Oil Firms

Russia's Rosneft invested $20 bn in India, says govt quoting Putin

Rosneft gained access to India's fuel retail market when it completed a $12.9 billion deal to acquire Indian private refiner Essar Oil in 2017

Colombian rebels, world's oldest guerrilla force revive war on oil firms

The rebels have long viewed the oil industry as a military target as well as a cash cow, its antagonism comes from its belief that Colombia should have sovereignty over its natural resources

Rupee stable; oil firms' dollar buys, 'nervous' equities cap upside

Traders expect the central bank's interventions will keep sharp declines in the rupee at bay

Welspun Corp's unit, Saudi Aramco scrap $41 million steel pipe contract

Welspun did not disclose the reason for the cancellation of the contract, but said it would not affect its operating plans

Govt halves support to oil firms, defers filling strategic oil reserves

The government has halved the amount of equity infusion in state-owned fuel retailers to Rs 15,000 crore for supporting their investments in energy transition projects, the finance ministry has said. Finance Minister Nirmala Sitharaman had on February 1 last year while presenting the annual Budget for 2023-24 fiscal (April 2023 to March 2024) announced equity infusion of Rs 30,000 crore in Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to support the three state-owned firms' energy transition plans. Alongside, she had also proposed Rs 5,000 crore for buying crude oil to fill strategic underground storages at Mangalore in Karnataka and Visakhapatnam in Andhra Pradesh that India has built to guard against any supply disruptions. That plan has also been deferred in view of emerging trends in oil markets, the finance ministry said. While other state-owned oil companies such as Oil and Natural Gas Corporation (ONGC) an

Indian Coast Guard, ports, firms discuss readiness for oil spill disasters

Director General of the Indian Coast Guard, Rakesh Pal chaired the 25th meeting of the National Oil Spill Disaster Contingency Plan (NOS DCP) in Gujarat's Vadinagar coast

Foreign oil majors flag windfall tax concerns; govt seeks $52-bn investment

India is the world's third-biggest oil importer and consumer and meets almost 85 per cent of its oil requirements from overseas

Budget 2023: Oil companies will spend Rs 1.06 trn in next financial year

Nearly half of overall expenditure would be for refineries expansion and upgrade while about 44% will be used for exploration and production of hydrocarbons, the data provided in the budget documents

Indian, European oil firms evaluating bids for Guyana blocks: Report

Refiner Indian Oil Corp also is looking to work in Guyana in collaboration with ONGC Videsh

CAG says 3 state-owned oil firms ignoring own software for logistics

National auditor says state-owned companies make monthly adjustments that aren't best for saving costs, efficiency

ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes

Profit fell 15.6 per cent over the preceding June quarter when it had reported a net of Rs 15,205.85 crore

Why India may have to rework Russian oil purchase if a price cap is imposed

India will have to follow a delicate balancing act if the West imposes a pricing limit on supplies from Moscow

Windfall tax: Relief for product exports, not for upstream crude, says Citi

Petrol and diesel prices are down by $40-50 per barrel from month-ago levels

8 bn rubles of Indian oil companies stuck in Russia, says officials

All dividend income prior to Ukraine war was repatriated but the one that accrued after that is stuck, said Harish Madhav, Director (Finance), Oil India Ltd, which is one of the partners in the fields

Cabinet note issued for 100% FDI in oil PSUs marked for disinvestment

Cabinet approval would facilitate privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd.

Consolidation in public sector oil firms may be back on table in FY22

The government may again revive the plan for further consolidation in the public sector oil companies

Govt expects global oil majors will join race for $6.5-bn BPCL sale

India seeks to boost spending to help Asia's third-biggest economy shake-off the pandemic-fueled downturn

Copper near 7-year high as investors regain nerve; gold and oil firm up

Benchmark copper on the London Metal Exchange (LME) traded up 0.5 per cent at $7,784.50 a tonne in official rings, nearing Friday's peak of $8,028, its highest since 2013

Fitch expects marketing, refining volume of oil firms to fall 15% in FY21

With lockdowns pummelling fuel demand in India, Fitch Ratings expects the marketing and refining volume of oil firms to fall by over 15 per cent this fiscal year before a gradual recovery in FY22

Saudi firms start talks to form $11 billion chemicals maker; shares surge

The discussions are at an initial stage and no agreement has been reached, the companies said Sunday