Page 2 - Petroleum

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 ..

Govt raises windfall tax on petroleum crude to Rs 6,000 per metric tonne

On June 15, government had cut the windfall tax on petroleum crude to Rs 3,250 ($38.90) per metric tonne from Rs 5,200, according to a official notification

Govt headhunter interviews eight people for HPCL top post; rejects them all

The government headhunter PESB has rejected all candidates it interviewed for the top job at Hindustan Petroleum Corporation Ltd (HPCL), the third instance in as many years that the board has not found any suitable candidate for the role in a state oil firm. The Public Enterprises Selection Board (PESB) on June 14 interviewed eight candidates, including a director on the HPCL board and managing director of Indraprastha Gas Ltd (IGL), but rejected them all. "The Board did not recommend any candidate for the post of chairman and managing director (CMD) HPCL and advised the Ministry of Petroleum & Natural Gas to choose an appropriate course of further action for selection, including the Search-Cum-Selection Committee (SCSC) or as deemed appropriate with the approval of the competent authority," the PESB panel said in a notification. The HPCL CMD post will fall vacant on September 1, 2024, when the incumbent Pushp Kumar Joshi retires on attaining a superannuation age of 60 years. The .

Govt cuts windfall tax on petroleum crude to Rs 8,400 per MT from May 1

(Reuters) - India has cut its windfall tax on petroleum crude to 8,400 Indian rupees ($100.66) a metric ton from 9,600 rupees with effect from May 1, the government said on Tuesday

Petregaz India commissions its Rs 600 cr LPG import and storage terminal

Petregaz India, a subsidiary of Petredec Group has commissioned its new state-of-the-art LPG Import and Storage Terminal that has been set up at an outlay of Rs 600 crore, the company said on Saturday. The new facility located within the Adani Krishnapatnam Private Port at Krishnapatnam in neighbouring Andhra Pradesh would benefit private marketers as well as residential, commercial, industrial, and automotive consumers. The newly commissioned facility, with an investment of Rs 600 crore, enables Petregaz to deliver cost-effective, and dependable solutions to LPG marketers, the company said in a statement. With an annual capacity of over 1.5 million metric tonnes, the facility has excellent road connectivity to the hinterland of Tamil Nadu, Telangana, Karnataka, and Andhra Pradesh. The terminal also has two refrigerated storage tanks, a modern jetty with no congestion and capable of berthing all types of LPG vessels, 16 truck loading bays among others. "Government-run oil companie

India aims for 1st strategic petroleum reserve with pvt company by 2029-30

So far, India has allowed only partial commercialisation for its three existing SPRs in southern India, which have a combined capacity of 36.7 million barrels

Fire set off by a gas explosion in Kenya kills 3 people, injures 280 others

A truck loaded with liquid petroleum gas cylinders exploded in a depot in the Kenyan capital and set off a late-night inferno that rapidly spread and burned homes and warehouses, killing at least three people and injuring 280, officials said Friday. The death toll was expected to rise. At least 24 people were critically injured, the Kenya Red Cross said, after a huge fireball erupted from the gas depot. Some gas cylinders were thrown hundreds of metres (feet), sparking separate fires in the neighbourhood. The truck was parked inside a gas cylinder storage and filling site that had multiple applications to operate there rejected last year because it was too close to residential areas, Kenya's Energy and Petroleum Regulatory Authority said, raising questions over whether it was operating illegally. The government knew this liquid petroleum gas plant was existing in a residential area but they did nothing, local resident Charles Mainge said. They should make sure this doesn't happen .

Govt cuts windfall tax on petroleum crude, will be effective from Oct 18

The government also cut windfall tax on aviation turbine fuel to 1 rupee per litre from 3.50 rupees per litre and reduced windfall tax on diesel to 4 rupees per litre from 5 rupees per litre

High oil prices pose challenge to economic revival in many countries: Puri

E20 fuel is now being sold in more than 5000 pumps nationwide, the Petroleum Minister said

In push for arbitration in India, one sector steps on the gas

The central government sought from the Supreme Court time till November to file an expert committee's report recommending reforms in the Indian Arbitration and Conciliation Act of 1996

