BUSINESS
Indian Oil to consolidate green assets under one vertical: Chairman
IOCL Chairman SM Vaidya said the company aims to build a portfolio of 3 GW Renewable Energy and 0.6 MMT Biofuels by 2025.
BUSINESS
Centre reduced excise duty on petrol, diesel to provide relief to consumers: Puri
The Oil Minister Hardeep Singh Puri said OMCs did not pass on the high fuel costs to consumers.
BUSINESS
SCO acknowledges diversity in low-carbon pathways among member countries
The Shanghai Cooperation Organisation (SCO) has stated that member countries have the freedom to chart their own unique paths based on national priorities and resources.
BUSINESS
Russia remains top supplier of crude oil to India for fifth straight month
Russia provided 1.26 million barrels per day of crude oil to India in January and 1.62 million bpd in February, becoming the largest exporter of oil to India. Its share in India’s import basket, which was less than 1 percent until January 2022, stood at 35 percent in February 2023.
BUSINESS
Petroleum sector contributes Rs 5.45 lakh crore to exchequer in FY23
The oil and gas sector contributed Rs 3.07 lakh crore and Rs 2.37 lakh crore during 9MFY23 to the central and state exchequer respectively.
BUSINESS
Why lifting of sanctions on Iran oil will help India
BUSINESS
After Sima aunty, Indian Oil gets into matchmaking, for its employees
The portal was launched in January this year by India’s largest oil marketing company and the first couple, who met through the portal, tied the knot in late February.
BUSINESS
Moneycontrol Explains: India is upbeat on its ethanol blending target. But what are the challenges?
Prime Minister Narendra Modi’s government aims to achieve 20% blending of ethanol in petrol by 2025 from the present levels of 10%.
BUSINESS
Availability of electrolysers pose a challenge for green hydrogen: Sukla Mistry
Mistry also pointed out other challenges regarding the production of green hydrogen, including the need for distilled water.
BUSINESS
Oil and gas price outlook a year after Russia-Ukraine war
With no signs of an end, the world is fearing that the war is here to stay. So, the other factors are China, winter demand this year and the full-year impact of the Nord Stream pipeline disruption, experts say.
BUSINESS
India has potential to become major green hydrogen exporter, says Amitabh Kant
Kant said the price of green hydrogen needs to brought down to about $2.5 per kilogramme in the next two to three years.
TRENDS
One year of Russia-Ukraine War: Demand recovery in China in 2023 to play big role in crude oil prices
Crude oil prices, which climbed to a 14-year high of $140 per barrel in March 2022, have now tapered off to around $80 per barrel due to weak demand amid global inflation.
INDIA
Rajasthan’s Barmer refinery to process 9 MMTPA of crude: Oil Minister
The HPCL Rajasthan refinery would steer India to its vision of achieving 450 MMTPA refining capacity by 2030, Hardeep Singh Puri said.
BUSINESS
ONGC, Oil India post healthy Q3 results on higher realisation
ONGC reported 26 percent growth in standalone net profit at Rs 11,045 crore in the December quarter, while Oil India posted 40 percent increase in net profit
BUSINESS
Why is windfall tax still levied on crude?
BUSINESS
President Murmu says India emerging as most favoured manufacturing destination
The engineering sector of the country is a robust and diversified segment of India’s industry, said President Droupadi Murmu.
BUSINESS
ONGC expects commissioning of oil production from KG Basin in May-June
The oil and gas major was initially expected to begin oil production from KG Basin in March 2020.
BUSINESS
Energy companies focus on talent acquisition, upskilling to build green hydrogen teams
The Indian government approved the National Green Hydrogen Mission in January with an initial outlay of Rs 19,744 crore.
BUSINESS
High gas prices weigh on Q3 results of city gas distributors
While Indraprastha Gas Ltd (IGL) reported a decline in net profit in Q3, Mahanagar Gas Ltd (MGL) and Gujarat Gas Ltd (GGL) missed on volume expectations in the quarter.
BUSINESS
State-run OMCs report profits in Q3 after booking losses for two consecutive quarters
The profits were registered as global oil prices have come down from their all-time highs of 2022.
BUSINESS
Ministry to discuss allocation of Rs 30,000 crore with OMCs in next few days: Petroleum Secretary
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said the allocation is to be spent on the green energy capital expenditure of oil companies.
TRENDS
Chef Ranveer Brar cooks 'millet khichdi' on solar stove. 'Faster than pasta,' says minister
The solar cooktops were launched at India Energy Week (IEW) 2023 in Bengaluru, India’s first major event under G20 presidency, which was focused on the country’s transition to a cleaner economy.
BUSINESS
Natural gas prices, access is a concern, India working on firming supplies: Puri
India is looking at the situation carefully and has made arrangements for natural gas with countries, Oil Minister Hardeep Singh Puri said at the India Energy Week 2023.
BUSINESS
Engineers India not scared of recession in West, sees good growth this fiscal: CMD Vartika Shukla
EIL’s order book as of December 2022 stood at Rs 78,656 crore, 57 percent of the company’s order book was made up of consultancy projects while the remaining were turnkey projects, according to an investor presentation made by the company on February 4.
