Falling margins may hurt oil refiners while a rise in crude prices is expected to help oil and gas explorers post better earnings in the January-March quarter of the financial year 2016-17.
Kick-starting the process of selling minority stake in seven PSUs including bluechips like IOC, SAIL and NTPC, which have the potential to collectively raise over Rs 34,000 crore, the government has begun scouting for merchant bankers.
Iran has cut by one-third the time it gives to Indian refiners to pay for oil they buy from it and has also raised ship freight rates as a retaliatory measure to New Delhi’s decision to reduce Iranian oil imports.
B Ashok, chairman of India’s largest oil marketing company IOC, will retire at the end of May 2017 after serving the company for 37 years. He plans to stick around the company for a little while and has not made any immediate holiday plans.
IOC pact for supplies until March 2022: To keep China in check, India seals cooking gas supply deal with Nepal
Following threats by Nepal to source its cooking gas from China thereby undermining India’s exclusivity since 1974, New Delhi has rushed in to placate its neighbor by promising to meet its entire domestic demand for petrol products and adding a few more sweeteners such as product pipelines and storage.
Deepening ties with its friendly neighbour, India on Monday renewed its commitment to supply petroleum products to Nepal for another five years.
The oil ministry has directed state oil firms to prepare a roadmap for creating integrated firms. Oil secretary Kapil Dev Tripathi held a short meeting with the chairmen of state oil firms last week and asked them to submit their respective plans for integration within weeks
According to the data released by the Petroleum Planning and Analysis Cell (PPAC), in the April-February period these companies spent Rs 91,781 crore as capex. The amount spent has been the highest since 2014-15.
We got the cabinet approval for dilution of our stake by 24 per cent the day before. This is a joint venture between Indian Oil Corporation and Lubrizol Corporation of USA
The Cabinet today approved sale of state-owned Indian Oil Corp’s (IOC) 24 per cent stake in Lubrizol India Pvt Ltd to Lubrizol Corporation, USA for an undisclosed sum.