India's oil imports from Iran surge marginally in Jan
The Dollar Business Bureau Oil imports of India from Iran surged marginally in the month of January from the previous month as the refiners from India received entire volumes from major OPEC (Organisation of Petroleum Exporting Countries) producers Iraq and Saudi Arabia, as per the shipping data. Iran used to be the second largest supplier of oil to India, but now this position belongs to its regional-competitor Iraq after the West imposed strict sanctions on Tehran over its nuclear programme, which limited its exports and accessibility to finance. In January 2017, Iran was India’s third largest oil supplier after Saudi Arabia, followed by Iraq. Oil imports of India from Iran have increased sharply after the sanctions were removed last year. In the said month, oil ...
Indias $20 billion refinery expansion to cut fuel oil output
The Dollar Business Bureau India may soon become a net importer of fuel oil as several of its state-owned refiners have announced they will make multi-billion dollar investments to upgrade their units and produce more profitable refined products including gasoline or diesel. The country’s three state-run energy companies - Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum - look to invest $20 billion on refinery expansions. These firms plan to add units which would process fuel oil into diesel and gasoline, thereby increasing their output and meeting the growing local demand for transport fuels. Meanwhile, private refiners such as Essar Oil and Reliance Industries have already spent heavily to build state-of-the-art refineries to produce gasoline at the expense of fuel oil. "Our fuel oil ...
Russia offers Indian firms a stake in Yamal LNG
The Dollar Business Bureau Russia has made an offer to Indian oil firms for a stake in Phase II of Yamal LNG, the largest proposed liquefied natural gas project in the Arctic. The stake offer was made when Dharmendra Pradhan, Minister of State for Petroleum and Natural Gas of India, visited Russian city St. Petersburg last month, according to sources. Petronet LNG Ltd, India's leading importer of natural gas, is examining the offer and other state-owned companies such as Indian Oil Corporation Ltd (IOC) may join in afterwards, sources said. In 2013, Novatek OJSC, Russia's biggest independent producer of natural gas, had offered a stake of 9 percent in the $27 billion Phase I of Yamal LNG to a consortium of IOC, ONGC Videsh Ltd (OVL) ...
Oil Minister visiting Mexico and Colombia for Indias energy security
The Dollar Business Bureau In order to boost energy trade with Latin America, Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhan is on tour Mexico and Columbia from today for mutual cooperation in the area of hydrocarbons and to seek long-term linkages for the nation’s energy security. The Oil Minister is accompanied by a high level delegation which includes B. Ashok (Chairman, Indian Oil), Narendra Kumar Verma (Managing Director, ONGC Videsh Ltd) and other senior ministry officials. Apart from PSUs, Atul Laul (President, Reliance Industries), Mayank Ashar (CEO, Cairn India) and Rajeev Sharma (CEO, Adani Gas CEO) have also joined the 15-member delegation. He is also expected to meet the energy ministers of Mexico ...
