The working group of India, Iran and Pakistan will meet in Islamabad from May 22 to May 24 to further work out modalities for Indo-Iran gas pipeline project.
The medium-term scenario for oil marketing companies (OMCs) is high risk due to the surging crude and gas prices. Apart from OPEC-plus cutting production, the Hamas-Israel conflict has caused fears of supply disruption. The July-September quarter of 2023-24 (Q2FY24) saw positive surprises for OMCs. Strong gross refining margins (GRMs) more than offset weak marketing margins.
The country's second-biggest bike maker Bajaj Auto today said it will launch CNG
A day ahead of a crucial meeting of the Cabinet Committee on Divestment, Defence Minister George Fernandes said he favoured public sector units like Oil and Natural Gas Corporation to be allowed to bid for HPCL.
Differences between ministries of divestment and petroleum are likely to surface at Fridays meeting of the Cabinet Committee on Divestment as the former is believed to have proposed keeping public sector units.
Finance Minister Pranab Mukherjee while presenting the budget 2009-10 in Lok Sabha on Monday said that the details about this expert group will be announced by the minister of petroleum and natural gas.
It's the sovereign right of the Organization of Petroleum Exporting Countries to decide on the oil production capacities, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said Friday. Refraining from commenting on the controversial decision of OPEC on cutting oil production by two million barrels a day, which has taken the world by surprise, Puri said it is likely to be scrutinized very carefully. During an interaction with a group of Indian reporters, he said that India as one of the major consumers of oil and gas also has a major say in the global oil market.
State-run Oil and Natural Gas Corporation approached the petroleum ministry on Thursday with an initial proposal for permission to bid for Hindustan Petroleum Corporation as and when the government decides to offer its stake in the PSU.
ONGC and Reliance on Tuesday signed licence agreements for oil and gas blocks awarded to them by the government under the third round of the New Exploration Licensing Policy.
The ministry of petroleum and natural gas is evaluating a threshold at which the subsidy on liquefied petroleum gas (LPG or cooking gas) will be reinstated. According to a senior government official in the know, a survey is currently being conducted to determine the price at which maximum consumers will keep buying domestic cylinders. One of the options also being considered is to limit any subsidy disbursal only to Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries.
Annual growth in the eight core sector industries more than doubled to seven-month high of 5.1 per cent in September on good production in coal, cement and petroleum refinery sectors.
Over 30 persons were taken into custody at two different places by police when they tried to stop the convoy of Union Minister for Petroleum and Natural Gas, S Jaipal Reddy, and State Home Minister Sabita Indra Reddy who were on their way to Gangirala village in Rangareddy district of Andhra Pradesh, on Sunday.
The post fell vacant after incumbent Prasad Dasgupta took early retirement. Dasgupta's five-year term was to come to an end on August 31 and he was eligible for a two-year extension till he attained superannuation at the age of 65 in 2012.
Petroleum Minister Mani Shankar Aiyar on Thursday denied having presented to the Cabinet a proposal for raising LPG and kerosene prices.
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.
The annual rate of inflation based on monthly wholesale price index (WPI) was up at 1.32 per cent in September as compared to 0.16 per cent in the previous month.
Congress leader and former union minister Captain Satish Sharma died in Goa on Wednesday after a brief illness. He was 73.
High courts should replicate for states what the Supreme Court has done for Delhi's environment, says M J Antony.
Russia has been grappling with sanctions slapped by the US and its allies over Moscow's invasion of Crimea.
In a surprise development, S Jaipal Reddy was on Wednesday made the petroleum and natural gas minister in the reshuffle and expansion of the Cabinet, which saw the elevation of three ministers to the Cabinet rank and induction of three new faces.Praful Patel, Shriprakash Jaiswal and Salman Khursheed were promoted as Cabinet ministers while Congress leaders Beni Prasad Verma (Uttar Pradesh), Ashwani Kumar (Punjab) and K C Venugopal (Kerala) were the new inductions.
The government is planning a moderate hike of Rs 1-1.50 per litre in the prices of petrol and diesel in view of the rising global crude tags.
Petroleum Minister Ram Naik has mooted sale of 12-15 per cent of government equity in oil refiner Indian Oil Corporation and exploration giant Oil and Natural Gas Corporation in the capital markets to shore-up state finances.
The government wants to bring down the subsidies on kerosene, LPG and diesel in a way that does not impact the people in a major manner and takes away subsidies from people who do not deserve them.
Minister of State for Petroleum and Natural Gas Jitin Prasada has said state-run oil companies have the freedom to fix petrol prices, but the government will step in if rates shoot up "indiscriminately".
Disinvestment secretary Sunil Mitra last month wrote to his counterpart in Petroleum ministry R S Pandey seeking comments on 'public offerings from Government's shareholding' in ONGC and IOC. While government has not allowed IOC and other retailers Bharat Petroleum and Hindustan Petroleum to raise petrol, diesel, domestic LPG and kerosene price in line with the cost, they have not been given the promised compensation.
A deal with the Assam government, which holds majority stake in the company through Assam Industrial Development Corporation Ltd, is likely by October.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, is talking to China National Petroleum Corporation, the Chinese national oil company, for a stake in the recently discovered Mulut Basin oilfield in Sudan.
Eight infrastructure industries grew by 3.5 per cent in August this year, down from 4.4 per cent expansion witnessed in the same month last year.
The Oil and Natural Gas Corp, which is laying a 741-km long petroleum product pipeline in Sudan, will also build a $1.2 billion oil refinery in the African nation.
The government is likely to allow Reliance Industries Ltd to sell domestic cooking gas directly to bulk consumers in the country to overcome the problem of glut in LPG during lean season.
The five companies which topped the list are Reliance Industries Ltd, Oil and Natural Gas Corporation, Indian Oil Corporation, NTPC Ltd and Bharat Petroleum Corporation
The CII feels the 20-year scheme was introduced to boost domestic industry and provide a platform to Indian industry to compete with their foreign counterparts.
Hindustan Petroleum Corporation has proposed to shed about 11 per cent of its workforce by offering the surplus staff a VRS, the Rajya Sabha was informed on Tuesday.
The Food Safety and Standards Authority's track-record suggests it is industry-friendly, not pro-consumer.
