Indias crude oil import bill to increase by 25% in 2017-18
The Dollar Business Bureau India’s crude oil import bill is expected to increase by 25% to $87.7 billion in the current fiscal of 2017-18, which closes on this weekend as there is a surge in the global oil prices. In the month of February alone, India’s oil import bill surged by 28% to $8.1 billion as compared to the same month last year, according to the latest data of the Ministry of Petroleum and Natural Gas. For the current financial year, the imports of crude oil are pegged at 219.15 million tonnes for $87.725 billion (about Rs.5.65 lakh crore), as per the latest data available from Petroleum Planning and Analysis Cell (PPAC), an arm of Petroleum Ministry. The country’s crude oil imports were 213.93 ...
Crude oil output was 3.71% lower than target in July 2017
The Dollar Business Bureau India’s crude oil production was short by 3.71% of the target at 3061.08 TMT in the month July this year, due to water cut problem and less than planned production by the state-owned refiners. In July 2017, the output of crude oil was also 0.53% lower as compared to same month in 2016. During April-July period 2017, cumulative crude oil production was 12084.55 TMT which is 2.64% lower than target for the period but 0.05% higher than production during corresponding period of last year, according to a release by the Ministry of Petroleum and Natural Gas. State-run refiner Oil and Natural Gas Corporation Ltd’s (ONGC) crude production was 1917.53 TMT during July, 2017, lower by 2.14% compared to the monthly ...
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 ...
India will increase its refining capacity: Pradhan
The Dollar Business Bureau India will be expanding its refining capacity from nearly 230 million metric tonnes (MMT) to 600 MMT. The Union Minister for Petroleum, Dharmendra Pradhan shared this ambitious target at a recently inaugurated industry congregation- ‘21st Refinery Technology Meet’. He shared that the rising demand of petroleum will be met by focusing on technological innovation and strategic R&D. The increased number will not only facilitate in plugging the supply-demand in the domestic market, but also cater to requirements of neighbouring Nepal, Bhutan, Bangladesh, Myanmar and Sri-Lanka. Certain policy related issues had been hampering the growth of the sector, but he admitted that these would be countered in order to meet the ever-rising demand. The minister added that the Modi government ...
Coal gas to help reduce import bill by $10 bn in 5 years
The Dollar Business Bureau The government can encourage the use of domestic coal gas to produce urea and other chemicals in order to cut down on its imports bill by as much as $10 billion over the next five years. Coal Secretary Susheel Kumar said the imports of petroleum and natural gas can be slashed if we are able to produce gas from coal. "If we are able to replace this import by indigenous coal gasification ... it can safely be said that in next five years time, about $10 billion worth of import can be substituted. That's the mechanics which one has to really work on," Kumar told PTI in an interview. "Our dependence on petroleum and natural gas will be reduced ... We know that coal ...
Oil PSUs to invest over Rs. 1.4 lakh crore in AP: Pradhan
The Dollar Business Bureau Petroleum and Natural Gas Minister Dharmendra Pradhan said on Friday that key oil public sector units (PSUs) are planning to do investments of more than Rs.1.43 lakh crore in Andhra Pradesh in the next few years which would generate thousands of jobs in the state. The Minister said that investment will begin from the financial year 2017-18 and the entire investment will be finished by 2021-22. Andhra Pradesh has huge potential in hydrocarbons and in the coming years the state is going to become the main petrochemical and petroleum hub, Pradhan stressed at the Partnership Summit organised by CII. “Our oil PSUs are partnering with Andhra Pradesh to build new synergies in the hydrocarbon sector. The oil PSUs have invested more than ...
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 ...
Indias exports began moving up in past 2 months: Teaotia
The Dollar Business Bureau Exports from India, which have been on a declining spree for around one-and-a-half year, have started moving up gradually in the last two months, said Commerce Secretary Rita Teaotia. “India’s exports have been on a downward drive for around one and half years. This is the consequence of the slowdown across the globe and also the deviations in the prices of commodities,” Teaotia told journalists on Tuesday in Hyderabad. “The prices of petroleum have come down. The prices of commodities have been moderate. The other area is that there is devaluation in some currencies, which in turn affected the level of India’s exports," she added. “Nevertheless, we have begun to see that the growing of market ...
