"After our conversation with the prime minister, he gave the green light to his excellency (the Iraqi oil minister) to approve" the nine-month extension, Falih said.
"Very soon, work will start on the Rajasthan refinery project. We have finalised the financial assessment," he said at the Global Natural Resources Conclave here.
Sources familiar with the matter told Reuters last week that Indian state refiners were going to cut oil imports from Iran, as New Delhi seeks to put pressure on Tehran to award the Farzad B gas field to an Indian consortium.
The Oil Ministry has tweaked norms for allotment of LPG sale agencies to private individuals, raising the upper age limit of applicants to 60 years and lowering educational criteria to just 10th pass.
"However, a merger would face significant execution challenges, particularly in terms of managing the integration of employees, addressing overcapacity in the merged entity, and winning the backing for the merger from private shareholders," the rating agency said in a statement.
"Nobody is above law, whosoever he may be," Pradhan said when asked to comment on the raid conducted following allegations of adulteration and black-marketing.
Iraq is "hoping for a better price", Jabar Ali al-Luaibi told reporters on the sidelines of a conference. "We are looking at USD 65, something like that". Brent crude is now around USD 55 a barrel.
Benchmark Brent oil has rallied to USD 54.56 a barrel, the biggest weekly gain since 2009, after OPEC approved its first supply cut in eight years.
The investment will be primarily in developing natural gas discoveries by state-owned ONGC and Reliance Industries-BP joint venture off the east coast, the minister said at CII's 'Global Energy Dialogue' event here.
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.
The options will be consistent with OPEC policy and will bolster the unity of the group, the Journal reported citing Luaibi.
Oil Minister Dharmendra Pradhan said the ambitious scheme to give 5 crore women free LPG in next three years was launched in May this year. The total outlay for the scheme is Rs 8,000 crore.
Speaking at the just-concluded Global Investors Summit here, Pradhan had asked states to agree on bringing all petroleum products under the GST regime and made specific appeal to Chief Minister Shivraj Singh Chouhan in this regard.
Speaking at the Global Investors Meet here, he said petroleum is currently under 'state list' for the the purpose of taxation under GST.
Oil Minister Dharmendra Pradhan discussed with Emmanuel Ibe Kachikwu, Minister of State for Petroleum of Nigeria the potential in diversifying the engagement of two countries in the hydrocarbon sector.
Market watchers fear that the rising oil prices, which had crossed USD 50 per barrel, would adversely affect the India market.
The price of ethanol will be determined on the basis of prevalent price of sugar in the open market as also demand- supply situation, Oil Minister Dharmendra Pradhan said.
The nation currently has capacity to import 21 million tonnes per annum of super-cooled gas (liquefied natural gas or LNG) in ships. This liquid gas is turned back into gaseous state, called regassification, before being supplied to customers like power plants.
Government currently gives 12 cylinders of 14.2-kg each at subsidised rates per household in a year. The subsidy on every cylinder is transfered in advance directly into bank accounts of individuals, who then buy the cooking fuel at market rates.
The government will fund 40 percent cost of the Rs 129.4 billion (USD 1.93 billion) pipeline project, measuring 2,439 kilometres, Oil Minister Dharmendra Pradhan said.
On moving to methanol-based economy, he said, it is a ready made case of proven technology. A methanol-based economy can create a lot of employment and entrepreneurship.
Out of the total cost, 50 percent will be directly subsidised by the government and the rest of the cost will be borne by the oil marketing companies by way of interest free loans to consumers.
"The oil market is oversupplied now but there are expectations that there will be balance between demand and supply in the market," Bijan Namdar Zanganeh was quoted as saying by Iran's state TV on Monday.
In line with the practice of fortnightly revision in rates in step with international trends, petrol price was on Wednesday hiked by a steep Rs 2.58 per litre and diesel by Rs 2.26 a litre, the third increase in rates in five weeks.
India is looking at ways to help the world's top oil exporter, Saudi Aramco, enter into the local fuel retail sector, federal oil minister Dharmendra Pradhan said in a live web telecast on a government website.