India state refiners expect their profit margins to hold their strength this year as demand growth accelerates for fuel products amid a record $93 billion spent on infrastructure and stable crude oil prices, company executives and analysts said.
Given that some fuel retail outlet owners have approached the judiciary to appeal against the rule set by oil marketing companies (OMCs) to pay central minimum wages to outlet attendants, the OMCs have moved the Supreme Court seeking to transfer all such petitions to the apex court in New Delhi.
State refiner Bharat Petroleum is keen to integrate with GAIL and Oil India, news agency Reuters reported on Wednesday, citing Oil Minister Dharmendra Pradhan’s written reply to lawmakers.
The Supreme Court-appointed environment panel has directed oil companies to hand over a list of all their dealers to ensure that high-polluting petcoke and furnance oil is not rolled out in the market across Delhi and neighbouring states.
Indian refiners processed a record 5.2 million barrels per day of oil in October as the world’s third biggest oil consumer added extra capacity to meet the rising fuel demand, government data showed on Thursday.
India’s state oil refiners are planning an aggressive push into natural gas in coming years to meet Prime Minister Narendra Modi’s goal of making the fuel a bigger part of the country’s energy mix.
Indian oil firms are in talks with state-run Abu Dhabi National Oil Company (Adnoc) to acquire a stake in its ADMA-OPCO offshore oil concession when it comes up in 2018, Indian officials said.
After Petronet LNG successfully re-negotiated a deal with ExxonMobil, in what could potentially save up to Rs 10,000 crores, Jal Irani of Edelweiss Financial Services believes that the end consumer is the ultimate beneficiary.
The first lot of two million barrels costs $ 100 million, but given the volume being contemplated by Indian companies, this new development is expected to boost the bilateral oil trade to USD 2 billion.
Indraprastha Gas Ltd (IGL) has got the licence from the Haryana government to set up 10 CNG stations and cater to 10,000 piped natural gas (PNG) users in Gurgaon, which is expected to generate annual revenue of Rs 150 crore for the city gas distribution company.