While the Saudi drone strike has put the focus back on anti-drone measures, caution also stems from the fact that India has a number of large oil refining assets close to India-Pakistan border.
ONGC Videsh Managing Director R S Butola and Bharat Petroleum Director (Refineries) R K Singh are among the 17 candidates in the fray for the top job at Indian Oil Corp, the nation's largest oil firm.
ONGC is weighing the possibility of merging Mangalore Refinery and Petrochemicals Ltd with itself even as it has laid out capex plans of over Rs 500 crore for the refinery, including product upgrade to meet the Euro III norms.
State-run Indian Oil Corporation is unlikely to renew its current agreement with Reliance Industries for lifting 25 per cent of Jamnagar refinery product for sale through its retail chain, beyond March 2004.
Indian Oil Corporation Ltd entered into a crude oil supply agreement with ONGC for supply of indigenous crude for its refineries.
SAARC nations, including Bangladesh, Pakistan, Sri Lanka and Nepal are projected to have a fuel deficit of 17.05 million tons by 2015 and 20.85 million tons by the year 2020. IOC has said if the SAARC countries accept a long-term tie up with IOC for the supply of petroleum products, it can suitably expand some of its existing refineries to meet their requirement on mutually agreed terms based on international prices.
The domestic supply of diesel has been constrained on rapidly growing demand. The diversion of supplies from Reliance Industries, which was given export-oriented unit status last year, has added to the shortage. Reliance produces 10 million tonnes of diesel from Jamnagar.
Thanks to a $5.7 billion deal with Facebook, a Rs 53,125 crore rights issue and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December.
Indian Oil Corp is unlikely to bid for a share in six new pipelines being built by Reliance Industries to transport fuel from its refinery to its planned chain of petrol stations.\n\n\n\n
Forced to cross the Nanoi, a channel of the Brahmaputra, over 7,000 people uprooted from their homes and farms in Darrang district of Assam now use the stream's muddy water to drink and cook and defecate in the open as `Swachh Bharat' toilets built in their villages are now guarded by policemen who do not allow them to re-enter any part of the lands they have been thrown out of.
Petroleum Minister Ram Naik said on Thursday that Mangalore Refinery and Petrochemicals Ltd will not merge with Oil and Natural Gas Corporation.
IOC had challenged the Uttar Pradesh government decision.
"Those who ruled for decades since Independence believed Dispur was too distant from Delhi. 'Dilli ab door nahi aapke darwaaze par hai' (Delhi is not far now, it stands at your doorstep," he told a massive gathering.
Oil companies choose to skip the revision this time.
ONGC demands certain incentives from the Andhra Pradesh government to go ahead with the Kakinada refinery project
Kuwait Petroleum Corporation (KPC) is in talks with Reliance Industries and Indian Oil Corporation for investing in refineries and petrochemical plants in the country.
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.
Prime Minister Modi arrived in Riyadh late Monday night on a two-day visit to Saudi Arabia to participate in the high-profile financial summit Future Investment Initiative, dubbed "Davos in the desert", an initiative of Saudi Crown Prince Mohammed bin Salman.
After rallying 543 points in the morning session and touching the 40,000-mark, the BSE Sensex surrendered all gains to close at 38,628.29, showing a loss of 839.02 points or 2.13 per cent. Similarly, the NSE Nifty tanked 260.10 points or 2.23 per cent to end at 11,387.50.
The company, like Hindustan Petroleum and Bharat Petroleum, the two other government-owned oil marketers, sells diesel, kerosene and LPG at government regulated prices.
Steel baron Lakshmi N Mittal is eyeing to buy half of Hindustan Petroleum Corp's exploration arm Prize Petroleum for about Rs 200 crore (Rs 2 billion). Mittal, which made rapid advances in oil sphere this year first with a 49 per cent stake in HPCL's Bhatinda refinery and then partnering the state-run firm for a separate refinery on the east coast, is in talks with financial institutions to buy out their 50 per cent stake in Prize Petroleum.
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.
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.
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.
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 growth rate in September was highest since May when it was 4.4%.
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.
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.
India, the world's third largest energy consumer, has enough petrol, diesel and cooking gas (LPG) in stock to last way beyond the three-week nationwide lockdown, as all plants and supply locations are fully operational, Indian Oil Corp (IOC) chairman Sanjiv Singh said.an Singh, who continued to oversee the mammoth operations of ensuring that fuel reaches every nook and corner despite the loss of his father on the day the 21-day lockdown was declared, said there was no shortage of any fuel in the country and customers should not resort to panic booking of LPG refills.
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.
Market cap touches Rs 5 lakh crore; earnings growth to spurt in FY19
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.
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.
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.
