Indian Oil Corp (IOC), the country’s top refiner, will turn to its traditional oil suppliers, mostly in the Middle East, if U.S. sanctions against Iran result in supply disruptions, its head of finance said.
State-run Indian Oil Corp. Ltd (IOC) on Tuesday said its fiscal fourth-quarter profit surged 40% to Rs5,218 crore, driven by higher refinery margins and inventory gains.
Asserting that the latest round of auto fuel price hikes was mainly driven by global developments, Indian Oil Chairman Sanjiv Singh on Tuesday said the government has so far not issued any directive on holding back fuel price hikes.
Congress leader and former Union Finance Minister P. Chidambaram on Wednesday criticised the Centre for the fuel price hike and claimed that the rate can be reduced by Rs 25 per litre but the government is not doing it.
The degree to which India and the Indian firms will cooperate with the Trump administration’s reimposed sanctions on Iran is not certain, a Congressional report has said, asserting that New Delhi does not agree with the US that the Tehran has violated the nuclear deal.
Australian energy giant Santos has rejected a US$10.9 billion takeover bid by US private investment firm Harbour Energy as too low and high risk, terminating all discussions.
British oil giant BP Plc said it plans to cut 3 percent of jobs in exploration and production, as part of a restructuring of its global upstream business to make the division more efficient and competitive.
Mexican energy investment firm Vista Oil & Gas will tie up with Jaguar Exploracion y Produccion on three onshore projects, the company said on Tuesday, acquiring 50 percent stakes with an initial payment of nearly $27.5 million.
Oil prices edged lower on Wednesday as the market took a breather on expectations Opec may raise supplies as early as June, although geopolitical risks kept a floor under the market.
To contain the rise in jet fuel prices and its cascading impact on air ticket prices, Civil Aviation Ministry will urge the Finance Ministry to bring the particular fuel type under the ambit of GST.