Core sector growth up 8.5% to touch 4-year high
The Dollar Business Bureau The core industry growth has touched a four-year high, with the Index of Industrial Production (IIP) surging up 8.5% at 176.4 in April, 2016, when compared to the growth of 6.4% in the previous month of the same year. The cumulative growth of the index rose 2.7% during FY 2016 against 4.5% in the previous fiscal, Ministry of Commerce and Industry said in a statement. The IIP comprises of eight core industries that include coal, cement, crude oil, electricity, fertilisers, natural gas, refinery products and steel. These eight sectors comprise around 38% of the country’s overall industrial production. According to the Ministry of Commerce data, the index for petroleum refinery products increased 17.9% in April this year over ...
Armanco plans stake in Indian oil refineries
The Dollar Business Bureau Oil Minister Dharmendra Pradhan on Monday said the Saudi Arabian Oil Company Armanco is planning to purchase stakes in Indian oil refining and petrochemical projects. Pradhan met Khalid al-Falih, Chairman of Armanco, and asked for Saudi’s investment in a planned 1.2 million barrels per day (BPD) refinery for the expansion of Dahej’s Bina refinery and petro-chemicals. In order to meet the country’s growing oil demand, Bharat Petroleum Corporation, Indian Oil Corporation and Hindustan Petroleum Corporation are planning to build a 1.2 million BPD refinery in the country’s West Coast, costing more than Rs.1 trillion. In Central India, Bharat Oman Refineries Limited is increasing the capacity of Bina Refinery by 30%, while in Western Gujarat, OPAL, which is majorly owned by ...
Iran asks India to clear $6.5 bn oil dues in two months
Source: PTI Iran has asked India to pay within two months $6.5 billion in past oil dues, partly in rupees and rest in dollars or euros, a top official said. "Part of the payment in US dollar or euro and part in Indian rupees," he said adding Iran will open a new account with one of the Indian banks for receipt of the rupee payment. The dues to Iran on crude oil that refiners buy have accumulated as Western sanctions blocked payment routes since 2013. About 45% of the oil import bill is paid in rupees in a Uco Bank branch and the rest has accumulated. The official said the payment to Iran can be either through Reserve Bank of India (RBI) ...
