India on Monday said it will meet Pakistan next week to resolve issues, such as transit fee, impeding progress on the over $7 billion Iran-Pakistan-India gas pipeline project, even as it gets formally inducted in a rival line from Turkmenistan.
The government on Monday ruled out any immediate increase in petrol and diesel prices despite a spurt in international crude oil prices.
In a relief to Murli Deora, the Election Commission on Tuesday gave him a clean chit, saying the Petroleum Minister did not violate the Model Code of Conduct when he referred to taking a decision on the fuel prices after assembly polls in six states.EC sources said that the Commission looked into the video clippings and found no substance in the complaint made against Deora.Deora came under attack last week for his remarks on fuel prices after the conclusion of assembly polls
Indian Oil Corporation has developed an indigenous technology that can double LPG production in refineries, Petroleum Minister Murli Deora said on Thursday.
On the insistence of petroleum minister Murli Deora, Russian Prime Minister Vladimir Putin is sending Shmatko to attend the conference of energy ministers of the Commonwealth of Independent States that New Delhi is hosting on November 25-26.
Iraq has invited Indian Oil Corporation, the country's largest oil refiner, to set up refineries in the war-torn country, and also participate in other downstream projects, a government statement said.
Responding to a Call Attention Motion in Rajya Sabha on the recent price hike, Deora said the July 2 increase had helped IOC, BPCL and HPCL cut their revenue losses for July from Rs 4,870 crore (Rs 48.7 billion) to around Rs 2,880 crore (Rs 28.8 billion).
Vijay Mallya-owned Kingfisher Airlines owes state-run oil companies over Rs 950 crore (Rs 9.50 billion0 in unpaid fuel bills while financial crisis-hit NACIL has cleared almost two-thirds of its outstanding.
Fuel consumption is projected to grow to 136.61 million tonnes in 2009-10 against 133.4 million tonnes in the previous fiscal, Deora informed the Rajya Sabha. The expansion in demand will be the slowest since 2005-06.
Petroleum Minister Murli Deora has announced that the cabinet will soon take a decision on fuel price hike.
The ministry, however, clarified that there was no change in the prices of kerosene and LPG.
In what could be a Diwali gift for the common man, government on Thursday said in the Lok Sabha that an announcement on reduction of fuel prices will be made within a week, keeping in view the falling global crude prices.
The government on Tuesday clarified that no papers of sensitive nature were ever given to Mukesh Ambani-run RIL or its Canadian partner Niko Resources, and added they were provided only those papers needed to implement the decision on pricing of natural gas from their field.
Jet Airways, Kingfisher and NACIL, which operates Air India, owe over Rs 2,000 crore (Rs 20 billion) to the oil PSUs in unpaid fuel bills, Petroleum Minister Murli Deora said.
A day after the Anil Dhirubhai Ambani Group declared it will be interested in buying out the Dabhol project whenever it is up for sale, Petroleum Minister Murli Deora categorically denied the Central government was considering any such proposal.
Launching a major global initiative for attracting foreign investment in the hydrocarbon sector, India on Monday held a roadshow in London for auctioning 55 oil and gas exploration blocks.
Petroleum minister Murli Deora discussed the idea of levy of $0.20 per million British thermal unit as cess on natural gas to mop up Rs 3,000 crore (Rs 30 billion) annually for laying down the gas pipeline network with CEOs of state-run firms. The brainstorming session called to chalk out the 100-day plan for the new government also decided on launching a new Scheme of Rural LPG Distributor (Gramin LPG Vitrak), petroleum secretary R S Pandey said.
The NSE Nifty ended at 4,449, up 112 points. The market breadth was positive - out of 2,852 stocks traded, 2,147 advanced while 649 declined.
Kuwait Petroleum Corporation (KPC) is in talks with Reliance Industries and Indian Oil Corporation for investing in refineries and petrochemical plants in the country.
India and Libya discussed ways to boost their relationship, particularly in the IT and Oil sector during talks visiting Petroleum Minister Murli Deora had with Libyan leader Muammar Gaddafi in Tripoli.
Natural gas producers like Reliance Industries will need government approval for the formula used to calculate the price of the fuel, Petroleum Minister Murli Deora said on Tuesday.
ONGC Videsh Ltd has much riding on $150 million investment plans in gas and oil exploration that Petroleum Minister Murli Deora says is critical for India's energy security. But apart from this, Myanmar apparently offers rich potential in engineering, fertilisers, tourism and pharmaceuticals for the private sector.
Australia on Tuesday invited Indian companies to take part in exploration of natural gas but expressed inability to supply LNG to India in the short term.
The north-eastern states are keen to have a proposed gas pipeline from Myanmar routed through the region as they believe the project could bring about a development windfall.
Iran on Tuesday indicated that it may be willing to change the delivery point of gas it wants to sell to India through a pipeline passing through Pakistan, but wanted New Delhi and Islamabad to decide quickly on the $7.4 billion project.
As crude oil prices hover around four-year lows, the government may look at slashing diesel prices further that will help cool inflation by lowering goods transportation charges.
Monday's meeting of the empowered group of ministers on pricing of gas from Reliance Industries' D6 block in the Krishna-Godavari basin has proved inconclusive.
Kazakhstan will give ONGC Videsh Ltd an oil block in the Caspian Sea.\n\n
Prime Minister Manmohan Singh and UPA chairperson Sonia Gandhi discussed the Rs 225,040 crore (Rs 2250.40 billion) revenue loss oil PSUs face without raising price of petrol, diesel, LPG and kerosene and duty cuts this fiscal on three occasions but failed to give a clear verdict.
The fall in international oil prices has resulted in handsome margins for state-owned firms on petrol and diesel sales, but not all of it would be reflected in the cut in the retail selling price, as Finance Ministry wants to take away some of the gain by raising excise duty.
Iranian President Mahmoud Ahmadinejad may have used a mix of charm and roguish coercion to let India know that he expected the Iran-Pakistan-India gas pipeline proposal to become a reality in 45 days. But India is in no hurry to take a decision, a top Cabinet minister in the United Progressive Alliance government said. The volatile political environment in Iran and Pakistan has as much weightage now and the UPA government is becoming more reluctant.
With the rising price of crude oil, the gap between the desired selling price and the actual selling price -- referred to as under-recovery -- is up to Rs 190 crore (Rs 1.9 billion) a day. The solution is to raise retail prices, an unpopular move.
India on Wednesday offered Qatar a 10 per cent stake in Petronet LNG Ltd to get the worlds largest liquefied natural gas exporter to sell 18 more LNG cargoes this year and agree on a long-term supply deal for meeting fuel needs of beleaguered Dabhol power plant.
Petroleum Minister Murli Deora on Saturday said the government is considering to prices of petroleum products in the next few days.
On December 5, the government had announced a Rs 5 per litre and Rs 2 a litre reduction in petrol and diesel prices, respectively, as global crude prices hovered around four year lows.
Iran on Friday invited India's Prime Minister Manmohan Singh and Pakistan President Pervez Musharraf to Tehran for signing a tri-nation deal on natural gas, supply of which could start from 2011.
In first clear indications of a further reduction in petrol and diesel prices, Petroleum Minister Murli Deora on Monday said the government was considering passing on the benefit of the fall in international crude oil prices to consumers.
Government said on Tuesday it was commited to Oil and Natural Gas Corporation's mega investment plans in petrochemical projects and special economic zone at Mangalore and there was no going back on it.
The government has cut petrol price by Rs 5 and diesel by 2 a litre with effect from midnight tonight.
The government will cut petrol and diesel prices after Assembly elections are over on December 24, Petroleum Minister Murli Deora said on Tuesday.
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