Oil Minister Ram Naik will discuss liquefied natural gas imports from Iran and seek opportunities for Indian firms in Iran's upstream sector when he visits Teheran this month, officials said on Thursday.
Prime Minister Narendra Modi on Thursday visited Shauryanjali, a military exhibition to mark the golden jubilee of Indo-Pak War of 1965, and said that the valour and sacrifice of the armed forces during the war would remain etched in every Indian's memory.
Having made Aadhaar mandatory for receiving subsidised cooking gas (LPG) in 19 districts, Oil Minister M Veerappa Moily on Wednesday said the unique identification card will no longer be a must for giving subsidises unless cleared by the Supreme Court.
Finance Minister Arun Jaitley, along with other senior ministers, on Tuesday pitched India growth story before 21 large global investors
Companies awarded blocks in three rounds of India's New Exploration Licencing Policy are expected to invest $3 billion in exploration, junior oil minister Santosh Kumar Gangwar said on Tuesday.\n\n\n\n
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd.
A four-member panel of secretaries is likely to submit its report on a new gas pricing mechanism to the government by Wednesday.
State-run Oil and Natural Gas Corporation on Friday said it has been invited by the Saudi Arabian Oil Minister Al Naimi for a conference in London on July 24 to discuss the oil and gas opportunities in the Arab kingdom.
The domestic unit had recovered to 68.65 in early trade on Friday as against Thursday's closing of 68.72.
India will consult with the United States on building a 45-day strategic oil reserve, Oil Minister Ram Naik told reporters on Tuesday.
The oil ministry said on Thursday that any refiner laying a pipeline to carry oil products from ports or building one longer than 300 km must allow other companies to share the facility.\n\n
The Prime Minister's Project Monitoring Group (PMG) chairman Anil Swarup said 40 per cent of the 419 stalled large investment projects in his hand were struck due to environmental clearances.
India has evinced interest in building refineries and petrochemical plants in Iraq and is keen to source liquefied natural gas (LNG) from its second largest oil supplier.
Iran may offer Indian oil firms equity in its oil and gas fields in return of New Delhi agreeing to buy natural gas from it.\n\n\n\n
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.
India plans to complete by 2006 a 180,000-bpd refinery, which has been under a cloud because of the proposed privatisation of the company that is building it, Oil Minister Ram Naik
Indian refiners, who buy about 7,000 barrels a day of Iraqi crude from the spot market, have made alternative arrangements for supplies if there is a war in Iraq, Oil Minister Ram Naik said on Thursday.
India expects to remain unscathed this time, mainly because it is in a sweet spot as the world's third largest oil consumer, after the US and China, says Subhomoy Bhattacharjee.
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The government on Tuesday raised excise duty on petrol by Rs 2.25 per litre and by Re 1 a litre on diesel but retail pump rates will not be increased as oil firms decided to absorb the duty change for the time being.
In the run up to the general election, Aam Aadmi Party had alleged that RIL's partner Niko Resources was selling KG-D6 gas in Bangladesh for half the $4.2 per million British thermal unit rate that India pays them.
Coming down hard against Arvind Kejriwal for ordering an FIR against him and others for raising gas prices, Petroleum Minister M Veerappa Moily on Saturday said the former Delhi chief minister doesn't understand fundamental laws.
Stoutly defending the hike in gas prices, Oil Minister M Veerappa Moily said the move would benefit the government in terms of revenue as many gas discoveries have been made by public sector companies rather than private sector.
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On June 27, the Cabinet approved a new formula that uses weighted average of the price of LNG into India and average price at major gas hubs.
The United States wants India to wait for a final nuclear deal between Tehran and world powers before actively engaging with Tehran.
On Thursday, Oil Minister Dharmendra Pradhan had stated that the government was reworking the subsidy-sharing formula.
Oil prices dipped on Wednesday as the market prepared for a gradual increase of Iranian exports into an already oversupplied market from 2016.
As he was to take the bus, he set out early, walking a short distance from his office to the Krishi Bhawan bus stop from where he boarded bus number 781 to Race Course.
As industry voiced concern over the CBI naming industrialist Kumar Mangalam Birla in a case, Oil Minister M Veerappa Moily on Friday said investigating agencies and the judiciary must ensure that India does not become like Russia, where investors are not prepared to go and billionaires are put behind bars.
EC on Monday asked the government to defer notifying doubling of price of the fuel produced by companies such as Reliance Industries till general elections are completed.
State-owned ONGC and Oil India Ltd (OIL) are likely to buy a 10 per cent stake in Indian Oil Corp (IOC) from the government at Rs 220 per share, aggregating about Rs 5,300 crore (Rs 53 billion).
Several of Modi's actions reflect political courage.
Profit on sale of diesel swelled to Rs 1.90 per litre as oil ministry awaits return of Prime Minister Narendra Modi to cut rates.
Prime Minister Narendra Modi on Sudnay arrived in Tehran on a two-day visit.
In a presentation to investors in Mumbai last week, Aramane Giridhar, Joint Secretary (Exploration) gave detailed reasons for pendency of decisions in the Ministry of Petroleum and Natural Gas where officials approved of decisions but refused to issue formal orders, resulting in delays in production of oil and gas.
Iraq is willing to double the credit period on crude sales to 60 days if Indian refiners buy more in 2014, the head of refineries at Hindustan Petroleum said. Iran has also sweetened the deal to expand its dwindling market share by offering free shipment and a nominal discount to Indian refiners, sources said last week.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
Oil Minister M Veerappa Moily approved continuation of the existing rate of $4.2 per million British thermal units until the new government, which will be in place in May, decides on implementation of the new price formula.
With this, the total penalty on RIL for missing the target in four fiscal years beginning April 1, 2010 now stands at a cumulative $2.376 billion, the Minister informed the Lok Sabha on Tuesday.
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