MEDIA UPDATE (May 18, 2022)

Sarkaritel
By Sarkaritel May 18, 2022 06:16


18-May-2022

IndianOil reported Revenue from Operations of ₹7,28,460 crores for FY 2021-22 as compared to ₹5,14,890 crores in previous financial year. The Net Profit for current financial year is higher at ₹24,184 crores as compared to ₹21,836 crores during previous financial year mainly on account of higher refining margins and higher inventory gain during current period. sarkaritel.com

Power

Work begins on world’s largest renewable energy storage project in Andhra

New Delhi : The worlds largest Integrated Renewable Energy Storage Project (IRESP) is coming up in Andhra Pradesh’s Kurnool district with an investment of over $3 billion. : Sarkaritel.com

NTPC mulls girl empowerment mission in 35 project locations

New Delhi : State-run power giant NTPC is planning to conduct its flagship corporate social responsibility (CSR) initiative — girl empowerment mission (GEM) — in about 35 project locations this year. The GEM is for empowering young girls to realise their dreams, as per a company statement. : Economic Times

Sembcorp to supply renewable power to Saint-Gobain for 25 years

New Delhi : Leading power producer Sembcorp on Tuesday said it has signed an agreement to supply 33 MW of electricity generated from renewable sources to Saint-Gobain’s manufacturing facilities for 25 years, helping the construction material firm meet its carbon reduction targets. : Economic Times

Tata Power seeks higher tariff for Mundra project

New Delhi : Tata Power NSE 6.42 % has approached the Central Electricity Regulatory Commission (CERC) seeking a higher tariff than that fixed by a government panel for its imported-coal-based plant. : Economic Times

Greenko commences construction of world’s largest integrated renewable energy storage project in AP

New Delhi : Greenko Group, a Hyderabad-based clean energy firm, on Tuesday initiated the construction of the world’s largest integrated RE storage project with Andhra Pradesh Chief Minister, Y S Jagan Mohan Reddy, performing the first concrete pour ceremony for the facility at Kurnool district. : Economic Times

NTPC bagged 3 awards for Response to COVID

New Delhi : The response to the Covid pandemic as Covid care centers, Kavach scheme for home isolation, airlifting of critical patients,Oxygen plants at various locations, Tele medicines services to Employees and Beneficiaries, E- Paramarsh and Jeevan Rekha etc are the factors contributing to this award. : psuconnect.in

Rays Experts to commission 3,000-MW solar park in Rajasthan

New Delhi : Rays Experts, a Rajasthan-based solar developer, on Tuesday said it is set to commission the world’s largest solar park having 3,000-megawatt (MW) capacity in Bikaner, Rajasthan. : Economic Times

Activist shareholder ENKRAFT raises stake in renewables firm PNE

Frankfurt : Energy activist shareholder ENKRAFT has increased its stake in German wind power project developer PNE, according to a regulatory filing published two days before an expected power tussle at the group’s annual general meeting (AGM). : Economic Times

Russian power exports to Finland fall to zero

New Delhi : Russian exports of power to Finland were down to zero early on Monday, flow data showed, after Russian utility firm Inter RAO said last week it would halt them because it had not been paid. : Economic Times

Long outages, Sector 46 RWA warns of protest against discom

Gurgoan, Haryana : Power cut and voltage fluctuation from past three days have left the residents of Sector 46 a harried lot. Many have decided to go on a protest against Dakshin Haryana Bijli Vitran Nigam (DHBVN) as the voltage fluctuation has damaged their electrical appliances and power backup is not sufficient due to frequent and long outages. : Economic Times

UK power group Drax submits plans for 500 mln stg Scottish hydro project

London : British power generator Drax has applied to build a new 500 million pound ($613 million) underground pumped storage hydro power station at its existing Cruachan hydro plant in Scotland, the company said on Tuesday. : Economic Times

Kurnool to get world’s largest clean energy hub

New Delhi : In a major achievement, the state has bagged a big-ticket investment with the stage set for commissioning of works for the world’s largest Integrated Renewable Energy Storage Project (IRESP) in Kurnool district. : Economic Times

Despite soaring mercury levels in Delhi, power demands declines: Data

New Delhi : Despite record day temperatures in Delhi, the power demand in the past few days has declined mainly due to holidays, discom officials said on Monday. : Economic Times

Greenko starts energy storage project work

New Delhi : Greenko Group on Tuesday commenced the construction of its 5,230 MW integrated renewable energy storage project in the Kurnool district of Andhra Pradesh. : Mint

BEL to manufacture battery packs for Triton electric trucks

New Delhi : The Pune Unit of Navratna Defence PSU Bharat Electronics Limited (BEL) will manufacture Li-ion battery packs for the electric trucks of Triton, US, as part of an MoU signed between the two companies to explore manufacturing of battery cells in India for Energy Storage Systems and electric vehicles in the Heavy Vehicle segment for the requirements of customers in USA, India and other countries. : saurenergy.com

