Category Archives: OilGas
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Petroleum exports fall in Jan on Red Sea tensions, may see steeper decline
Posted on January 16, 2024 by Diligentia News in OilGas.India’s export of petroleum products to Europe has declined substantially in January so far owing to the rising tensions in the Red Sea, dropping to just 100 thousand barrel a day (kbd) from 350-400 thousand barrel a day in November and December. Many tankers have instead opted for the longer route via the Cape of […]
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India raises windfall tax on crude by Rs 1,000; removes taxes on diesel, ATF
Posted on January 3, 2024 by Diligentia News in OilGas.Windfall tax: India has sharply raised the windfall profit tax on crude oil to Rs 2,300 per tonne from Rs 1,300. However, New Delhi removed the tax on diesel and aviation turbine fuel, and it will also continue with no windfall taxes on petrol The windfall tax on diesel, ATF have been removed, as against […]
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India dials Saudi as Russian oil purchases hit 11-month low in December
Posted on January 3, 2024 by Diligentia News in OilGas.India increased imports of Saudi oil in December as payment problems drove its Russian oil buys to an 11-month low, with at least five cargoes of the sweet Sokol variant heading to other locations, data from vessel tracking agencies showed. Indian Oil Corp, which was set to get the Sokol oil, had to withdraw from […]
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U.S. Now World’s Largest LNG Exporter
Posted on January 3, 2024 by Diligentia News in OilGas.The United States is now the world’s LNG exporter, after overtaking Australia and Qatar, according to new data compiled and shared by Bloomberg on Tuesday. The United States exported 91.2 million metric tons of LNG last year, after the country’s primary export facility, Freeport LNG, resumed operations after an eight-month hiatus following a fire in […]
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What Will Influence Oil Prices in 2024?
Posted on January 3, 2024 by Diligentia News in OilGas.The last couple of years have seen a series of extraordinary events, most notably the invasion of Ukraine by Russia on 24 February 2022 and the Hamas attacks on Israel on 7 October 2023. This year may well see more equally extraordinary things, with the widening out of the Israel-Hamas War a distinct possibility, as […]
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India mulls import duty concessions on some petroleum, plastic items in FTA with Oman
Posted on January 3, 2024 by Diligentia News in OilGas.India is mulling import duty concessions on certain petroleum products and plastic items as part of the proposed Foreign Trade Agreement (FTA) with Oman, talks for which are likely to close by the end of January, 2024, an Indian official told Moneycontrol. “India may offer some tariff cuts on certain petroleum products, as well as […]
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State-owned oil stocks have more juice left in the barrel
Posted on January 3, 2024 by Diligentia News in OilGas.Few stocks can claim to have juice left as markets hit staggering heights as 2023 bid goodbye. Public sector unit or PSU oil stocks like ONGC, OIL and GAIL are a rare few which still hold value. Thanks to production expansions, regulatory consistency and more the government owned companies are set to better days ahead. […]
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India raises C heavy molasses ethanol price by 14pc
Posted on January 3, 2024 by Diligentia News in OilGas.The Indian government has increased prices of ethanol derived from C heavy molasses by 14pc on the year to 56.28 rupees/litre ($0.68/l) for the ethanol supply year between November 2023 and October 2024. This is up from the Rs49.41/l that state-controlled Indian oil marketing companies (OMCs) paid for ethanol derived from C heavy molasses in […]
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Windfall tax on petroleum crude oil raised, cut to nil on diesel and ATF
Posted on January 3, 2024 by Diligentia News in OilGas.India has hiked the windfall tax on crude oil while reducing the tax on diesel and aviation turbine fuel, according to a government notification. The government hiked the windfall tax on petroleum crude oil to 2,300 Indian rupees ($27.63) a ton from 1,300 rupees, it said. A tax on diesel of 0.5 rupee per litre […]
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Gujarat Gas – Softness In LNG Prices Obscures Murky Long-Term Prospects: ICICI Securities
Posted on January 2, 2024 by Diligentia News in OilGas.We downgrade Gujarat Gas Ltd. to Reduce, from ‘Hold’, as we turn increasingly worried about the company’s growth trajectory beyond FY25. The recent weakness in liquefied natural gas prices is a positive (assuming it is not passed through) and drives a material 6/19.1/15.3% upgrade in FY24E/25E/26E earning per share, but does not detract from structural […]
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