Chinese firms are set to build an airport and 90,000 houses in Iraq as part of a 2019 agreement for crude supply in exchange for projects, an Iraqi official was quoted as saying in the local media. Companies from China are expected to build an airport in Nasiriyah and 90,000 houses in Sadr City, in […]
India has decided to commercialise half of its current strategic petroleum reserves (SPRs) as the nation looks to enhance private participation in the building of new storage facilities, claims a report from Reuters. The shift in policy was approved this month by the union cabinet. Allowing commercialisation of SPRs mirrors a model adopted by countries such as […]
Commodities rallied 21 per cent in the first half of 2021, making them the top performing asset group ahead of U.S., European, emerging market and non-Japan Asian stocks. The broad-based index of energy, agriculture, industrial metals and precious metals rose the same amount as high-flying Bitcoin, which pulled back after hitting its all-time high of […]
The country’s crude oil import bill has increased 190.6% year-on-year to $24.7 billion in Q1FY22 with rising prices of the commodity in the international market and higher procurement volumes with demand for auto fuels increasing. The volume of crude oil imported in the quarter, at 51 million tonne, was 14.7% higher than the same period […]
OPEC leaders Saudi Arabia and UAE might have reached a so-called solution to the current export quota conflict, but it is far from over, say oil market watchers. The high-profile clash between Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed is not over. Instead, it’s just been pushed aside […]
India’s largest fuel retailer, Indian Oil Corporation (IOC), has announced that it will build the nation’s first green hydrogen plant at its Mathura refinery. This will be the nation’s first green hydrogen unit. Previously, projects have been announced to produce ‘grey hydrogen’ using fossil fuels such as natural gas. This is significant given that Hydrogen […]
Union Minister Nitin Gadkari on Thursday said excise duty collected from petroleum products are being used for infrastructure development and other development items. The road transport and highways minister said this in the Lok Sabha while replying to a question on the impact of rising fuel prices on the logistics cost of transportation in the […]
A drive to reduce dependence on imported materials and technology, especially from China, is pushing India to invest in a battery technology that uses aluminum rather than lithium as the key ingredient. Indian Oil Corp., the nation’s largest oil refiner, has teamed up with an Isareli startup Phinergy Ltd. to develop the aluminum-air battery. India […]
Australian miner, BHP Billiton announced its production results for the financial year 2020-21 ended 30 June. The company’s iron ore production during the year increased by two per cent to 254 million tonnes. This was achieved despite significant weather impacts, temporary labour shortages due to Covid-19 related border restrictions. BHP Billiton said it expects its […]
The oil market has been on edge for a while now, entertaining the possibility of a new price war within the OPEC+ alliance, the International Energy Agency (IEA) said, adding that the current impasse is also threatening to derail the global economic recovery. In June, global oil demand is estimated to have jumped by as […]
