Search Result for : Crude Oil Imports

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  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 Diesel imports of India have increased with state-run oil refiner Hindustan Petroleum Corp (HPCL) on Tuesday entering the crude spot market for seeking its seventh consignment of the fuel for the month of July, according to trade sources. However, imports of the fuel could be slowed down as monsoon season begins in India, the sources told a leading international news agency. The state-owned refiner is seeking delivery of 60,000 tonnes of 40 ppm sulphur gasoil into Vizag during July 20-25 in a tender which ends on July 5. This is HPCL’s seventh consignment requirement for the month of July, however, it was not clear if all the earlier tenders have been given. HPCL-Mittal Energy Ltd (HMEL) was likely to begin its 230,000 barrels a day ...

The Dollar Business Bureau  India will be expanding its refining capacity from nearly 230 million metric tonnes (MMT) to 600 MMT. The Union Minister for Petroleum, Dharmendra Pradhan shared this ambitious target at a recently inaugurated industry congregation- ‘21st Refinery Technology Meet’. He shared that the rising demand of petroleum will be met by focusing on technological innovation and strategic R&D. The increased number will not only facilitate in plugging the supply-demand in the domestic market, but also cater to requirements of neighbouring Nepal, Bhutan, Bangladesh, Myanmar and Sri-Lanka. Certain policy related issues had been hampering the growth of the sector, but he admitted that these would be countered in order to meet the ever-rising demand. The minister added that the Modi government ...

Sneha Gilada Economically tied with high volume trade in crude oil and politically tied with similar interests for stability in the Middle East, especially Afghanistan, India and Iran have traversed a long and tumultuous journey to maintain a healthy trade relationship. In an interview with Hon. Consul General, Hassan Nourian (HN), Consulate General of the Islamic Republic of Iran, Hyderabad; The Dollar Business (TDB) explores current issues in the India-Iran bilateral relationship. Speaking about diverse areas from the ambiguity in payment settlement mechanisms to problems in basmati rice exports, the diplomat lucidly explains the dynamics in India-Iran relations. India-Iran payments settlement issues To ensure smooth trade relations between India and Iran regardless of a series of international and American sanctions imposed against the ...

The Dollar Business Bureau The government said on Monday that the measures are being taken to increase the production of oil and gas in the country in order to cut crude oil imports, which makes up for about 82% of the overall domestic consumption this financial year. Petroleum Minister Dharmendra Pradhan said the target of the government is to cut the imports of energy by 10% by 2021-22. “To reduce imports to meet the energy needs, the government has taken several steps to enhance exploration and production of oil and gas in the country,” Pradhan told the Lok Sabha. In a written reply, the Minister said that in this fiscal till the month of January, the share of ...

Sneha Gilada Last year's plunge in global oil prices has affected no other economy more than that of Venezuela, the Latin American country which is excessively dependent on oil exports. Crude petroleum accounted for 73% of the nation's exports in 2015. Woes of dropping oil prices coupled with sky-rocketing inflation left the nation defaulting on its import bills. Apart from a few blips last year due to Venezuela’s lag in payments to Indian pharma companies, the country’s relations with India have been smooth.  India's crude oil imports from Venezuela dominate bilateral trade between the two nations. Venezuela, one of the world's largest reserves of petroleum oils, is the sixth largest exporter of the commodity to India. In the first 8 months of FY 2016-17, Venezuela accounted ...