Page 3 - Petroleum

India will do all that is required to ensure energy security: Hardeep Puri

Reacting to the decision of Organization of Petroleum Exporting Countries (OPEC) to cut oil production by 2 million barrels per day, Union Minister Hardeep Singh Puri on Friday said India will do all that is required to ensure its energy security and affordability. He said if required, India will go for diversification of energy sources. "This is their (OPEC's) sovereign right what they want to do but equally it is my job to point out that all actions have consequences, intended or unintended. India will be able to navigate through the situation with confidence," the petroleum and natural gas minister said at GEO India 2022 conference here. "We will not allow any shortages to come in. The government will do all that is required to ensure energy security and affordability," he said. Puri said as per the estimate of the sector, consumption of fuel will increase and 25 per cent of the global demand in next 20 years will be from India. Therefore, he said, the prime minister took the .

Results preview: Order-book booster to stay for capital goods firms

Key monitorables include tender pipeline and emerging supply-chain scenario, say analysts and players

Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23

Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in

India's fuel demand slips to 10-month low in September: Government data

India's monthly fuel demand in September was at the lowest since November 2021, government data released on Friday showed

US imposes sanctions on many companies for shipping Iranian petrochemicals

The US on Thursday imposed sanctions on several companies including those based in China, Hong Kong, India and the UAE for facilitating financial transfers and shipping of Iranian petroleum and petrochemical products. The US is taking further action to disrupt efforts to evade sanctions on the sale of Iranian petroleum and petrochemical products, Secretary of State Antony Blinken said. Specifically, the Department of State is imposing sanctions on two People's Republic of China (PRC)-based entities: Zhonggu Storage and Transportation Co Ltd, which operates a commercial crude oil storage facility for Iranian petroleum that provides a vital conduit for the Iranian petroleum trade, as well as WS Shipping Co Ltd, the ship manager for a vessel that has transported Iranian petroleum products, he said. The Department of the Treasury is also designating eight entities for their involvement in Iran's petrochemical trade. These entities are based in Hong Kong, Iran, India, and the United Arab

Investments taking shape ahead of Rajasthan summit; 3k delegates may join

Around 2,000 people have got direct employment while conditions for indirect employment have been made

McLeod Russel India lenders likely to discuss Carbon Resources proposal

The contours of the proposal are like this: of an outstanding bank debt of Rs 1,650 crore, the upfront payment being offered is Rs 1,245 crore

Share of petro products in exports touches record high at 21.2% in Apr-Aug

India's heavy dependence on energy exports have also boosted its overall merchandise exports

Hardeep Puri to lead delegation to global LNG meet in Milan on Monday

Gastech 2022 is the 50th edition of the largest global gathering focused on Liquified Natural Gas as a bridge fuel

24 foreign firms show interest in petroleum business in Sri Lanka: Minister

Twenty-four companies from India, the United Arab Emirates, Saudi Arabia, the US, China, Russia, the UK, Malaysia, Norway, and the Philippines are interested in the petroleum business in Sri Lanka

Auto LPG policy running on fumes as policymakers ignore fuel's potential

The government is largely ignoring this least polluting fuel in favour of diesel, petrol and electric vehicles

Petroleum pricing quagmire

It's futile to insulate domestic consumers from international prices

Exporters meet Piyush Goyal, flag concerns on demand from Western nations

According to preliminary data released by the commerce ministry on Tuesday, merchandise exports declined to a five-month low of $35.2 billion in July

Continued uncertainty

Govt forced to react to new conditions in petroleum markets

ACME Group to invest Rs 1.5 trn in green hydrogen over 7 yrs; seeks tie-ups

Plans come at a time when govt is likely to announce a green hydrogen purchase obligation for fertiliser and petroleum units, similar to renewable purchase obligation

7 out of 9 neighbouring nations charge less for petrol than India

Among the neighbouring countries, China (Rs 116 per litre) and Nepal (Rs 124 per litre) had a higher price.

Rajasthan enters uranium mining, issues LoI to Uranium Corporation

The Rajasthan government has forayed into the field of uranium mining by issuing a letter of intent (LoI) to Uranium Corporation of India.

Exports in May up by 15.46% to $37.29 bn; trade deficit widens to $23.33 bn

Imports during the month grew by 56.14% to $60.62 billion

Exports rise 30.7% to $40.19 bn in Apr; trade deficit widens to $20.11 bn

Imports during the month of April under review grew by 30.97 per cent to USD 60.3 billion.

Pak leader claims IMF delaying meeting, seeking hike in petroleum prices

As per Pakistan Tehreek-i-Insaf spokesperson on finance Muzzammil Aslam, the IMF has deferred a meeting with Pakistan authorities until May 18 as they are seeking a hike in petrol and diesel prices