India is putting emphasis on diversifying its crude oil sources: Pradhan
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 ...
GST could have a negative impact on oil and gas industry, ICRA-ASSOCHAM report
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 ...
Extend pricing freedom to existing fields: Oil firms
Oil and gas industry body PetroFed said a capped price equivalent to the imported cost should be allowed to existing fields as well Source: PTI Oil and gas industry body PetroFed said a capped price equivalent to the imported cost should be allowed to existing fields as well Oil and gas industry body PetroFed, whose members include state-owned ONGC and private major Reliance Industries Ltd, has asked the government to allow natural gas pricing freedom to existing fields like KG-D6. Responding to the Oil Ministry's consultation paper on new fiscal and contractual regime that allows pricing and marketing freedom for gas produced from fields awarded in future, it said a capped price equivalent to the imported cost should be allowed to existing fields ...
