The growth of eight key infrastructure sectors rose to 5.2 per cent year-on-year in March due to improvement in the output of crude oil, cement and electricity, according to official data released on Tuesday. In 2023-24, the growth rate in the output of these eight sectors was 7.5 per cent, marginally down from 7.8 per cent recorded in the year-ago period.
Indian Oil Corporation may expand its Haldia refinery in West Bengal to 7.4 million tonnes from 6 million tonnes, IOC chairman M S Ramachandran said on Monday.
Reliance Industries will set up a 50,000 barrels per day refinery in Yemen, where it has already picked up stake in two oil blocks.
Kuwait, the world's third largest oil producer, on Wednesday, said it was keen on investing in Indian refineries even as it plans to sell more crude to India.
ABB reported a weak quarter. Revenue was at Rs 2,910 crore, up only 5 per cent year-on-year (Y-o-Y), with operating profit at Rs 540 crore, up 23 per cent and net profit at Rs 440 crore.
Despite discounts on Russian crude oil - which fell to the lowest since the Ukraine war began - and the rising sanctions, import volumes from the country will remain stable for now or at least till July, said refinery officials. "There is an appetite for Russian crude, and shipments are not expected to taper off beyond this point unless something major happens. "Talks are on, and buying will continue," an official at a major refinery said.
Hindustan Petroleum Corporation plans to invest Rs 18,000 crore (Rs 180 billion) for building a new 15 million tonne export-oriented refinery at Visakhapatnam in Andhra Pradesh and another Rs 1,635 crore (Rs 16.35 billion) to increase capacity of its
India, the world's third largest oil consuming and importing nation, in July bought $2.8 billion worth of crude oil from Russia, second only to China which remains the largest importer of Russian oil, a report said. Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022.
The Congress on Monday claimed that the Tata-Airbus C-295 aircraft facility inaugurated in Vadodara was earlier supposed to be set up in Nagpur and alleged that under Prime Minister Narendra Modi's instructions, the Centre and the Mahayuti dispensation have conspired to ensure the 'wholesale surrender' of Maharashtra's interests.
A major fire broke out on Wednesday at Reliance Industries' export-oriented oil refinery at Jamnagar in Gujarat, but there were reports of any casualty.
Vedanta Aluminium has been struggling to source sufficient bauxite to feed the 1 million tpy alumina refinery since its commissioning in August 2007.
IOC, at present, has seven refineries with a cumulative capacity of 54.2 million tonnes per annum capacity.
Mukesh Ambani-promoted Reliance Industries Ltd (RIL) is evaluating a plan to set up its third refinery at Jamnagar in an ambitious project to reach a total capacity of 100 million metric tonne per annum, the largest at a single location in the world. The company has appointed a global oil and refinery consultancy firm to evaluate the feasibility of the project, which will help capitalise the increased requirement for global crude distillation capacity.
Lakshmi Niwas Mittal, who wants to make it big in oil after forming the world's largest steel empire, has lost a bid for taking over Nigeria's biggest oil refinery.
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.
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.
The Vedanta group's Rs 3,600-crore (Rs 36 billion) alumina refinery in Orissa's Kalahandi district is likely to clear the final hurdle soon.
Prime Minister Manmohan Singh, who is on a day's visit to Madhya Pradesh, dedicated the world-class, 6-MMTPA Bina Refinery to the nation here today and said the country will increase its refining capacity to 2,380 lakh tonnes by 2012.
Reliance Industry plans to make an all-out bid for securing the contract for a 3,00,000 barrels per day refinery project in Iraq, sources said.
The sky outside was a perfect blue with fair winds on that hot day in July, but inside the Jaguar an emergency was unraveling with every passing second. Wing Commander Vernon Desmond Keane had two options: Eject and see his beloved aircraft crash -- which would come at a great cost to the nation and cause harm to civilian life and property on the ground. Or try the limits of his training; push the aircraft and his flying skills to the edge of technical and human endurance and save them both.
State-run Indian Oil Corporation (IOCL) reported a weak performance in the fourth quarter of FY24 (January-March 2024), and the turmoil in the energy market indicates it could endure another lacklustre quarter. The oil marketing company (OMC) reported an Ebitda of Rs 10,400 crore, down 27 per cent year-on-year (Y-o-Y) due to weak reported gross refining margin (GRM) of $8.4 per barrel in Q4FY24, which was almost half the consensus expectation of $15 per barrel.
Hindalco Industries, the metals flagship of the Aditya Birla Group, on Friday said it has finalised arrangement for acquiring alumina refinery and bauxite mines in Brazil from its wholly-owned subsidiary Novelis as part of corporate reorganisation plan.
Eyewitness said leaping flames and billowing smokes were witnessed near the refinery even as a large number of fire tenders in and around Jamnagar were pressed into service.
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
After the UK-based Hinduja group, Oil and Natural Gas Corporation's proposed Rs 26,500-crore (Rs 265 billion) refinery at Kakinada, Andhra Pradesh, has found new suitors in Reliance Industries and Essar Oil.
Chevron received 25 citations from the state's safety regulator.
The production growth of eight key infrastructure sectors slowed to a six-month low of 7.8 per cent in November due to a decline in the output of crude oil and cement sectors. The growth rate in the production of coal, fertiliser, steel, and electricity also decreased during November this year. According to the data released by the government on Friday, the growth during the month under review, however, is higher than the 5.7 per cent recorded a year ago.
British oil major BP Plc on Thursday signed an agreement with state-run Hindustan Petroleum Corp Ltd to negotiate a stake in HPCL's Rs 12,000 crore (Rs 120 billion) Bhatinda refinery in Punjab.
The bomb was kept in a bag in front of the gate of the refinery in Noonmati area of the city, police said.
They are encouraged by the widening gap in import duties on raw and refined gold.
Global oil major British Petroleum and French oil giant Total are eyeing equity in Hindustan Petroleum Corp's Rs 8,336 crore
After Nigeria, Libya has invited Indian oil firms to operate its old refineries after investing in their revamp and has offered New Delhi rights to explore oil in the country.
RIL promoter Mukesh Ambani, who is currently in the US, has already held meetings with the top brass of Chevron, ExxonMobil and Texmaco.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
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 on Monday reported a 5 per cent fall in the net profit for the July-September quarter, as weak oil refining and petrochemical business hurt operational performance.
Reliance Industries has sought environment ministry approval for a $13 billion upgrade to its Jamnagar complex, including a 400,000 barrels per day (bpd) refinery.
