Page 5 - Petroleum Sector

Mundra Petrochemicals places chlor-alkali project order with Nuberg

Nuberg company executives said the project was awarded in March this year and will be completed over the course of the next 15 months

Smallcap stock zooms 10% as SBI MF buys 3% stake; HDFC MF holds 7% equity

Among non-promoter public shareholders, HDFC Mutual fund (via HDFC Balanced Advantage Fund) held 7.4 per cent stake in Savita Oil, according to data on BSE

Pak govt to 'vigorously' seek US waiver for Iran pipeline project: Minister

Pakistan has decided to plead "vigorously" and seek exemption from potential US sanctions against the planned construction of a multi-billion dollar pipeline to import cheap gas from neighbouring Iran, the petroleum minister has said, asserting that it "can't afford sanctions" on the project. Minister for Petroleum Dr Musadik Malik said that the government would seek exemption from US sanctions for the multi-billion-dollar Iran-Pakistan (IP) gas pipeline project, the Dawn newspaper reported. We will seek exemption from US sanctions. Pakistan cannot afford sanctions in the gas pipeline project, he told journalists during an informal chat on Monday evening. The development came after US Assistant Secretary of State for South and Central Asia Donald Lu said at a congressional hearing that Pakistan had so far not sought exemption for the 1,150-kilometre gas pipeline. Malik said the government would "plead vigorously" Pakistan's case for the waiver on technical, political and economic .

City-gas distribution entities lag on minimum work programme: PNGRB

Authorised CGDs have provided half of their targeted PNG connections to households

Govt hikes windfall tax on petroleum crude to Rs 4,900 per tonne

The new rates will be affective from Saturday, according to a government notification released on Friday

Oil marketing companies cut petrol, diesel prices after 22 months

Both petrol and diesel to be cheaper by Rs 2 in Delhi from Friday

Gaining momentum: Petro product exports fire up after fall in January

In Feb, country regains market share in diesel shipments, India's most-valued export to Europe, putting a check on US expansion

Russia's move to ban petro exports for six months not to affect India

Russian media on Tuesday reported that the country has accepted proposals to implement the ban to meet the rising domestic demand

Russia puts six months ban exports of gasoline with effect from March 1

The ban, first reported by Russia's RBC, was confirmed by a spokeswoman for Deputy Prime Minister Alexander Novak, President Vladimir Putin's point man for Russia's vast energy sector

Crude imports hit 21-month high in Jan on strong industrial activity

India's fuel consumption rose 8.2% year-on-year last month, government data showed earlier this month

Govt hikes windfall tax on petroleum crude to Rs 3,300 a tonne from Feb 16

It will also increase a windfall tax on diesel, that had been reduced to zero, to 1.50 rupees a litre, the order showed

Foreign players eye strategic petroleum storage reserves in Mangaluru

With this, the entire Mangaluru Strategic Petroleum Reserve (SPR), which includes two caverns of 0.75 million tonnes capacity each, will be leased out

11 urea companies to get Rs 500 crore on settling gas marketing issue

The marketing margin is charged by gas marketing companies from consumers over and above the cost of gas for taking on the additional risk and cost associated with the marketing of gas

Sluggish participation by foreign companies lowers oil revenue estimates

The budget estimates revenue collection from the Petroleum sector at Rs 14,922 crore

Indian petroleum export earnings hit as Red Sea conflict intensifies

Petroleum product exports contributed $57 billion to India's coffers in fiscal 2022/23, around 12.7% of India's total exports by value

Govt cuts windfall tax on crude petroleum to Rs 1,700 a tonne effective Tue

On Jan. 2, the government had lifted the windfall tax on petroleum crude oil to 2,300 rupees a tonne from 1,300 rupees a tonne

Interim Budget 2024-25: OilMin bats for retaining energy transition fund

Rs 30,000 cr was announced in last year's Budget but never disbursed

Energy security: India considering options for strategic petroleum reserves

India's plans to replace most petrol vehicles with electric ones may fall well short of the target, forcing the country to continue depending on crude oil

Refined petroleum products export rise 32% to 5.6 MMT in November: PPAC

Exports in the April-November period also increased, rising 2.7 percent to 40.8 MMT. This was due to a rise in the outbound shipment of vacuum gas oil

The oil factor

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