Asia is adding net refining capacity of 360,000 barrels per day (bpd) this year, according to Wood Mackenzie, with units coming online in China and Vietnam that could keep most of Asia well-supplied and weigh on refining margins for export-oriented refiners in South Korea and Thailand.
The government had previously asked Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) to raise rates of subsidised domestic LPG (liquefied petroleum gas) by Rs 2 per 14.2-kg cylinder per month (excluding VAT).
Hindustan Petroleum Corp Ltd (HPCL) will remain a public sector unit with a separate board and brand identity post Oil and Natural Gas Corp (ONGC) acquiring government's entire 51.11 per cent stake, which at current prices is valued at about Rs 28,800 crore.
Hindustan Petroleum Corporation Ltd (HPCL) will continue as a public sector undertaking after Oil and Natural Gas Corporation Ltd (ONGC) acquires its stake, the minister said in the Lok Sabha.
A committee for the deal will soon be formed and the merger is likely to be completed within this financial year.
State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) are building the integrated complex with a refining capacity of 60 million tonnes per annum at Babulwadi, Taluka Rajapur, Ratnagiri district.
Addressing a plenary session on 'Supply and Demand Challenges for Oil, Gas and Products' at the 22nd World Petroleum Congress in Istanbul, he said the rising middle class of emerging Asian countries like India will drive the demand for energy both in terms of electricity and cooking, and transportation fuel.
ONGC Videsh, the overseas investment arm of India's top explorer Oil and Natural Gas Corp, is among several companies prequalified to bid for offshore exploration and production licences from the Middle Eastern nation.
Modi had in March 2015 called for cutting India's dependence on imports to meet its oil needs by 10 per cent by 2022 from 77 per cent then.
India has switched over to the Open Acreage Licensing (OAL) regime where companies can choose areas they want to explore, said Oil Minister Dharmendra Pradhan.
"It is like hitting one's own leg. The state government's activities will adversely affect the ongoing industrialisation activities in Odisha," Pradhan said.
Pradhan told Reuters India was open to granting stakes to Qatar in local oil and gas companies and liquefied natural gas (LNG) terminals, should the Gulf emirate make such a proposal.
"Rosneft, the Russian oil major, who recently took over Essar Oil, are planning in a bigway to tap retail fuel market in India," he told reporters after inaugurating City Gas Distribution (CGD) Project to supply eco-friendly natural gas to households, industries and transport sector, here.'
Upset with the USD 5.5 billion master development plan submitted by ONGC Videsh Ltd - the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC) - Iran has signed an initial pact with Russia's Gazprom for developing Farzad-B gas field.
Oil Minister Dharmendra Pradhan said Khalid A Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco, during his meeting in Vienna last month expressed interest in taking a stake in the 60 million tonne(mt)refinery and 10-12 mt petrochemical complex.
The proposed talks come as Saudi Arabia seeks to secure customers for its oil amidst a global supply glut.
Oil minister Dharmendra Pradhan told Reuters the purchase of a stake in Aramco could be part of a plan by Indian state refiners to set up a refining venture with the Saudi giant.
Dharmendra Pradhan made the comments in Vienna ahead of OPEC's meeting this Thursday when members will decide whether to extend production cuts to ease the global oil glut that has grown in tandem with rising North American output.
A record 3.45 crore LPG connections were given during the fiscal ended March 31, 2017, including 2.2 crore free connections to poor women, Oil Minister Dharmendra Pradhan told reporters.
Addressing the inaugural session of 21st Refinery Technology Meet, Pradhan said his ministry has been emphasising on innovation and strengthening R&D wing.
"The previous MoU was not in interest of the state. It was Prime Minister Narendra Modi and Rajasthan CM Vasundhara Raje who saved the people from the faulty decision that Congress had taken in haste," he said.
State gas utility GAIL India Ltd will hire ships on short term to ferry gas from the US after it was forced to scrap a USD 7 billion tender for making vessels in India, Oil Minister Dharmendra Pradhan said today.
"We have finalised financial assessment of HPCL's Rajasthan refinery project and expect to work on it soon," Minister of Petroleum and Natural Gas Dharmendra Pradhan said today on the sidelines of Network18's two-day Global Natural Resources Conclave.
"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.
India plans to set up a 60 million tonnes per annum (mtpa) coastal refinery in Maharashtra. Petroleum Minister Dharmendra Pradhan had last year said the government was keen to have foreign investment in the project.