India-Venezuela trade to expand beyond crude: Indian Ambassador
Sneha Gilada Last year's plunge in global oil prices has affected no other economy more than that of Venezuela, the Latin American country which is excessively dependent on oil exports. Crude petroleum accounted for 73% of the nation's exports in 2015. Woes of dropping oil prices coupled with sky-rocketing inflation left the nation defaulting on its import bills. Apart from a few blips last year due to Venezuela’s lag in payments to Indian pharma companies, the country’s relations with India have been smooth. India's crude oil imports from Venezuela dominate bilateral trade between the two nations. Venezuela, one of the world's largest reserves of petroleum oils, is the sixth largest exporter of the commodity to India. In the first 8 months of FY 2016-17, Venezuela accounted ...
India may increase gas imports from US at the right price: Pradhan
The Dollar Business Bureau Oil Minister Dharmendra Pradhan said on Monday that India might raise its imports of liquefied natural gas (LNG) from the US at the right prices, even though various other importers in the country are trying to do away with the costly oil supplies from the US. State-owned company Gas Authority of India Ltd (GAIL) entered into a swap agreement with the trading company Gunvor to supply some of its LNG from the US as the company is trying to reduce costs for price-sensitive buyers following a steep decline in the Asian spot prices that made its US LNG unattractive, reported a leading media agency citing sources. GAIL Ltd has signed a deal for most of its capacity from ...
OIL signs MoU with University of Houston to enhance prodn
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 ...
India will soon be zero petroleum import country, says Nitin Gadkari
The Dollar Business Bureau India is focussing more on developing alternative fuel economy and will soon stop importing petroleum products, Central Minister Nitin Gadkari said today. He was speaking at a conference organised by Niti Aayog. The main theme of the conference was Methanol Economy. Inaugurating the International seminar on India’s leap into Methanol Economy, there were policy makers from road transport to petroleum ministry to Niti Aayog who gathered to discuss and deliberate. Speaking at the inauguration Union Minister Nitin Gadkari said that govt aims for zero imports of petroleum and focus are on the use of bio mass as a source of energy which will boost the rural economy. Vice Chairman Niti Aayog, Arvind Panagriya said, “climate change was a big ...
L&T arm gets $370 m proj from Oman firm
The Dollar Business Bureau Larsen & Toubro Ltd (L&T) India, an Indian multinational said that its subsidiary has bagged two orders from Petroleum Development Oman LLC (PDO) worth $370 million approximately. “L&T Hydrocarbon Engineering (LTHE), a wholly-owned subsidiary of L&T India, has won orders worth $370 million from PDO,” the company said in a release. “The new projects comprise Procurement, Construction and Engineering of Saih Nihaydah Depletion Compression Phase II (SNDC-2) and Kauther Depletion Compression Phase II (KDC-2) Project,” it said. Located in the central region of Oman, Saih Nihaydah field has been producing through Saih Nihaydah Gas Plant (SNGP) which was put into operation in 2005. The Kauther Gas Plant (KGP) is situated around 120 km from Saih Rawl-CPP, Oman. Both the projects are ...
Exports shrink again, down 17.53% in October
The Dollar Business Bureau Exports of iron ore registered the maximum decline, falling by 57% to $2.46 billion India’s exports contracted for the eleventh straight month in October as outbound shipments of major commodities fell by 17.53% to $21.35 billion in October. “Cumulative value of exports for the period April-October 2015-16 was $154.3 billion as against $187.3 billion, registering a negative growth of 17.62% over the same period last year,” Ministry of Commerce & Industry said in a statement. Exports of iron ore registered the maximum decline, falling by 57% to $2.46 billion. Shipments of other product segments such as engineering goods, gems and jewelery and chemicals also declined by 11.65%, 12.84% and 8.2% respectively. Imports during October contracted by ...
Exports continue to decline, drop 24.33% in September
The Dollar Business Bureau India’s exports shrank in September for the tenth straight month as shipments of several key products including petroleum, iron ore and oil seeds declined by a significant margin. Exports during September fell by 24.33% to $21.84 billion (about 1.45 lakh crore) from about $28.87 billion (Rs.1.76 lakh crore) during September 2014. Overall exports during April-September this year contracted by 17.63% to over 132.9 billion (Rs. 8.53 lakh crore) as against about $161.4 billion (Rs. 9.72 lakh crore) during the same period in 2014-15, said the latest data released by the Commerce Ministry on Thursday. Expressing concern over the continuous decline in shipments, Federation of Indian Export Organisations (FIEO) President S C Ralhan said the downward trend has ...
Export bodies seek govt attention to arrest falling exports
Deepak Kumar | The Dollar Business Expressing concerns over continuous fall in overseas shipments, export bodies have called for immediate intervention from the government to draw a roadmap to boost the international trade. On Monday, the Director General of Foreign Trade (DGFT) is likely to hold a meeting with exporters and discuss measures to revive the sector. “We have a meeting with the DGFT on Monday next week. We have been requesting the government for over two-three months to set up a meeting with all the council chairmen, who will discuss about the major hindrances before the industry,” S C Ralhan, President of the Federation of Indian Export Organisations (FIEO), told the Dollar Business. Ralhan said the government must look into some ...
