India signs deal with Iran to import LPG
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 ...
Iran invites foreign cos to bid for 50 oil and gas fields
The Dollar Business Bureau National Iranian Oil Company (NIOC) on Monday said that it has put on offer 50 oil and gas fields to overseas bidders. This is the first time the company has done so since the landmark nuclear deal last year with major global powers. Iran’s deputy oil minister, Amir Hossein Zamaninia, on Monday welcomed a preliminary pact by Organization of Petroleum Exporting Countries (OPEC) to restrict production between 32.5-33 million barrels a day. The agreement by OPEC was reached in September, with the purpose to reduce a global oil oversupply that has depressed prices of oil for the last two years. The deputy minister told journalists in the capital city of Iran that the deal was a ‘small step, but in ...
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 ...
Tata Steel announces partnership with IDC in Middle East
Source: PTI Tata Steel has joined hands with a leading UAE-based petrochemical company, aimed at broadening its market base for energy sector products in the Middle East. Recognising the need to have local representation in Abu Dhabi, Tata Steel has announced collaboration with International Development Company (IDC) which will support it in obtaining national oil company approvals that are required in the region. “Tata Steel, along with IDC, will introduce its supply capabilities to oil and gas companies in the region, providing them with an opportunity to work with a supplier who has an excellent track record of providing for offshore and onshore line pipe projects worldwide,” said Richard Broughton, Commercial Manager, Energy and Power, Tata Steel. The deal has come ...
