HPCL's Vizag refinery in Andhra Pradesh was to receive the consignment of 65,000-70,000 tonne on November 17, but the ship carrying the oil could not offload it due to bad weather. The MA-1 oilfield started production in September. The company sold the first consignment to HPCL at a $5.34 a barrel discount to Nigerian crude grade Bonny Light.
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.
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.
In Delhi, petrol price down Rs 2.5 a litre, diesel by Rs 2.25
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
Petroleum Minister Ram Naik said on Thursday that Mangalore Refinery and Petrochemicals Ltd will not merge with Oil and Natural Gas Corporation.
The Street expects lower earnings from RIL's shale business to be offset by the sharp uptick in refining margins and the gradual improvement in petrochemical earnings.
Currently, the company is running alumina refinery at half its capacity and may be forced to shut down the unit in a few days if the situation does not improve.
Crude oil showed negative growth by one per cent in August from a positive 6.5 per cent in the same month last year. Growth in petroleum refinery products dropped to 2.5 from 8.2 per cent, while expansion in electricity generation was down to just 0.8 per cent from a healthy 9.2 per cent last year.
During April-May 2008-09, the growth rate of these core industries declined to 3.5 per cent against 6.9 per cent during the same period last fiscal. According to official data released on Wednesday, the petroleum refinery products registered a poor growth of 0.1 per cent in May, compared to 14.9 per cent last year. Growth in electricity also declined to 2.0 per cent as against 9.3 per cent and cement sector registered a growth of 3.8 per cent compared to 9.9 per cent.
Four people died and some others were injured when a fire broke out in a pipeline of Essar's Vadinar oil terminal near its refinery in Jamnagar district in the early hours on Thursday, official sources said.
The output had expanded 1.8 per cent year-on-year in January.
"The economies of scale for a refinery are different for India and Africa. India being a net exporter of products, refineries need to have capacities to the tune of 15 mtpa to push products to the domestic market and for export. In Africa even a small refinery makes sense," the analyst said.
The BSE benchmark Sensex on Wednesday plunged about 275 points to close at 25,246 on across-the-board selling as costlier oil due to rising conflict in Iraq threatens to hurt the India economy.
Growth was primarily pushed by a jump in steel and electricity generation, apart from a sustained rise in natural gas output.
India Inc is looking at the public sector to steer its ambitions, as former PSU heads are taken on board to lead the private sector.
The largest such refiner -- Indian Oil Corporation -- has earmarked over Rs 13,500 crore (Rs 135 billion) to meet these specifications (essentially lower sulphur and aromatic hydrocarbons) in petrol and diesel at its seven refineries.
ONGC demands certain incentives from the Andhra Pradesh government to go ahead with the Kakinada refinery project
One of the major advantages of buying Iran crude is the additional credit period of 90 days that the country gives to India, compared to 30 days by other countries.
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The Reserve Bank partly eased restrictions on import of gold dore by allowing refineries to import 15 per cent of their gross annual requirement.
Kuwait Petroleum Corporation (KPC) is in talks with Reliance Industries and Indian Oil Corporation for investing in refineries and petrochemical plants in the country.
The government had relaxed the foreign direct investment norms from the existing 26 per cent to 49 per cent, as a one-off case, to allow Mittal to take a share in the Bathinda refinery.
Steel baron L N Mittal and French oil major Total on Thursday signed an agreement with state-run HPCL for jointly setting up a $6 billion refinery-cum petrochemical complex at Vishakhapatnam in Andhra Pradesh. State-run gas utility Gail India and exploration firm Oil India Limited are the other stakeholders in the proposed 15 million tonne refinery and one million tonne petrochemical complex.
Profit from its retail business jumped 77 per cent to Rs 1,923 crore and that from telecom rose by 78.3 per cent to Rs 2,665 crore.
Coal and steel were only two sectors that saw some growth.
Essar Oil is in the final stages of negotiations to raise $100 million (about Rs 407 crore) through external commercial borrowings for expansion and upgradation of its crude refinery in Khambalia, Gujarat.
An appreciating rupee, unabated buying by domestic institutional investors (DIIs) and encouraging earnings by blue-chips contributed to the uptrend
The uptick in prices ranging from steel to wheat could benefit lots of commodity-based companies -- from State-owned SAIL to the agro exporters.
Patel's closeness to the Gandhi family was undeniable. But unlike others, he resisted the temptation to use it to leverage personal business, says Aditi Phadnis.
More than one oil company bidding for same overseas assets.
The Union Cabinet on Thursday allowed Non-Resident Indian steel baron Lakshmi N Mittal to pick up 49 per cent stake in state-run Hindustan Petroleum Corp's Bhatinda refinery.
The petroleum ministry has recommended a hike in the foreign direct investment cap in government-owned refineries to 49 per cent from the current 26 per cent.
Iran's decision to keep India out and welcome China to the scene is a huge strategic setback for India, observes Dr Rajaram Panda.
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.
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.
Steel tycoon Lakshmi N Mittal's acquisition of 49 per cent stake in Hindustan Petroleum Corp's $3 billion Bhatinda refinery has violated his pact with Oil and Natural Gas Corp
The national carrier, which is already struggling with its fuel payments, spends Rs 6,000-7,000 crore annually on fuel. A 10 per cent hike in crude price would mean over Rs 50-58 crore of extra costs for the airline.
The transaction will lead to an open offer for minority holders.
India Inc's investment project announcement falls to Rs 11.3 trillion. In the coming months, the pace of investments would depend on how soon consumption demand picks up and private sector investment ramps up investment in infrastructure.
