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.
The refinery is likely to be commissioned before December. The commissioning comes at a time when margins in the business are falling sharply and demand for fuel across the world is dropping due to a global slowdown. Demand for fuel from the US and Europe, two of Reliance's major markets, has slowed with US consumption falling to their lowest in the last three years.
Oil and Natural Gas Corp, India's largest oil producer, plans to set up new refineries at Rajasthan and Kakinada in Andhra Pradesh, Petroleum Minister Mani Shankar Aiyar said on Thursday.\n\n
HPCL is now ready to increase the stake of the state government up to 49 per cent.
Essar Oil is in talks with Royal Dutch Shell to buy two of its refineries in Germany and one in the UK.
The growth of eight key infrastructure sectors slowed to 6.7 per cent in February, compared to the same month in 2023, on account of poor performance of some sectors like fertiliser, according to official data released on Thursday. However, the growth rate is higher than January this year.
Prime Minister Narendra Modi on Friday invited President Volodymyr Zelenskyy to visit India and the Ukrainian leader said he would be happy to travel to the 'great' country.
The fire was brought under control after three hours, a Mumbai Fire Brigade official said, adding that cooling operations were underway.
Even as Russia and West Asia have been slugging it out for market share in India to sell their crude oil, the US is quietly making its moves on the sidelines. The US has doubled its share of the Indian crude market in the past few months, according to industry sources and ship-tracking data. Some of the increase in America's market share may have come at the expense of Russia, India's biggest crude oil supplier, said industry sources.
London-based Vedanta Group said it was not going to apply afresh for 'green' clearance to expand its aluminium refinery project in Orissa's Kalahandi district, even after being advised by the Union environment and forests (MoEF) ministry to do so.
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.
Soon after stalling Vedanta's proposed bauxite mining project in Orissa, the Environment Ministry on Tuesday said the licence granted to mining firms supplying the mineral to its alumina refinery is under scanner.
Mittal is in talks to take 20 per cent stake in state-run Bharat Petroleum Corp Ltd's Rs 9,100 crore (Rs 91 billion), six million tons a year Bina refinery that is to be commissioned by 2010-11, industry sources said.
Indian Oil Corporation, the country's largest downstream company, has major plans for Nigeria, the world's eighth largest exporter of crude oil.
NRI steel tycoon Lakshmi N Mittal may partner with Hindustan Petroleum Corp Ltd in the state-run firm's under-construction $3 billion refinery at Bhatinda in Punjab.
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.
According to an Andhra government statement, Naidu 'reposed confidence' in the PM's leadership.
Mittal, who is partnering HPCL for the project, will bring to the joint venture his vast expertise in project execution and unparalleled skills in managing governments.
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.
Mutual funds' largecap investment universe is expected to see seven changes in the upcoming stock reclassification exercise by the Association of Mutual Funds in India (Amfi). According to a report by IIFL Securities, Hero MotoCorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals, Bosch and Samvardhana Motherson are expected to earn upgrades in the revised list of largecap, midcap and smallcap stocks set to be released in the first week of July. Amfi revises the list at the start of January and July every year based on the previous six-month performance of the stock.
"There is an alert to intensify security in and around the Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited refineries following specific information about a possible terror attack," a police officer involved in the exercise told PTI on condition of anonymity.
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.
India and Saudi Arabia on Monday decided to expedite implementation of the $50 billion West Coast refinery project, and identified energy, defence, semiconductor and space as areas for intensified cooperation during talks between Prime Minister Narendra Modi and Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud.
Shirpur Gold Refinery Ltd named Bhupesh R Patel Chairman. He replaces Amrish R Patel, who resigned.
As Cairn India began to pump crude oil on Monday from its Mangala oilfield here.
The refinery, set up at Pathmera Gaushala, will reportedly prepare cow-urine extract for use in the formulation of various products
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).
A major fire broke out at Numaligarh Refinery Limited in Assam's Golaghat district on Saturday, with the United Liberation Front of Assam claiming responsibility for triggering a blast which led to the subsequent fire.
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 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.
