Page 3 - Petroleum

Petroleum Minister Puri to meet Russian counterpart in Vladivostok

India-Russia to review and examine expanding bilateral energy cooperation in energy sector

Indian Oil asks Gujarat pump dealers to desist from one-day weekly protest

According to the letter by Indian Oil, the protest is causing inconvenience the public

Year after Baghjan blowout, oil and gas operations in India much safer

The safety measures have been recommended by a three-member committee of the ministry of petroleum and natural gas

India overhauls petroleum reserve policy to boost private interest: Report

India, world's third-biggest oil importer and consumer, imports over 80% of its oil needs, has built strategic storage at three locations in southern India to store up to 5 million tonnes of oil

India plans $60 bn investment in gas infrastructure until 2024: Pradhan

Currently, gas accounts for 6 per cent in the country's total energy mix

Egypt aims to become self-sufficient in petroleum products within 3 years

Egypt plans to reach self-sufficiency in petroleum products in 2023, the country's Minister of Petroleum and Mineral Resources Tarek El Molla has announced

Manali Petrochemicals to invest Rs 150 crore in capacity expansion

In the first phase 24,000 TPA would be added at a cost of around Rs 60 crore, to be met through internal resources

PM Narendra Modi to inaugurate 3 petroleum projects in Bihar on Sunday

Prime Minister Narendra Modi will inaugurate an LPG pipeline project and bottling plants in Bihar on Sunday as the government pushes its development agenda in the poll-bound state. The projects include the Durgapur-Banka section of the Paradip-Haldia-Durgapur pipeline project and two LPG bottling plants, an official statement said. Bihar Chief Minister Nitish Kumar will also be present on the occasion. The 193-km long Durgapur-Banka pipeline section, built by state-owned Indian Oil Corp (IOC), is a part of the Paradip-Haldia-Durgapur Pipeline Augmentation Project, for which the foundation stone was laid by the Prime Minister on February 17, 2019. Durgapur-Banka section is the extension of the existing 679-km long Paradip-Haldia-Durgapur LPG pipeline to the new LPG bottling plant at Banka in Bihar. The pipeline of 14-inch diameter passes through West Bengal, Jharkhand and Bihar. While LPG is presently injected into the pipeline at IOC's Paradip and Haldia refineries, the completio

Petrol prices at Rs 81.94 per litre in 11th hike in 13 days, diesel holds

In the international market, crude price has also remained firm with benchmark Brent crude hovering close to $46 a barrel

Economic recovery to push sales tax from petroleum products by 9%: Crisil

"There could be a 7-9 per cent on-year rise in sales tax receipts to Rs 1.96 trillion, despite an expected 25 per cent fall in collections in the first quarter on-year," it said in a note

Higher inflation may not be a bad thing at this point

Version II of ad hoc treasury bills needed, and time for this solution to work is between now and October

India signs MoU to develop strategic petroleum reserve in America

The two countries are in advanced stage of discussion to store crude oil in America to increase India's stockpile

No need to include petroleum in GST

At present, petroleum is an item, along with alcohol, which gives satisfaction to states that they have some fiscal federalism left with them

Centre sets up six-member panel to review production sharing contracts

Because of lower oil and gas price environment, there is a need to find ways of attracting investment in exploration and production of oil and gas

Covid-19 lockdown: Petrol sales fell by 61% in April, diesel by 57%

ATF sales declined by about 92% during the month, showed provisional industry data

How Covid-19 spoilt the oil bonanza

Conventional wisdom is that when crude oil prices drop, India benefits as it is dependent on imported oil to the tune of about 85 per cent of its total consumption

Petrol sales shrink 17.6%, diesel 26% in March as lockdown wipes demand

Also, aviation turbine fuel (ATF) sales fell by 31.6 per cent as flights got suspended alongside the shutting of businesses and most vehicular traffic going off-road

Exports register 2.9% growth in Feb, recover after 6 months of contraction

Non-petroleum non-jewellery exports were up 6.16 per cent at $21.23 billion in the month. Imports also broke the nine-month trend of fall and clocked a 2.48 per cent rise to $37.5 billion in February.

Oil price slump: Centre may not hike excise duty for petro products

For 2019-20, the Centre had estimated average crude price of $55 a barrel, and for 2020-21, it has been assumed at $50 a barrel.

Crude oil shock: MCX raises margin to 60% to prevent client defaults

Exchange says it covered price volatility risk adequately with no default occurring during the price decline; brokers, however, says some margin calls were triggered