Indian Oil Corporation (IOC) is said to be searching a site for its proposed 15 million tonne refinery on the west coast. The company has reportedly approached Adani Group and Shapoorji Pallonji Group for land for the Rs 30,000 crore project. The refinery is to come up by the 13th five year plan and the firm plans to raise its refining capacity to 100 million tonnes by 2021-22.
Category: Oil & Gas
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CPSEs have Rs 2.84 trillion cash
Minister of heavy Industries and Public Enterprises Praful Patel informed Lok Sabha that Central Public Sector Enterprises (CPSEs) have Rs 284,153.22 crore cash and bank balances at present. Further, it is learnt that 17 state-run firms, including, ONGC, OIL and NTPC, committed to invest over Rs 1.63 lakh crore during 2012-13
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Rs 622 cr SPM project gets CCI nod
According to a government statement, the proposed Single Point Mooring (SPM) and allied facilities for import of crude oil at the Kandla port received clearance from the Cabinet Committee on Infrastructure (CCI). The Rs 621.53 crore project would increase its capacity by 12 million tonne per annum (mn tpa) to 104 mn tpa and it would be set up off Veera (outside Kandla creek) in Gulf of Kutch at
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BP Plc’s plea for market price for natural gas
Europe's second-biggest oil company, BP Plc has demanded a market price for natural gas to enable immediate development of a huge 10 Trillion cubic feet of discoveries to help unlock up to 100-150 billion value.
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Indian firms imported 85.9 mn t oil till Sep
Crude oil imported by Indian refining companies stood at 85.959 million tonne during the April-September 2012. It is learnt that Indian companies are reducing their import from Iran and are instead increasing their dependence on other countries like Iraq, Venezuela, Kuwait for sourcing crude
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Section of Congress seek hike in LPG cap
Media reports indicate that some section of the ruling Congress party want the government to raise the cap on the number of subsidised cooking gas per household per year. Recently, the government decided to limit the number of subsidised cooking gas per household per year to six and this has reportedly increased hardships for common man
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OVL aims to raise output
In an interview to a leading media, a top official of
ONGC Videsh (OVL) informed that the firm aims to produce 20 million tonne of oil and gas by 2017-18 and 60 million tonne by 2030. If the company achieves this target, its contribution would be 46 percent of ONGC group production by 2030, against existing 15 percent, the official is quoted as sa
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Consumers must execute KYC process
Consumers of LPG, who are required to complete KYC (know your customer) process, complained of difficulty in executing it.Following this, the central government extended the deadline for fulfilling this formality to November 15 initially. Recently, this deadline has been extended further to November 30
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RIL bats for linking gas price to market
In order to encourage firms to produce natural gas from technologically challenging ultra deepsea, Reliance Industries (RIL) requested a committee headed by C Rangarajan to propose market-linked pricing.C Rangarajan, who is the Chairman of Prime Ministers' Economic Advisory Council, is heading a committee that is formed to examine terms of future contracts for explo
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Fall in refining margins may hurt oil firms
Many brokerages feel that the margins of Indian refiners may come under pressure because of a decline in the Singapore benchmark refining margin.If the margins remain at the current level in the remaining part of this quarter, margins of companies like Reliance Industries (RIL), Essar Oil and public sector firms like Bharat Petroleum (BPCL), Hindustan Petro