US to impose sanctions on Iran’s metal exports and its leaders

The Trump administration imposed new sanctions on Iran last week, including penalties on the Islamic Republic’s metals and some senior leaders, following Tehran’s attack on U.S. military bases. The sanctions target steel, aluminum, copper and iron, as well as eight senior Iranian officials and sectors of the economy, such as construction, manufacturing, textiles and mining, […]

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Eight core sectors growth slows to 2.1% in July; Manufacturing growth falls to 15-month low in August 2019

Growth of eight core industries dropped to 2.1 per cent in July mainly due to a contraction in coal, crude oil, natural gas and refinery products, according to official data. The eight crore sector industries – coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity – had expanded by 7.3 per cent […]

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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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India looking at cutting west coast refinery capacity as cost escalates to $60 billion

India is looking at cutting capacity at its biggest oil refinery to match lower fuel demand projections and contain costs which jumped to $ 60 billion due to meeting stringent environment norms and relocation of the plant, top officials said. State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd […]

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Saudi plans to get stake in India’s largest company, Reliance Industries, hits a snag

Discussions between India’s largest private sector company, Reliance Industries, and Aramco, the world’s single biggest oil producing firm, have hit a stumbling block as the Indians want higher valuation than the Saudis are willing to pay for a stake in Reliance’s downstream business, Reuters reported earlier this week. In April this year, reports emerged that Saudi Arabia’s […]

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IOC refinery project in JV with Iran to continue regardless of U.S. sanctions  – report

Indian Oil Corporation’s (IOC) planned $5.10 billion expansion of its Chennai Petroleum, partly owned by Iran, is not expected to be hit by U.S. sanctions against Tehran, Chairman Sanjiv Singh said. Chennai Petroleum plans to invest up to Rs.35,698 to replace its 20,000 barrel per day (bpd) Nagapattinam refinery in Tamil Nadu with a 180,000 bpd […]

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