Indian Oil Corporation (IOC), the nation's largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft, the Russian oil producer said. IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives. For 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk.
The domestic supply of diesel has been constrained on rapidly growing demand. The diversion of supplies from Reliance Industries, which was given export-oriented unit status last year, has added to the shortage. Reliance produces 10 million tonnes of diesel from Jamnagar.
The production of eight infrastructure sectors rose by 7.5 per cent in October on healthy performance by the segments of coal, natural gas, refinery products and cement, official data released on Tuesday showed. The output of eight core sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 0.5 per cent in October 2020, according to the data released by the commerce and industry ministry. Core sectors' growth stood at 4.5 per cent in September this year.
Iran has offered to help India meet its energy needs by relaunching rupee-rial trade for export of oil and gas, said Iranian ambassador to India Ali Chegeni. Chegeni said if both the countries resume rupee-rial trade, bilateral trade can touch $30 billion. Iran used to be India's second largest oil supplier but New Delhi had to halt imports after the former US president Donald Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on its oil exports.
The competition for the worst or most perilous 10 years has always been between the 1960s and the 1980s, points out Shekhar Gupta.
Reliance Industries Ltd will invest Rs 75,000 crore in rolling out 5G mobile telephony services, expanding retail network and setting up renewable energy capacity in Uttar Pradesh in the next four years, its chairman Mukesh Ambani said on Friday. Ambani also announced foray of the oil-to-telecom conglomerate into bio-energy business, converting agriculture waste into gas which can be used as fuel in industries, run automobiles or light kitchen stoves. Speaking at the Uttar Pradesh Global Investors Summit 2023 here, Ambani said his group will set up 10 GigaWatts of renewable energy capacity and roll out 5G services across the state in the next 10 months.
The incident occurred on Wednesday afternoon when the oxygen supply to patients stopped suddenly because of a malfunction in the main storage at Dr Zakir Hussain Hospital, run by the Nashik Municipal Corporation.
Come December, India may have to re-evaluate purchases of Russian oil if a price cap on crude oil proposed by the US and the European Union (EU) comes into effect. That impacts nearly a quarter of India's oil purchases that come at a discount, helping limit marketing losses for India's state refiners and enabling New Delhi to manage inflation by freezing pump prices of motor fuels. In September, India imported 1 million barrels a day or 24 per cent of its overall imports from Russia, which became the biggest supplier of oil to India.
Angry protests in Colombo as Sri Lanka grapples with its worst ever economic crisis.
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
Focuses on meeting non-traction demand through renewables.
Everyone must sample these tiny pan-fried idlis stuffed with onions or vegetables once before they die.
These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.
The Sensex ended down 251 points at 27,351 and the Nifty shed 65 points to close at 8,228.
A pregnant Sri Lankan woman, who had been in a queue for two days to obtain a passport to leave the crisis-hit country for employment overseas, went into labour while waiting for her turn on Thursday and delivered a baby girl.
'The reason being we cannot let premiums go beyond a certain point.'
It noted that the government could not accurately anticipate the gravity of the possible resurgence of the pandemic and its subsequent waves.
India's crude oil import bill is set to exceed $100 billion in the current fiscal year ending March 31, almost double its spending last year, as international oil prices trade at seven-year highs. India spent $94.3 billion in the first 10 months (April-January) of the ongoing financial year that started April 1, 2021, according to data from the oil ministry's Petroleum Planning & Analysis Cell (PPAC). It spent $11.6 billion in January alone when oil prices had started to surge.
High drama was witnessed at the Campa Cola housing colony in Mumbai on Tuesday after residents refused to move out of the compound, locking themselves in after the civic and police officials arrived for demolition as the deadline by the Supreme Court to vacate their flats came to an end.
Sri Lanka has also imposed a police curfew in Western Province for six hours.
Oil Minister Dharmendra Pradhan had last month told the Parliament that his Ministry has disallowed RIL from recovering $2.376 billion invested to develop offshore Krishna Godavari gas fields as output has fallen drastically and was way below the promised volumes in past four years.
Held on the first day of Spring by the Chinese calendar, it began with a performance by dancers waving glowing green stalks to convey the vitality of the season, followed by an explosion of white and green fireworks that spelled the word "Spring".
If the central banks act harshly now, the markets will crash and then rally. If they are hesitant, the pain will be prolonged, predicts Debashis Basu.
Russia and China have a broad consensus today on almost all core issues related to global strategic stability, which is unprecedented in modern history, observes Ambassador M K Bhadrakumar.
Victims of the 1984 Bhopal gas tragedy have filed an appeal in a higher court in New York contesting a lower court's decision that Union Carbide Corporation cannot be sued for the ongoing contamination from the chemical plant.
The mission has proposed pilot projects for replacing fossil fuels and fossil fuel-based feedstocks with Green Hydrogen and its derivatives.
The wholesale price-based inflation in February rose to 13.11 per cent on hardening of prices of crude oil and non-food items, even though food articles softened. After two months of mild easing, WPI inflation accelerated in February and remained in double digits for the 11th consecutive month, beginning April 2021. WPI inflation last month was 12.96 per cent, while in February last year, it was 4.83 per cent. The rise in crude oil and natural gas prices after the Russian invasion of Ukraine, beginning February 24, has put pressure on the wholesale price index, even though food articles saw softening across categories of vegetables to pulses to protein-rich items.
The additional delivery charge for 'urgent' supply of LPG cylinder is nothing but a fraudulent exercise. It is just another backdoor price hike, former Petroleum Minister Ram Naik said.
So far the government has been silent on the charges being levelled, even after the stock price rout. Perhaps it is hoping for the share price to settle so that the matter goes away, predicts Aakar Patel.
Lack of access to the cosmonaut training programmes would also be a hindrance for ISRO's planned manned missions, explains Devangshu Datta.
10 high dividend paying stocks across sectors that are expected to maintain or even increase their pay-outs in FY23 thanks to faster earnings growth in the last four quarters.
Russian Foreign Minister Sergey Lavrov, who was representing President Vladimir Putin, left Bali on Wednesday, a day ahead of the scheduled conclusion of the G20 Summit held amid the economic challenges triggered by the Russia-Ukraine war.
Jet fuel prices on Wednesday were cut by 1.3 per cent -- the first reduction after 10 rounds of price hikes -- on softening international crude oil rates. Simultaneously, prices of commercial LPG - used by business establishments such as hotels and restaurants - were reduced by Rs 135 per 19-kg cylinder. The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- has been reduced by Rs 1,563.97 per kilolitre, or 1.27 per cent, to Rs 1,21,475.74 per kl (Rs 121 per litre) in the national capital, according to a price notification of state-owned fuel retailers.
Flagging the 'severe crisis' over availability of medical oxygen in Tamil Nadu, Chief Minister M K Stalin on Friday urged Prime Minister Narendra Modi to intervene and ensure it gets supplies and for the Centre to make available containers and trains to transport the life saving gas to the state.
State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending programme to spur economic growth. Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23). The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents.
"My brother was about to get discharge in the next two days as his condition was improving. Today when I brought him tiffin, he said he would eat later'
India's economy grew by 6.3 per cent in the second quarter of the current fiscal, official data released on Wednesday showed.
In a move that will give cooking gas consumers more choice, state oil marketing companies have started selling mini 5-kg LPG cylinders at subsidised rates.
Six hospitals in the national capital have exhausted their oxygen supply while seven others have less than five hours of oxygen left, Deputy Chief Minister Manish Sisodia told Union Health Minister Harsh Vardhan on Thursday.
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