India helps Mongolia launch the construction of its first oil refinery

Mongolia launched construction of its first oil refinery on Friday, a long-awaited project that is funded by India and designed to end the country’s dependence on Russian fuel. The ground-breaking ceremony was attended by Mongolian Prime Minister Khurelsukh Ukhnaa and Indian Minister of Home Affairs Rajnath Singh. The refinery, in southern Dornogovi province will be […]

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Daily Masala

Here is what others are talking about this morning: Oil prices fall on surprise rise in U.S. inventories, high OPEC output Metals slip as patchy US economic reports spur profit-taking Gold holds near 7-week high on weak U.S. economic data India refiners outshine Asia peers with new output, rising local demand Indonesia’s palm oil exports […]

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India’s oil consumption growth declining, data shows

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India’s gasoline consumption has been dropping in recent months after tremendous growth between 2014 and 2016, according to data from the Petroleum Planning and Analysis Cell at the Ministry of Petroleum and Natural Gas. India’s oil consumption fell for the third straight month in March as the demand growth in diesel, petrol and other products came to […]

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China’s Silk Road Fund to buy into Russian LPG project

China’s Silk Road Fund, a medium- to long term investment fund, will buy 9.9 percent of a Russian liquefied natural gas (LNG) project, Xinhua news agency reported. China’s Silk Road Fund, a medium- to long-term investment fund, will buy a 10 percent of a Russian liquefied natural gas (LNG) project, Xinhua news agency said. It quoted the Fund as saying that it had entered into a set of binding agreements with the Russia-based natural gas […]

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