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Oil Refinery

Oil retailers pick 26 PACS to set up retail petrol, diesel outlets: Shah

Oil marketing companies have selected 26 Primary Agricultural Credit Societies (PACS) out of 286 applications for setting up retail petrol and diesel outlets, Cooperation Minister Amit Shah told Parliament on Tuesday. In a written reply to the Lok Sabha, Shah said the government has allowed PACS to operate retail petrol and diesel outlets and LPG distributorship. As informed by Oil Marketing Companies (OMCs), 286 PACS from 25 states and Union Territories have submitted online applications to establish retail petrol/diesel outlets, of which 26 PACS have been selected by OMCs, he said. Under conversion of PACS, Wholesale Consumer Pumps into retail outlets, OMC reports indicate that 116 PACS from five states have agreed to this conversion, and 56 PACS have been commissioned. For LPG distributorship, two PACS have applied for the two advertised locations in Jharkhand. As per the revised guidelines, PACS have been included under Combined Category 2 (CC-2) for retail petrol/ diesel ...

Updated On: 11 Feb 2025 | 6:10 PM IST

ONGC signs MoU with BP for oil exploration, trading collaboration

State-owned Oil and Natural Gas Corporation on Monday said it has signed a pact with global oil major BP to explore collaboration in exploration and production, trading and other energy vectors, in India and internationally. The MoU comes within a month of ONGC selecting BP as a technical service provider for raising output from its flagship Mumbai High oil and gas field. "ONGC and BP have agreed to explore opportunities for collaboration and partnership across the energy industry in India and internationally, focused on oil and gas exploration and production, as well as trading and extending to other energy vectors," the firm said in a statement. The two companies signed a memorandum of understanding (MoU), on the eve of India Energy Week, the premier energy event in India. The signing ceremony was attended by ONGC Chairman and CEO Arun Kumar Singh and BP Executive Vice President, William Lin, along with senior leadership from both organisations. "Under the terms of the MoU, BP w

Updated On: 10 Feb 2025 | 6:44 PM IST

Ukraine strikes major Russian oil refinery twice in 3 days: Official

Ukrainian long-range drones struck one of Russia's biggest oil refineries for the second time in three days, a senior Kyiv official said Monday, as Ukraine tries to slow the Russian army's push along parts of the front line and the third anniversary of the war approaches. The attack late Sunday hit a refinery in the Volgograd region, which is one of Russia's 10 biggest refining facilities, processing close to 6% of the country's oil, an official in Ukraine's Security Service told The Associated Press. Russian authorities acknowledged only a brief fire at the Volgograd refinery during the drone attack. Ukrainian defences are creaking under months-long Russian drive to occupy more land, especially in Ukraine's eastern industrial heartland, before the possible start of peace negotiations steered by US President Donald Trump. Ukraine, though heavily dependent on Western military aid, has been developing its own arms industry, including drones that can fly increasingly long ranges with

Updated On: 04 Feb 2025 | 7:47 AM IST

Exxon reports mixed Q4 results with strong production, weak refining profit

Lower corporate costs also enabled the company to beat profit estimates, said RBC Capital Markets analyst Biraj Borkhataria. Earnings from producing gasoline and diesel were $323 million

Updated On: 31 Jan 2025 | 10:54 PM IST

Phillips 66 Q4 loss softened by renewable fuels as refining margins fall

On an adjusted basis, the company reported a loss of 15 cents per share in the quarter, compared with the analysts' average estimate of 23 cents loss per share, according to data compiled by LSEG

