Oil markets face uncertain future after rebound from historic Covid-19 shock, says IEA

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World oil markets have rebounded from the massive demand shock triggered by Covid-19, but still face a high degree of uncertainty that is testing the industry as never before, according to a new IEA report.  The forecast for global oil demand has shifted lower, and demand could peak earlier than previously thought if a rising focus […]

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India can grab trillion dollar opportunity in chemicals and petrochem: Minister Gowda

India’s Chemicals and Fertilizer minister D V Sadananda Gowda said on Wednesday that an opportunity to attract investments worth one trillion rupees had opened up in the chemicals and petrochemicals sector following recent budgetary announcements. Speaking at the annual India Chem summit, he said at least 50%-60% of recent production linked incentives announced for 10 manufacturing sector […]

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Proposed business reorganisation by Reliance Industries seen credit neutral, says Fitch Ratings

Fitch Ratings said it sees the proposed reorganisation plan by India’s Reliance Industries Ltd (RIL, BBB-/Stable) to transfer its refining, marketing and petrochemical (oil-to-chemicals) businesses to a wholly owned subsidiary, Reliance O2C Limited (O2C), as a step towards facilitating participation by strategic investors in its O2C businesses. “We anticipate the reorganisation will have a neutral […]

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ADNOC seeks Indian partners for its proposed $ 45 billion petrochem expansion plans

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Abu Dhabi National Oil Company (ADNOC), UAE’s biggest energy producer, is seeking Indian companies for partnership in its ambitious USD 45 billion downstream petrochemical expansion plans. ADNOC CEO Sultan Ahmed Al Jaber, along with global energy chief executives had a virtual session with India’s Prime Minister during the India Energy Week held earlier this week. A […]

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Gas Authority plans to diversify into petrochemicals, renewables for growth

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State-owned GAIL India Ltd is eyeing expansion in petrochemicals, specialty chemicals and renewables to supplement growth in its core business of natural gas marketing and transportation, its chairman Manoj Jain said in its latest annual report. India’s largest gas marketer and shipper has adopted a revised strategic plan identifying priority business initiatives. “This strategic plan will help […]

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Global oil demand may hit 100 million bpd in 2021 if economic recovery sustains: S&P Platts

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Platts Analytics sees continued growth in long-term petrochemicals and peak oil demand in 2021. Indeed, many plastics have sustained net positive growth even during the downturn over the past few months. The International Energy Agency is also skeptical of those writing the obituary for oil demand growth. “If oil demand goes back to 100 million b/d I […]

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India’s shrinking diesel demand points to a frightening economic slowdown

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India’s demand for diesel is slowing as the country’s car fleet shifts predominantly to gasoline, trucks get more efficient and solar pumps displace diesel-fed units across the countryside, claims a Reuters report. The combination of these changes has led analysts, academics and company officials to speculate that diesel demand growth in the world’s third-largest crude […]

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ONGC aims to double oil, gas production; to expand refining capacity threefold: Report

State-owned Oil and Natural Gas Corp (ONGC) has set a target to double oil and gas output from its domestic and overseas fields and expand its refining capacity three-fold alongside diversification into renewables in a new vision document for 2040.  ONGC Energy Strategy 2040 envisions the company as “A diversified energy company with a strong […]

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