Global energy supermajor BP plc on Thursday said it is about to open its first 'Jio-bp' branded petrol pump in partnership with Reliance Industries near Mumbai.
In December 2019, the India arm of Deloitte Touche Tohmatsu surprised many with its ultra-competitive bid to become the transaction advisor for the country's largest strategic divestment in Bharat Petroleum Corporation (BPCL). The multinational major quoted just Rs 1; the second-highest bidder, SBI Caps, reportedly quoted Rs 15-17 crore. For Deloitte, the motivation was to bag a prestigious deal adding a national energy company to its portfolio. No doubt, it expected BPCL to go to a marquee buyer in quick time.
The Standing Committee on Water Resources has recommended renegotiating the Indus Water Treaty with Pakistan to address the impact of climate change on water availability in the river basin and other challenges which are not covered under the agreement.
The prime minister telephoned Banerjee to take stock of the flood situation in West Bengal, and assured the chief minister of all central assistance to mitigate it, the bureaucrat said.
Billionaire Mukesh Ambani-led Reliance Industries Ltd's plans for investing Rs 75,000 crore in solar, batteries, fuel cells and hydrogen could create valuation of $36 billion (Rs 2.6 lakh crore) for the new energy business, Wall Street brokerage Bernstein Research said in a report. Reliance currently has three verticals -- oil-to-chemical (O2C) business that houses its oil refineries, petrochemical plants and fuel retailing business; digital services that comprises telecom arm Jio; and retail including e-commerce. New Energy will be the fourth vertical. At the company's annual general meeting of shareholders last month, Ambani announced a plan to invest Rs 75,000 crore in a new energy business over the next 3 years in the next stage in its transformation.
The state government asked the local administration to shift people from low-lying areas in Vadodara if needed as water entered into houses in several localities.
Tata Steel delivered one of its best financial performances ever in the third quarter of the current financial year, and surpassed its deleveraging target of $1 billion. In an interview, Koushik Chatterjee, executive director and chief financial officer, Tata Steel, tells Ishita Ayan Dutt that the company will continue to focus on deleveraging but profitable and value-added growth will be equally important.
The divestment process, however, will not be an easy affair as there are multiple stakeholders, including the employee unions, whose concerns will have to be addressed.
The government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), Oil Minister Dharmendra Pradhan said on Wednesday. Mining-to-oil conglomerate Vedanta had on November 18 confirmed putting in an expression of interest (EoI) for buying the government's 52.98 per cent stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.
After missing two self-imposed deadlines, billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced recalibration of a proposed $15 billion deal to sell 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco, saying the two firms have agreed to re-evaluate the proposed investment in light of the Indian firm's new energy forays. The stake sale talks, which were first officially revealed in August 2019, are being reset in light of Reliance making forays into new energy business in recent months by investing $10 billion in alternative energy over three years. To pivot to green energy, it has already bought a German maker of photovoltaic solar wafers and signed a deal with a Danish company to manufacture hydrogen electrolysers in India.
Reliance had committed to drill 22 wells in the Dhirubhai-1 and 3 fields or D1, the largest of 18 gas discoveries in the block KG-DWN-98/3 or KG-D6 block in the Bay of Bengal, by April 2011 to produce 53.4 million standard cubic meters of gas per day (mscmd).
Accusing V K Sibal of having a 'nexus' with private parties when he was chief of the upstream oil regulator, CBI has decided to seek the government's permission to probe his actions.
At the devastated Tapovan power project site rescuers worked nonstop even as the odds of finding the trapped workers alive seemed slim.
The government on Wednesday said any attempt by China to set up a hydropower station on the Brahmaputra river will act as an encroachment on the entitled rights of lower riparian states like India and Bangladesh and adversely affect the availability of water in its basin during the lean season.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
A massive drone strike on the world's largest crude-processing facility operated by Saudi Arabia's Aramco has driven oil prices to their highest level in nearly four months. The attack has knocked out over half of Saudi Arabia's production as it cut 5.7 million barrels per day or over 5 per cent of the world's supply.
Upstream firms have a tremendous financial pressure due to selling crude at subsidised rates to oil marketing firms.
Indian oil and petrochemical company Reliance Industries is considering oil sector acquisitions in Europe and the United States and a possible listing in New York or London, a senior executive said on Tuesday.
Pradhan said a National Data Repository which will store information on all sedimentary basins of the country is being pursued on top priority.
Indian Oil Corporation may bid for acquiring petrol pumps owned by Kuwait Petroleum Corporation and Jet, a subsidiary of Canoco Philips, in Thailand to expand its retailing operations beyond India.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
The length of the main trunk pipeline is 1,385 km from Kakinada to Bharuch and 75 km is the length of the spur lines.
The overall confirmed cases on the mainland have reached 81,518 as of Monday, which included 3,305 people who died of the of disease.
Experts attribute this trend to a combination of end of capital expenditure cycle, increased automation, RIL's preference for time-bound labour contracts, and telecom and retail's outsourced human resource model.
Post-cessation, activities related to the safe shutdown of the field are underway.
The rating affirmation reflected RIL's strong business profile - a large-scale refinery with a capacity of around 1.2 million barrels a day and dominant market position in petrochemicals.
'The rivers that caused the maximum problem were the ones that had dams built on them.'
The company had assets in countries like Yemen, Peru, Oman, Myanmar, Columbia, East Timor, Kurdistan and Australia, but it exited almost all these blocks later as part of its portfolio rationalisation
Oil subsidies to fall 44% in FY15.
Oil India is set to usher in a new era with a road map drawn to ramp up production and diversification plans to foray into liquefied natural gas
Struggling to meet budget targets, the government had in the just concluded fiscal asked cash-rich PSUs to pay second interim dividend as well as undertake share buyback.
RIL, which had made four consecutive gas discoveries with close to 500 billion cubic feet of in-place reserves in block, proposed immediate relinquishment, its minority partner Hardy Oil and Gas plc of UK said on Wednesday.
Sixteen deaths in rain and flood-related incidents have been reported from western Maharashtra in the last seven days, while the toll in Karnataka rose to five since Sunday.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
Alvarez & Marsal will develop a detailed restructuring plan for the group to demonstrate to shareholders and lenders that it was self-sufficient in repaying its liabilities. So far, the IL&FS management had been working on its revival plan.
Says operating environment for Indian corporate sector has improved during FY15
UAE would help India develop strategic petroleum reserves
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.
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