Page 6 - Oil Refinery

Energy boost: ONGC, IOC, other oil PSUs to invest Rs 1.2 trn in FY25

ONGC, IOC and other oil PSUs will invest about Rs 1.2 lakh crore in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals and laying pipelines to meet the needs of the world's fastest-growing energy consuming nation. The investment proposed in 2024-25 is 5 per cent higher than Rs 1.12 lakh crore spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents. Oil and Natural Gas Corp (ONGC) has a planned capital spending of Rs 30,800 crore in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made, is slightly higher than Rs 30,500 crore capex in 2023-24 fiscal (April 2023 to March 2024). It is developing discoveries on both east and west coasts of the country. The top oil producer's overseas arm, ONGC Videsh Ltd (OVL) will invest 68 per cent more at Rs 5,580 crore in 2024-25 in oil and gas operations abro

State refiners may face margin pressure as cheap Russian oil imports dip

Reduction in discounted Russian supplies will affect gross refining margins, as cheaper crude contributes to the profits of Indian Oil, Bharat Petroleum and Hindustan Petroleum

World on cusp of last big refining boom as India starts capacity expansion

Expansions in the West are non-existent," said Giovanni Serio, Vitol Group's head of research

Oil regulator PNGRB launches drive to increase piped gas adoption

Oil regulator PNGRB has launched a two-month long nationwide drive to increase adoption of piped natural gas as a cooking fuel in household kitchens in an attempt to cut dependence on imported fossil-fuels. "The Petroleum and Natural Gas Regulatory Board (PNGRB) along with city gas distribution entities will run a campaign from January 26 to March 31, aimed to promote the adoption of piped natural gas (PNG) among households and to expand PNG consumer base across a broader segment of the population," it said in a statement. While PNG has gained currency in the last few years after PNGRB expanded city gas networks to most parts of the country, sizable households continue to use either LPG or conventional fuels like firewood and cow dung for cooking. While India is about 50 per cent dependent on imports to meet cooking gas LPG needs, use of conventional fuels is considered a health hazard. PNG offers a viable alternative. It is convenient as it does not require ordering for refills ..

Indian Oil, Bharat Petroleum set to ask for extra Saudi oil after price cut

Indian Oil Corp, the country's top refiner, and Bharat Petroleum Corp, are looking at lifting an additional 1 million barrels of oil each from Saudi Aramco in February, the sources said

Govt to halve oil refiners' FY24 energy transition equity support: Report

State-run Bharat Petroleum Corp and Hindustan Petroleum Corp aim to end net carbon emissions from their operations by 2040, and Indian Oil Corp has set a target for 2046

The oil factor

In spite of global uncertainties, India's oil economy offers an opportunity to usher in reforms in the petroleum sector

Russian oil turns dearer for Indian refiners after US enforces price cap

Moves by Washington to enforce the price cap strictly by opening investigations into five tankers transporting Russian oil has created concerns among refiners and traders

BP CEO quits over failure to disclose past relationships with colleagues

Looney, 53, will be replaced on a interim basis by Chief Financial Officer Murray Auchincloss

PM Modi to lay foundation stone for Bina refinery expansion on 14 Sept

Production of petrochemicals such as Styrene, Phenol, and Nitrobenzene will have applications in paint, pharma & automotive industries, the Ministry said

After outlier record high global diesel cracks in 2022, margins plunge

Russia's invasion of Ukraine in February last year pushed diesel and petrol cracks to record in the following quarter, giving oil refiners globally unprecedented profits but they have crashed this year, denting refiners' profits. A crash in global cracks in April-June this year will shrink profits of refiners when compared with the outlier period of last year, an analysis of data and industry experts said. Rising demand, low inventories and oil market disruption centered around Russia's invasion of Ukraine pushed cracks -- the differential between a barrel of crude oil (raw material) and the petroleum products refined from it -- upwards starting March last year. Diesel cracks shot to over USD 30 per barrel and petrol inched closer to USD 20 and the upward trajectory continued in April-June quarter. Diesel cracks in June last year soared to USD 74.95 a barrel while petrol cracks neared USD 42. Jet fuel cracks soared to USD 62. An analysis of data for past five years showed petrol ..

As Russian discounts erode, Indian oil refiners may shift back to the Gulf

Iraq and UAE are willing to offer credits for longer periods of time, and they are also located closer to the Indian shores

Indian refiners used Chinese yuan to pay for some Russian oil imports

The official also said the Reserve Bank of India will release guidance for banks in two to three days to resolve some teething issues on the rupee trade mechanism

Refiners' crude processing hits 5-month low in April due to maintenance

In March, crude oil processed at 23 million tonnes was the highest since Reuters records going back to 2009

Looking to build smaller refineries to avoid land acquisition hurdles: Puri

Large project plans such as the 60 MMTPA West Coast refinery have stagnated

Refinery rejig: Why is India steadily raising petrochemicals capacity

Estimates for the sector are bullish for a decade but it is not an easy business to run, say experts

BPCL unveils Rs. 49,000 cr petrochemical project at Mumbai's Bina Refinery

Bharat Petroleum Unveils Ambitious Rs. 49,000 Crore Petrochemical & Capacity Expansion Project at Bina Refinery

Rosneft planning to build greenfield refinery in India with state refiners

Indian Oil Corporation and Bharat Petroleum are expected to be likely candidates for the JV

Indian oil export basket in FY23 was most diversified ever, shows data

Israel, Brazil, and South Africa broke into top 10 list of destinations for Indian refined petroleum products

No initiation of refinery project at Barsu without locals' consent: Maha CM

Maharashtra Chief Minister Eknath Shinde on Friday said the proposed refinery project at Barsu village in Ratnagiri district will not be implemented without the local people's consent, and appealed for calm in the area. The situation in the village, where protesters who are opposing the refinery have gathered, was peaceful, he claimed while speaking to reporters here. Earlier in the day, police used tear gas in Barsu and Solgaon villages in Rajapur tehsil to disperse the protesters and detained Shiv Sena (UBT) MP Vinayak Raut. Shinde said he spoke to Ratnagiri collector and superintendent of police as well as district guardian minister Uday Samant, and the collector told him that there was no lathi (baton) charge at the site. "A former chief minister himself had suggested the Barsu site to the Union government. After losing the CM's post, he is opposing the project. One can not have such double standards," he said, apparently referring to Shiv Sena (UBT) leader Uddhav Thackeray .