares to public in the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to state refiners.
OIL, which produces 3.5 million tonnes a year of oil, will offer 2.64 crore equity shares to public in the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to state refiners.
India's oil product consumption, an indicator of the state of economy, rose a massive 10.1 per cent in August to 7.5 million tonnes on back of increased demand for petrol and diesel.
If approved, gas price will rise to $6.775 per million British thermal unit from $4.2 currently.
Officers of oil PSUs have threatened to go on an indefinite strike from May 31 if their demand for higher wages are not met.
It calculated that the government should have got an additional profit share of $ 115.263 million.
India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. "The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf," the Iranian oil ministry's official news service Shana reported. "The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran." The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable.
The government is planning divestments in at least 5 public sector undertakings including Maruti, Balco, Bhel, Oil India and Powergrid in the next few months as part of efforts to raise Rs 5,000-7,000 crore (Rs 50-70 billion) in 2005-06.
It also expressed confidence that the cleaning operation will be finished in a couple of days.
Indian Oil Corporation may buy the government's 26 per cent stake in oil and gas exploration firm Oil India Ltd for about Rs 2,000 crore (Rs 20 billion).
Given that India will get a huge part of its oil supplies from Iran through its government-owned oil PSUs, any unwelcome shocks in global crude rates could be absorbed well enough.
The Petroleum Ministry has proposed a 33 per cent hike in the price of natural gas produced by ONGC and Oil India and gradually increase it to $4.20 per mmBtu set for gas from Reliance Industries' KG-D6 fields.
The Appointments Committee of the Cabinet approved appointment of Sarraf, who at present is Managing Director of ONGC's overseas arm, ONGC Videsh Ltd.
It remains to be seen if the government will concede to the demand of oil companies just before the winter session of Parliament.
With international crude oil prices dipping to last year's levels, the government has put the issue of cutting motor and cooking fuel prices back on the agenda to tame inflation, two senior oil ministry officials have said.
Besides PESB selected chairman designate B Ashok (currently Executive Director retail sales in IOC) having no board experience, the case for extending Butola's service is more compelling because all the other six directors on board of the nation's largest oil firm are retiring in next one year.
This Budget, the finance ministry may consider a proposal for a seed fund that would provide financial support to states willing to sell items other than foodgrain, sugar and kerosene through the public distribution system (PDS). The move, experts believe, will help reigning in food inflation that remains in double digits, despite moderation.
Like pharmaceutical companies globally - which used to enjoy a preferential exchange rate in Venezuela - Indian producers have been left badly stung by the collapse of the bolivar currency
Reliance Industries has made drastic changes in gas supply contracts that will jack up its KG-D6 gas price by 10 per cent over and above the new rate of $8.3 coming into effect from next month.
He further said that the "focus is on horizontal drilling" as rock formation has created challenges for vertical drilling.
Presently, state-run Oil and Natural Gas Corporation and Oil India Ltd have to bear roughly one-third of the losses on sales of petrol, diesel, domestic LPG and kerosene by way of giving discounts on crude oil they sell to refiners. ONGC and OIL reaped huge profits as crude oil prices rose internationally, prompting the government to consider taking away any earnings over and above $75 per barrel through a WPT.
Differences have once again surfaced between the ministries of divestment and petroleum over the sale of government equity in public sector oil company Balmer Lawrie.\n\n\n\n
In a statement, the state government alleged 'malicious attempts' to discourage the use of products lacking a halal certificate not only seek 'unfair financial benefits' but also form part of a 'pre-planned strategy to sow class hatred, create divisions in society, and weaken the country' by "anti-national elements".