Govt hikes windfall tax on petroleum crude to Rs 4,250 per tonne from Aug 1

A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday

Top headline: Govt hikes windfall tax on petroleum crude, Nuh violence

Business Standard brings you the top headlines at this hour

Pak petroleum dealers threaten strike as govt fails to rise profit margins

The petroleum dealers in cash-strapped Pakistan have threatened to hold a nationwide strike from Saturday as they are dissatisfied with Shehbaz Sharif-led government on its failure to increase their profit margins, a media report said on Friday. Speaking at a press conference here, Pakistan Petroleum Dealers Association (PPDA) Chairman Samiullah Khan, expressed their frustration over the government's inability to raise their profit margin to 5 per cent on the sale of two major petroleum products, The Express Tribune newspaper reported. Currently fixed at Rs 6 per litre (2.4 per cent), the 5 per cent margin would amount to over Rs 12 per litre, given the prevailing petrol and diesel prices of Rs 253/litre and Rs 253.50/litre, respectively, the report said. The latest fortnightly work for determining petroleum product prices, effective from July 16, indicated that the dealers were receiving Rs 7/litre instead of the claimed Rs 6/litre. However, this Rs 7 margin falls significantly sh

India raises windfall tax on crude oil to Rs 1,600 per tonne from July 15

India had cut the windfall tax on petroleum crude to zero from Rs 4,100 ($50.13) per metric tonne, in May

Essar Oil UK to expand fuel distribution into London, South East of England

Essar Oil (UK) Ltd, the leading integrated downstream energy company, on Monday said it has signed an agreement with Essex-based storer of refining petroleum products Oikos Storage Ltd to expand its operations into London and the South East of England. The firm owns UK's Stanlow oil refinery and a network of petrol stations in the country. "Under the agreement, Essar will store and distribute middle distillate fuels at Oikos' Canvey Island facility to serve the Thames region. Furthermore, the agreement will leverage Oikos' connectivity to the United Kingdom Oil Pipeline (UKOP) system to supply the Northampton and Midlands regions," the company said in a statement. Currently, diesel and jet fuels are pumped from the Stanlow refinery to the Midlands and Northampton regions along the UKOP system. "As a result of this agreement, Essar's imports of middle distillates will be pumped from Oikos to Northampton and the Midlands regions, providing significant supply resilience and increasing

Gas regulator to pitch for building gas storage to boost clean fuel usage

The country aims to raise the share of natural gas in its energy mix to 15% by 2030 from about 6.5% now

Gas platform explosion off Mexico kills 2 workers, injures 6, 1 missing

An explosion and fire have destroyed an offshore gas platform in the Gulf of Mexico, while two workers died, six were injured and one was missing, officials said. The state-owned oil company, Petroleos Mexicanos, said the disaster happened on the Nohoch gas transfer platform that it operates on Friday. It said the dead and missing workers were employed by a subcontractor. It did not specify who the six injured worked for. The company's statement said seven ships evacuated a total of 321 workers from the platform. Photos distributed by the company showed several fire boats pumping streams of water onto the still-smoking platform. Octavio Romero, director of Petroleos Mexicanos, said the platform "was totally destroyed" but that several other nearby, linked platforms did not catch fire. There appeared to be little risk of an oil spill, though it was unclear whether the accident might force the company to increase flaring of gas, a process of burning excess gas that pumps large amount

ONGC Videsh awaiting clarity on equity structure over Kenyan oil field bid

Other Indian companies that are likely to partner with OVL for the stake buy are also evaluating a stake purchase, said the executive, who was not authorised to speak to the media

Warren Buffett's firm now owns more than 25% of Occidental Petroleum

Billionaire Warren Buffett's company keeps buying shares of Occidental Petroleum, and Berkshire Hathaway now controls more than 25 per cent of the oil producer. A new filing with the Securities and Exchange Commission shows that Berkshire bought another 2.1 million Occidental shares this week worth about USD 123 million. The latest purchases give Berkshire more than 224 million shares worth nearly USD 13 billion that have all been purchased over the past year and a half. And Buffett may not be done buying because the price of Occidental stock is still right around where he bought shares at this week even after a modest 43-cent bump Thursday morning to trade at USD 57.89. Buffett has been consistently buying the stock when it dips below USD 60. Crude prices are down 13 per cent this year and shares of Occidental are down 8 per cent. Often, other investors rush into a stock after Berkshire discloses a purchase because of Buffett's remarkably successful track record over the decades.

India-UAE aim to double non-oil trade to $100 bn by 2030: Piyush Goyal

Joint committee of officials from both sides to review terms of CEPA, which came into force on May 1, 2022