Updated On: 31 Jan 2025 | 8:08 PM IST

Indian refiners test FOWE's emulsion tech to clean polluting bunker fuel

Indian oil refineries have initiated tests of fuel emulsion systems from a Monaco-based company to clean highly polluting bunker fuel as they eye significant benefits, including substantial fuel cost savings and a reduction in environmental impact of the high carbon-emitting fuel used in ships. Two state-owned oil firms deployed Fowe Eco Solutions' (FOWE) patented Cavitech devices at their refinery and depot installations to check the result of emulsified fuel oil (bunker fuel), sources aware of the matter said. Trials showed substantial reduction in emissions and better fuel efficiency, they said, adding the refiners are now looking at tests for its commercial use. Requiring very little initial investment and eliminating the need for installation downtime, the FOWE uses a process known as cavitation using its Cavitech device, which allows emulsification of fuel oil, also known as furnace oil, with fresh water. This process, which does not require any additives or further processing

Updated On: 26 Jan 2025 | 3:48 PM IST

Fighting in Sudan's civil war ignites flames at largest oil refinery

Fighting around Sudan 's largest oil refinery set the sprawling complex ablaze, satellite data analysed by The Associated Press on Saturday shows, sending thick, black smoke over the country's capital. Forces loyal to Sudan's military under army chief Gen Abdel-Fattah Burhan later claimed they captured the refinery, owned by Sudan's government and the state-run China National Petroleum Corp. The facility represents a long-sought prize for the military in its civil war with the rebel Rapid Support Force. International mediation attempts and pressure tactics, including a U.S. assessment that the RSF and its proxies are committing genocide, have not halted the fighting. The al-Jaili refinery sits some 60 kilometers (40 miles) north of Khartoum, the capital. The refinery has been subject to previous attacks as the RSF has claimed control of the facility since April 2023 and their forces had been guarding it. Local Sudanese media report the RSF also surrounded the refinery with fields of

Updated On: 25 Jan 2025 | 3:25 PM IST

Sudan's largest oil refinery set ablaze in civil war, satellite photos show

Fighting around Sudan's largest oil refinery set the sprawling complex ablaze, satellite data analyzed by The Associated Press on Saturday shows, sending thick, black polluted smoke over the country's capital. The attacks around the refinery, owned by Sudan's government and the state-run China National Petroleum Corp., represent the latest woe in a war between the rebel Rapid Support Force and Sudan's military, who blamed each other for the blaze. International mediation attempts and pressure tactics, including a U.S. assessment that the RSF and its proxies are committing genocide, have not halted the fighting. The al-Jaili refinery sits some 60 kilometers north of Khartoum, the capital. The refinery has been subject to previous attacks as the RSF has claimed control of the facility since April 2023, as their forces had been guarding it. Local Sudanese media report the RSF also surrounded the refinery with fields of landmines to slow any advance. But the facility, capable of handli

Updated On: 25 Jan 2025 | 10:47 AM IST

BPCL's new Andhra refinery to cost Rs 950 bn, India's most expensive ever

State-owned Bharat Petroleum Corporation Ltd's (BPCL) proposed 9 million tonnes a year oil refinery-cum-petrochemical complex in Andhra Pradesh is likely to cost around Rs 95,000 crore, its Director (Finance) Vetsa Ramakrishna Gupta said. This will be India's costliest refinery project so far. Hindustan Petroleum Corporation Ltd (HPCL) will this year commission a similar size unit at Barmer in Rajasthan at a cost of Rs 71,814 crore. In Modi government's first term, a mega 60 million tonnes oil refinery and petrochemical complex was proposed at Ratnagiri district of Maharashtra at a cost of Rs 3 lakh crore but the project hasn't seen the light of the day because of land acquisition issues. In an investor call with analysts post announcement of third quarter earnings, Gupta said the BPCL board last month approved an expenditure of Rs 6,100 crore on pre-project activities such as land acquisition and commissioning of detailed project report (DPR) and certain feedstock studies. "Roughly

Updated On: 24 Jan 2025 | 5:23 PM IST

Trump reverses Biden's oil drilling bans, opens US waters for exploration

The president is also expected to direct the Interior Department to swiftly develop a new plan for selling offshore drilling rights on Monday

Updated On: 21 Jan 2025 | 8:19 AM IST

India's fraying Gulf oil ties get a fillip on US' sanctions on Russia

State-run refiners plan to renew or enhance optional volumes under existing contracts, struck on a fiscal basis, despite higher sourcing costs

