Oil PSUs

Indian refiners have also raised imports of Russian crude sold at discounts after Western nations imposed a raft of sanctions against Moscow for its invasion of Ukraine

SBI Capital Markets has been appointed to secure the loan required for Bina refinery expansion, which is estimated to cost nearly Rs 20,000 crore

Annual net profit for FY24 rises to a record Rs 16,014 crore; 1:2 bonus shares announced

Rashmi Govil has taken charge as Director (Human Resources) at Indian Oil Corporation Limited (IndianOil), the Fortune-500 energy major said on Friday. "She joined IndianOil in 1994 and brings with her nearly three decades of rich experience in various facets of the human resources function," the company said in a statement. Govil is a seasoned professional with an MBA specialising in HR and a Postgraduate Diploma in Finance. Prior to her appointment as Director (HR), she was serving as Executive Director (HRD & Employee Relations) at the company's corporate office. With this elevation, IndianOil now has two women functional directors on its Board. Sukla Mistry, Director (Refineries), is other director on the board that has a total of seven functional directors. "Govil has also worked at IndianOil's refineries headquarters," it said. "Her rich and varied experience has laid the foundation for her deep understanding on the nuances of the function including compensation and ...

India's push for rupee to be used to pay for import of crude oil has not found any takers as suppliers have expressed concern on repatriation of funds and high transactional costs, the oil ministry told a parliamentary standing committee. The default payment currency for all contracts for import of crude oil is US dollar as per the international trade practice. However, in a bid to internationalise the Indian currency, the Reserve Bank of India on July 11, 2022 allowed importers to pay with rupees and exporters be paid in rupee. While there has been some success with non-oil trade with a select few countries, rupee continues to be shunned by oil exporters. "During FY 2022-23, no crude oil imports by oil PSUs was settled in Indian rupee. Crude oil suppliers (including UAE's ADNOC) continue to express their concern on the repatriation of funds in the preferred currency and also highlighted high transactional costs associated with conversion of funds along with exchange fluctuation ...

The Indian imports from Russia increased due to a lower demand from China leaving more oil to be supplied to the Indian markets, an industry expert said

With India burning more fossil fuel to grow, state-owned refiners are likely to struggle to meet their targets

Business Standard brings you the top headlines on Thursday

BPCL case is in due diligence stage with three bidders said to be keen in acquiring the OMC; BEML, Shipping Corp and Pawan Hans among others on the block

"The above decision will take effect from the date of FEMA notification," an official statement said

The government on Thursday permitted 100 per cent foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic disinvestment

The promise of a less suspicious govt is surprising. What about the disconnect between the new business stance and earlier push to dictate the narrative in politics and public life, wonders T N Ninan

Though the stock market touched new highs in 2020, the PSU index was late to the party, and has barely recovered to January 2020 levels

Continue to cede ground to family enterprises, private sector firms

Public sector oil companies will launch a portal to provide information on their capital goods requirements to domestic industry in line with the government's Aatmanirbhar Bharat campaign

The rating assigned to IOC is equal to its largest shareholder, the state of India, Fitch said in a statement.

Oil Minister Dharmendra Pradhan and other senior officials of the ministry "reviewed the ongoing oil and gas projects started by PSUs since the resumption of economic activities from April 20, 2020"

In seven hikes, petrol price has been raised by Rs 3.9 per litre and diesel by Rs 4. Price rise could continue for a few more days, as global product prices are firming up with a pick-up in demand

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

This is the third daily increase in rates in a row. Oil companies had on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus