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25 May, 2020, 09:34 AM IST

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State refiners spent more than they had planned in 2019-20

ONGC, a heavy spender traditionally, invested Rs 30,100 crore, the highest last year. Indian Oil Corp followed with Rs 28,300 crore. However, in terms of achieving the annual capex target, HPCL topped the table with a spending of Rs 13,800 crore, or 145% of its annual target.

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  • A deep demand destruction due to lockdown has left most refineries with run rates of barely 50-60% and little tank space to store their refined products or crude oil. An extended lockdown would keep demand low and require refiners to respond with supply cut.

    Executives at state oil companies, however, said they may face challenges in executing the projects. “Just spending money won’t get the job done. All our projects involve multiple contractors whose financial and execution ability have been hurt by the lockdown.

    Reliance, controlled by billionaire Mukesh Ambani, has offered various grades of Middle East crude for sale in Asia's spot market, including grades such as Abu Dhabi's Murban crude and Qatar's al-Shaheen crude, four sources said.

    India’s March 25 decision to impose a three-week lockdown on its 1.3 billion people was the most far-reaching measure undertaken by any government to curb the spread of the coronavirus. It has helped plunge global energy markets deeper into turmoil just as hopes had started to surface that resurgent Chinese demand could offer some support.

    Russian oil giant Rosneft-backed Nayara Energy wants the government to let it store its surplus crude in the country’s half-empty strategic petroleum reserve and excess refined products in state refiners’ storage facilities

    Consumption of refined fuels, a proxy for oil demand, is expected to total 222.79 million tonnes in 2020/21, according to the initial estimates released.

    BPCL will receive a million barrels each of Brazil's Sapinhoa and Mediterranean CPC blend in April.

    Such a step by Reliance, which operates the world's biggest refining complex, and Nayara - part owned by Russian oil major Rosneft - would severely curtail purchases by one of Venezuela's last big export destinations. India accounted for about a third of Venezuela's oil shipments in January.

    Para banks have requested that this window be established through MUDRA, Small Industries Development Bank of India, National Bank for Agriculture and Rural Development and National Housing Bank. They are also requesting a special purpose vehicle that would be allowed to leverage about 4 times to provide a funding of ₹50,000 crore to small and medium-sized NBFCs.

    In a trade notice, the DGFT said "import of refined palm oil will be permitted subject" to certain conditions.

    As per new conditions, the applications for import authorisation should be accompanied with pre-purchase agreement and details of the import for past three years.

    Natural gas sales by GAIL has risen to 74 million metric standard cubic meters a day (mmscmd) from 56 mmscmd in the last week of March when the nationwide lockdown started, severely restricting mobility and shutting most industries. The volumes are still much lower than the 86 mmscmd GAIL supplied before the lockdown began.

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