Search Result for : Bpcl

The Dollar Business Bureau  With the first shipment of two million barrels of US crude oil, costing about $100 million, expected to reach India by the end of September and the volume of crude oil that India could buy in the future, it is very likely that the bilateral oil trade between the two countries could increase to $2 billion. With this, India will be in the league of Asian countries such as Japan, South Korea and China in purchasing American crude oil after OPEC reduced its production, leading to a price increase of the heavy-sour crude of Middle East. Tweeting about the development, the Indian Embassy in Washington said, “New breakthroughs! Oil shipments frm US to India has started,” on Wednesday, after ...

The Dollar Business Bureau  The Government plans to unveil a new policy for promoting the use of biofuels in the transport that will help in catalyzing about Rs.1 lakh crore of investment in the whole value chain, Oil and Petroleum Minister Dharmendra Pradhan said on Thursday.  India has to import around 80% of crude oil to meet its requirements and use of biofuels produced from non-edible oils help the country in meeting its target of cutting down the imports by 10% by 2022, Pradhan said at an event organised to mark ‘World Biofuel Day’.  The top three state-run oil companies of India Bharat Petroleum Corp Ltd (BPCL), Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) have pledged $2 billion investment for carrying ...

The Dollar Business Bureau  State-owned Oil Corporation Ltd (IOC) purchased 1.9 million barrels of crude from the US in its second tender to import oil from the US, which makes it the first Indian oil company to buy Eagle Ford shale oil, a senior official from the company revealed to the media on Friday.  IOC, India’s largest commercial enterprise, purchased 950,000 barrels of light sweet Eagle Ford shale oil and the same quantity of heavy sour Mars crude from trading company Trafigura, for delivery at October end, A.K. Sharma, Finance Director, IOC, told a leading international news agency.  The recent purchase by IOC comes after an earlier import tender where the refiner purchased 400,000 barrels of Western Canadian Select and 1.6 million barrels ...

PTI The government will on Monday sign contracts for the 31 small discovered oil and gas fields it had auctioned in the first bid round in more than six years. State-owned oil firms IOC, BPCL and HPCL had cornered a third of the fields whose award was confirmed by the Cabinet last month. “Contracts with successful bidders will be signed on March 27,” a senior official said. Touted as an auction round that would replicate the shale gas revolution of the US, half of the fields went to new and lesser known entrants like engineering company Megha Engineering & Infrastructure, KEI-RSOS Petroleum, Enquest Drilling and Nippon Power. The Cabinet Committee on Economic Affairs (CCEA) had approved award of 31 fields out of 34 that received ...

The Dollar Business Bureau The Reserve Bank of India, in a new release, announced that foreign investors can raise their holdings in state-owned Bharat Petroleum Corporation Ltd up to 49%. In an effort to boost the purchase of equity shares by Registered Foreign Portfolios Investors and Foreign Institutional Investors, RBI scaled up the maximum investment to 49% of the paid up capital of BPCL under the Portfolio Investment Scheme, RBI said in its release on Thursday. The move came after a resolution was passed by the Board members. Besides the board members, the shareholders also passed a special resolution to enhance the limit for purchase of shares. The release further stated that the purchases of equity shares could be made via primary market or ...

The Dollar Business Bureau Oil imports from Iran have increased 48.8% in April over the corresponding month previous year as per the preliminary tanker data released by the trade sources. This is mainly because the refiners have increased crude imports after lifting the sanctions against Iran. Indian refiners have imported roughly around 393,000 barrels a day from Iran in April. Compared to the previous month, the imports from Iran have declined 22.4% in March as the shipments have reached their highest point in the past five years at 500,000 barrels a day. Industry sources say, oil imports from Iran may hit a seven-year high this fiscal year. In the month of March, Reliance Industries has taken oil from Iran for the first time ...

The Dollar Business Bureau The revised agreement of Petronet LNG Limited (PLL) with RasGas of Qatar has helped to lower down the importing cost of natural gas to below $5 per mmBtu from the earlier $12 per mmBtu, said Dharmendra Pradhan, Minister of State for Petroleum and Natural Gas on Monday. In December 2015, India convinced Qatar to slash the prices of natural gas by almost half, to align with the declining global energy prices, thus helping the country in saving billions of dollars. India also got the oil exporting nation to waive off a liability of Rs.12,000 crore, for gas short-lifting. "Previously, the prices of LNG during 2015 were above $12 per mmBtu. Now, under the revised contract, the ...

Anagreement wassigned between three Indianoil majorsto buy theshare of Russias Taas-Yuriakh in East Siberia The Dollar Business Bureau Multilateral trade deal signed to secure 29.9% shares in Taas-Yuriakh, Russia in East SiberiaWith an aim to acquire 29.9% shares in Russias Taas-Yuriakh in East Siberia, various large oil companies from India signed a contract on Wednesday. Bharat Petroleum Corporation limited (BPCL) and its production and exploration arm, as well as Oil India Ltd. (OIL) and Indian Oil Corporation Ltd. (IOCL) signed a definitive contract with Rosneft, a national oil company of Russia. OIL, IOCL and BPRL also signed a contract with Rosneft and an MoU for apossible stake in the Vankor cluster field. TYNGD is currently producing around 20,000 bopd, which is expected to be ...