Prime Minister Manmohan Singh has reportedly directed Petroleum Minister M Veerappa Moily to take steps for reducing crude oil import bill by $25 billion. Prime Minister wants to reduce import bill of crude oil given that the price of the fuel rose to around $105.61 a barrel after declining in
Category: Oil & Gas
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Govt eyes Rs 3,750 cr via 10 per cent stake sale in Indian Oil
The Union government, which holds 78.92 per cent stake in Indian Oil Corporation (IOC), will sell 10 per cent stake in IOC. Through the stake sale the government expects to garner around Rs 3,750 crore to the exchequer at the current market price. The Union Cabinet on August 1 cleared the proposal in this regard. At current market price, the sale of 10 per cent stake or 19.16 crore shares would fetch the government Rs 3,750 crore. The disinvestment department of the government has already select
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Crude oil price declines
The international crude oil price of Indian Basket as computed/published on July 31 by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas went down marginally to $105.61/per barrel (bbl) on July 30. This was lower than the price of $ 105.90/bbl prevailing on the previous trading day of July 29.
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MRPL to resume Iran oil imports from Aug: Report
After stopping for four months, Mangalore Refinery and Petrochemicals (MRPL) plans to resume Iranian oil imports from August, because it has found no suitable alternatives, sources said. Resumption of shipments by MRPL, Iran's top Indian client until it stopped purchases in April, will help to revive the country's Iranian oil imports. India's intake of Iranian crude fell by 40 per cent in the April-June quarter, as refiner Essar Oil became Iran's lone Indian client.
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Officials of CPT, COT to iron out differences
Cochin Port Trust (CPT) and BPCL Kochi Refinery may hold a meeting to iron out issues regarding sharing of cost for carrying out dredging at the Cochin Oil Terminal (COT). It is learnt that the union government decided to convene a meeting between both the organisation to settle the difference
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Petronet LNG Kochi terminal
Petronet LNG may operationalise its Phase-I of the natural gas terminal at Kochi by the end of August 2013. The company, which initially planned to commission the project during March 2013, faced several roadblocks
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Foreign firms eye O&G projects
British Gas and British Petroleum are interested to set up oil refineries and LNG terminals in India. Recently, government has allowed 100 per cent FDI in oil refineries through the automatic route and this removes the
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Myanmar oil and gas blocks
Myanmar government shortlisted 61 companies to bid for 11 shallow-water and 19 deep-water oil and gas blocks in an international tender. Among these firms are India's Reliance Industries,
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ONGC’s G-1 plans
By September 2013, ONGC plans to begin oil and gas production from G-1 marginal field, the first deepsea asset in Krishna-Godavari basin off Andhra coast.
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IOC disinvestment
Disinvestment of 10 per cent paid-up equity in the Indian Oil Corporation (IOCL) has been approved by the Cabinet Committee on Economic Affairs, as per the government's disinvestment policy.