Crude oil production stood at 2.95 million tonnes in the same month last year, according to a statement by Petroleum Ministry today.
The state-run banks and financial institutions that are delaying Rosneft's biggest foreign acquisition hold about USD 500 million of Essar's debt, five industry and banking sources told Reuters.
Russian oil flows to India are expected to rise further once the Rosneft the deal to buy Essar plant is completed.
To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.
The company's 20 million tonne a year refinery at Vadinar in Gujarat processed 20.95 MT crude oil in the fiscal year that ended on March 31 (2016-17), a 10 per cent increase over the previous financial year.
State-owned and India's biggest oil marketing company Indian Oil Corp Ltd and its two smaller peers Bharat Petroleum and Hindustan Petroleum are considering ways to roll out the plan to review petrol and diesel prices daily, executives from the firms told the daily.
The purchase of Indian refiner Essar Oil by a consortium led by Russian oil company Rosneft has been delayed by a few weeks, the two sides said on Friday, because some Indian lenders to Essar have yet to sign off on the deal.
"The parties are working towards obtaining the requisite approvals to complete the transaction. We are hopeful that the deal will be completed in the upcoming few weeks," Essar said.
There are many Indian companies that have very high level of indebtedness. However, if the resolution doesn’t impact the banking system as a whole, these companies are unlikely to deserve significant attention.
Rosneft will acquire a 49 percent stake in Essar and another 49 percent will be shared between commodities trader Trafigura and Russian private investment group United Capital Partners. VTB is involved in the financing of the deal.
The Cabinet today approved pricing and marketing freedom to producers of natural gas from coal seams (CBM) and also allowed them to sell the fuel to affiliates.
State-owned Oil and Natural Gas Corp (ONGC) today said it will invest Rs 7,327 crore in developing four oil and gas projects, including the Ratna field which it had got back from Essar Oil.
A consortium led by Russian oil major Rosneft plans to finally complete its USD 12.9 billion acquisition of India's Essar Oil next month, two Russian sources close to the deal told Reuters.
Rapidly becoming an influential market for mergers and acquisitions (M&As) in Asia-pacific region, India hit a record level in this space with 388 deals worth USD 64.5 billion during 2016, said a report.
Deal making activity in 2016 surpassed even that of 2007, which saw deals worth USD 67 billion closing as Indian companies went on an acquisition spree.
Essar Oil today said it earned a record net profit of Rs 2,162 crore in the 2015-16 fiscal on back of robust refining margins.
The company, which operates a 20 million tons a year oil refinery at Vadinar in Gujarat, will invest Rs 1,200 crore in upgrade of certain units of the refinery to help boost margins by USD 1.5 per barrel.
"What Rosneft is doing (is) we signed several purchase agreements (and) we are hoping in the next few weeks to close purchasing the Vadinar oil refinery which as you know is one of the top ten refineries in the world," said Andrew James Balgarnie, adviser to CEO of Rosneft, at the Petrotech conference here.
The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, had in March decided to return the fields to its original licensee after contract with Essar could not be concluded even after 20 years.
Competition Commission has cleared the USD 13 billion all-cash deal involving Essar Oil and Russian major Rosneft as well as its partners.
Four Indian refiners had outstandings of USD 6.11 billion in May, 2016 when formal banking channels were opened with Iran after nearly four years. They came down to USD 2.55 billion as on November 15 after public sector refiners paid most of their dues to Iran, the minister said.
India has traditionally been a net exporter of fuel oil, the residue oil left after initial crude refining that is typically used in shipping and power generation.
Changes to import rules mean officials from India's state-owned oil refiners no longer have to stand in the corridors of the Oil Ministry waiting for government bureaucrats to approve their spot imports. They can now strike deals in as little as two hours, resulting in savings for consumers and lower costs for the companies.
The deal was announced on October 15 after Prime Minister Narendra Modi met Russian President Vladimir Putin during a meeting of the leaders of the BRICS countries (Brazil, Russia, India, China and South Africa).
The market currently is fairly valued, but equities will always be volatile in near term, says Prashant Jain, CIO of HDFC Mutual Fund, adding that one must invest into equities at any point the market corrects due to global reasons.