India has proposed incentives worth 885 billion rupees ($12.4 billion) to help power plants install equipment to curb emissions, and also to develop infrastructure for electric vehicles, a government statement said on Friday.
India’s oil imports from Iran fell by 45 percent in January to 270,500 barrels per day oil (bpd), ship tracking data reviewed by Reuters showed, below the estimated 300,000 bpd for the month as some cargoes were delayed.
An Indian high court has set aside an arbitration award of more than 8 billion rupees ($113.19 million) owed to India’s Hindustan Petroleum Corp Ltd by Malaysia’s M3nergy, according to a court document reviewed by Reuters.
Asia’s oil refiners are increasingly finding themselves trapped between the rock of OPEC’s production cuts and the hard place of U.S. President Donald Trump’s sanctions against Iran and Venezuela.
Oil prices rose on Wednesday as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela’s oil exports. U.S. West Texas Intermediate (WTI) crude oil futures were at $53.66 per barrel at 0530 GMT, up 56 cents, or 1.1 percent, from their last close.
Annual retail inflation in January rose 2.05 percent, its slowest pace since June 2017, government data showed on Tuesday. Economists in a Reuters poll predicted retail inflation would edge up to 2.48 percent in January from the downward revised December figure of 2.11 percent.
Coal India Ltd, the world’s biggest coal miner, reported a 50.1 percent jump in third-quarter profit on Tuesday as it benefited from higher coal production.
Algeria’s Sonatrach has signed a $1 billion contract with India’s Larsen & Toubro to build plants to produce 11 million cubic metres of gas per day, Sonatrach’s CEO said on Monday.
Middle East oil benchmarks Dubai and DME Oman have nudged above prices for Brent crude, an unusual move as U.S. sanctions on Venezuela and Iran along with output cuts by OPEC tighten supply of medium to heavy sour oil, traders and analysts said.
Indian Bharat Petroleum Corp Ltd is seeking liquefied petroleum gas (LPG) through a term contract and gasoline via a spot deal in a rare move as it looks to plug a supply gap, an industry source who tracks oil products said on Thursday.