The much-awaited Rs 21,500crore Guru Gobind Singh refinery near Bathinda was commissioned as a fully operational unit on Wednesday, making it the largest oil project in Punjab since independence, the state government announced. The nine million tons a year (180,000 barrels per day) refinery had been branded as a path-breaking development during the election campaign by...
India’s annual crude imports from Iran could plunge by about a quarter in 2012/13, according to Reuters’ calculations, as Essar Oil joins its state-run refinery peers in cutting purchases from the sanctions-hit country. “We will gradually reduce the dependence on Iranian oil … We are shifting our focus to source heavy crude from Latin American countries...
Indian state-run companies have won operating rights for almost half of the 16 blocks awarded under the country’s ninth exploration licensing round, a government statement said, with foreign firms yet again hardly in evidence. Oil and Natural Gas Corp got operating rights for four blocks — one alone and three as part of a...
India Friday proposed to remove import taxes on coal and liquefied natural gas and allow electricity producers to raise cheaper funds overseas as it sought to give a much-needed breather to the power sector reeling under losses due to lower tariffs, higher fuel expenses and costly debt. The budget proposal to scrap customs duty on...
Cairn India Ltd. (CAIR) led Indian oil explorers lower in Mumbai trading after Finance Minister Pranab Mukherjee proposed an 80 percent increase in the cess payable on local crude production. The cess has been raised to Rs 4,500 a tonne from Rs 2,500 a tonne. In his speech the Finance Minister said, “Crude petroleum...
India decided to roll back the ban on cotton exports that was imposed last week, Trade Minister Anand Sharma said in a statement Sunday. “Keeping in view the facts, the interests of the farmers, interest of the industry, trade, a balanced view has been considered by the to roll back the ban...
The government of India may lift ban on export of cotton imposed by commerce ministry with farmer protests against the decision. With political pressure increasing on the Indian government to lift the ban, the government sources said a Group of Ministers, whose meeting remained inconclusive on Friday, is expected to meet again on Monday...
India today sought increased collaboration with Vietnam in various sectors, including energy, mining and infrastructure. Commerce and Industry Minister Anand Sharma, who is on a two-day visit to the South-East Asian nation, pushed for increased collaboration with Vietnam in energy, mining and infrastructure sectors. More than $5 billion (investments) are in the pipeline. Potential could be...
With elections in five states out of the way, the government-run fuel retailers on Monday ratcheted up their demand for an increase in petrol prices by as much as Rs 5 a litre. The demand could leave the government with a political cleft stick, coming on the day Congress received a severe drubbing in...
India has banned cotton exports with immediate effect, the Directorate General of Foreign Trade (DGFT) said on Monday, as the world’s second-largest exporter of the fibre moves to conserve supplies for local mills. “Export of cotton has been prohibited till further orders,” the DGFT said in a statement. India is the world’s second largest...