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.
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.
Sheikh Mohammed bin Zayed Al Nahyan is also India’s chief guest at the Republic Day Parade.
India and UAE on Wednesday inked as many as 14 strategic co-operation Memorandum of Understandings (MoUs)in the fields of defence, energy, trade and investment, information technology, and maritime security.
The Chemicals industry in India is an important contributor to the Indian economy sustaining a variety of downstream industries such as textiles and pharmaceuticals. The Indian chemicals industry with a market size of USD 145 billion is the seventh largest producer of chemicals worldwide and the third largest producer in Asia after China and Japan.
In what came as a big relief for consumers of petrol and diesel and petrol pump owners, union minister of state (I/C) for Petroleum and Natural Gas, Dharmendra Pradhan said Monday. The All India Petroleum Dealers Association (AIPDA) on Sunday announced that it would not accept payments through credit and debit cards from Monday in protest the banks’ decision to levy additional charge of up to one per cent on such transactions
While a large number of important policies, activities, decisions and initiatives were undertaken by the Ministry of Petroleum & Natural Gas in last one year, what scored over every other initiative was empowerment of the rural women under the Pradhan Mantri Ujjwala Yojana program of the petroleum ministry where morethan 1.22 crore new LPG connections were released to BPL women.
As the year draws to a close, its time to check the promises versus delivery by the important economic ministries of the government.
With more than 4 Crore footfalls daily, Petroleum Sector will form the base for all success stories written on "Digital Payments" in future :Pradhan
Digital awareness campaigns to educate people about cashless transactions is clearly the flavour of the moment across the nation. Minister of State (I/C) for Petroleum & Natural Gas Dharmendra Pradhan too launched Customer Awareness Campaigns for digital transactions at petrol pumps, the recent ones being at the auto Care Centre, a flagship HPCL Retail Outlet at Niti Marg, New Delhi and also at BPCL Outlet at Moti Bagh, New Delhi.
In view of Dr. Daniel Yergin, the need of the hour is a more prolific and mutually-beneficial inter-country collaboration on energy security, trade, infrastructure, cost reduction, global greenhouse gas emission control, investment and standards of operation and production via bilateral, regional or inter-governmental channels so that both energy producing and consuming countries can move towards a secure and sustained energy future.
The first Ministerial session at Petrotech-2016 saw participation from Afghanistan, Bangladesh, Bhutan, Brazil, Mauritius, Nigeria, Qatar, Sri Lanka, Nepal and Qatar. The session that focused on how India is poised to usher in a new era of growth in the oil and gas economy of the world with its advantages of technological advancement, favourable policies, robust economic growth and industry expertise, was presided over by Hon’ble Minister of State (Independent Charge), Petroleum & Natural Gas, Dharmendra Pradhan and moderated by Dr. Daniel Yergin, Vice Chairman, IHS Markit.