Oil and Natural Gas Corp and Oil India will pay royalty and cess tax only to the extent of their equity holding in oil and gas blocks given to them before 1999, Indian Oil Minister Dharmendra Pradhan said on Wednesday after a cabinet meeting
India’s ambitious move to allow state-owned Oil and Natural Gas Corp to take a majority stake in state-owned Hindustan Petroleum Corp Ltd will create the country’s first integrated state-owned oil major, giving the combined entity an edge when competing in international markets.
Oil and Natural Gas Corp plans to relinquish its coal bed methane (CBM) block in Raniganj, West Bengal, but is on course to produce gas from another CBM block in Bokaro in February, a senior executive said.
With US exports of oil and natural gas surging, President Donald Trump says the US is on the brink of becoming a net exporter of oil, gas and other resources.
The Trump administration favours export of oil and natural gas to allies and friends like India, a top cabinet official has said.
State-run Indian Oil Corporation Ltd (IOCL), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) have declared a combined special dividend of `4,570 crore following pressure from the government,
Moscow’s invitation to New Delhi to enhance its economic presence in Far-Eastern Russia a region where Chinese businesses and citizens have made significant inroads appears to be Kremlin’s attempt to counter-balance Beijing in the resource-rich territory twice India’s size.