Search Result for : Crude Imports

The Dollar Business Bureau Despite India’s offer to spend around $11 billion (about Rs.70,000 crore) for the development of Farzad B gas field in Iran and building the infrastructure for exporting the gas, Tehran had stated that it is under ‘no obligation’ for awarding the contract for the gas field to India, according to media reports.  New Delhi is willing to invest as long as Iran assures a “reasonable return” on the gas project. India’s state-run oil company ONGC Videsh Ltd has given the offer for investing around $6 billion in the Farzad-B gas field project and the remaining amount to spend in building a facility for liquefied natural gas (LNG) exports.  On the contrary, Iran has signed an agreement with Russian gas ...

The Dollar Business Bureau Due to massive oil production cuts being enforced by OPEC nations, major oil importing countries, especially India, are diversifying their supplier regions. India, for the first time in years, saw its Ural oil imports from Russia drastically surge, as a result of cuts in supplies from its two main oil suppliers – Saudi Arabia and Iraq. While India's crude imports from Russia have never crossed 500,000 tonnes annually, 2017 has already witnessed over 1 million tonnes of Ural import.  ONGC, India's oil and gas major, keen on securing India's energy future, intends to invest over $3 billion in Iran's newly discovered Farzad-B natural gas field. Due to disagreements with Iran's authorities over the development rights to this gas field, India has slashed quantities of oil import from ...

The Dollar Business Bureau The government, in a submission to the Delhi High Court, stated that Cairn India cannot export crude oil from its Rajasthan oil field until India attains ‘self-sufficiency.’ The Centre claimed that their stand of not allowing export of crude until India becomes self-sufficient was clear and in accordance with the national policy. The submission by the Ministry of Petroleum and Natural Gas was made to a bench comprising Justice Manmohan,  after Cairn India the subsidiary of UK-based Vedanta group, sought permission for exports of crude. Additional Solicitor General Tushar Mehta stated that as the petitioner was bound by a Production Sharing Contract, he is prohibited to export crude till India becomes self-sufficient. At the time when India is dependent on imports ...

The Dollar Business Bureau Seeking for a “stable” global oil market, India has asked petroleum exporting countries to work out “a responsible and reasonable pricing” system and ensure that the fiscal position of importing countries should not be “unduly stretched”. Addressing the 6th Asian Ministerial Energy Roundtable in Doha, Qatar, Petroleum Minister Dharmendra Pradhan said that affordable energy is the key to ensure inclusive growth. “I believe that an opportune time has now come when this “energy poverty” must give way to “energy justice”. In order to do so, the oil suppliers must make earnest efforts for a responsible & reasonable pricing which will be sustainable,” the Indian minister said. Expressing concern over the implication of the oil price fluctuations on ...