Category Archives: OilGas
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GAIL imitates Reliance with US ethane plans
Posted on February 20, 2023 by Diligentia News in OilGas.India’s largest gas firm GAIL is imitating billionaire Mukesh Ambani-led Reliance Industries Ltd in planning to import ethane from the US to replace natural gas and naphtha as feedstock at its petrochemical plants “In a bid towards diversification of the feedstock, GAIL is looking to import ethane from ethane-surplus countries with matured export terminal infrastructure […]
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Oil Prices Fall On Fears Of Further Interest Rate Hikes From The Fed
Posted on February 17, 2023 by Diligentia News in OilGas.Despite rising earlier this week, crude oil prices are set to end the week with a loss, largely driven by concern that the Federal Reserve is not done with aggressive rate hikes. Both Brent crude and West Texas Intermediate were down in Asian pre-noon trade today, Reuters noted, although the decline was minor, at 0.75 […]
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Canada’s Largest Gas Producer Finds Way To Sell Its Gas At 10x Its Usual Price
Posted on February 17, 2023 by Diligentia News in OilGas.The energy industry in Canada has long lamented the fact that the country is missing out on the global surge in LNG demand, first as a replacement for coal, and now, for Europe, as a replacement for Russian pipeline gas. That Canada, which has 1,373 trillion cubic feet of gas, is late to the LNG […]
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South Asia Returns To The Spot LNG Market As Prices Dip
Posted on February 17, 2023 by Diligentia News in OilGas.South Asia is back on the spot market for liquefied natural gas (LNG) as prices have dipped to the lowest in a year and a half, prompting the price-sensitive buyers in the region to buy the fuel which was prohibitively expensive six months ago. South Asian economies India, Pakistan, and Bangladesh have shown signs of […]
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India’s fuel sales recovering in Feb as cold wave ebbs
Posted on February 17, 2023 by Diligentia News in OilGas.Indian state refiners’ gasoline and gasoil sales rose in the first two weeks of February from the same period last month, preliminary sales data shows, as transport of goods picked up and people drove out more drawn by slightly warmer weather. Sales of gasoil rose to 3.3 million tonnes in the first half of February, […]
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ONGC sees fastest oil output growth in 20 years
Posted on February 17, 2023 by Diligentia News in OilGas.India’s largest oil producer ONGC is expecting crude oil output to grow by 4-5pc in the April 2023–March 2024 fiscal year, which if achieved will be its fastest growth in two decades. ONGC told investors on 15 February that following its October-December — the third quarter of India’s 2022-23 financial year — earnings, it sees […]
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India Cuts Windfall Tax On Crude Oil And Fuels
Posted on February 16, 2023 by Diligentia News in OilGas.India, which introduced a windfall tax on its oil industry last year amid the oil price boom, has now cut the levy for crude oil and the export of jet fuel and diesel, Reuters has reported, citing government information. The windfall tax was introduced in July last year as Indian refiners decided to take advantage […]
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State-run fuel retailers may not immediately revert to daily pricing of two auto fuels
Posted on February 16, 2023 by Diligentia News in OilGas.State-run fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have stopped losing money on sales of petrol and diesel, but may not immediately revert to daily pricing of the two auto fuels because of economic and political compulsions, three people aware of the matter said Although international oil prices have softened […]
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Russia price caps spur India interest in naphtha, fuel oil, but not diesel
Posted on February 16, 2023 by Diligentia News in OilGas.More Indian firms are attracted to buying Russian naphtha as low-cost feedstock for their refineries and petrochemical plants after price caps imposed by Western nations, six refining sources said. Prices for refined products such as naphtha and fuel oil are capped at $45 a barrel by the Group of Seven nations, the European Union, and […]
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Russia oil cap benefiting India: German envoy
Posted on February 15, 2023 by Diligentia News in OilGas.German Chancellor’s foreign and security policy adviser, Jens Plotner, on Monday said India is benefiting from the price cap on Russian oil imposed by major economies of the world although New Delhi is not a party to the decision by the West to impose the cap in early December to reduce Moscow’s earnings from fuel […]
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