UAE’s Adnoc, Saudi Aramco both interested in India’s strategic petroleum reserves venture

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UAE’s Abu Dhabi National Oil Company (Adnoc) and Saudi Arabia’s Aramco have shown interest in participating in the country’s strategic petroleum reserves programme. The government of India had recently announced its intention to rope in prospective partners like financial investors, foreign oil companies, and large construction firms to build the proposed oil reserves. There is […]

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Adani Group refutes buying directly from the farmers; only manage grain silos for FCI

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Adani group has denied reports that it is buying harvested crops from the farmers. The group has also rubbished any claim of fixing the price for farmers’ produce. The port-to-energy-to commodities conglomerate said it only develops and operates grain silos for Food Corporation of India (FCI). Recently, Adani’s name has been echoing during farmer protests along with Reliance […]

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UP government to spend Rs 2600 crore in creating fresh agri storage facility, says chief minister

The government of the Indian state of Uttar Pradesh is slated to spend around Rs 2,600 crore in creating over 5,000 storage units for agriculture produce across the state, Chief Minister Yogi Adityanath told an a conference organised by industry conference CII on Friday. He said improving agriculture infrastructure was a top priority of his […]

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Oil traders make hay as pandemic plays havoc with prices: FT Commodities Global Summit

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Global commodity traders expect 2020 to rank as one of their strongest ever in terms of profitability after benefiting from “unprecedented volatility” and market dislocations due to the coronavirus pandemic, was the conclusion at the FT Commodities Global Summit. “2020 will probably be one of our best years ever in terms of trading profitability,” Singapore-based […]

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India to store crude oil in US and other foreign nations; to create 6.5 million tonnes domestic storage capacity

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Union minister of petroleum and natural gas has invited companies to develop 6.5 million tonnes (MT) of crude storage capacities across the country, as the government eyes to increase crude and petroleum products storage capacity from existing 74 days to 90 days. The government is also exploring overseas crude storage facilities in the US and […]

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India signs MoU to develop strategic petroleum reserve in the U.S.

India and the United States have signed a memorandum of understanding to develop a strategic petroleum reserve in America and the two countries are in advanced stage of discussion to store crude oil in America to increase India’s stockpile, Petroleum and Natural Gas Minister Dharmendra Pradhan said.  Pradhan co-chaired with his American counterpart Energy Secretary Dan Brouillette a virtual US-India Strategic Energy Partnership […]

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