Indonesia’s 2020 policy on energy subsidies will be “flexible” and loosely based on global oil price moves, government officials told reporters on Tuesday, but an extension of the current policy to freeze fuel and power prices wasn’t ruled out. President Joko Widodo ordered energy prices to be kept flat in 2018 and 2019 by hiking […]Continue Reading... No Comments.
Shell India, the local arm of the Netherlands-based Royal Dutch Shell Plc, on Tuesday exited the city gas business in the country after it sold its 10 percent stake in Mahanagar Gas Ltd for Rs 770 crore. According to stock exchange data, BG Asia Pacific Holdings (BGAPH), a wholly-owned subsidiary of Shell, sold 9.98 million […]Continue Reading... No Comments.
Indian Oil Corporation (IOC), the nation’s largest refiner and fossil fuel retailer, plans to invest Rs 25,000 crore in green energy projects, including solar and wind power plants, bio-fuels plants, and solar panels at filling stations. “Indian Oil has developed a road map and action plan to usher in clean and green energy alternatives to […]Continue Reading... No Comments.
India’s liquefied natural gas (LNG) imports rose 4.6% year-on-year and 15.6% month-on-month to 91 million metric standard cubic meter per day (mmscmd) in June, according to data from the Petroleum Planning & Analysis Cell and Ministry of Petroleum and Natural Gas. Lower domestic natural gas production in June coupled with higher demand and lower prices […]Continue Reading... No Comments.
Australia’s Oil Search Ltd said on Tuesday that current weak spot liquefied natural gas (LNG) prices would have no impact on any arbitration over a long-term contract between Japan’s Osaka Gas and the Papua New Guinea PNG LNG project, operated by Exxon Mobil Corp. “The current market has no impact on the discussions,” said Ian […]Continue Reading... No Comments.
Petrol and diesel will cost more in Uttar Pradesh from Tuesday after the state government hiked Value Added Tax (VAT)on both. A litre of petrol will now cost 98 paisa more across the state while a litre of diesel has become dearer by Rs 2.35. The rise in prices of the fuel comes after the […]Continue Reading... No Comments.
Russian Prime Minister Dmitry Medvedev will ask the government to consider transferring operational management over oil input points to pipeline monopoly Transneft, according to the government website. Nikolai Tokarev, chief executive at Transneft, the world’s largest pipeline network, said at a meeting with Medvedev that Transneft was continuing talks on compensation for contaminated oil and […]Continue Reading... No Comments.
Saudi Aramco is investing $15bn in India for a 20 per cent stake in Reliance Industries. As per the deal, dubbed as the second-largest Foreign Direct Investment (FDI) in India, Saudi Aramco is to acquire a 20pc stake in Reliance’s oil-to-chemicals (OTC) business at an enterprise value of $75 billion. The oil-to-chemicals division, formed by […]Continue Reading... No Comments.
The CNG shortage crisis continued to affect pumps in Mumbai on Saturday, with nearly 40% autos, kaali-peeli taxis, and some app-based cabs staying off roads in the morning. Public transport too took a hit although BEST buses had been refilled with CNG late night to avoid inconvenience. The problem was brought under control by afternoon, […]Continue Reading... No Comments.
The price of spot cargoes of liquefied natural gas (LNG) has ticked up recently in Asia amid tentative signs of some peak summer demand, but the problem remains that for many buyers the cost is still too high. While the market focuses on the spot price as a way of assessing the extent of oversupply, […]Continue Reading... No Comments.