State-run Oil Marketing Companies (OMCs) hiked the price of petrol by about 35 paise per litre noting the rise in raw material cost. Reports suggest that, the price of petrol would cost Rs 67.56 per litre in Delhi following the price hike. Prices vary from city to city due to differential local sales tax or VAT rates
Category: Oil & Gas
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Experts urge oil firms to step up production
Experts and industry observers urge oil and gas companies to accelerate engineering and production activities in order to bridge the demand-supply gap in crude oil. The country depends on import for over 70 percent of its crude oil requirement and this puts huge pressure on India's import bill
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India, Kazakhstan sign pact
The 10th meeting of the India-Kazakhstan Inter-Governmental Commission (IGC) on Trade, Economic, Scientific, Technological, Industrial and Cultural was held during 8-9 January 2013 in New Delhi. M Veerappa Moily, Minister of Petroleum and Natural Gas, led the delegation from India. The Kazakh side at the I
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RBI allows Essar Oil to raise $2.2 bn via ECB
Reserve Bank of India (RBI) allowed Essar Oil to mop up a maximum of $2.2 billion through external commercial borrowings in order to repay partially its debt of $2.8 billion. The company is said to be in discussion with banks to raise the amount as it got the required approval. The company. however, has not finalized the amount to be raise
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Petronet LNG expands Dahej terminal in 2 phases
Media reports suggest that Petronet LNG is expanding its Dahej LNG terminal in two phases. In the first phase, it is building second LNG jetty which will get completed by the end of December 2013 or early 2014. This would improve its facility by increasing unloading capacity and also give more flexibility. The company expe
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ONGC expects to produce 29.1 mn t oil in 2013-14
Oil and Natural Gas Corp (ONGC), which expects to produce 27 million tonne of crude oil from its own fields and its share in joint ventures in 2012-13, plans to raise it to 29.1 million tonne in 2013-14. Of the 29.1 million tonne it expects to produce in 2013-14, 25.78 million tonne would come from its own field
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Mercator gives tanker to ferry Iranian oil
Mumbai-based Indian shipper Mercator gave a crude oil tanker to the National Iranian Tanker Company (NITC) for carrying crude oil from the gulf country to India in December. This is the first time that the Iranian firm chartered an Indian vessel covered under an insurance scheme arranged by New Delhi through state-run insurers, rep
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IOC plans to raise stake in HPL
Indian Oil Corporation (IOC) plans to raise its shareholding in the cash strapped Haldia Petrochemicals as the firm expects to reap many synergies with HPL. IOC has a big refinery in the area neighbouring HPL. Also, its pipelines are connected with HPL, Indrajit Bose, Exec
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Contract opportunities in crude oil transportation
Indian economy is expected to grow at a higher rate of 6.7 percent in 2013-14 compared to the expectation of around 5.4 percent growth in 2012-13. Rise in economic growth leads to higher demand for crude oil. Consequently, there is good prospect for contracts in crude oil transportation business. Following are some of the contract opportunities in the sector.
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ONGC aims to double output by 2030
Under its ''Perspective Plan 2030'', Oil And Natural Gas Corporation aims to double its oil and gas production by 2030; with nearly 46 per cent contribution expected to come from overseas assets, Sudhir Vasudeva, Chairman of the firm said earlier. The plan maps the long-term growth model of ONGC as an energy major.