India's dependence on imported crude oil to meet domestic demand has been a matter of concern for years. Delivering the inaugural address at the global energy summit - Urja Sangam - in 2015, Prime Minister Narendra Modi had called for enhancing domestic oil and gas production to cut the import burden. He aimed at lowering it by at least 10 per cent by 2022 - to coincide with the platinum jubilee of India's independence. But this target is far from being achieved and the country's import reliance has only risen.
Reliance Industries on Wednesday decided to double the production capacity at its Jamnagar Refinery to 60 million tonnes at an investment of Rs 25,000 crore (Rs 250 billion).
The company had received a loan restructuring package from banks under the 5/25 scheme last year.
As fuel prices surged in September, the government's decision to ask companies to cut price by Rs1 each on a litre of petrol and diesel came as a dampner for private players.
The government is working on a plan to pass on part of the revenue loss public sector oil marketing firms are incurring on sale of liquefied petroleum gas and kerosene, to refiners, including Reliance Industries Ltd.
Over a third of Ambani's speech was focussed on RIL's plans.
Moscow-based OAO Rosneft Chairman Igor Ivanovich Sechin said the agreement was to ship by sea as much as 10 million tons of oil per year to Essar Group.
Mukesh Ambani-controlled Reliance Petroleum Ltd will be listed on the bourses on May 11.
Reliance Industries Ltd will sell 4.3 million tonnes of petroleum products from its 33 million tonnes Jamnagar refinery in Gujarat to public sector oil retailing companies in 2004-05.
In a two-page letter written on December 12, 2017, the Reliance head said he was "personally saddened" by the "unfortunate statements" against him and his group by several functionaries of the Congress party.
The Street expects lower earnings from RIL's shale business to be offset by the sharp uptick in refining margins and the gradual improvement in petrochemical earnings.
Petroleum Minister Ram Naik said there was no shortage of domestic cooking gas in the country, as imports made up for the shortfall in LPG output arising out of the shutdown of a crucial unit in the Jamnagar refinery of Reliance Industries Ltd.
But earnings of main private holding firm get a booster dose from RIL dividend
Billionaire industrialist Mukesh Ambani has turned a venture capitalist and is backing a new television channel Epic TV due to go on air next month.
He urged every investor to follow his steps and invest in Gujarat.
West Bengal Chief Minister Mamata Banerjee has left no stone unturned this year after big industrialists, along with Union ministers, skipped attending the BGBS 2017.
IOC, the key importer of petrol, has sought almost 700,000 tonnes for March-September delivery.
'We began foolishly bragging about Saudi-Emirati investment plans as indicative of the sheikhs 'distancing' from Pakistan, including on Kashmir,' notes Ambassador M K Bhadrakumar.
The company's investments in telecom business reached 15-20% of capital employed.
The 12-year loan will part finance the proposed expansion of RIL's petrochemical plants and setting up of new gasification unit and refinery off-gas cracker over the next 2-3 years.
The Harvard alum has known the Yale alum for ages, but hit it off recently.
Business opportunity after phased diesel deregulation the main trigger.
'The Saudis are in the driving seat in navigating the relations with India; they set its compass and calibrate its pace,' points out Ambassador M K Bhadrakumar.
India expects to remain unscathed this time, mainly because it is in a sweet spot as the world's third largest oil consumer, after the US and China, says Subhomoy Bhattacharjee.
'Unless cash has ceased to be king, the issue is the same in the aviation, telecom and ecommerce sectors: Sustainability,' notes T N Ninan.
The 2016 upstart, called Jio, dislodged rivals and has emerged as the nation's No. 4 carrier by offering call services free for life and data transmission at dirt cheap rates.
Cumulative sale at India's top six passenger vehicle (PV) makers dropped 0.7 per cent to 267,000 units, from 269,000 a year before.
RIL's standalone net profit rose one per cent quarter-on-quarter
No one is quite sure when the soft launch is likely.
Reliance Industries has doubled the average life of its debt to around 7.5 years.
Experts say local demand, government policies in retail and refining sector are attracting foreign players.
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RBI's forex swap window for oil marketing companies addresses an urgent issue but what happens when the dollars have to be returned?
