BUSINESS
Indian Oil included 36 new grades in FY23 to expand crude basket
The move allows Indian Oil to enhance its crude basket, to deliver a wider range of feedstocks and optimise its refining processes to produce high-quality petroleum products efficiently, the company said in its annual report for financial year 2022-23.
BUSINESS
India's crude oil imports from Saudi Arabia drop 34% in July
Saudi Arabia supplied 484,000 barrels of crude oil per day in July compared to 734,000 barrels per day (bpd) in the previous month, according to energy cargo tracker Vortexa.
BUSINESS
Govt hikes domestic natural gas price to $7.85 per mmBtu for August
However, domestic natural gas price will continue to remain at $6.5 per mmBtu for the month, as per the formula used for calculation of gas prices.
BUSINESS
GAIL plans to source long-term gas supplies of 7 MTPA by 2030
The company intends to not depend on one country for more than 1-2 MTPA of volumes to protect itself from supply disruptions and sudden increase in spot prices.
BUSINESS
GAIL Q1 results: Net profit declines 45% Y-o-Y to Rs 1,793 crore
Sequentially, net profit increased 179 percent from Rs 643 crore in the quarter ended March 2023 amid softening in liquefied natural gas prices and resumption in gas supplies
BUSINESS
IOC Q1 results: Net profit comes in at Rs 14,735 crore; beats estimates
The company's revenue from operations decreased by 12 percent to Rs 2.25 lakh crore in the quarter, as against Rs 2.55 lakh crore in the year-ago period.
BUSINESS
GAIL scouting market for long-term tie up opportunities with LNG producers
GAIL said it is strengthening its existing customer base while simultaneously working on expanding gas consumption in existing and emerging sectors.
BUSINESS
BPCL to monitor crude prices before fuel price revision
Vetsa Ramakrishna Gupta, Director (Finance) at BPCL, said the company could decide on price revision if crude oil prices hover around $75 per barrel on a long-term basis.
BUSINESS
BPCL Q1 Results: Net profit comes in at Rs 10,644 crore; revenue dips 7%
Revenue from operations declined by 7.3 percent to Rs 1.28 lakh crore in the quarter, as against Rs 1.38 lakh crore in the year-ago period.
BUSINESS
Interest rate hike by US Fed could have bearish impact on crude oil prices: Analysts
Crude prices touched $83 per barrel on July 25 — the highest in the last three months. The gain in crude oil prices comes as Saudi Arabia implemented additional supply cuts of 1 million barrels per day from July and the recent steps taken by the Chinese govt to boost its economy.
BUSINESS
OPEC+ supply cuts may keep crude oil prices elevated: RIL
RIL CFO V Srikanth said that going ahead, high inflation, subdued global demand, and increased supply from China might affect the company’s downstream exports to the US and Europe.
BUSINESS
Domestic crude oil production remained steady at 2.4 MMT in June: Oil Ministry
Oil and Natural Gas Corporation (ONGC) produced 1.59 MMT while Oil India Limited (OIL) and private sector producers produced 0.27 MMT and 0.56 MMT, respectively in June.
BUSINESS
Russian oil imports may get tougher as sanctions drive costs up
The G7-imposed sanctions may lead to an increase in the cost of insurance and transportation, making Russian oil uneconomical for India.
BUSINESS
Port Blair airport's new terminal building will increase ease of travel, connectivity: PM Modi
Inaugurating the new terminal via video conferencing, Modi said the new terminal building is capable of handling about 50 lakh passengers annually.
BUSINESS
Crude price hike singes India less than other countries: Oil minister Puri
Speaking at CNN-News18’s Town Hall, Puri said, Oil Marketing Companies (OMCs) took a hit to protect consumers and have left diesel and petrol prices unchanged for over a year now.
BUSINESS
India to surpass China as main driver of global oil demand growth by 2027: IEA
IEA said that growth of global oil demand is set to slow down, almost coming to a halt by 2028. This is due to hastened shift towards cleaner energy technologies for energy security concerns.
BUSINESS
Crude oil prices not sustainable beyond $80 per barrel: Analysts
Crude oil prices have gained momentum in recent weeks amid supply cuts from Saudi Arabia and easing inflation in the US. The price of crude oil has been hovering around $80 per barrel in July.
BUSINESS
EKI Energy to remove auditor after concerns raised over revenue recognition
The auditor had flagged concerns over revenue EKI Energy's financial statements for the third quarter and nine-month period ended December 2022. The company is yet to release FY23 fourth quarter results
BUSINESS
EKI Energy not to restate Q3FY23 results after auditor concerns over revenue recognition: CMD Manish Dabkara
The company is working on revising the terms of customer contracts going ahead to avoid discrepancies highlighted by its auditor Walker Chandiok & Co.
BUSINESS
Vedanta committed to make sizable investments across businesses in coming years: Anil Agarwal
At the company’s annual general meeting (AGM) for FY23, Agarwal said the company will begin a foray into semiconductor and display fab this year, subject to the government approval.
BUSINESS
MC Explains: What are Indian Oil’s Chotu and Munna?
Chotu and Munna are Indian Oil’s smaller LPG (liquefied petroleum gas) cylinders, with 5kg and 2 kg capacities, respectively. The company launched Chotu in the North East in 2020
BUSINESS
Critical minerals market doubles in size, supply chain challenges remain: IEA
IEA, however, also found that more work is needed to ensure diversified and sustainable mineral supplies to support energy transitions.
BUSINESS
After BPCL, IOCL weighs rights issue to fund capex; all eyes on HPCL now
IOCL informed bourses on July 4 that its board would meet on July 7 to consider launching rights issue for raising capital.
BUSINESS
MC Explains | China restricts export of metals used in chips. Here’s what it means for India
The Chinese government announced on July 3 that the exports of gallium and germanium along with their chemical compounds would be curbed starting August 1
