The Iranian National Guard Corps (IRGC) is claiming that is has seized a British oil tanker for violating International maritime law. The vessel, named the Stena Impera, according to the IRGC, was captured while traversing the Strait of Hormuz at the request of Hormozgan Ports and Maritime Organization “for failing to respect international maritime rules.” […]
The oil market saw a rather significant surplus in the first half of 2019, much larger than previously expected. Looking forward, supplies are set to tighten in the second half of the year, but that may only be a hiatus before the glut returns. Global oil supply exceeded demand by about 0.9 million barrels per […]
In order to meet the growing demand for electricity, China’s biggest power generator, China Energy Group is planning to build 11 gigawatts (GW) of new coal power during this and next year, according to senior official with the firm on Thursday. More than 6 GW of new ultra-low emission coal-fired capacity will be added this […]
BY RITWIK SINHA Frustrated for years by India’s red tape, London-based shipping and oil -drilling conglomerate Foresight Group is now betting big that the country’s energy landscape is about to transform. It plans to spend as much as $250 million in buying 10 such large crude carriers by the end of next year for shipments […]
India’s wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02 per cent in June 2019, helped by decline in prices of vegetables as well as fuel and power items, according to official data. The Wholesale Price Index (WPI)-based inflation was at 2.45 per cent in May 2019. It was […]
India’s merchandise exports contracted for the first time in nine months in June while imports shrank first time in four months. India’s trade deficit for June 2019 narrowed by 7.98 per cent to USD 15.28 billion as against the deficit of USD 16.60 billion in June 2018, government data showed. Data released by the commerce […]
The government at the centre and states have earned Rs 595,438 crore from petroleum products such as petrol and diesel in 2018-19, a government statement said. This was possible as the prices of petrol and diesel were deregulated. Petrol price was made market-determined by the government with effect from June 26, 2010, and the diesel […]
Union minister Pralhad Joshi Wednesday said the auction of coal blocks would commence “very shortly”. The coal minister also said that major policy changes would also be notified very shortly and expressed hope that the auction would be successful. However, coal mines, which were awarded through flagship e-auction during the BJP’s first term, are still […]
China State Construction Engineering Corporation is looking for opportunities in Iraq’s oil industry and believes it could sign at least one contract per year for oil infrastructure in Iraq, Yu Tao, the head of the Middle Eastern division of the Chinese construction giant, told Reuters on Thursday. “We are paying more attention to the oilfields because that […]
BIMAN MUKHERJEE India’s coal-based power generation is likely to see subdued growth for at least the next two financial years, amid oversupplies and phasing out of old capacities, according to India Ratings and Research. Capacity addition, which had fallen to a low of 3.6 Giga Watts in the fiscal year ended March, will add between […]
