Search Result for : Crude Oil

The Dollar Business Bureau India’s crude oil import bill is expected to increase by 25% to $87.7 billion in the current fiscal of 2017-18, which closes on this weekend as there is a surge in the global oil prices.  In the month of February alone, India’s oil import bill surged by 28% to $8.1 billion as compared to the same month last year, according to the latest data of the Ministry of Petroleum and Natural Gas. For the current financial year, the imports of crude oil are pegged at 219.15 million tonnes for $87.725 billion (about Rs.5.65 lakh crore), as per the latest data available from Petroleum Planning and Analysis Cell (PPAC), an arm of Petroleum Ministry. The country’s crude oil imports were 213.93 ...

The Dollar Business Bureau India’s exports witnessed a growth of 9% in January this year, supported by a positive growth in the outbound shipments of petroleum, chemicals and engineering goods, even as the trade deficit shot up to a three-year high. The trade deficit widened to $16.3 billion in January due to 26.1% growth in imports on account of increased inbound shipments of crude oil, according to the data released by the Ministry of Commerce. The trade deficit, gap between imports over exports, had reached $16.86 billion in the month of November 2014. In January 2017, the country’s trade deficit was $9.9 billion. “Exports during January 2018 have exhibited positive growth of 9.07% in dollar terms vis-à-vis January 2017. Exports have been on a ...

The Dollar Business Bureau Eight core sectors of the economy witnessed a growth of 6.8% in the month of November 2017, mainly supported by a strong performance in sectors such as steel, refinery and cement, according to an official data. The combined index of eight core industries stands at 123.9 in November, 2017, which was 6.8% higher as compared to the index of November, 2016,” said a statement by the Ministry of Commerce and Industry. The cumulative growth of these infrastructure sectors was 3.9% during the April-November period the fiscal 2017-18 compared to 5.3% during the same period in the previous fiscal. The eight core industries - coal, refinery products, cement, crude oil, natural gas, fertilisers, electricity and steel - had recorded a growth of 3.2% in ...

The Dollar Business Bureau Highlighting the arrival of two shipments of crude oil from the US, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Sunday that the country is emphasising on diversifying its sources for crude oil supply and tapping new markets. The two shipments of 1.6 million barrels of American crude oil were landed at the Paradip Port, Odisha on October 2. “India is putting a lot of emphasis on diversifying its crude oil supply sources and tapping new supply source,” Pradhan said in a meeting with OPEC’s Secretary General, Sanusi Mohammad Barkindo, who is in India for attending the first CERAWEEK India Energy Forum. The three public sector refineries of India have already put a cumulative order of about 7.85 million ...

The Dollar Business Bureau  Japan's exports increased at a fast pace in July, indicating a revival in demand from China, the US and Southeast Asia, though the prices rose faster compared to the volumes for several products.  Exports rose over 13% in July to 6.5 trillion yen ($59 billion) compared to a year earlier, according to a data released on Thursday.  On the other hand, the imports into the country rose 16% to 6.1 trillion yen ($55 billion), supported by an increase in the shipments of oil and coal, the data said.  This resulted in declining of trade surplus by 17% to 419 billion yen ($3.8 billion) compared to a year earlier.  “Trade actually dragged on growth in the world's third-largest economy in the April-June ...

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 ...

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 The Goods and Services Tax (GST) will have adverse impact on the oil and gas sector as it will have to conform to the current tax regime as well as to GST, the ICRA-ASSOCHAM report said. The GST regime is expected to be rolled out from July 1, 2017. The next meet of GST Council is to be held on June 18, in which it will decide upon the lottery tax and e-way bill. “The oil and gas industry would have to comply with both the current tax regime as well as the GST regime leading to double compliance cost because five petroleum products viz crude oil, natural gas, motor spirit, high-speed diesel and aviation turbine fuel have been excluded from the GST, while other ...