BUSINESS
Fuelling Growth: Why India is betting big on petchem, expanding refining capacity
India is aiming for a refining capacity of 450 MMTPA by 2030, up from around 250 MMTPA currently. In addition to new refineries, companies are also increasing the capacity of their existing units.
BUSINESS
Oil minister Puri urges automobile companies to produce E100-compatible vehicles
Speaking at India Bio Energy & Tech Expo, the oil minister said the government is actively collaborating with the automobile industry to develop vehicles compatible with ethanol.
BUSINESS
ONGC in advanced stage for US approval to regain control of Venezuela oil fields
The overseas arm of ONGC has dividends stuck to the tune of $600 million for the stake it holds in Venezuelan projects
BUSINESS
BPCL aims to meet 7-10% of India’s primary energy demand by 2047: CMD
BPCL has planned a capital expenditure of around Rs 1.70 lakh crore over five years to expand its core oil refining and fuel marketing business as well as petrochemicals and green energy businesses.
BUSINESS
Why is Modi government looking at SAF blending in jet fuel?
Globally, the aviation sector contributes to around 12 per cent of carbon dioxide emissions from transportation. SAF could help reduce these emissions, as compared to conventional jet fuel.
BUSINESS
GAIL looking to set up 'world-scale' greenfield ethane cracker
Speaking at the company’s 40th AGM, Sandeep Kumar Gupta also said GAIL is widening its range of products to diversify its petrochemical portfolio for robust growth
BUSINESS
India’s petroleum products import rises 15.5% in July: Oil ministry
In July, India imported 4.4 million metric tonnes (MMT) of petroleum products, compared to 3.8 MMT in the same period last year, according to oil ministry data.
BUSINESS
India ramps up crude oil supply from Russia in the last two months; Iraq, Saudi lag behind
In June, at 1.93 million barrels per day, Indian imports of crude oil from Russia were the highest this year, while in July it was 1.81 bpd. The rise in Russian oil supply to India comes despite narrowing discounts from the country.
BUSINESS
Crude trading below $80 a barrel — would this impact your fuel bill?
India imports around 87 percent of its crude, which makes it highly sensitive to movements in international oil prices.
BUSINESS
Indian Oil to continue investment momentum with brownfield and greenfield expansions: Chairman
The company’s infrastructure expansion would ensure a reliable energy supply to meet the nation's needs, said Chairman Shrikant Madhav Vaidya.
BUSINESS
No impact expected on business with Bangladesh in long-term: Numaligarh Refinery MD
Bhaskar Jyoti Phukan said the impact, if any, on business with Bangladesh may be short-lived as both countries have significant trade relations.
BUSINESS
Tata Power to acquire 40% stake in Khorlochhu Hydro Power for Rs 830 crore
The company has partnered with Druk Green Power Corporation to develop the hydropower project in Bhutan at an estimated project cost of Rs 6,900 crore.
BUSINESS
CGD companies to face APM gas crunch in the near-term: MGL head Ashu Shinghal
The shortage of administered price mechanism gas, which is partially subsidised by the government, can be attributed to a rise in consumption and a stagnant domestic production
BUSINESS
State-run-OMCs' combined net profit slumps 77% in Q1 amid weak GRM, LPG under-recovery
Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation together posted Rs 7,371 crore as first-quarter profit, a dramatic fall from Rs 32,051 crore earned in the same period last year.
BUSINESS
Why India is prioritising small nuclear reactors
Small nuclear plants could be sited on locations not suitable for larger nuclear power plants with minimal risks as compared to a conventional nuclear reactor.
BUSINESS
Govt expands list of exempted capital goods for use in manufacture of solar cells and panels
To support domestic manufacturing capacity of solar glass and tinned copper interconnect, the finance minister decided not to extend the exemption of customs duties provided to solar cells and panels.
BUSINESS
Budget promises fiscal support for setting up 800-MW AUSC thermal power plant
While presenting the Union Budget for 2024-25, Sitharaman on July 23 said a joint venture between NTPC and BHEL would set up the 800-MW power plant
BUSINESS
FM Sitharaman announces energy security as one of the nine priorities in Budget 2024
The government would bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability.
BUSINESS
Govt provides push to renewables with focus on storage systems in Budget 2024
The finance minister said the PM Solar scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications. The government would further promote the scheme, considering the response, she said.
BUSINESS
IGX seeks inclusion of petroleum products in GST, gas sector reforms to boost consumption
MD & CEO of Indian Gas Exchange (IGX) Rajesh Mediratta said the budget should include reforms to support consumption of natural gas, specifically, piped natural gas (PNG).
BUSINESS
India has Rs 6 lakh cr worth of assets for monetisation, reiterates Economic Survey for 2023-24
The Economic Survey for 2023-24 said that in the last financial year, transactions aggregating to Rs 1.51 lakh crore in accruals or private investments were completed, 1.55 times those achieved in 2021-22.
BUSINESS
India needs diverse sources to ensure energy security while meeting climate commitments: Economic Survey 2024
The diversification of sources would minimise the risks associated with energy systems while pursuing low-emission pathways, the survey said.
BUSINESS
India’s petroleum products exports declined in FY24 despite increase in volumes: Economic Survey 2024
The survey emphasised that the fall in POL exports could be attributed mainly to a decline in global petroleum product prices.
BUSINESS
Govt continues focus on renewables, announces policy for pump storage
With India’s aim of achieving 50 percent cumulative installed power generation capacity from non-fossil fuel sources by 2030, the government has been inclined towards increased spending in the renewables sector.
