According to estimates, if the companies are not allowed to raise petrol rates at least Rs 5 a litre by the first fortnight of September, they might begin to suffer underrecoveries on this decontrolled auto fuel, too -- for the first time this financial year.
Reliance Industries, the country's largest private sector oil firm, has bagged a deep sea oil and gas block in Gulf of Oman and is looking for oil assets in Qatar, Iran and Saudi Arabia.
A resurgence in Saudi Arabian supplies of crude oil to India coupled with an attack on an Iraqi tanker in August carrying crude to Europe may result in improved bargaining power for India with West Asian and Russian suppliers for winter supplies. Shipments of Saudi oil rebounded in September from August, surging to the highest since March while Russian oil shipments rose marginally as Saudi Arabia tried to claw back market share in Asia, according to industry sources and ship tracking data.
Communication channels between India and the US are open to resolve the ongoing tariff issues, and the glitch in trade ties is only temporary, given the long-term relationship between the two nations, government sources said on Wednesday. The US' 50 per cent tariffs on Indian exports to America came into effect from August 27, barring a few sectors.
Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Monday said it will exit Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore. The sale of Numaligarh Refinery Ltd clears the way for privatisation of India's second-largest fuel retailer. In keeping with the Assam Peace Accord, the government had decided to keep Numaligarh Refinery Ltd (NRL) in the public sector. As part of this, BPCL was to sell its entire 61.65 per cent stake to state-owned firms.
State exploration firm Oil and Natural Gas Corp on Thursday said it will take 26 per cent equity in Bharat Petroleum Corp Ltd's upcoming 6 million tonnes refinery at Bina in Madhya Pradesh.
Going by the current market cap of Rs 83,451.15 crore, 7.33 per cent stake in BPCL is expected to be valued around Rs 6,117 crore.
To extend its global footprint, GAIL India is likely to partner with China Gas in developing coal bed methane (CBM) in Mongolia. Moreover, Oman Oil is also expected to join them as an ally in the project.
Reliance Exploration and Production DMCC, a wholly-owned subsidiary of RIL, has signed contract for Block 41. The block lies adjacent to Block 18 in Gulf of Oman, which the Government of Sultanate of Oman awarded to RIL in 2005. Block 18 is situated in the offshore Gulf of Oman between Block 41 and the border with the Fujuriah offshore block. The two blocks comprises approximately 21,000 sq km of area each.
Reliance Industries Ltd on Saturday acquired exploration rights to one of the largest deep water blocks in the Sultanate of Oman.
A year after a Hamas attack against Israel on October 7 and the ensuing Israeli invasion of the Gaza Strip, India's trade with most West Asian countries has largely escaped any major disruption, except with countries like Israel, Lebanon, and Jordan. However, repeated flare-ups of geopolitical tensions in the region continue to drive up shipping and logistics costs.
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
Top government officials in New Delhi have started discussions with stakeholders ranging from shipping and container companies to export promotion councils to understand the impact of the Iran-Israel tensions and plan ahead. Inter-ministerial talks are also being lined up amid the crisis situation in West Asia, sources confirmed. While the crude flows are not directly under any threat, elevated oil prices remain a concern, according to officials.
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 company had assets in countries like Yemen, Peru, Oman, Myanmar, Columbia, East Timor, Kurdistan and Australia, but it exited almost all these blocks later as part of its portfolio rationalisation
State-run Hindustan Petroleum Corporation is eyeing oil blocks in African countries, its Chairman and Managing Director, Subir Roy Choudhari said on Friday.
The Liberian-flagged Smyrni, carrying 135,000 tons of oil, was seized off the coast of Oman, the company said, in new indications that Somali pirates are operating close to Indian shores.
Declining crude price translates into lower under-recoveries for OMCs
The Rs 3-trillion West Coast or Nanar refinery has all the potential to become India's flagship petrochemicals project, with the planet's largest oil producer Saudi Aramco as its biggest shareholder. Yet the locals don't see the plant as a harbinger of better times.
'Interim Budget has ignited the entrepreneurial spirit.'
BPCL's impending privatisation and RIL's stake sale to Saudi Aramco raise questions about the future of the West Coast Refinery, once touted as the world's largest.
The public has benefited from this decline in crude oil, which has translated into lower prices of petrol and diesel.
Reliance Industries may sell part of its stakes in some of the overseas oil and gas blocks to lower its exploration risk.
Reliance Industries has divested its 30 per cent stake in an oil and gas block in Peru to Australia's Woodside Petroleum and Pluspetrol of Argentina to trim its overseas properties.
Qatar will lead growth in the region with around 8.7 per cent, while growth will be about six per cent each in Saudi Arabia and Kuwait, 4.5 per cent in the United Arab Emirates, 4.2 per cent in Oman and 3.1 per cent in Bahrain, the report by Kuwait-based Gulf Investment Company said.
The Madhya Pradesh government on Tuesday tabled a bill that would make it difficult to file "irritating" litigation against a single person.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
While prices sustaining lower levels is crucial, Govt actions are also a key monitorable given the forthcoming elections in 2024.
Gail India subsidiary Mahanagar Gas (MGL) on Friday announced a steep reduction in the retail price of compressed natural gas (CNG) by Rs 8/kg and domestic PNG (piped natural gas) by Rs 5/SCM across its licenced area. The move comes on the heels of the Centre revising the pricing methodology of domestically-produced natural gas on Thursday as proposed by the Kirit Parikh committee and following it with the new price announcement earlier in the day. In February, the city gas distributor reduced its CNG price by Rs 2.5/kg but prices are still around 80 per cent more than those in April last.
'There is a view that there is a Pakistan angle to this.' 'Pakistan has a large presence in Qatar and would want India to be blacklisted.'
The Indian basket represents the price of Oman and Dubai sour grade crude.
A boat with three AK-47 rifles and bullets was found off the Raigad coast in Maharashtra on Thursday, officials said adding that there was no security threat.
Indian basket at 6-month low of $49.11 a bbl
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
Reliance Industries Limited has hived-off its overseas oil and gas projects into a separate wholly-owned company based in Dubai and is eyeing a tie-up with ONGC Videsh Ltd to jointly bid for oil and gas opportunities abroad.
Rediff reader Stephen J, 50 from Chennai reveals how his life changed after he was fired from his job.
Modi is the first foreign leader to be invited to the palace by the Crown Prince, who appreciated the role played by Indian workers in the development of UAE as a modern nation, ministry of external affairs spokesperson Raveesh Kumar tweeted.
Two projects in Iran, which India is to execute involving major financial commitments on its part, are of particular significance for Indian steel.
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