Construction Of World’s Largest Integrated RE Storage Project Started In AP

New Delhi : Construction of the world’s largest and first of its kind renewable energy storage project began at Kurnool in Andhra Pradesh on May 17. With a pumped storage capacity of 10,800MWh per day, the 5230 MW renewable energy generation project is coming up at an investment of $3 billion by Hyderabad based developer Greenko Group by 2023. : saurenergy.com

Trina Solar Lays Claim To Second Rank As Module Supplier Globally

New Delhi : Based on the financial statements of leading module manufacturers, Trina Solar has claimed second rank worldwide in its shipments of 8GW modules in the Jan-March quarter. : saurenergy.com

Wind Expansion Globally Will Need Much Higher Production of Rare Earths: IRENA Report

New Delhi : International Renewable Energy Agency (IRENA) has come up with a report named ‘Critical Mineral for Energy Transition: Rare Earth Elements,’ which says that the rising global demand in the renewable sector especially the wind energy sector to mitigate climate change challenges will need better supplies of rare earth minerals or critical minerals. : saurenergy.com

European Energy, Vestas to install largest wind turbines offshore Denmark

New Delhi : European Energy has announced its joining forces with Vestas to make Frederikshavn – a city in Denmark – a global focal point for test and demonstration of new offshore wind technology. : saurenergy.com

PMI Electro’s upcoming plant to produce 2500 commercial EVs annually

New Delhi : PMI Electro Mobility Solutions Pvt Ltd – maker of electric buses in India – has said that it will set up company’s new electric commercial vehicle (CV) manufacturing plant in Pune, Maharashtra. : saurenergy.com

Anti-Dumping Duty on Solar Glass Imports from China Likely to be Extended for Two More Years

New Delhi : The Directorate General of Trade Remedies (DGTR) has recommended extending the anti-dumping duty on imported textured tempered glass (solar glass) from China by two more years. : mercomindia.com

New Laser Technique to Reduce Amount of Silver in Solar Modules

New Delhi : Scientists at the Fraunhofer Institute of Solar Energy (ISE) have developed a new laser technique to reduce the amount of silver used in the production of solar panels and achieve maximum module efficiency using a thin aluminum foil. : mercomindia.com

EPC Tender Floated for a 14 MW Solar Project at GETCO Substation in Gujarat

New Delhi : Gujarat State Electricity Corporation (GSECL) has invited bids for the design, engineering, supply & procurement, construction, erection, testing, and commissioning of a 14 MW grid-connected solar power project at the Vasundhara substation of the Gujarat Energy Transmission Corporation (GETCO) in the Morbi district. : mercomindia.com

EPC Tender Issued for a 45 MW Solar Project in Badeli, Gujarat

New Delhi : Gujarat State Electricity Corporation (GSECL) has invited a notice inviting tender for the engineering, procurement, and construction (EPC) of a 45 MW grid-connected solar project near Gujarat Energy Transmission Corporation (GETCO) substation at Badeli in the Bhavnagar district. : mercomindia.com

Daily News Wrap-Up: SJVN Achieves Financial Closure for a 70 MW Solar Project

New Delhi : SJVN announced the financial closure of the 70 MW Bagodara Solar Power project in Gujarat by allocating the necessary debt of ₹2.67 billion (~$34.29 million) out of the total project cost of ₹3.34 billion (~$42.91 million) from its foreign currency term loan. : mercomindia.com

” New Delhi : NHPC, India’s premier hydro power company is observing ‘Swachhta Pakhwada 2022’ at its Corporate Office and all its Regional Offices, Projects and Power Stations across the country as per guidelines issued by the Government of India.” : Sarkaritel.com

EKI Energy Services net profit jumps to Rs 383 crore in FY22

New Delhi : EKI Energy Service on Tuesday posted a multi-fold jump in standalone net profit at Rs 383.36 crore in 2021-22 financial year, mainly on the back of higher revenues. : Economic Times

Abu Dhabi’s IHC invests Rs 15,400 crore in Adani group firms

New Delhi : Abu Dhabi’s International Holding Company PJSC (IHC) has invested Rs 15,400 crore (USD 2 billion) as primary capital in three Adani portfolio companies — Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL). : Economic Times

Swachhta Pakhwada being Organized in SJVN

Shimla : Smt. Geeta Kapur, Director (Personnel) administered Swachhta pledge to the employees at Corporate Head Quarters in the presence of Sh. A.K. Singh, Director (Finance) & Sh. Sushil Sharma, Director (Electrical). To mark the commencement of the Pakhwada, the pledge was also administered at all the Project locations of SJVN. : psuconnect.in