Updated On: 19 Jan 2025 | 11:40 PM IST

China offers $3.7 bn for SL's refinery as Dissanayake seeks more investment

China has offered to invest USD 3.7 billion in Sri Lanka, stated to be the biggest-ever foreign investment in the island nation, to build a state-of-the-art oil refinery as the two countries signed a new plan to upgrade BRI cooperation during Sri Lankan President Anura Kumara Dissanayake's state visit here. On Thursday, Dissanayake met Chinese Premier Li Qiang and Chairman of the Standing Committee of the National People's Congress Zhao Leji and pitched for more Chinese investment in his address to Chinese firms. A day earlier, Dissanayake held talks with his Chinese counterpart Xi Jinping following which the two sides signed 15 agreements. According to a press release by the Sri Lankan President's media division, his visit marked a significant milestone by securing the largest foreign direct investment to date of USD 3.7 billion Chinese investment to build a state-of-the-art oil refinery at Hambantota. This significant achievement was formalised this morning with the signing of an

Updated On: 16 Jan 2025 | 7:17 PM IST

US oil refiners face a tough year as investor sentiment turns negative

US refining utilization averaged 90.3 per cent in the fourth quarter, up from 87.6 per cent in the same quarter last year, according to Tudor, Pickering, Holt & Co

Updated On: 13 Jan 2025 | 5:08 PM IST

Maharashtra loses out as Gujarat and Andhra secure Saudi-backed refineries

Gujarat and Andhra Pradesh are likely to get Saudi-backed refineries amid talks of $100 billion Saudi investments and bilateral energy collaboration with India

Updated On: 27 Nov 2024 | 1:20 PM IST

Blast in storage tank causes fire at IOCL Vadodara refinery; 1 dies

A fire broke out at the Indian Oil Corporation (IOCL) refinery in Vadodara on Monday following a blast in its storage tank, a police officer said. No casualties are reported and the final head count is being conducted, said Vadodara Police Commissioner Narasimha Komar, adding that things are under control. The blast at the IOCL refinery in the Koyali area on the outskirts of Vadodara occurred at 4 PM, triggering the blaze. Visuals showed thick plumes emerging from the refinery which can be seen from kilometres away. Several workers were evacuated and can be seen exiting the IOCL campus. "A benzene storage tank caught fire after a blast at the refinery. They (IOCL) have isolated the affected storage unit. Fire tenders are deployed to control the situation," Komar told PTI. The police officer said no casualty has been reported even as the final head count is being done to find if anybody is missing, which prima facie seems unlikely. Komar said fluid circulation in the IOCL complex

Updated On: 11 Nov 2024 | 8:17 PM IST

BP profit slumps to $2.3 bn on weak refining margins, oil trading results

The decline was smaller than expected amid a slowdown in global economic activity and oil demand, particularly in China

Updated On: 29 Oct 2024 | 4:27 PM IST

PetroChina set to shut top north China's largest domestic refinery in 2025

Dalian represents 3 per cent of China's refinery capacity and shutting the site should cut into the country's world-leading crude imports

Updated On: 28 Oct 2024 | 2:39 PM IST

ONGC Videsh's focus on stakes in oil, gas assets amid energy transition

ONGC Videsh, the overseas investment arm of the country's top exploration company Oil and Natural Gas Corp has stake in 32 oil and gas projects in 15 countries

Updated On: 10 Sep 2024 | 9:49 PM IST

BPCL and ONGC to jointly explore setting up a new refinery: Report

BPCL plans to increase its integrated refining and petrochemical capacities within the next five to seven years to meet growing energy demand

Updated On: 03 Sep 2024 | 4:49 PM IST

PSU refiner BPCL expects further cuts in oil OSPs as fuel margins drop

Indian refiners have also raised imports of Russian crude sold at discounts after Western nations imposed a raft of sanctions against Moscow for its invasion of Ukraine

Updated On: 20 Jul 2024 | 2:33 PM IST