Search Result for : Ioc

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  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 In an apparent rebuff to the Indian government for cutting down oil imports from its country, Iran has decided to sign a pact with Russia’s Gazprom for developing the ONGC discovered Farzad B gas field. The Farzad B Iranian natural gas field was discovered by ONGC in 2012. Commencing production in 2013, the total in-place reserves of the gas field are around, 21.7 trillion cubic feet of which around 60% is recoverable while production is slated to be around 1.1 billion cubic feet/day. Since Iran kept delaying in awarding the rights to develop to ONGC, India decided to cut down the oil imports by a fifth or 190,000 barrels per day from 240,000 bpd, in 2017-18. In return, Iran ...

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 ...

PTI The government will on Monday sign contracts for the 31 small discovered oil and gas fields it had auctioned in the first bid round in more than six years. State-owned oil firms IOC, BPCL and HPCL had cornered a third of the fields whose award was confirmed by the Cabinet last month. “Contracts with successful bidders will be signed on March 27,” a senior official said. Touted as an auction round that would replicate the shale gas revolution of the US, half of the fields went to new and lesser known entrants like engineering company Megha Engineering & Infrastructure, KEI-RSOS Petroleum, Enquest Drilling and Nippon Power. The Cabinet Committee on Economic Affairs (CCEA) had approved award of 31 fields out of 34 that received ...

The Dollar Business Bureau The United States Trade and Development Agency (USTDA) has given a grant to government-owned Indian Oil Corporation (IOC) in order to support their efforts in the modernisation of refinery. “The programme will help IOC analyse options for optimising its refining operations to produce cleaner fuels from its by-product streams, which will help the company improve efficiencies and reduce emissions at its refineries to meet Indian environmental standards,” USTDA said in a statement. However, the USTDA did not provide details on the financial commitment made. The signatory to pact was Sanjiv Singh, Director (Refineries), IOC and from the US side, John McCaslin, Minister Counselor for Commercial Affairs at Embassy of the US in New Delhi. Commenting on the agreement, Henry Steingass, Regional Director ...

The Dollar Business Bureau  Indian Oil Corporation (IOC)-led consortium of oil companies including BPCL, IOC and OIL has signed a Sale Purchase Agreement on Friday to buy 23.9 percent stake in Russia’s Vankor field. The agreement between Oil India, IOC, and Bharat PetroResources, an arm of Bharat Petroleum Corp and state-run Rosneft was signed in St. Petersburg. The deal is for $2.1 billion, IOC said in a statement. The deal was signed during the visit of Dharmendra Pradhan, Petroleum Minister of State at the St. Petersburg International Economic Forum (SPIEF), held on June 16-17. SPIEF is an economic event of Russia where global companies, political leaders and some of the largest companies participate. Recently, ONGC Videsh Ltd has acquired 15 percent share in the ...