Category Archives: OilGas
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IndianOil top bidder for Reliance’s KG gas for 2nd auction in a row
Posted on June 12, 2023 by Diligentia News in OilGas.Indian Oil Corporation (IOC), the nation’s largest oil firm, has walked away with half of the natural gas that Reliance Industries Ltd and its partner bp of the UK offered in the latest auction of the fuel used to generate power, produce fertilizer, turned into CNG and used for cooking purposes. IOC got 2.5 million […]
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Oil Prices Headed For Weekly Loss Despite Saudi Arabia’s Production Cut
Posted on June 9, 2023 by Diligentia News in OilGas.Crude oil was heading for the second week of losses in a row despite the additional production cut Saudi Arabia announced at last Sunday’s OPEC+ meeting. In morning trade in Asia today, Brent crude was changing hands for less than $76 per barrel and West Texas Intermediate was trading at below $71. Both were down […]
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India to dominate polyvinyl chloride capacity additions in Asia by 2027, says GlobalData
Posted on June 9, 2023 by Diligentia News in OilGas.India is set to register the highest polyvinyl chloride capacity additions in Asia, contributing about 49% of the region’s capacity additions by 2027, according to GlobalData, a leading data and analytics company. GlobalData’s latest report, ‘Polyvinyl Chloride Industry Installed Capacity and Capital Expenditure (CapEx) Forecast by Region and Countries including details of All Active Plants, […]
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Petronas to pick 49% in ReNew project
Posted on June 9, 2023 by Diligentia News in OilGas.Energy Global PLC on Wednesday said it has entered into a partnership with Petroliam Nasional Bhd, Malaysia’s state-run oil and gas company. As part of the collaboration, Gentari Sdn Bhd, a subsidiary of Petronas, will acquire a 49% equity stake in NASDAQ listed ReNew’s 403 megawatt (MW) peak power project. First reported by Mint on […]
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Falling global crude prices won’t reduce your petrol, diesel bills anytime soon. Here’s why
Posted on June 9, 2023 by Diligentia News in OilGas.Despite a consistent fall in global crude prices, which went through the roof after the start of the Russia-Ukraine war last year, common consumers will have to wait for a drop in petrol and diesel prices in India. Though margins on petrol and diesel have turned positive for the oil marketing companies following the softening […]
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EIA: Oil Prices Will Not Rally Despite Saudi Output Cut
Posted on June 8, 2023 by Diligentia News in OilGas.Oil prices will not average more than $80 per barrel in the second half of this year, despite the most recent production cut announced by Saudi Arabia, the U.S. Energy Information Administration (EIA) said in its latest Short-Term Energy Outlook (STEO) released this week. At Sunday’s meeting, OPEC+ producers decided to extend their crude oil […]
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Rerouted Oil to Soften Russian Economy Contraction: World Bank
Posted on June 8, 2023 by Diligentia News in OilGas.Oil shipment volumes from Russia “have not changed materially” despite war sanctions, and the absorption of its losses in Europe by the likes of China and India would help keep its economic contraction at 0.2 percent this year from an estimated 2.1 percent in 2022, the World Bank said Tuesday. “Clear signs of trade diversion […]
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Indian imports of US ethane for petchems to expand
Posted on June 8, 2023 by Diligentia News in OilGas.State-controlled refiners Bharat Petroleum (BPCL) and Gail are investing in new ethane-fed cracker projects at their existing petrochemical facilities to capitalise on the abundant availability of cheap US ethane and the growing fleet of very large ethane carriers (VLECs). This follows on from private-sector refiner Reliance switching to US ethane at its 1.5mn t/yr ethylene […]
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Cheap Russian crude imports turn not so profitable for Indian oil companies
Posted on June 8, 2023 by Diligentia News in OilGas.India managed to reduce its overall expenditure on crude oil imports by taking advantage of discounted Russian oil. However, Indian Oil Marketing Companies (OMCs) failed to maximise the benefits from this favorable situation. Kotak Institutional Equities in a report said that, “We also note that while India’s overall crude imports costs have benefitted from Russian […]
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More Russian Oil is making backdoor entry into NATO nations via Saudi Arabia, UAE
Posted on June 8, 2023 by Diligentia News in OilGas.The cat is out of the bag. India is not the only country using imported Russian oil to export processed petro-products. West Asian oil giants, led by Saudi Arabia, are buying millions of barrels of Russian diesel oil, which is banned in Europe, to sell the product to buyers in the European Union (EU). Saudi […]
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