Search Result for : Oil Import

The Dollar Business Bureau China showed a record level of oil imports in the month of March 2017. Up by 19.4% year-on-year and 10.7% from the month of February, China's oil imports in March stood at 9.21 million b/d (38.95 million mt). The rise in demand for crude oil is attributed to the fear of rising global oil prices, which have prompted oil importers to up the storage of the precious commodity. The independent refineries of China are said to have imported extra loads of crude oil during the month gone by in order to finish the quotas allotted to them. The size of their second allocation, due towards the end of May, is contingent on their fulfillment of the first quota. The independent refineries located in China's provinces ...

The Dollar Business Bureau   Oil Minister Dharmendra Pradhan on Monday said the Saudi Arabian Oil Company Armanco is planning to purchase stakes in Indian oil refining and petrochemical projects. Pradhan met Khalid al-Falih, Chairman of Armanco, and asked for Saudi’s investment in a planned 1.2 million barrels per day (BPD) refinery for the expansion of Dahej’s Bina refinery and petro-chemicals. In order to meet the country’s growing oil demand, Bharat Petroleum Corporation, Indian Oil Corporation and Hindustan Petroleum Corporation are planning to build a 1.2 million BPD refinery in the country’s West Coast, costing more than Rs.1 trillion. In Central India, Bharat Oman Refineries Limited is increasing the capacity of Bina Refinery by 30%, while in Western Gujarat, OPAL, which is majorly owned by ...

Both the commerce and finance ministries are currently engaged in a discussion on the issue, Pharmexcil Director General P V Appaji said Source: PTI The pharma industry is going through a crisis in Venezuela as foreign exchange controls have made repatriation of funds difficult for companies   The government is in favour of a medicines for oil barter system with Venezuela where Indian pharma exporters could not be able to repatriate their sales revenues due to restrictions imposed in that country, a senior Commerce Ministry official has said. Both the commerce and finance ministries are currently engaged in a discussion on the issue, Pharmaceuticals Export Promotion Council of India (Pharmexcil) Director General P V Appaji said. The commerce ministry is positive and in favour of ...

Deepak Kumar | The Dollar Business Indian edible oil industry has expressed hope that an increase of import duty on the inward shipments of vegetable oil will curb its surging imports and protect the interest of the domestic oil industry. Earlier, the Union ministries as well as the oil industry had requested the Ministry of Finance to hike import duty on edible oil to reduce its imports. Congress leader Ahmed Patel urged Finance Minister Arun Jaitely to increase duty on both crude and refined vegetable oils imports and also to announce a policy to encourage domestic production. “We had requested the government to increase the import duty on edible oil because the recent surge in imports has been discouraging for the ...

The Dollar Business Bureau Continuous fall in merchandise exports due to weak global demand has rendered the Indian economy “vulnerable to external shocks”, said Reserve Bank of India in its annual report. Though the sharp fall in global crude oil prices has helped India in reducing its import bill and maintaining the current account deficit, the contraction in export is eating out the positive impact of the global slowdown. “The contraction in merchandise exports since December 2014 emerged as an area of concern, sapping aggregate demand and increasing external vulnerability, notwithstanding terms of trade gains and a large saving on POL (petroleum oil and lubricant) imports helped contain the current account deficit,” the central bank said in its assessment of 2014-15 on ...