The Indian rupee's brisk fall against the US dollar was halted on August 29 with the Reserve Bank of India's move to directly supply dollar swaps to oil marketing companies (OMCs). The Indian currency on the day appreciated 225 paise to close at 66.55 per dollar, logging its biggest single-day gain in percentage terms in 26 years.
Category: Oil & Gas
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Cairn India Hopeful of Securing Nod
Cairn India, which plans to invest $1.6 billion (around Rs 9,500 crore) over the next three years, is hopeful of securing mandatory clearances for additional exploration and production in its Rajasthan oil and gas fields.
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Crude Oil Output Dips
Indian oil refinery companies have imported 15.944 million tonne of oil in July against 14.594 million tonne in the same month last year as the domestic crude oil output has diminished.
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IOCs LNG terminal at Ennore
By the end of 2013, Indian Oil Corp (IOC) plans to begin work on its liquefied natural gas (LNG) terminal project at Ennore near Chennai.
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India to import crude oil from Iran
India will import crude oil from Iran to counterbalance any supply disruptions arising from imminent strikes by the US on Syria. The country has ruled out any considerable impact on IndiaÂ’s crude oil import supply in the event of US strikes on Syria. Prices of oil in the global markets have been hiked with the reports of imminent US strikes on Syria.
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Govt plans oil import from Iran to cut oil bill, CAD
To reduce the current account deficit (CAD), the Union Oil Ministry has worked out a plan, which can save $22 billion in the oil import bill from Iran, said the Union Petroleum Minister M Veerappa Moily. The Minister said that import of oil is one of the components responsible for CAD. The Prime Minister Manmohan Singh has told the Ministry to save $25 billion in the import bill. And accordingly, the Ministry has prepared a plan to save $22 billion in import bill, Moily said.
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Saudi Aramco to buy 30% stake in OPaL in Gujarat
To foray into Indian oil and gas sector, Saudi Aramco, world's biggest oil producer, plans to buy up to 30 per cent stake in ONGC Petro additions Ltd with a lead role in the Indian government-owned giant petrochemicals project in Gujarat.
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Delhi gives free gas cylinders, stoves to 1.75 lakh BPL families
The Delhi government, under its ambitious 'kerosene-free Delhi scheme,' has provided free LPG cylinders and gas stoves to nearly 1.75 lakh poor families. The Delhi Food and Civil Supplies Minister Harun Yusuf said this in the State Assembly on August 29.
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Govt okays RIL-BP’s plan to invest $3.18 bn in KG-D6 block
A plan of Reliance Industries and BP has been approved by the Union government to invest $3.18 billion in R-series gas field in the KG-D6 basin in Andhra Pradesh, which is expected to produce up to 13 million standard cubic metre gas, said the government and industry officials. As per the approved plan, the field is estimated to hold about 1.2 trillion cubic feet of recoverable gas reserves.
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PM tells Moily to cut oil import bill by $25 bn
The Union Oil Minister Marpadi Veerappa Moily on August 27 said that to reduce the current account deficit (CAD), the Prime Minister Manmohan Singh has sought $25 billion cut in oil import bill. India is renewing imports of the fuel from Iran as unlike imports from other countries. It pays the Persian Gulf nation in rupees. India paid about $170 billion last fiscal for importing oil.