Govt raises excise duty on petrol, diesel
Government has raised excise duty on petrol by Rs2.25/ltr and excise tax on diesel by Rs1/ltr, says report. Earlier Government had raised excise duty on petrol and diesel by Rs 1.50 a litre each in November 14. There will be no impact on retail prices of petrol & diesel due to hike in excise duty, says report. Earlier State-run oil marketing companies have reduced petrol prices by 91 paise per litre and diesel prices by 84 paise. This is the seventh consecutive reduction in petrol prices in the last four months. In Delhi, petrol will cost Rs 63.33 a litre as compared to Rs 64.24 per litre previously and in Mumbai, it will cost Rs 70.95 per litre - a reduction of 96 paise. Report said that Oil companies have so far reduced petrol prices by Rs 10.27 per litre since August 1 and diesel by Rs 6.46 per litre.
LPG rate cut by Rs 113
The Price of non-subsidized cooking gas (LPG) was cut by a steep Rs.113 per cylinder. A 14.2kg cylinder of non-subsidized LPG will cost Rs.752, down from Rs.865 previously, in Delhi, oil companies said. In five monthly reduction, non-domestic LPG rates have been slashed by Rs.170.5 per cylinder
RIL signs MOU with Petroleos Mexicanos
Reliance Industries Limited (RIL) and the Mexican state owned company, Petroleos Mexicanos (PEMEX) have entered into a Memorandum of Understanding (MOU). As per the MOU, RIL will cooperate with PEMEX for assessment of potential upstream oil and gas business opportunities in Mexico and jointly evaluate value added opportunities in International Markets.
RIL and PEMEX will also share expertise and skills in the relevant areas of oil and gas industry including for deep-water oil and gas exploration and production. The MOU envisages sharing of RIL's pioneering expertise in deepwater development & best practices in East Coast of India and RIL's experience in shale gas in United States. RIL will also provide technical support and share experience with PEMEX for refining value maximisation and other technical optimization strategies.
India to be fastest growing economy in next 2-3 years: Mukesh Ambani
Industrialist Mukesh Ambani reportedly said that India will surpass China as the world's fastest growing economy in the next 2-3 years. "We will exceed China's growth rate in next 2-3 years. We will be the fastest growing economy in the world in 2016-2017 and 2017-2018," the Reliance Industries Chairman reportedly said at an event organised by Brown University.
Ambani stated that 2014 is a landmark year for the country. "I think the people of India have spoken after really 30 years. I have in business for now almost 30-35 years, " Ambani quoted. Ambani recalled that oil prices had shot up from $20/barrel to $140 during 2004 to 2014.
ONGC to acquire stake in 2 siberian oil fields: reports
ONGC is planning to acquire stake in 2 siberian oil fields, according to reports. ONGC Videsh Ltd will sign a memorandum of understanding for acquiring the stake in Vankor and Yurubcheno-Tokhomskoye fields, says report.
No proposal for merger of CPCL with IOCL:Chennai Petroleum
The Exchange has sought clarification from Chennai Petroleum Corporation Ltd with respect to news article appearing in Mint on November 13, 2014 titled "IOC, Chennai Petroleum may merge"
Chennai Petroleum Corporation Ltd clarified, "The Chairman, CPCL while interacting with press at Chennai on 12th Nov. 2014, had referred to the performance of Chennai Petroleum Corporation Limited (CPCL) , a subsidiary company of Indian Oil Corporation Limited, in response to a query from the press. It is clarified that the Chairman merely observed that amongst the various options being examined for improving the performance of CPCL, the possibilities of merger is also being evaluated. We would like to clarify that as of now, there is no proposal for merger of CPCL with IOCL.
Excise duty hike in petrol, diesel aimed at bridging revenue deficit gap: Dharmendra Pradhan
The excise duty hike burden will not be passed on to consumers but aimed to meet the revenue deficit, said Petroleum & Natural Gas Minister Mr Dharmendra Pradhan at an ASSOCHAM event held in New Delhi.
The fall in international oil prices had resulted in six consecutive reductions in petrol and diesel prices and if international oil prices continue to fall, the benefit will certainly be passed on to consumers, said the Minister of State (I/C), Petroleum & Natural Gas while inaugurating 2nd World Congress "Opportunities across the Value Chain", organized by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
"In this legacy, we inherited a bankrupt economy. We are also committed to provide power, water and basic healthcare facility to all villages. For this, the government had to take a certain steps to meet the revenue deficit without burdening the consumer", said Mr. Pradhan.
Guidelines to LPG Distributors for New Connections
The Minister of State (I/C) for Petroleum & Natural Gas Dharmendra Pradhan informed the Rajya Sabha in a written reply today that the documents required to be produced by a customer before a Public Sector Oil Marketing Companies (OMCs) LPG distributor for taking a LPG gas connection are valid Proof of Identity (POI) and valid Proof of Address (POA).
The prospective customer has to submit a one page KYC (Know Your Claim) form and a standard Declaration indicating that he/she is not having any domestic LPG connection also. OMCs have reported that it is not mandatory for a prospective customer to produce ration card for releasing a new LPG connection.
BPCL to diversify into Petrochemicals
Bharat Petroleum Corporation Ltd has announced that the Board of Directors of BPCL have given their approval for diversification into Petrochemicals at an estimated capital cost of Rs. 4,588 Crores. BPCL plans to produce niche petrochemicals such as Acrylic Acid, Acrylates and Oxo Alcohols, that are predominantly being imported into the country, at its Kochi Refinery facility, using the Polymer Grade Propylene that will be available after the ongoing Integrated Refinery Expansion Project (IREP) is completed. The major end uses are in paints and coatings, adhesives, plasticisers, solvents, water treatment etc. The unit is expected to come on stream during the Financial Year 2018-19. The project proposal will now be submitted for obtaining environmental clearance.
Investment for Oil and Gas Exploration in Odisha
IOC's Paradip Refinery to be commissioned from March 2015