Search Result for : Oil Refinery

The Dollar Business Bureau A major deal between Essar Oil and a consortium led by Russian oil major Rosneft completed a $12.9 billion deal today. Rosneft will get a 49% stake in Essar, while the other two major investors Trafigura, a European trader and a Russian fund UCP, will hold the other 49% in equal parts. This acquisition is one of the largest outbound deals between India and Russia in recent times since the Soviet era. The consortium has picked a trading veteran from its shareholders to run the Indian operations of the newly acquired Essar oil company. The deal to acquire Essar Oil has been in the process for 2 years, with this acquisition Rosneft has gained access to Indian rising retail ...

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 Diesel imports of India have increased with state-run oil refiner Hindustan Petroleum Corp (HPCL) on Tuesday entering the crude spot market for seeking its seventh consignment of the fuel for the month of July, according to trade sources. However, imports of the fuel could be slowed down as monsoon season begins in India, the sources told a leading international news agency. The state-owned refiner is seeking delivery of 60,000 tonnes of 40 ppm sulphur gasoil into Vizag during July 20-25 in a tender which ends on July 5. This is HPCL’s seventh consignment requirement for the month of July, however, it was not clear if all the earlier tenders have been given. HPCL-Mittal Energy Ltd (HMEL) was likely to begin its 230,000 barrels a day ...

The Dollar Business Bureau The Government has announced a cut in the import duty on sunflower seeds to 10% from 30%. The Department of Revenue, Ministry of Finance, has issued a notification (No.9/2017 - Customs) on Thursday, amending the earlier notification No.12/2012-Customs, dated March 17, 2012. It has fixed the import duty on sunflower seeds at 10% and shall come into effect from April 1, 2017 “Amendment to Notification No.12/2012-Customs, so as to reduce the basic Customs duty from 30% to 10% on sunflower seeds falling under tariff item 1206 00 90 (i.e. other than of seed quality) for the purpose of extraction and refining of oil subject to actual user condition, for the period from April 1, 2017 to ...

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 ...

The Dollar Business Bureau India may soon become a net importer of fuel oil as several of its state-owned refiners have announced they will make multi-billion dollar investments to upgrade their units and produce more profitable refined products including gasoline or diesel. The country’s three state-run energy companies - Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum - look to invest $20 billion on refinery expansions. These firms plan to add units which would process fuel oil into diesel and gasoline, thereby increasing their output and meeting the growing local demand for transport fuels. Meanwhile, private refiners such as Essar Oil and Reliance Industries have already spent heavily to build state-of-the-art refineries to produce gasoline at the expense of fuel oil. "Our fuel oil ...

The Dollar Business Bureau With an intent to enhance its reserves base and maximise recovery from its aging oilfields, state-run Oil India Limited (OIL), has signed a Memorandum of Understanding (MoU) with the University of Houston (US), a leading university on oil and gas in the world. The MoU was inked in the presence of Petroleum & Natural Gas Minister Dharmendra Pradhan, in New Delhi on Wednesday. Terming the MoU as historic, Pradhan said that this minor event will put huge impact in the oil exploration sector. Innovation, institutional hand-holding and scientific temperament is the way ahead for oil and gas sector’s growth. “India is third largest country in the world in energy consumption but it is dependent on imports to meet its demand ...

PTI   Seeking to provide affordable energy to the Indian consumers, the government has introduced transparent policies through the deregulated market for global players to invest in refineries and petrochemical plants, Oil and Petroleum Minister Dharmendra Pradhan said here today. Launching a road show which offers 67 discovered small fields, clustered into 46 contract areas, for production and supply of oil and gas to the Indian market, he said India is seeking global investors for its energy sector to create competition in the domestic market with the main objective of providing competitively priced products to the consumers. "Consumers are the kings in India. We want to provide affordable energy to our consumers," Pradhan said, stressing that participation by big energy players like Saudi ...