Oil prices dipped on Wednesday as the market prepared for a gradual increase of Iranian exports into an already oversupplied market from 2016.
The Public Enterprises Selection Board, which is the government head-hunter, interviewed seven candidates for the post, which fell vacant after Dinesh K Sarraf was elevated as Chairman and Managing Director of ONGC.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
The oil ministry has asked refiners to defer planned maintenance of refineries to ensure smooth supply of oil products if there is a US-led invasion of Iraq, a government official said
India's Oil and Natural Gas Corp expects crude output to rise 15 per cent to 600,000 barrels per day in 2006-07 but production from its ageing fields will fall rapidly in subsequent years, a company official said.\n\n\n\n
Indian Oil Corp, the country's largest refiner, said on Thursday the value of its inventory of crude oil and refined products dropped Rs 350 crore (Rs 3.5 billion) in April as crude prices fell after the Iraq war.
India imported 11 million tonnes of crude oil from Iran in the fiscal year ending March 31, 2014, down from 13.14 million tonnes in the previous fiscal
If the crisis worsens it could jack up India's oil import bill by over $20 billion this fiscal, at close to $200 billion.
A prolonged war in Iraq would shake the Indian economy with oil prices going up and growth rate dropping to 2.5 per cent, A C Muthiah, the president of Federation of Indian Chamber of Commerce and Industry
China is opposed to India's oil exploration in the South China Sea because it is a disputed area, but regards its ambitious US $46 billion (Rs 2.9 lakh crore) economic corridor through Pakistan-occupied Kashmir a "livelihood project" with issues left over from history.
India on Saturday extended $500 million (Rs 3,328 crore) Line of Credit to Vietnam for facilitating deeper defence cooperation with the south east Asian nation, as the two countries elevated their ties to a Comprehensive Strategic Partnership to respond to emerging regional challenges.
Move aimed at avoiding crowding of public issues during the Centre's mega disinvestments in coming months.
The cost of CNG, which will be reduced by up to Rs 15 per kg in the next few days following a rejig in natural gas allocation, will go up by Rs 10.6 a kg in April, when domestic gas prices almost double.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
Bank shares were the top gainer in early trades with Bank of Baroda up over 4%.
In the past, the absence of commercially viable gas prices had not only discouraged high-risk new exploration activity but also hindered the development of some of the existing discoveries, such as the satellite fields in the Reliance Industries' eastern offshore KG-D6 block.
Pooling will also kick-start projects of Reliance Power, Torrent, Lanco.
With the Petroleum Ministry opposing disinvestment of IOC in the market, government is exploring the option of selling its shares to other oil PSUs like ONGC and OIL.
Oil imports are a third of India's total import bill.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
Prime Minister Narendra Modi on Thursday said even though India's options have increased, Russia will remain the country's "most important" defence partner as Moscow offered to fully manufacture in this country one of its most advanced helicopters.
Financials declined amid profit taking while energy shares fell after the government hiked excise duty on transport fuels.
When big offers hit the market, broader indices corrected 2-4%
Keeps open the option to make payments in yen or yuan in the face of sanctions
Amid escalation in violence in a number of Gulf countries, India on Thursday expressed deep concern over the rise of fanaticism, extremism and terrorism in parts of the Arab region, saying they are tearing apart the fabric of societies as well as affecting regional stability.
Giving a fresh impetus to its ties with ASEAN, India today said it would soon draft a five-year action plan starting 2016 for enhancing connectivity and cooperation in diverse areas and hoped the long-delayed free trade pact on services and investment will be signed later this month.
As India strives to make its Act East Policy a comprehensive politico-diplomatic and economic success, Brunei gains more salience, says Dr Rahul Mishra.
ONGC is raising debt for a spate of acquisitions over the past year
Global brokerage firm CLSA is positive on India's growth stroy.
Begin with ITC. Larsen & Toubro, yes. ICICI and HDFC, yes again.
Link between oil exploration and markets can be used by India to great advantage.
Custom duties, a major concern for the oil sector.
It is high time to manoeuvre the rupee more effectively and predictably, even as it has to be recognised that such tweaking of the rupee needs to be accompanied by reforms to the real sector and factor markets.
Oil accounts for about a third of India's total imports and higher dollar prices combined with a rupee near all-time lows have increased its cost.
Reason behind for the change in his stance: gas price increase.
Re-instatement of 5% custom duty on crude imports will help.
China's economy is in transition, with rising wage costs and massive overcapacity.
'We are encouraged by what the prime minister said recently on these issues... We will keep a close eye on these issues. They are very important and as are other elements of our human rights and religious freedom.' 'So, absolutely, we'll keep a focus on them.'
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