The oil ministry informed a parliamentary standing committee that suppliers have voiced concerns about the high transactional costs and difficulty in repatriating funds, which has prevented India from finding takers for its demand that rupees be used to pay for the import of crude oil. International trade custom dictates that the U.S. dollar is the…
The largest producer of gas and oil in India, ONGC, has entered into long-term agreements with refiners to sell the crude oil it extracts from offshore resources in Mumbai at a premium to the global benchmark Brent, according to sources. The Oil and Natural Gas Corporation (ONGC) has agreements with Bharat Petroleum Corporation Ltd (BPCL)…
In order to replace a reticent IndianOil (IOC) for the potential purchase of a 50% stake in Tullow Oil Plc’s USD 3.4 billion oilfield project in Kenya, India’s leading international oil company ONGC Videsh has found a new partner in Oil India Ltd. However, the aggressive Chinese energy giant Sinopec has entered the fight and…
As global supplies fall far short of what airlines need to achieve their decarbonization objectives, Indian Oil Corp. plans to construct a sustainable aviation fuel plant for 10 billion rupees ($122 million). According to S.S.V. Ramakumar, director for research and development, the facility will be able to manufacture 88,000 tonnes of SAF annually, and Indian…
According to a senior finance ministry official, the Centre will likely provide the state-run fuel dealers an extra sum totaling about Rs. 20,000 crores – over the Rs. 5,800 crores allocated – to make up for the under-recoveries on cooking gas in the current fiscal year. This indicates that gasoline subsidies, which were reduced to…
