The Union government is to commission one of its three proposed strategic oil storage facilities in Visakhapatnam next January. This is going to be the country's first such crude oil storage facility. The other two crude oil storage centres are being built at Mangalore and Padur in Karnataka.
Category: Oil & Gas
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Guidelines soon to ports for pollution mitigation
The Union government will soon issue guidelines to streamline the process of collection of oil cess which can be then used to assist ports to equip themselves for pollution mitigation, said the Union Minister of Shipping GK Vasan. Steps are also being taken to delegate powers to State Authorities for registration, survey and certification of fishing vessels.
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No hurry to shut forex facility for oil firms: RBI
The Reserve Bank of India (RBI) will not hurriedly close a special window for oil marketing companies (OMCs) to buy dollars for crude oil imports, said the RBI Governor Raghuram Rajan on November 13. The RBI is striving bring stability in the currency market.
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Govt plans to sell stake in IOC, CIL by year-end
To raise about $2.3 billion to boost public finances, the Union government has revived plans to sell stakes in two State-owned companies-Indian Oil Corp (IOC) and the Coal India.
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SCI to sell supertanker to retain Navratna tag
To reverse its two straight full-year losses and retain its coveted navratna tag, government-owned Shipping Corporation of India (SCI) has put up one of its four oil supertankers for sale.
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Govt sanctions Rs 8,772 cr to its oil firms
The Union government has sanctioned Rs 8,772 crore cash subsidy to State-owned fuel retailers like Indian Oil Corporation (IOC) to cover for a fourth of the revenue they lost on selling diesel and cooking fuel below cost in September quarter.
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Iran offers discounts to India on oil
If India agrees to buy more of its oil Iran has offered discounts on crude oil price and free shipping as well. India has indicated that it may not meet the 11 million tonne oil import target from Iran this year and Tehran is attempting to induce New Delhi to lift more oil.
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Govt to expand sale of 5 KG LPG cylinders
The Union Minister of Petroleum and Natural Gas M Veerappa Moily has approved a proposal to extend the scope of the Scheme for sale of non-subsidised 5 KG LPG cylinders from Petrol Stations(Petrol Pumps/Retail Outlets) of Oil Marketing PSUs (OMCs) in other parts of the country subject to the Election Code of Conduct.
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LNG boom to benefit ports in India
To reduce its dependence on traditional and costly fossil fuels, India is looking to set up liquefied natural gas (LNG) receiving terminals in every port. India is taking efforts to cash in on the countryÂ’s efforts to reduce its dependence on traditional and costly fossil fuels and switch to the more efficient, cleaner and ecofriendly option.
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Petrol price drops by Rs 1.15 a litre
On the eve of Diwali, petrol is cheaper by Rs 1.38 per litre from November 1, but diesel is costlier by 56 paise per litre in Delhi. The fuel price variation is because of strengthening of the rupee against the dollar and softer international gasoline rates. This is the second time that petrol prices have fallen in a month, giving consumers a breather.