IOC to buy 1.9 mn barrels of US crude; first to buy Eagle Ford shale oil
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 ...
IOC to set up Rs 600-cr ethanol plant at Panipat
PTI State-owned oil company Indian Oil Corporation will set up a Rs 600-crore plant to produce second generation ethanol at Panipat in Haryana. The state government has accepted the investment proposal, which was approved by the empowered executive committee at its meeting held here today, an official spokesperson said. "The plant will use plant waste, stubble, husk and straw to produce 100 KL of ethanol every day. The state government has agreed to provide land either on nominal lease or free of cost. Billed to be the largest such plant in the country, it is expected to generate hundreds of jobs," the spokesperson added. The plant, which would help reduce stubble burning drastically, is likely to be commissioned ...
Govt undertakes revival of closed fertilizer projects to make India self-reliant
The Dollar Business Bureau A Joint review meeting on revival plans for closed fertilizer projects was held today, to realise PM Narendra Modi's vision of ‘Fertilizer Security for Food Security'. The two-pronged strategy includes existing fertilizer capacity augmentation by increasing the efficiency of the plants and revival of closed fertilizer projects. "With the revival of the fertilizer projects, Gorakhpur, Barauni, Sindri and Talcher, an additional annual production capacity of 75 LMT would be created making India self-reliant in meeting the annual domestic demand of around 320 LMT, from being a net importer currently," Ananthkumar, Union Minister for Chemicals & Fertilizers and Parliamentary Affairs said, after the meeting. "Financial allocations and the ground level work would start in 2017 and the five plants would become fully functional by 2020-21," he added. Through optimum utilisation of existing capacity, India ...
Get up to Rs. 2k cash at petrol pumps by swiping debit cards
The Dollar Business Bureau There would be some respite for the people who have got hit by demonetisation as the government has announced that people can now get cash up to Rs. 2000 per day per person by swiping debit cards, at close to 700 petrol pumps. According to a statement by the Petroleum Ministry, “The facility became operational at 686 retail outlets by 4 pm starting November 18. The services will be provided by public sector oil companies such as Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) in association with the State Bank of India (SBI). Out of the 686 pumps, 350 will be IOCL, 266 of BPCL and another 70 of ...
India inks deal to route petroleum products via Bangladesh
The Dollar Business Bureau India has signed a route agreement with Bangladesh allowing the passage of petroleum products from Assam to Tripura via the territory of Bangladesh for a short-term period. Heavy rains have caused damage to the roads making transportation difficult between these two states. On humanitarian grounds, the Government of Bangladesh has granted permission for the movement of petroleum products through their territory till the end of September this year, High Commission of India in Dhaka said in a statement. State-owned Indian Oil Corporation Ltd (IOCL) and the Roads and Highways Department (RHD) of Bangladesh signed an MoU on Thursday in Dhaka. Under the terms of the pact, petroleum items such as motor spirit, high speed diesel, superior kerosene oil and liquefied petroleum gas ...
HPCL imports LPG in emergency for nonstop supply
The Dollar Business Bureau Hindustan Petroleum Corporation Ltd (HPCL) has started the emergency import of liquefied petroleum gas (LPG) for uninterrupted supply to Karnataka state consumers. The LPG production of Mangalore Refinery and Petrochemicals Ltd (MRPL) has come down from 2,500 tonnes per day to 800 tonnes per day due to water crisis in the city of Mangalore. HPCL’s Mangalore LPG Import Facility (MLIF) used to supply over 5,000 tonnes of LPG from its network along with Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL). As Nethravati, the main river of Dakshina Kannada, has completely dried up, there is severe shortage of water in the state affecting the production of industries like HPCL. According to the officials of HPCL, however ...
Canada and India highlight growing energy relationship
Source: PIB, Government of India The Minister of State for Petroleum and Natural Gas (Independent Charge), Dharmendra Pradhan in a meeting with the Minister of Natural Resources of Canada, Greg Rickford, for the 2nd India-Canada Ministerial Energy Dialogue to discuss enhancing energy cooperation between the two countries in the areas of oil, natural gas, clean energy, power transmission and skill development, in Calgary, Alberta, Canada on July 05, 2015. Source: PIB, Government of India The Minister of State (I/C) Petroleum and Natural Gas Dharmendra Pradhan met Greg Rickford, Minister of Natural Resources of Canada, in Calgary, Alberta, Canada on July 5, 2015 for the 2nd India-Canada Ministerial Energy Dialogue to discuss enhancing energy cooperation between the two countries in the ...
