Category Archives: OilGas
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GAIL to build Maharashtra ethane cracker at Rs 400 bn
Posted on May 16, 2023 by Diligentia News in OilGas.GAIL (India), the leading gas supplier in the country, plans to construct an ethane cracker worth Rs 400 billion near its liquefied natural gas (LNG) import plant in Maharashtra, according to two insiders with direct knowledge of the matter. The move aims to meet the anticipated surge in demand as Indian companies boost their petrochemical […]
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India cuts windfall tax on petroleum crude to zero
Posted on May 16, 2023 by Diligentia News in OilGas.India cut windfall tax on petroleum crude to zero from Rs 4,100 per tonne with effect from May 16, according to a government notification. The windfall tax on petrol, diesel and aviation turbine fuel (ATF) was left unchanged at zero. In early May, the govt had slashed windfall tax on domestically produced crude oil to […]
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G7 leaders to target Russian energy, trade in new sanctions steps: Sources
Posted on May 15, 2023 by Diligentia News in OilGas.Leaders of the Group of Seven (G7) nations plan to tighten sanctions on Russia at their summit in Japan this week, with steps aimed at energy and exports aiding Moscow’s war effort, said officials with direct knowledge of the discussions. New measures announced by the leaders during the May 19-21 meetings will target sanctions evasion […]
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Oil Prices Sink As Economic Concerns Continue To Dominate Markets
Posted on May 15, 2023 by Diligentia News in OilGas.Crude oil started trade this week with a decline, based on Asian trade data from earlier in the day, as traders’ worry about the state of the global economy trumped any expectations of tight supply. At the time of writing Brent was trading at below $74 per barrel and West Texas Intermediate had slipped below […]
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Oil Majors Are Succeeding In Securing More Gas From The Middle East
Posted on May 15, 2023 by Diligentia News in OilGas.TotalEnergies, along with Italy’s Eni and the UK’s BP and Shell, have been at the vanguard of securing new oil and gas supplies for Europe to substitute for lost energy supplies from Russia since its invasion of Ukraine in February 2022. The focus of these efforts has been on liquefied natural gas (LNG), as it […]
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Harnesing 10% of coal bed methane reserves can cut India’s energy import bill by $2 billion: Experts
Posted on May 15, 2023 by Diligentia News in OilGas.India can cut its energy imports bill by USD 2 billion if the nation harnesses 10 per cent of the coal bed methane reserves of 2,600 billion cubic meters, said experts. This assumes significance in view India’s coal production clocking record high during the last fiscal year and plans afoot to increase it further. The […]
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Iran becomes world’s top oil pipeline developer: report
Posted on May 15, 2023 by Diligentia News in OilGas.Based on the report, the Iranian Oil Ministry is also among the world’s top oil pipeline developers. According to new data from Global Energy Monitor, Africa, and West Asia are home to 49 percent of all oil transmission pipelines under construction globally at a cost of $25.3 billion. The 2023 annual survey of data in […]
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Mahanagar Gas Ltd. Signs MoU with Baidyanath LNG to scale up LNG Network
Posted on May 15, 2023 by Diligentia News in OilGas.Mahanagar Gas Limited (MGL), one of the largest city gas distribution companies in India, and Baidyanath LNG signed a Memorandum of Understanding today to enable the development of LNG station network across various strategic locations. This is expected to fast-track the development of the supply side ecosystem, aiding long haul transport segment to switch to […]
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India’s Russia oil imports jumped tenfold in 2022, bank says
Posted on May 12, 2023 by Diligentia News in OilGas.India’s imports of Russian oil rose tenfold last year, according to Indian state-controlled lender Bank of Baroda. The figures show Asia’s third largest economy saved around $5bn (£4bn) as it ramped up crude purchases from Moscow. It comes as Western countries have been cutting their imports of energy from Russia after its invasion of Ukraine. […]
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Mubadala, others eye stake in I Squared’s India gas business
Posted on May 12, 2023 by Diligentia News in OilGas.Mubadala Investment, sovereign wealth fund of the United Arab Emirates, and a couple of Japanese investors including Sumitomo are in the race to acquire a 30% stake in Indian natural gas distribution business of I Squared Capital. The deal is likely to value the business at $1 billion, multiple people aware of the development said. […]
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