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The Dollar Business Bureau Highlighting the arrival of two shipments of crude oil from the US, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Sunday that the country is emphasising on diversifying its sources for crude oil supply and tapping new markets. The two shipments of 1.6 million barrels of American crude oil were landed at the Paradip Port, Odisha on October 2. “India is putting a lot of emphasis on diversifying its crude oil supply sources and tapping new supply source,” Pradhan said in a meeting with OPEC’s Secretary General, Sanusi Mohammad Barkindo, who is in India for attending the first CERAWEEK India Energy Forum. The three public sector refineries of India have already put a cumulative order of about 7.85 million ...

The Dollar Business Bureau The Minister of Petroleum and Natural gas Dharmendra Pradhan said that his Ministry has taken up with the Government of Bangladesh for laying a pipeline carrying natural gas from Chittagong to Tripura to address the cooking gas shortage of the North East. In his response to the media in which he revealed the intentions of the Indian government, he said, “We are laying a pipeline for transportation of diesel from Siliguri in West Bengal to Parvatipur in Bangladesh. There is pipeline for carrying diesel from Numaligarh oil refinery in Assam to Siliguri. In exchange, we have given the proposal for a gas pipeline from Chittagong to Tripura. We are pursuing the matter diplomatically and I would also visit ...

The Dollar Business Bureau The Goods and Services Tax (GST) will have adverse impact on the oil and gas sector as it will have to conform to the current tax regime as well as to GST, the ICRA-ASSOCHAM report said. The GST regime is expected to be rolled out from July 1, 2017. The next meet of GST Council is to be held on June 18, in which it will decide upon the lottery tax and e-way bill. “The oil and gas industry would have to comply with both the current tax regime as well as the GST regime leading to double compliance cost because five petroleum products viz crude oil, natural gas, motor spirit, high-speed diesel and aviation turbine fuel have been excluded from the GST, while other ...

The Dollar Business Bureau With the demand rising in the country for cooking fuel, India for the first time signed a deal for importing liquefied petroleum gas (LPG) from Iran. The Government-owned oil companies will import 44,000 tonnes or one very large gas carrier (VLGC), per month initially for a period of six months, according to industry sources. Every month, India has to import around a million tonnes of LPG in order to meet the growing demand which has further been driven by the government initiative to provide free connections of gas to poor women. In 2016-17, consumption of LPG in India increased by 9.8% to 21.55 million tonnes. Out of this, the country had imported 11 million tonnes. India largely imports LPG through term contracts ...

The Dollar Business Bureau Oil consumption in India is likely to increase by 7-8% this year, overtaking the demand growth in China for the third year in a row, as the demonetisation impact is expected to be for a short-term, according to Platts.  The demand for LPG (liquefied petroleum gas) and transport fuels will increase, while demand for naphtha will get a boost due to new petrochemical projects.  “For the third year in a row, India's oil demand growth will outpace China's demand growth,” Platts Analytics said in a note, while adding that it was likely to rise at around 7% to 4.13 million barrels a day in 2017 as compared with 3% in China’s oil demand to 11.5 million barrels a day. The cash crunch ...

The Dollar Business Bureau  The Petroleum and Natural Gas Minister Dharmendra Pradhan said on Friday that there will a huge investment in the oil and gas sector worth $25 billion is on the anvil.  Pradhan expressed great optimism about the opportunities for investment in the sector. There will soon be “investment worth $25 billion in the petroleum sector in which oil and gas exploration companies like Cairn India will play a big role,” he told reporters in Dehradun.  In a reply to the question on volatile global oil prices, he said that the firms reposition themselves in line with the fluctuating prices of crude oil in the global market.  Pradhan further said he doesn’t think that fluctuating prices of crude oil should be of ...

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 ...

The Dollar Business Bureau India’s overall auto exports fell 9.7% in the first quarter of the current fiscal due to a significant decline in demand in some of the country’s core automobile markets. The sales of three-wheeler segment witnessed the maximum decline, as it shrank by 46.22% to almost 66 thousand units compared to over 122 thousand units in the same period a year ago. The two-wheeler exports, too, contracted by 8.3% to over 577 thousand units during April-June 2016-17 from almost 623 thousand units in the same period a year ago. "The main reason for the decline has been that our main market Europe saw pressure and we are now moving to new markets like South Africa and Latin America," said Vishnu Mathur, Director ...