An empowered group of ministers headed by Defence Minister A K Antony is to consider an Oil Ministry proposal of abolishing the priority ranking later in the day, according to which natural gas is first given to urea manufacturing fertiliser plants, then to LPG units, followed by power plants, city gas, steel and refineries.
Reliance Industries on Monday clarified that the company made purchases from Iraqi crude oil suppliers at the then prevailing international prices and no other payments were involved in these purchases.
Oil ministry this week issued written instructions to the billionaire Mukesh Ambani-run firm to make a 'pro-rata' cut in gas supplies to all existing customers if the production from its KG-D6 field cannot support new customers, two sources with direct knowledge of the information have said.
Coal and steel were only two sectors that saw some growth.
State-owned Oil and Natural Gas Corporation has bid to participate in Angola's $3.75-billion Sonaref project for building a 10 million tonne refinery at Lobito.
Market cap touches Rs 5 lakh crore; earnings growth to spurt in FY19
On Sunday, angry villagers of Leelala laid their own foundation stone - which had 'aam aadmi' inscribed as the name of the chief guest - still claiming the project was to come up in their village.
The blaze erupted around 7 am in the gas processing plant of the ONGC located in Uran area of neighbouring Navi Mumbai, an official said.
'We began foolishly bragging about Saudi-Emirati investment plans as indicative of the sheikhs 'distancing' from Pakistan, including on Kashmir,' notes Ambassador M K Bhadrakumar.
The growth rate in September was highest since May when it was 4.4%.
Poor performance of coal, petroleum refinery products and natural gas pulled down the core sector growth to 2.1 per cent in December, 2013 from 7.5 per cent in the same month a year ago.
Hindustan Petroleum Corporation Ltd and British oil giant British Petroleum will decide on signing a binding agreement for a new refining and marketing joint venture vehicle to build a nine million tonne refinery at Bhatinda in Punjab by November 12.
The government has allowed Reliance Industries Ltd and Mangalore Refineries and Petrochemicals Ltd to sell kerosene outside the public distribution system, Petroleum Minister Mani Shankar Aiyar said on Thursday.
According to an official source, the Rs 8,000-crore (Rs 80-billion) capacity expansion plan by Chennai Petroleum Corporation Ltd may get hit as European companies are reluctant to give technology licensing for the upcoming six-million tonne units.
State-run Hindustan Petroleum Corp Ltd plans to invest over Rs 13,000 crore to raise the capacity of its Vizag refinery and set up an aromatic plant there.
The core industries, which also include coal, natural gas, refinery products and crude oil, having a weight of about 38 per cent in the Index of Industrial Production, grew at 3.7 per cent January this year.
The core industries that also include coal, electricity, cement, petroleum refinery products and finished steel, and carry 37.9 per cent weight in the Index of Industrial Production, had grown by 5.8 per cent in May last year.
According to data released by the commerce and industry ministry, exports stood at $25.01 billion in the month. The fall is only the second time exports contracted in the past year.
The country's largest refinery, Indian Oil Corporation, is unlikely to bid for the Iraqi crude oil tendered on Thursday, as the delivery schedule and other specifications do not meet its requirements.
Oil Minister Dharmendra Pradhan said the new timing of the price change was agreeable to the dealers and so daily price revision will be implemented from June 16
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, has signed a $194 million contract with the Sudan Government for construction of a 741-km long multi-product pipeline.
India's pricing policies for petroleum products -- end-user price caps -- are increasingly causing 'oil product adulteration' and 'pollution' in addition to severe imbalances in demand and supply for oil products as well as rising subsidy bill and heavy financial losses by refineries, says Paris-based International Energy Agency.
In an attempt to stop states from levying local sales tax on inter-state transactions, the Centre has told Rajasthan that only Central Sales Tax can be levied on crude oil sold from Cairn India's fields in the state to refiners elsewhere.
Revenue jumped 54.5 per cent to Rs 156,291 crore.
Admitting that oil prices are the single biggest worry for him, Finance Minister P Chidambaram has hinted at revision in petroleum prices saying consumers too would have to share the burden.
The government on Wednesday allowed Mangalore Refinery and Petrochemicals Ltd, a subsidiary of the state-owned Oil and Natural Gas Corp, to set up 500 petrol stations
During April-June this fiscal, the core industries grew by 4.8 per cent compared to 3.5 per cent in the corresponding period the previous year. Cement production increased by 12.8 per cent in June against 6.6 per cent a year ago, while coal production rose by 14.7 per cent during the month against 6.1 per cent in June 2008.
RIL operates 33 million tonne domestic-tariff area or DTA refinery that sells most of its products to domestic market, and 29 million tonne only-for-exports or SEZ unit.
Workers of state-owned Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd returned to work on Friday after a three-day strike to oppose privatisation of the cash-rich oil refiners.\n\n\n\n
The only fuel that showed growth was LPG as the government dole of free cooking gas cylinders to poor households fired up consumption by 21 per cent during April 1 to 15.
Infrastructure sector grew by 6.7 per cent during April 2006 compared to six per cent in the same month last year, largely on the back of a surge in oil refining and cement production.
Venezuelan Prez Hugo Chavez promised to give India more oilfields in its heavy-oil belt, as he seeks to tap the world's second fastest growing economy to diversify energy trade beyond US. He intends to supply 1 mn barrels per day of oil to India in the near future. The Junin area is believed to hold some 500 bn barrels of in place oil reserves, of which Junin Norte may have about 7-8 bn barrels. OVL is expected to be given preference in the development and production phase.
State-owned Oil and Natural Gas Corp plans to invest over Rs 130,000 crore (Rs 1300 billion) during 11th Plan Period (2007-12) in domestic oil and gas hunt, overseas acquisition and expansion of Mangalore refinery.
The oil-to-telecom conglomerate reported an 8.8 per cent rise in its consolidated net profit to Rs 10,251 crore, or Rs 17.3 per share, in the third quarter ended December 31, 2018.
India's crude oil imports in 2002-03 rose to 82.34 million tonnes from 78.7 million in the previous year, Oil Minister Ram Naik said.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances