Global IT giants such as FaceBook, Google, IBM and Microsoft have a base in Hyderabad.
Reliance Industries will buy 7.5 mn tons of crude oil from Venezuela for its upcoming export-oriented refinery at Jamnagar. The company has been sourcing crude oil from Venezuela, the only OPEC member country from Latin America, for its existing 660000 barrels per day (33 mn tons) refinery at Jamnagar. Venezuela has agreed to supply 150000 barrels per day of oil from June under a long-term supply contract. Reliance is on a sphere to tie-up crude supplies for its new refinery.
Iran on Tuesday denied existence of any contract for export of liquefied natural gas to India while stating that it cannot wait endlessly for New Delhi to join the Iran-Pakistan-India gas pipeline project.
India's fuel demand in May slumped to its lowest in nine months as restrictions to curb the second wave of COVID infections stalled mobility and muted economic activity. Fuel demand fell 1.5 per cent to 15.1 million tonnes despite the low base of May 2020 and was down 11.3 per cent when compared to the previous month, according to data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry. India was under one of the world's strictest lockdowns in May last year, which brought all mobility and economic activity to a grinding halt.
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.
RIL, as well as its partner Pioneer Natural Resources Co, are seeking a buyer for their stakes in Eagle Ford Midstream venture as they focus on shale oil production.
Nomura has forecast the rupee at 61.6 against the dollar in Q1 and at 62 by Q4 of 2015.
'Yet the market didn't do all that badly because it was cushioned by domestic inflows.'
The US Government Accountability Office, in a recently released report, moved ONGC Videsh Ltd, the overseas arm of state explorer Oil and Natural Gas Corporation, and three others, including Petronet LNG Ltd, out of the list.
A fall in the rupee could boost exports. But the flip side of the equation is that a weaker rupee could stoke some inflation
India and Japan's effort to form a multilateral group of liquefied natural gas buyers to avoid paying higher prices for the fuel is laudable as an objective but is unlikely to be effective immediately.
Mayank Ashar, managing director and chief executive officer, Cair India, says the reform momentum should continue and the industry should do its part too.
The world, he said, needs to move towards a transparent and flexible market for both oil and gas.
Losses largely came from the metal index, followed by power, infrastructure, realty, PSU, oil and gas, capital goods, FMCG, healthcare, auto and banking.
L N Mittal's foray into oil and gas trading business through a joint venture with ONGC is facing fresh opposition from refiner Indian Oil Corp, which feels the JV is ineligible to bid for its tenders.
Investors should await consistent growth metrics before looking at an investment in the company.
The NSE Nifty after shuttling between 10,397.60 and 10,279.35 points, ended 47 points, or 0.45 per cent lower at 10,301.05.
Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as an independent director in a precursor to a $15 billion deal. Reliance chairman and Asia's richest man Mukesh Ambani, who had two years back disclosed the talks to sell a 20 per cent stake in the company's oil-to-chemical unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company's annual meeting of shareholders. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said. On the sale of a 20 per cent stake in the O2C business, he said the deal is likely to conclude this year.
Oil and Natural Gas Corp, India's largest oil producer, plans to set up new refineries at Rajasthan and Kakinada in Andhra Pradesh, Petroleum Minister Mani Shankar Aiyar said on Thursday.\n\n
CARE Ratings, in a report, said it foresees an increase in the retail prices of petrol and diesel in the coming few days, depending on how the oil markets react in the reduction in supply from the cartel.
Oil and Natural Gas Corporation will set up a specialised trading desk in India to market crude oil received from investments in oil fields abroad and surplus petroleum products from subsidiary Mangalore Refinery Petrochemicals Ltd.
India may be trying to become a crude oil refining hub but the country's apex planning body has raised doubts on the feasibility of adding more refining capacity.
Markets climb higher tracking global cues.
This will encourage exports and discourage non-essential imports such as precious metals
During the afternoon trade, ONGC commanded a market value of over Rs 2.48 lakh crore -- the highest for any listed company in India.
Stock specific action is seen with some of the prominent companies posting their quarterly numbers.
India's exports to the US in 2017-18 stood at $47.9 billion, while imports were $26.7 billion. The trade balance is in favour of India.
Price of non-subsidised cooking gas (LPG) was today cut by Rs 43.50 per cylinder as international oil rates slumped to their lowest since May 2009.
Iran has complained of irregular shipments
Marking the end of strict banking secrecy practices, Switzerland earlier this month agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities.
Govt unlikely to cut excise duties to compensate for higher global prices, say analysts.
Russian President Vladimir Putin arrived in New Delhi late on Friday night for annual summit talks with Prime Minister Narendra Modi on Thursday that is aimed at building on the already close strategic ties, particularly in the fields of nuclear energy, hydrocarbons and defence.
The Oil and Natural Gas Corp, which is laying a 741-km long petroleum product pipeline in Sudan, will also build a $1.2 billion oil refinery in the African nation.
If they can sit together and hammer out 'Black Sea Initiative' deal for much needed food shipments, surely, they should be able to address the madness of the larger military conflict?
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.
Cash flows from RPL will help Reliance to step up investments on explorations. Reliance Industries, which owns the world's biggest refinery complex, is looking at additional cash flows, tax benefits, continuity of export status and other synergies in its attempt to merge Reliance Petroleum with itself, after a 54 per cent decline in stock prices.
