Iran on December 4 sought India the resolution of payment issues over sale of crude oil. Iran is keen to sell more crude oil to India and promote trade between the two nations, said Iran's Industry Minister Mohammad Reza Nematzadeh in Bali at the ongoing WTO Ministerial Conference.
Tag: Crude Oil
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GMB committee calls for digitized mapping of pipelines
An expert panel of Gujarat Maritime Board (GMB) suggested government to prepare digitized maps of all the oil and gas pipelines on the coast of Gujarat. This suggestion was made by a two-member panel after probing the recent oil seepage in Narmada river near Bhadbhut.
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Iran may not favour export of more oil to India
Media reports indicate that Iran is not favourable to India's proposal for increase crude oil import from the Persian Gulf nation. This is because Iran does not import enough commodities from India to compensate for its rise in crude oil export to
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OVL net profit up by 72% on higher oil, gas output
On the back of higher output of crude oil and natural gas the overseas arm of State-owned Oil and Natural Gas Corp (ONGC) ONGC Videsh (OVL) has reported a 72 per cent jump in its net profit in the June quarter. In the April-June quarter its net profit rose by 71.9 per cent to Rs 837 crore from Rs 487 crore a year ago.
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Q1 profit of ONGC Videsh up 72% to Rs 837 cr
On the back of higher crude oil and natural gas output, Oil and Natural Gas Corp's (ONGC) overseas subsidiary ONGC Videsh on September 1 reported a 72 per cent jump in its net profit in the June quarter. The firm's net profit in April-June quarter rose by 71.9 per cent to Rs 837 crore from Rs 487 crore in the same period a year ago, the company said in a statement in Delhi.
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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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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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Under-recovery of oil firms on the rise
Under-recovery on sale of one litre of diesel rose to Rs 14 over the last couple from around Rs 7 earlier because of global rise in crude oil price and depreciation of rupee. The rising under-recovery would adversely affect state-run oil marketing companies (OMCs) like IndianOil, Bharat Petroleum Corporation and Hindustan Petroleum Corp
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Ministry norms hinder ONGC’s exploration plan
According to media reports, the restriction on exploration in 'no-go' areas imposed by the ministry of defence (MoD) may hinder Oil and Natural Gas Corporation's (ONGC) business plan. The public sector firm plans to rope in technical parters for its deep water and ultra deep water blocks, which fall unde
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Rs 2,000 cr insurance cover soon to Indian oil refiners
To provide insurance cover to Indian domestic refineries that process crude oil imported from Iran the process of setting up of a Rs 2,000-crore fund has begun by the Union Finance Ministry. The Finance Ministry's act comes after the the Union Petroleum Ministry agreed to provide the required money to being in fund.