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.
India today said it was “strongly committed” to the USD 10 billion trans-national TAPI pipeline project that will help ease energy shortages in South Asia, but voiced concerns over the security and predictability of supply of gas and sought contractual assurances.
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.
In 1972, Sheik Ahmed Yamani, then the oil minister of Saudi Arabia, commented to the Chairman of Exxon that “the United States cannot take an oil supply shut down”, knowing well that there was no spare capacity anywhere else in the world.
The oil and gas company said in a statement Thursday, its subsidiary, Petronas LNG Ltd. (PLL) signed a sale and purchase agreement with Indian Hiranandani Group’s subsidiary H-Energy Mideast DMCC (HEMD) for the supply of LNG to India.
India will overtake China as the largest growth market for energy by late 2020s with the country’s energy consumption growing by more than 4.2 per cent per annum, the fastest among all major economies of the world, according to BP Energy Outlook 2018.
Royal Dutch Shell Plc, the world’s second-biggest publicly traded oil company, plans to acquire a majority stake in Hyderabad-based rooftop solar firm Fourth Partner Energy, two people aware of the development said.
Bharat Petroleum Corp. Ltd (BPCL) plans to raise $200 million to fund the acquisition of a 3% share in the Lower Zakum Concession, Offshore Abu Dhabi, two people aware of the development said.
The Centre today informed the Supreme Court that it will advance by two years the deadline for supply of Euro-VI petrol and diesel and start supplying these in Delhi from April 1, considering the “serious pollution levels” in Delhi and adjoining areas.
India’s crude oil production declined three per cent in January 2018 to 2,976.41 thousand metric tonnes (TMT) compared to January 2017 output.