While the Union Cabinet had in November last year approved the sale of the government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7. The EoI submission deadline was May 2, but on March 31 it was extended up to June 13. On Wednesday, the government said this deadline is further being extended up to July 31.
"The Corporation has decided to offer a voluntary retirement scheme, with a view to enable employees who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
According to sources, Russian energy giant Rosneft or its affiliates, Saudi Aramco and Reliance Industries are in race for BPCL's three refineries - Mumbai, Kochi in Kerala and Bina in Madhya Pradesh - 16,309 petrol pumps, 6,113 LPG distributor agencies and more than a fifth of 256 aviation fuel stations in the country.
On Tuesday, Petroleum Minister Dharmendra Pradhan met Russian oil giant Rosneft's chief executive officer Igor Sechin and discussed raising crude imports from that country, in addition to talks about going for more acquisitions.
The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals.
Oil demand had plunged 5.9 per cent in January, the most in 13 years, after the shock demonetisation of high-value currency notes in November
During the first round of discovered field auctions, there were 134 bidders for the 34 blocks on offer
Existing investors should not make any drastic changes in their portfolio at the onset of elections, say experts.
Indian Ambassador to the US Harsh Vardhan Shringla said India has stopped importing oil from Iran after the United States refused to extend exemption from sanctions earlier this month.
IDBI Bank, SBI, ONGC & PFC show interest in carrier's central Delhi land. Proceeds from the asset sale would be used to clear the government-owned airline's debt.
'An internationally established price of crude will encourage more players to invest in India, leading to enhanced domestic production which can be made available to domestic refineries,' recommends Anil Agarwal whose company Vedanta Resources has a controlling stake in Cairn India that operates the country's biggest onland oilfield in Barmer, Rajasthan.
India will also play an increasingly important role as one of the Asia-Pacific region's major economic growth engines, helping to drive Asian regional trade and investment flows.
Nancy Powell, being the quintessential diplomat, and attempting to be as circumspect as possible, replied, "Iran and India have a long tradition of trade across energy and other fields. It is one that is clearly a part of our sanctions regime, that we are hoping to see it significantly reduced."
Government-owned companies are more generous in rewarding their shareholders with dividends.
India has asked bulk buyers to pay market rates for diesel since last January and has also been raising the price of subsidised diesel in small amounts every month in an effort to cut its ballooning fuel subsidies.
In the last four years, India has significantly reduced its import of Iranian oil by volume from 16 per cent in 2008 to 10 per cent now, a US Congressional report has said.
The Modi government caved in under American pressure without even token resistance. Two countries similarly placed as India with high dependence on Iranian oil -- China and Turkey -- have shown the grit to stand up to Washington, says Ambassador M K Bhadrakumar.
So, how does Pompeo's check list look like? In a broad sense, he is coming here 'to make sure that we have economic openness'; to ensure that 'we have to deliver'; to understand that 'we have to execute' what we promised to do; and, to 'broach some tough topics', points out Ambassador M K Bhadrakumar.
There are no guesses on how many times the group of ministers will meet before any clarity emerges on the $9.6-billion deal.
Shipping Corporation of India's oil tanker, MT Desh Shanti, which was detained in Iran for 26 days, arrived at Visakhapatnam port in the early hours on Wednesday, sources said.
In signs that Iran is serious about shutting off crude oil supplies to India over unpaid bills, the Islamic Republic has not allocated any volumes for supply to any of the Indian refiners for August.
Under the stewardship of R S Sharma, ONGC climbed three places to take the top slot in the 2010 rankings released by Platts, one of the most respected global provider of energy and metals information, on Tuesday evening.
OVL, IOC and OIL explored for oil and gas in Farsi block.
India's network has expanded at a compound annual rate of around 4% which has added more than 4.8 km of additional roads since 1951, but even so the network remains badly underdeveloped
India's oil minister Murli Deora said on Saturday that the\ngovernment would consider a downward revision of fuel prices if international crude\nprices came down.
From automobiles, cement, infrastructure to oil and gas and banking, Indian companies have established themselves as one of the most successful in the world.
India's Oil Minister Murli Deora said a proposal to allow firms to set retail fuel prices based on market prices would be sent to the cabinet for approval within six weeks.
India's Oil Minister Murli Deora said a proposal to allow firms to set retail fuel prices based on market prices would be sent to the cabinet for approval within six weeks.
The government has decided to give a Rs 3,000-crore (Rs 30-billion) cash subsidy to fertiliser companies and put in another Rs 800 crore (Rs 8 billion) in Air India. Oil marketing companies, though, are unlikely to get any subsidy for the losses they incur on selling cooking fuel at subsidised rates in the current year.
The JV was supposed to get at least 45 per cent stake.
ONGC Videsh Ltd and its partners Indian Oil Corporation and Oil India Ltd have dropped plans to develop an oil field in Iran after the discovery was found to be commercially unviable.
Swaraj expressed satisfaction over the agenda of the inaugural dialogue while giving the details of the deliberations.
Korean National Oil Corporation had moved court after the Nigerian government cancelled its licence for block 321 and 323 and decided to restore them to OVL, the overseas arm of India's Oil and Natural Gas Corporation. Media reports from Abuja said a Federal High Court restrained the Federal government from interfering with operations of the two oil blocks.
The government is bullish on Coal India and ONGC's stake sale programme which are to be held soon.
Indian and Pakistani hackers are engaged in a round of tit-for-tat defacing of government-run websites of the two countries, targeting such major organisations as India's oil and gas major Oil and Natural Gas Corporation and its Pakistani counterpart Oil and Gas Regulatory Authority.
The irony, of course, is that even the suggestion that the petroleum and natural gas ministry thought was practical and workable has few takers in the government. Among the many suggestions on petroleum product prices, the Chaturvedi Committee had recommended dual pricing of diesel.
India imports about 25 million tonnes of oil from Iraq each year.
Cairn India, a unit of UK-based Carin Energy, will have the potential to account for 20 per cent of India's oil production in the next decade once oil starts flowing from its three fields in Rajasthan.
The companies that have signed these pacts with the India chapter of the Berlin-based Transparency International include PSU majors such as GAIL (India), Coal India, Oil and Natural Gas Corporation, Steel, Hindustan Petroleum Corporation, Steel Authority of India, National Mineral Development Corporation and Rashtriya Ispat Nigam. In fact, 12 of the 14 companies that signed the pact, did so in the last six months.
The Summit comes at a time when China is flexing its muscle to tighten its grip over the disputed South China Sea.
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