From February 6, Indian banks would not be able to transfer money to Iran for the oil imported by India from the gulf nation. This is because a new US treasury sanction, which bars banks from transferring IranÂ’s oil revenues from importing nations to Tehran, comes into effect from February 6. So far, India has been making 45 percent of the payment to Iran for its crude oil in rupees through the Kolka
Category: Oil & Gas
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Analysts expect crude oil prices to be volatile in 2013
Analysts expect crude oil prices to be volatile in 2013 because of mixed signals on the demand and supply front. Although the International Energy Agency (IEA) expects crude oil demand to rise in 2013, slowdown in the global economy indicates that growth in demand may be muted
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CERC seeks review of LPG distribution norms
Union petroleum ministry received a request from the Ahmedabad based Consumer Education and Research Centre (CERC) to reconsider the decision to allow only one gas connection for one address. In a letter to the ministry, the CERC argued that the rule could hit the joint family culture in India as it will impose an additional financial burden of purchasing cook
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OMCs sell 2.8% more fuel products in December 2012
Data from the Petroleum Planning and Analysis Cell of the oil ministry shows sale of fuel products grew 2.8 per cent to 13.41 million tonne in December from the year ago month. Of this, sale of diesel constituted 6.13 million tonne, which is 4.4 per cent higher than December 2011. Diesel consumption makes up over 40 per cent of local fuel sales. Sale of diesel in December improved over Nove
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Moodys’ expects credit metrics of OMCs to improve
In a recent research note, Moody's Investors Service said that it views the partial de-regulation of diesel prices as a positive step for BPCL and IOC towards recovering the Rs 9.6 per litre loss they incur on the sale of diesel. Moody's Investors Service, which is a division of ratings agency Moody's, expects the credit metrics of BPCL and IOC to improve as diesel prices
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IGL provided 87,000 PNG connections in NCR
Media reports suggest that Indraprastha Gas (IGL) provided 87,000 piped natural gas (PNG) connections in the national capital region (NCR) during 2011-12. Of this, nearly 55,000 were in Delhi. It is the largest number of connections IGL provided in a year, reports quoted a spokesperson of the firm as saying. IGL, which distributes natural gas in the city, started operations in 1999 but has only around three lakh
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Oil ministry prefers amicable settlement of dispute
According to media reports, the union petroleum ministry prefers to weed out contentious issues with Reliance Industries (RIL) through negotiations rather than through legal means. It may be recalled that both the ministry and the company are locked in a dispute over recovering cost of developing KG-D6 basin from the revenue. RIL resorted to ar
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OVL finds oil in Colombia block
ONGC Videsh (OVL), which has 70 per cent participating interest in an onshore oil block at llanos basin of Colombia, said it discovered oil in the block. The firm secured the block in the 2008 bidding round in Colombia with 100 per cent participating interest. Later in 2010, OVL divested the 30 per cent participating interest to Petrodorado
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OMCs allowed to revise diesel prices marginally
At a recent Cabinet committee meeting, the central government allowed oil marketing companies (OMCs) to revise diesel prices "by a small quantity" to reflect demand-supply condition in the market. Petroleum Minister Veerappa Moily told reporters after the meeting of the Cabinet Committee on Political Affai
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Adani Gas depends on imported natural gas
Reports suggest that compressed natural gas (CNG) is costlier in Ahmedabad than in Delhi, Mumbai, Pune because Adani Gas, which distributes gas in Ahmedabad, is entirely dependent on imported gas. The company has to depend on imported gas because it does not have access to domestically produced gas, while companies in Delhi, Mumbai and the othe