Saudi Arabia may increase its oil investments in the United States due to a more fossil fuel-oriented energy policy by the U.S. administration of President Donald Trump, the kingdom’s energy minister said.
India’s annual oil imports from Iran surged to a record high in 2016 as some refiners resumed purchases after the lifting of sanctions against Tehran, according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts.
The two new strategic oil facilities announced at Odisha and Rajasthan are in addition to the three facilities that already exist in the country as underground storages in rock caverns at Visakhapatnam (1.33 million tonnes), Mangalore (1.5 MT) and Padur (2.5 MT).
Union petroleum minister Dharmendra Pradhan said the move to create two new strategic oil storage will enhance India’s energy security “taking our strategic reserve capacity to 15.33 MMT.” This, he said, will increase India’s oil storage capacity to meet the consumption requirement of about 90 days which is at par with the international benchmarks.
Creation Of An Integrated Mega Indian Oil PSU To Rival Global Energy Majors Announced In Union Budget 2017
In what can rival the likes of Russia’s Rosneft ($55 billion in market cap) and UK’s BP Plc ($112 billion) in market value and financial power, finance minister Arun Jaitley while presenting the Union Budget 2017 announced creation of an integrated public sector ‘oil major’ by integrating the oil sector PSUs across the value chain and to enhance capacity of Oil PSUs to bear higher risks, avail economies of scale, take higher investment decisions and create more value for the stakeholders.
Dr. SSV Ramakumar has taken over as Director (Research & Development) on the Board of Indian Oil Corporation Ltd. (IndianOil) here today
The Economic Survey 2017 has expressed concerns over the rising crude oil prices that casts an immediate impact on the economy of an oil import dependent country like India.
Backed by higher refinery margins and inventory gains, state-owned Indian Oil Corporation (IOC)on Tuesday announced a 29% increase in its third quarter net profit at Rs 3994.91 crore for the quarter ended December 31, 2016.
Tax-free living will soon be a thing of the past for Saudis after cabinet on Monday approved an IMF-backed value-added tax to be imposed across the Gulf following an oil slump
The Delhi High Court today asked the Ministry of Petroleum and Natural Gas to inform it about its statutory rules under which commercial outlets are being allowed to operate at petrol pumps here.
The stage is set for setting up 124 petrol bunks on the lands belonging to the Telangana Road Transport Corporation (TSRTC).