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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World’s largest oil Company, Aramco merges with petrochemical giant, SABIC

The long-awaited Saudi Aramco’s acquisition of Saudi Basic Industries Corporation (SABIC) is finally almost done. With a statement to the press, Aramco CEO Amin Nasser reported that Aramco has acquired a 70 per cent stake in SABIC, with an estimated value of $69.1 billion. Aramco’s CEO Nasser reiterated that the “deal is a major step […]

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Energy commodity prices fell more than other commodities in the first half of 2017

The prices of energy commodities fell more than other commodities in the first half of this year, as indicated by the energy component of the Standard and Poor’s Goldman Sachs Commodity Index (GSCI) fell that 11%, the largest decline for any commodity group in the index, the U.S. Energy Information Administrations (EIA) said in a report. Other […]

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India asks OPEC for price discount; says global oil industry at a cross-road

India has asked the Organization of the Petroleum Exporting Countries (OPEC) for a discount, saying higher crude oil prices will boost a shift towards renewable energy already gaining ground in the country, a government statement quoted the oil minister as saying. Dharmendra Pradhan’s remarks came during the second India-OPEC Institutional Dialogue at Vienna, which took […]

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‘Make in India’ to become the driving force for commodities: S&P

India’s commodities sector will also benefit from Prime Minister Narendra Modi’s Make in India programme after it gave a boost to manufacturing in the country, according to S&P Global Platts. In the commodities sector, major international companies, such as Shell, BP, Rosneft, Trafigura and Saudi Aramco, are expanding their presence in the country or considering […]

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