State-owned Oil and Natural Gas Corporation (ONGC) is offering a stake to foreign companies in its ultra-deep sea gas discovery and a high-pressure, high-temperature block in the Krishna Godavari (KG) basin as it looks for financial and technological help to bring the challenging fields to production. ONGC has floated an initial tender seeking interest of global majors […]
India has bought more than twice as much crude oil from Russia in the two months since its invasion of Ukraine as it did in the whole of 2021, according to Reuters calculations, as Indian refiners snapped up discounted oil that others have shunned. Refiners in India have placed orders for at least 40 million […]
Reliance New Energy Ltd (RNEL) an arm of Reliance Industries Limited is set to acquire the assets of cobalt-free lithium battery technology and manufacturing company Lithium Werks for a total transaction value of $61 million, Mukesh Ambani-led conglomerate said in a media release. The acquisition will provide RNEL access to Lithium Werk’s cobalt-free and high-performance […]
India’s production of crude oil continued to decline in December 2021, with lower output from state-owned ONGC leading to a near 2 per cent drop, official data showed. Oil production in December 2021 was 2.51 million tonnes, down from 2.55 million tonnes a year earlier against a target of 2.6 million tonnes. The output was, however, higher […]
India’s oil-to-telecoms conglomerate Reliance Industries plans to invest as much as $ 76 billion in green energy projects in India over the next 15 years, the group chairman Mukesh Ambani, said. Last year, Reliance Industries had announced a commitment to invest more than $10 billion in three years in a new business unit that would build solar module, […]
Reliance New Energy Solar Ltd, a Reliance Industries subsidiary, has acquired 100% shareholding in UK-based firm Faradion Limited for GBP 100 million. Reliance will spend an additional GBP 25 million to accelarate its roll out, Reliance Industries said in a press release. Faradion Limited is a leading global battery technology firm that has patents of sodium-ion battery technology. The Sheffield and Oxford-based firm […]
Reliance Industries Ltd will transfer its Jamnagar syngas project to a subsidiary it owns fully with a view to unlock value, a company statement said. Used for energy production, syngas is a combination of hydrogen, carbon monoxide and some carbon dioxide that is typically manufactured by gasifying a solid hydrocarbon fuel. The transfer will help “unlock […]
Reliance Industries and Saudi Aramco have called off the long hiccupping deal for Saudi Arabia’s oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate due to valuation concerns. It is understood talks broke down over how much Reliance’s oil-to-chemicals (O2C) business should be valued as the world seeks to move […]
The Tata Group’s solar arm is in the final stages of negotiations with the state government of Tamil Nadu as it plans to set up 4 gigawatts (GW) of an integrated photovoltaic manufacturing unit in Gangakundan near Tirunelveli. In this project, Tata’s investment will be around Rs 3,000 crore with the potential to employ 2,000 […]
India’s import of liquefied natural gas (LNG) recorded a drop of 13.2% year-on-year (y-o-y) to 1.9 million tonnes (MT), or 2,517.5 million standard cubic meter (mscm) in September 2021, according to a recent note published by Credit Suisse. With this, LNG import in April-September stood at 11.8 MT, marginally lower than 11.9 MT recorded in […]
