Reuters Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries, a move that would also help the world’s top oil exporter find a stable outlet for its crude. Modi, who is on a two-day visit to Riyadh to participate in
From Reuters Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy. The move comes days after BP said it would build a network of charging hubs for electric vehicles with China’s Didi Chuxing, betting on the world’s largest market for
From Reuters India’s state-run Mangalore Refinery and Petrochemicals Ltd (MRPL) has made its first purchase of U.S.-produced Thunder Horse crude oil via a tender for mid-October delivery, its managing director M. Venkatesh said on Friday. “The price offered was very competitive,” Venkatesh said. The state-run refiner placed an order to buy 1 million barrels of the sour oil, he said.
From Bloomberg The largest democratic exercise on Earth is set to give the oil market a shot in the arm. About 875 million Indians will go to polls over the next three months to elect their leader, dwarfing the 158 million Americans who registered to vote in the 2016 U.S. presidential elections. Before they vote, they’ll be courted by a
From Bloomberg After the U.S. slapped sanctions on Venezuela’s state-owned PDVSA, which essentially add up to an oil ban, the market has focused on how the remaining buyers of the South American country’s heavy, low-quality crude will react. India is the third-biggest buyer of Venezuelan oil, after the U.S. and China, averaging about 340,000 barrels a day last year, according to data compiled by
From Reuters India’s oil imports from Iran fell by 41 percent in December to 302,000 barrels per day oil (bpd), ship tracking data reviewed by Reuters showed, as pressure from U.S. sanctions took effect. The United States introduced tough sanctions aimed at crippling Iran’s oil revenue-dependent economy in November but gave a six-month waiver to eight nations, including India, which
From Bloomberg China’s dramatic increase in liquefied natural gas imports over the past two years may have hogged the headlines, but India may well emulate its neighbor in switching to the cleanest and fastest-growing fossil fuel. As China’s shift to natural gas from dirtier burning fuels such as coal and fuel oil helps improve air quality, Indian cities are rising
From Economic Times India’s state-run explorer looks at replacing nearly half of its ageing 67 onshore drilling rigs, floats tender seeking bids by November 14 New Delhi: Oil and Natural Gas Corp (ONGC) is planning to purchase 27 drilling rigs to replace nearly half of its ageing onland rigs in a deal that could cost Rs 3,000-3,500 crore. The state-run
U.S. government on Wednesday asked all countries, including India, to stop oil imports from Iran by 4 November India meets 80% of its crude demand through imports, is the second-largest buyer of Iranian crude after China 10 million barrels of U.S. crude in 6 cargoes was bought on spot market; firms looking at term contracts now Mumbai: State-run oil marketing companies
New Delhi only recognizes UN sanctions, foreign minister said President Donald Trump may have ordered the re-imposition of sanctions on Iran, but one of Asia’s biggest oil importers — and a strategic partner of the U.S. — plans on ignoring them. India, a long-time buyer of oil from both Iran and Venezuela, only complies with United Nations-mandated sanctions and not
First U.S. east coast export facility is expected to enter commercial service in early March Dominion Energy Cove Point (DECP, ticker: D) has begun producing liquefied natural gas. The company’s newly constructed natural gas liquefaction facility is undergoing commissioning in Lusby, MD. When commissioning is complete, DECP will produce LNG for its customer joint venture ST Cove Point, a JV
Dominion Energy (ticker: D) issued a statement today saying it would begin commercial operations early next year under the terms of previously negotiated 20-year contracts with ST Cove Point, which is the joint venture of Sumitomo Corporation and Tokyo Gas, and for GGULL, the U.S. affiliate of GAIL (India) LTD. Responding to a report from India’s Oil Minister, reported by
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