BUSINESS
Petrol pumps fall short of change as customers rush to exchange Rs 2,000 notes
Petroleum dealers’ associations say the situation has become similar to the 2016 demonetisation drive as customers are rushing to petrol pumps to get rid of notes.
BUSINESS
Indian gas companies report lower numbers in Q4 amid high natural gas prices
LNG prices rose to record levels of $45 per mmBtu (million metric British thermal unit) last year. They recently slumped to $10- $12 amid milder temperatures recorded in Europe in the winter.
BUSINESS
GAIL (India) plans Rs 10,000 crore capex, expects rebound in profits
India’s largest gas importer reported standalone net profit of Rs 603.52 crore in the fourth quarter—a decline of 78 percent from the corresponding quarter in the last fiscal.
BUSINESS
BPCL receives board approval for ethylene cracker project at Bina refinery
The project, with a capital expenditure of Rs 49,000 crore, includes establishment of an ethylene cracker complex, downstream petrochemical plants and expansion of the existing refinery capacity.
BUSINESS
Bidding deadline for 8th oil and gas exploration round extended to July 5
The government has also approved several modifications in the bid documents of the eight OALP round.
BUSINESS
Indraprastha Gas plans capex of Rs 1,600 crore in FY24: MD
The city gas distribution company reported a standalone net profit of Rs 329.75 crore in the fourth quarter of FY23.
BUSINESS
Mahanagar Gas expects volume growth of 5-6% in FY24: MD
The city gas distribution company reported a net profit of Rs 790 crore in FY23, 32 percent higher than Rs 596 crore in the previous year
BUSINESS
Mahanagar Gas plans Rs 700-800 crore capex for FY24, says MD
Of the earmarked amount, almost 50- 60 percent goes in domestic PNG and the balance goes in CNG segment and operational capex, said MGL Managing Director Ashu Singhal.
BUSINESS
Ban on diesel four-wheelers | Oil Ministry says ETAC recommendations are yet to be accepted
A report by Energy Transition Advisory Committee said India should ban the use of diesel-powered four-wheelers by 2027 in cities with over 10 lakh population.
BUSINESS
Russia remains top supplier of crude oil to India in April; supplies 1.68 million bpd
In April 2023, Iraq supplied 812,000 bpd of crude oil to India while Saudi Arabia provided 671,000 bpd.
BUSINESS
MC Explains | Why are crude oil prices falling despite supply cuts?
The sharp fall in crude oil prices is majorly on account of concerns about a weakening global economy and recession deterring energy demand. Morgan Stanley has lowered its forecast for Brent prices to $75 a barrel by the end of 2023
BUSINESS
Indraprastha Gas, ACME Group to jointly explore business potential in green hydrogen
ACME and IGL will work jointly to promote the adoption by the customers and create demand for green hydrogen in the country.
BUSINESS
RIL shareholders, creditors approve demerger of financial services arm
The financial services arm will be renamed Jio Financial Services Limited and will be listed on BSE as well as NSE.
BUSINESS
LNG demand expected to increase if prices stabilise: Petronet LNG CEO
Akshay Kumar Singh, MD and CEO, Petronet LNG said with the softening of LNG prices in the international market more cargoes on a spot basis are coming in the country.
BUSINESS
Easing LNG prices may pump up local demand of natural gas this year
Natural gas prices have fallen to $2.50 per mmBtu in April 2023, compared to $4.40 MMBtu in January.
BUSINESS
Crude oil prices expected to remain volatile, says official
While demand recovery in China is expected to be a positive factor for crude oil prices, weak economic activity in the US and Europe may drag prices down, the official added.
BUSINESS
Indian oil companies await $300-$400 million dividends from Russia amidst sanctions
Indian companies including ONGC, Oil India, BPCL and Indian Oil have stakes in Russian oil and gas projects.
BUSINESS
Asian Energy acquires 50% participating interest in Indrora field
AESL has initiated the process of obtaining all the requisite permissions and approvals from the government to complete the PI acquisition.
BUSINESS
India’s crude imports may remain high as domestic output struggles to catch up with rising demand: Experts
While exploration and production activity is limited, the decline in domestic crude oil production from operational assets has hurt overall local supplies.
BUSINESS
Piped natural gas growth remains slow in India despite government push
According to government data, over one crore PNG connections had been provided by city gas distribution companies as of January 31.
BUSINESS
India to remain unaffected by Pakistan’s purchase of Russian oil: Experts
Russia supplied 1.64 million barrels per day of crude oil to India in March, becoming the country’s largest supplier.
BUSINESS
Reliance Industries monitoring OPEC+ supply cut impact on price, demand: CFO
Reliance Industries on April 21 reported 19.1 percent year-on-year (YoY) growth in consolidated profit at Rs 19,299 crore for the quarter ended March of the financial year 2022-23.
BUSINESS
Oil demand to plateau across the world before beginning to slide by 2050: BP
Decline in oil demand would be driven by the falling use of oil in road transport as vehicles become more efficient and are increasingly fuelled by alternative energy sources, said BP in a report.
BUSINESS
Compressed biogas expansion to help India meet its energy needs: Oil Minister Puri
The government has an ambitious target to set up 5,000 commercial (CBG) plants by 2024-25 and produce 15 million metric tonnes of CBG, said Hardeep Singh Puri.
