India to release 5 million barrels of crude oil from strategic reserves on US request

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As reported yesterday, India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool international oil prices.  This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in […]

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State-owned refineries to set up ethanol plants at a cost of Rs 7,000 crore

State-run oil marketing companies Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have been given the mandate to set up around 12 ethanol manufacturing plants as part of a road map to meet the 20% ethanol blending target by 2025. Tarun Kapoor, secretary, ministry of petroleum and natural gas, told Financial Express that the three oil majors have […]

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3.5 GW hydroelectric projects along with 2.5 GW solar projects identified for monetization of energy assets worth Rs 1.6 lakh crore

The government has identified projects worth more than Rs 1.6 lakh crore in the energy sector as potential assets to be monetised by FY25. For the first time, hydroelectric power plants of around 3,500 megawatt (MW) and solar and wind power projects of about 2,500 MW owned by Central government companies have been identified for […]

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Crude prices soften, but India’s OMCs hold fuel prices for higher margins

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India’s state-run oil marketing companies (OMCs) – Indian Oil, Bharat Petroleum, Oil India, and HPCL – were prompt in raising retail prices of petrol and diesel since early May this year to “match the rise in global crude rates”, they have been less than forthcoming to the softening of crude oil since mid-July. The base […]

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India allows 100% FDI in oil PSUs approved for disinvestment in preparation for BPCL sale

The government has permitted 100 per cent foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic disinvestment. The move would facilitate privatisation of India’s second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL). The government is privatising BPCL and selling its entire 52.98 per cent stake in the […]

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