The Indian Navy, which regards itself as the 'net security provider' in the Indian Ocean Region, has also stepped up to the plate, with a warship stationed at all times off the Gulf of Aden for counter-piracy tasks. 91 Indian warships have been deployed in the region since 2008, patrolling high risk areas where piracy was rampant.
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
India will kickstart on Tuesday a two-day multi-agency military exercise covering the country's 7,516 km-long coastline and exclusive economic zone with the twin aim of checking the preparedness of various agencies to deal with any eventualities and bolster overall maritime security, officials said.
BHP Billiton, the world's largest diversified resources company, has said that there are sufficient features in the pre-feasibility study of the $4.16-billion Iran-Pakistan-India natural gas pipeline to ensure safety.
Union Minister of Road Transport and Highways Nitin Gadkari on Tuesday unveiled the prototype of the world's first Bharat Stage (BS)-VI-compliant electrified flex-fuel car, developed by Toyota Kirloskar Motor. The car, which runs on 100 per cent ethanol (E100), is based on the Toyota Innova HyCross. It can cover 40 per cent of its distance on ethanol and the remaining 60 per cent on electric, with the petrol engine shut off.
The government has allowed Reliance Industries Ltd and Mangalore Refineries and Petrochemicals Ltd to sell kerosene outside the public distribution system, Petroleum Minister Mani Shankar Aiyar said on Thursday.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), is in talks to acquire stakes in two oil blocks in Sudan, a nation which is the Indian flagship is largest overseas oil producing base.
With this the only minister without a portfolio is Oscar Fernandes
The government was planning to come up with a new fiscal model giving 'special incentives' for fields that were given out on nomination to ONGC and Oil India, reports Shine Jacob.
Government has no plans to make the retail selling price of petrol and diesel uniform across the country, Minister of State for Petroleum and Natural Gas Dinsha Patel informed Lok Sabha on Thursday.
Taxes and duties on petrol and diesel in India are higher than developed countries like US and Japan and even neighbours like Pakistan, the Rajya Sabha was informed on Tuesday.
Almost half of the retail price of petrol of Rs 44.63 a litre in the national capital comprises taxes and duties, Minister of State for Petroleum and Natural Gas Jitin Prasada said.
Shell India Pvt Ltd (SIPL) had not been granted licence to sell petrol and diesel in the country, the government said on Thursday.
Petroleum Minister Ram Naik said on Thursday that he expected a new government in Iraq to honour any oil exploration contracts held by Indian companies.
Petroleum Minister Mani Shankar Aiyar will take up Oil and Natural Gas Corp's proposal to acquire 15-20 per cent stake in embattled Russian firm Yukos' core asset, Yuganskneftegaz, when he meets his Russian counterpart in Moscow on February 21.
State-run Oil and Natural Gas Corporation is likely to bid for acquiring the assets of embattled Russian oil major Yukos, Petroleum secretary S C Tripathi said on Thursday.
Union Home Minister Amit Shah on Monday reviewed the preparations for Cyclone Yaas including the evacuation of people on the high seas as well as in vulnerable coastal areas and the safety of COVID-19 facilities.
Qatar is the world's richest country in terms of per capita income.
Dharmendra Pradhan, Mukhtar Abbas Naqvi, Nirmala Sitharaman and Piyush Goyal have been elevated to Cabinet ministers.
After Nigeria, Libya has invited Indian oil firms to operate its old refineries after investing in their revamp and has offered New Delhi rights to explore oil in the country.
The government has approved the merger of fuel retailer IBP Co Ltd with IOC in an amalgamation that would provide the state-run refiner improve profits and allow the new entity to compete against private firms and multinationals.
Petrol and diesel price hikes are likely to resume after state elections get over next week to bridge the Rs 9 a litre gap created by international oil prices soaring past $100 a barrel. International crude oil prices shot above $110 a barrel for the first time since mid-2014 on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions. The basket of crude oil India buys rose above $102 per barrel on March 1, the highest since August 2014, according to information from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.
ONGC Videsh Ltd and China National Petroleum Corp have for the first time ever made a joint bid for acquiring an oilfield abroad.
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.
TotalEnergies will acquire 25 per cent shareholding in Adani New Industries Ltd -- the firm that houses Adani Group's new energy business -- for an undisclosed amount, the two firms said in separate statements. "TotalEnergies has entered into an agreement with (Adani Group's flagship) Adani Enterprises Limited (AEL) to acquire a 25 per cent interest in ANIL," the French energy giant said.
The government will set up three refineries in Paradip, Bathinda and Bina during the Tenth Plan period which would increase the crude refining capacity by 24 million tonne, Petroleum Minister Ram Naik said.
Indian Oil Corporation will shed about 1000 surplus employees by giving them voluntary retirement, the Rajya Sabha was informed on Tuesday.
State-owned Oil and Natural Gas Corporation, the latest entrant in auto fuel retailing, plans to set up 15 petrol stations in Karnataka and Gujarat in the current year.
The government will phase out subsidies on LPG and kerosene by March 2007, Minister of State for Petroleum and Natural Gas Sumitra Mahajan said in a written reply to the Rajya Sabha on Tuesday.\n\n\n\n
Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list released on Monday. Reliance took a beating on the rankings as revenues dropped owing to the COVID-19 pandemic. This is its lowest ranking since 2017. Walmart continues to top the Fortune list with a revenue of $524 billion, followed by China's State Grid at $384 billion.
State-run Oil and Natural Gas Corporation will buy 20.9 per cent stake held by banks and financial institutions in its subsidiary Mangalore Refinery and Petrochemicals Ltd for around Rs 370 crore.
Tata Sons stake in the group's listed companies is now worth Rs 9.28 trillion, up 34.4 per cent on a year-on-year (YoY) basis. In comparison, the Government of India's stake in listed central public sector undertakings (PSUs) is currently valued at Rs 9.24 trillion
India imported 3.928 million tonnes of crude oil from Iraq during the first 11 months of 2002-03, the Rajya Sabha was informed on Tuesday.
Oil and Natural Gas Corporation is likely to buy 16.9 per cent stake of Hindustan Petroleum Corporation in loss-making Mangalore Refinery and Petrochemicals for close to Rs 550 crore.\n\n
India's crude oil import bill has jumped by about Rs 9,125 crore (Rs 91.25 billion) in the first nine months of current fiscal, the Rajya Sabha was informed on Tuesday.
The finance ministry has asked state-run oil companies to shell out an interim dividend of Rs 2,600 crore (Rs 26 billion) for the year to March 2003, a government official
'2019 was fought on delivery. But in 2024, you can see the before and after effects.'
