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
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.
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
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.
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.
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
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.
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.
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.
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.
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.
Revenue jumped 54.5 per cent to Rs 156,291 crore.
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.
The growth of key infrastructure industries slowed down to 2.3 per cent in December 2008 from 3.2 per cent a year-ago, mainly on account of drop in output of steel and crude oil.
ONGC and the Hinduja group are lining up investment of close to $20 billion in exploration assets in Iran and a refinery and LNG terminal in India.
Natural gas and fertiliser output recorded a negative growth of 1.7 per cent and 1 per cent, according to the data of the Commerce and Industry Ministry.
The Western Ghats Ecology Expert Panel report, submitted by ecologist Madhav Gadgil last year, was further delaying the Rs 30,000-crore (Rs 300-billion) refinery project of Hindustan Petroleum Corp Ltd (HPCL) in Maharashtra, a senior official of the state-run oil marketing firm said. The project has already been delayed due to bureaucratic red tape.
They set afire a 5000KL petrol tank, blasted a gas pipeline, attacked a police post and a commando barrack and fired at a Bihari settlement, killing two persons.
The Fortune 500 company -- it recently improved its rank to 135 -- has identified forward integration into petrochemicals as its next big business opportunity.
Essar has announced a $6bn expansion plan to more than triple capacity at its refinery, while Reliance, at its site a few kilometres away, is working on plans to almost double capacity.
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.
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.
In Delhi, petrol price down Rs 2.5 a litre, diesel by Rs 2.25
Aramco Trading Co, a subsidiary of state oil giant Saudi Aramco, offered 2.8 million barrels of ultra low sulphur diesel for loading in late July to early August
Business opportunity after phased diesel deregulation the main trigger.
Eight infrastructure industries have posted a growth rate of 8 per cent for September on account of good performance by crude oil, steel and electricity sectors.
India's only private sector oil refiner, Reliance Industries, has sought a two-year extension of its agreement with Indian Oil Corp to sell Jamnagar refinery products through the state-run firm's retail network.
Bharat Petroleum Corporation Ltd will import 1.4 million barrels (0.2 million tonnes) of Iraqi Basra Light crude oil during September-December.
Oil and Natural Gas Corporation has received the first shipment of Sakhalin-I crude oil from Russia at its subsidiary Mangalore Refinery and Petrochemicals Ltd.
Harvey is the most powerful hurricane to hit the United States mainland in 12 years on Saturday made landfall in central Texas coast with winds of 195 kmph.
Colombo can handle more container traffic than all of India's ports put together. For a country with a long maritime tradition, this is a pathetic state of affairs, saya T N Ninan.
Growth was primarily pushed by a jump in steel and electricity generation, apart from a sustained rise in natural gas output.
KazStroyServices is present in Kazakhstan, India, Turkmenistan and West Asia.
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