Page 3 - Petroleum Sector

ONGC chairman should also lead as subsidiary HPCL's head: Synergy panel

The oil and Natural Gas Corporation Chairman and Managing Director should also be the chair of the firm's subsidiary Hindustan Petroleum Corporation in line with the universal practice of a corporate group having only one chairman, a panel appointed to work out synergies between the two firms said in its report. India's top oil and gas producer Oil and Natural Gas Corporation (ONGC) had, in January 2018, bought the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore. The nation's third-biggest oil refining and fuel marketing company thereafter became a subsidiary of ONGC. But Hindustan Petroleum Corporation Ltd (HPCL), which initially did not even recognise the new owner, continues to be headed by a chairman and managing director, who does not report to parent firm ONGC or its board. ONGC has got just one board position on HPCL following the acquisition. On a prod from the Ministry of Petroleum and Natural Gas, ONGC appointed a three-member panel to work out synergi

India eyes $87 bn investment in petrochemicals over next decade: Puri

Indian state-run and private oil companies such as Nayara Energy and Haldia Petrochemicals have already announced plans to boost production

India to award leases to top up strategic oil reserves amid Gulf tensions

India must expedite the award because its strategic petroleum reserves, which hold a fraction of the crude storage capacities in Western nations and China, are highly inadequate in an emergency

India, Brazil eye year-end date for finalising GBA headquarters, charter

More than a year after the alliance was launched, the bloc has no physical, diplomatic presence

Venezuelan crude flows to public sector refiners via third parties

Venezuela was the 9th largest source of crude for India in Q1 FY25

Govt slashes windfall tax on petroleum crude to nil effective Sep 18

The Indian government reviews the windfall tax every fortnight, and the cut comes after a significant decline in crude prices

Petroleum product exports shrink 14% in August as global demand cools

Exports in this category have decreased by nearly 3 per cent to 18.1 mt in the first five months of 2024-25, largely due to sluggish diesel exports

Engaged with FinMin over review of windfall tax: Petroleum Secretary

Petrol, diesel pump prices may be reduced by OMCs if global crude oil prices remain low

Amended PNGRB Act to give legal teeth to petroleum sector regulators

CGDs say they can't hand over access capacity to new entities without more details from govt

Excise duty collections from petroleum sector decline 4.8% in FY24

Overall tax contribution of the petroleum sector rose marginally to Rs 7.51 trillion

Govt tables Bill in Lok Sabha to delink petroleum operations from mining

Calls for delinking petroleum operations from mining, renewable projects at oilfields

Need framework promoting clean tech that replaces ICE cars: MSI Chairman

Maruti Suzuki India is awaiting a policy framework that promotes all clean technologies resulting in petrol and diesel cars being replaced by vehicles using such eco-friendly technologies, according to its Chairman RC Bhargava. In his address to shareholders in the company's annual report for 2023-24, he said industrial growth requires stability of policies and a predictable work environment. He also expressed hope that in the third term, Prime Minister Narendra Modi-led government will continue its emphasis on building infrastructure, maintaining fiscal prudence, keeping inflation under control, implementing reforms that make manufacturing more competitive and trusting the private sector. "Some believe that your company has been slow to manufacture electric vehicles. We decided to adopt a more diversified approach to meeting national objectives and did not want to put all our eggs in one basket," Bhargava wrote. He further said the government has also accepted that in India there

Govt decreases windfall tax on petroleum crude to Rs 4,600 per tonne

The SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil

India only country where petrol, diesel prices declined: Petroleum min Puri

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said India is the only country where rates of petrol and diesel have come down between November 2021 and April 2024. Replying to various queries during Question Hour in Rajya Sabha, the minister also informed that the government is encouraging dialogue between Oil Marketing Companies (OMCs) and dealers regarding margins for the latter. Puri noted that petrol and diesel were deregulated during the UPA government. Deregulation means that prices of the commodity in the market are not set by the government, he added. "Prices here being high and elsewhere being low. It's exactly the opposite. In India today, the prices are the lowest and is the only country where prices have actually come down," Puri said. He attributed this to very bold, ambitious and farsighted decisions taken by the Prime Minister. "The prices in the world, I am giving you a two-year reference period between November 2021 and April 2024. Why I'm

