Yemen has invited Oil and Natural Gas Corp to build a 100,000 barrels per day refinery on its Arabian sea coast but the Indian state-run firm has conditioned participation in the $1-billion project on being allotted an oilfield in return.
Indian Oil Corporation is keen on acquiring stake in three refineries in Nigeria and is eyeing refinery turnaround jobs in African and West Asian countries.
Diwali fireworks are expected to continue on Dalal Street next week, with four companies collectively seeking to mobilise over Rs 6,600 crore through initial public offerings (IPOs). In terms of the amount raised, this is poised to be the busiest week of calendar year 2023. Tata Technologies (Tata Tech), a subsidiary of Tata Motors, could lead the charge with an IPO projected to be over Rs 2,900 crore. This will mark the first maiden share sale by a Tata Group firm in nearly two decades.
Oil and Natural Gas Corporation is likely to abandon the proposed Rs 8,000 crore (Rs 80 billion) refinery at Barmer in Rajasthan if Cairn Energy declines discounts on the low grade crude oil the UK company will produce in the state.
Oman Oil Company has offered to buy a 26 per cent stake in the upcoming refinery at Bina for $250 million (Rs 1,200 crore), reversing an earlier decision not to increase its stake beyond the 2 per cent it currently owns.
Oil prices were poised for a third day of gains following a rise of more than 4 percent last week after Islamic militants seized much of northern Iraq as Baghdad's forces there collapsed.
International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below $70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at $74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at $71.71.
Saddening glimpses of the impact of the Russian invasion on Ukraine's children.
As Cairn India began to pump crude oil on Monday from its Mangala oilfield here.
Ruias-owned Essar will take a 50 per cent stake in Kenya's only refinery in Mombasa, the African nation's Energy Minister Kiraitu Murungi said on Wednesday.
Extend tax holiday for refineries in private sectors, reduce excise duty on Naphtha from 16%, exempt excise duty for captive consumption of intermediate products within the refinery for manufacture of exempted products.
However, the state-run oil marketing company a couple of months back had re-phased the project comprising the refinery and a petro-chemical complex in view of escalating cost. Both the refinery and the petro-chemical complex at Paradeep were earlier estimated to cost Rs 26,000 crore (Rs 260 billion). But the cost has now gone up to about Rs 45,000 crore (Rs 450 billion).
The finance ministry has restricted tax holidays to only new refineries run by public sector firms and has barred units under construction by private sector companies like Essar Oil from the benefit.
The hike in Custom and Excise duty on crude oil and petroleum products will be passed on by the refineries as well as oil marketing companies
State exploration firm Oil and Natural Gas Corp on Thursday said it will take 26 per cent equity in Bharat Petroleum Corp Ltd's upcoming 6 million tonnes refinery at Bina in Madhya Pradesh.
The Rs 31,000-crore refinery and petrochemical plant being planned by Oil and Natural Gas Corporation in Kakinada in Andhra Pradesh is likely to have a new partner -- the Bangalore-based GMR group. GMR is the latest to join the long line of suitors, including the Hinduja group, Reliance Industries and Essar Oil, for the refinery.
India's oil ministry has decided to divert 30,000 barrels per day (bpd) of indigenous crude oil from refiner Hindustan Petroleum Corp, which is being privatised, to feed small state-run refineries in remote areas, officials said.
The growth of eight key infrastructure sectors slowed to a 14-month low of 3.8 per cent in December 2023, on account of poor performance of sectors like crude oil, electricity, steel and cement, according to the official data released on Wednesday. The core sector (coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity) growth in November was 7.9 per cent. It was 8.3 per cent in December 2022.
Sectors that will drive profit growth include refineries, private banks, capital goods, cement, fast moving consumer goods, metals and oil & gas. Sectors with disappointing growth are public sector banks, construction, media, pharmaceuticals, steel, textiles, telecom and tyres.
The bomb was kept in a bag in front of the gate of the refinery in Noonmati area of the city, police said.
Reliance Petroleum, a subsidiary of Reliance Industries, India's largest company by market capitalisation, today commissioned its second refinery in a special economic zone (SEZ) at Jamnagar, adjacent to its existing facility, in Gujarat that will add 20 per cent to India's total crude oil refining capacity.
Reliance Industries Ltd, India's largest private firm, will invest $5.5 to 6 billion to raise capacity of its Jamnagar oil refinery to 60 million tonnes by 2009.
The second richest Indian said he felt bad about the delays his projects faced in India.
Come December, India may have to re-evaluate purchases of Russian oil if a price cap on crude oil proposed by the US and the European Union (EU) comes into effect. That impacts nearly a quarter of India's oil purchases that come at a discount, helping limit marketing losses for India's state refiners and enabling New Delhi to manage inflation by freezing pump prices of motor fuels. In September, India imported 1 million barrels a day or 24 per cent of its overall imports from Russia, which became the biggest supplier of oil to India.
Oil and Natural Gas Corp, India's largest oil producer, has proposed an investment of Rs 7967 crore (Rs 79.67 billion) in setting up a 7.5 million tonnes refinery at the site of recent oil find in Rajasthan.\n\n
Sunni rebels from an Al Qaeda splinter group overran the Iraqi city of Tikrit on Wednesday and closed in on the biggest oil refinery in the country, making further gains in their rapid military advance against the Shi'ite-led government in Baghdad.
Essar Oil is in talks with Royal Dutch Shell to buy two of its refineries in Germany and one in the UK.
India Inc is looking at the public sector to steer its ambitions, as former PSU heads are taken on board to lead the private sector.
The growth in key sectors will have implications for the Index of Industrial Production as these eight segments account for about 41 per cent of the total factory output.
Seven workers were on Monday injured after Central Industrial Security Force personnel opened fire to prevent labourers without valid passes from entering an oil refinery at Paradip in Odisha.
India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday. India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast. Of this, about 5 million barrels will be released, starting as early as 7-10 days, the official, who wished not to be named said.
Led by healthy growth in coal, crude oil, fertilisers, cement and electricity production, output of eight core industries grew to a 13-month high of 18.1 per cent in May this year, according to official data released on Thursday. The growth of core infrastructure sectors expanded by 16.4 per cent in the year-ago period and 9.3 per cent in April this year. The last high growth was recorded in April 2021 when it was 62.6 per cent.
State run refineries stand to gain as govt raised the FDI limit to 49 per cent from 26 per cent.
There are about 23 oil refineries in India with a combined capacity of 230 million tonnes per annum.