No plan to mandate blending of ethanol with diesel: Hardeep Singh Puri

The government on Monday said the blending of ethanol with diesel is still at an experimental stage, and there is no plan, at present, to mandate it, as initial tests showed the formation of deposits in fuel tanks and other implications. Replying to a supplementary question in the Rajya Sabha on whether the Centre plans to mandate the blending of ethanol with diesel, Minister for Petroleum and Natural Gas Hardeep Singh Puri said, "The issue of blending ethanol with diesel is still at an experimental stage, and I can say categorically that at present there is no plan to mandate". Elaborating further, the minister said the reason is that oil marketing companies have tested up to 7 per cent of ethanol in diesel in collaboration with the Automotive Research Association of India and select original equipment manufacturers. "The initial tests have shown that there would be a reduction of flashpoint to 15 degrees Celsius with a 5 per cent ethanol blend and we require material compatibility

TotalEnergies Q2 earnings drop 6% on 'normalising' refining margins

Q2 adjusted net income $4.7 bn vs forecast $4.96 bn

Petrol pump owners show dissent, to shut PUC centres in Delhi from July 15

Petrol pump owners said PUC centres will be shut from Monday onwards, expressing their dissatisfaction over the recent proposed hike in rates of pollution certificates by the city government. The operation of the pollution under control (PUC) centres is unviable, they said in a statement issued on Sunday. Delhi government on Thursday increased the PUC certificate charges for petrol, CNG and diesel vehicles after a gap of about 13 years. The hike ranges between Rs 20 and Rs 40. The new rates will be effective as soon as it is notified by the Delhi government, Transport Minister Kailash Gahlot had said. In a statement issued, the Delhi Petrol Dealers' Association (DPDA) said, "Since the operation of PUC centres is unviable, many PUC centres have surrendered their licenses in the last few months. The managing committee of the Delhi Petrol Dealers Association has thus resolved to close PUC centres at their retail outlets across Delhi from July 15 in light of arbitrary and grossly ...

Pakistan to get $5 bn over 3 years for petroleum, gas exploration: Sharif

Pakistan is expected to get an investment of USD 5 billion over the next three years from local and international firms for the exploration and development of petroleum and gas reserves that will save the cash-strapped country's valuable foreign exchange and provide relief to the common man bearing the brunt of high fuel prices. The announcement was made in a meeting presided over by Prime Minister Shehbaz Sharif on Saturday during a meeting with a delegation of oil and gas exploration and production sector companies. According to the state-run Associated Press of Pakistan, the meeting was informed that during three years, around 240 places would be excavated with an investment of USD 5 billion to explore petroleum and gas in Pakistan. The meeting was informed that currently, Pakistan's domestic production stood at 70,998 barrels and 3,131 MMSCFD (million standard cubic feet) gas per day. The prime minister invited petroleum and gas exploration and production companies to also find

PESO to draft safety norms for petrol pumps near habitation, says Goyal

Commerce and industry minister Piyush Goyal has directed PESO to formulate template of safety measures to allow petrol pumps to operate in areas with habitation within 30-50 metres. Petroleum and Explosives Safety Organisation (PESO), a subordinate office under DPIIT, plays a pivotal role in administering regulatory frameworks established under the Explosives Act, 1884 and Petroleum Act, 1934. The minister also announced 80 per cent concession for women entrepreneurs and 50 per cent for MSMEs in licensing fees for licences granted by PESO. On Wednesday, Goyal had chaired a stakeholder consultation meeting to solicit insights and feedback from petroleum, explosives, fireworks and other related industry leaders, aimed at enhancing efficiency in the functioning of PESO. "He (Goyal) directed PESO to formulate guidelines in consultation with the Central Pollution Control Board (CPCB) and Ministry of Petroleum and Natural Gas (MoPNG) for creating a template of safety measures allowing ..

Singapore rushes to clean-up oil slick after boat hits stationary fuel ship

An oil spill caused by a dredger boat hitting a stationary cargo tanker has blackened part of Singapore's southern coastline, including the popular resort island of Sentosa, and sparked concerns it may threaten marine wildlife as a clean-up operation was underway Sunday. The Netherlands-flagged dredger Vox Maxima struck the Singaporean fuel supply ship Marine Honor on Friday. It damaged the cargo tank on Marine Honor, which leaked oil into the sea. Singapore's Maritime and Port Authority said in a statement late Saturday the oil leak from the vessel had been contained, and that the oil that escaped from the damaged tanker had been treated with dispersants. But due to the tidal current, it said the treated oil had landed along shorelines including at Sentosa and other southern islands, a nature reserve and a public beach park. Sentosa, which attracts millions of visitors annually, houses one of Singapore's two casinos, golf courses and Southeast Asia's only Universal Studios theme ..