Bajaj Electricals Q4 profit down 29 pc at Rs 39 cr

New Delhi : Bajaj Electricals on Tuesday reported a 28.73 per cent decline in consolidated net profit at Rs 38.67 crore for the fourth quarter ended March 2022. The company had posted a net profit of Rs 54.26 crore for March quarter of the previous fiscal year, Bajaj Electricals said in a regulatory filing. : Economic Times

Chip shortage: No major impact expected on India’s renewable energy projects

New Delhi : The impact of the semiconductor chip shortage, which is wreaking havoc in the automobile industry, is unlikely to be pronounced for renewable energy projects in India, according to industry experts. : Economic Times

Rays Experts to commission world’s largest solar park in Rajasthan

New Delhi : Rays Experts on Tuesday said it will commission the world’s largest solar park in Rajasthan with a 3000 MWp capacity. The 9000-acre solar park will be built in Bikaner, Rajasthan. : Economic Times

KKR boosts renewable power presence with $2.2 bln deal for ContourGlobal

New Delhi : US private-equity firm KKR has agreed to buy London-listed power generation company ContourGlobal for 1.75 billion pounds ($2.16 billion) in an effort to expand its presence in renewable energy. : Economic Times

Hyundai plans big EV push ahead of IONIQ5 launch: To expand charging infrastructure with Tata Power

New Delhi : Hyundai Motor India Limited (HMIL) and Tata Power today announced a partnership to expand the scope of electric vehicles (EV) charging infrastructure across the country. : Economic Times

UPPCL notice to 1,800 engrs for inaction against power theft

Lucknow : The Uttar Pradesh Power Corporation Ltd (UPPCL) has issued notices to nearly 1,800 engineers, including JEs, AEs and others, on the ground that they failed to lodge power theft FIR within 24 hours after conducting raids. : Economic Times

PSPCL fines 584 for ₹88 lakh for theft, other violations

Patiala : Punjab State Power Corporation Limited (PSPCL) has launched a campaign against theft of electricity and it comes with raids and fines. On May 13 and 14, it checked 3,035 connections linked to high losses feeders and imposed Rs 88.18 lakh penalty on 584 consumers. : Economic Times

SAP’s Gangadharan appointed to Siemens India board

Bengaluru : Sindhu Gangadharan, SVP & managing director at SAP Labs India and head of SAP User Enablement, has been appointed to Siemens India’s board of directors as an independent director. : Economic Times

Tea industry worried over rising coal costs: TAI

Kolkata : Leading industry body Tea Association of India (TAI) on Monday flagged the issue of rising coal costs due to acute shortage which is affecting plantation activity as it is an important input for manufacturing in North Bengal. : Economic Times

Maharashtra nod to Adani for 1,000-MW power line to boost Mumbai supply

New Delhi : With the state expecting Mumbai’s electricity consumption to rise 5 per cent every year, it has given Adani Electricity permission for a 80km, 1,000MW underground transmission line between Aarey in Goregaon and Kudus in Thane’s Wada taluka under a 25-year build-own-operate licence. : Economic Times

Govt may ask RBI for power projects window

New Delhi : The reported move comes at a time of severe power crisis due to lower availability of coal and high power demand. : Mint

IOCL invites bid to set up a 2.25 MW solar project in MP

New Delhi : Government-owned oil and gas producer, Indian Oil Corporation Limited (IOCL) invited bids for presenting consultancy services to install a 2.25 MW solar project in Jabalpur at its LPG bottling plant. : psuconnect.in

Georgia to invest in multiple renewable energy projects

New Delhi : The government of Georgia has given green signal to several projects for the development of renewable energy. The key decisions were taken during the official session of the Georgian Government Administration. : saurenergy.com

Delhi Govt Makes Ambitious Solar Plans, Again

New Delhi : The Delhi government has announced an ambition to increase the solar power generation to 50% of the total energy demand by the end of this decade and also make the city rooftop solar capital of India. : saurenergy.com

Tanzania to add 6 GW renewable energy

New Delhi : Samia Suluhu Hassan, the new president of Tanzania, is wooing investors to invest in the green and clean energy projects in a bid to energy security for her country and also mitigate the onslaughts of climate change. : saurenergy.com

Battery Swapping For Electric Vehicles And Ways To Lead The Change

New Delhi : Electric vehicles are becoming more visible with the increasing use cases in the commercial vehicle space. Many manufacturers and solution providers are working on measures to make EVs more affordable, easy to charge and economical to operate. : saurenergy.com

As DGTR Recommends Extension of Duty on Solar Glass, Borosil Renewables To Benefit

New Delhi : Anti dumping duties on Solar glass, first imposed in August 2017 for 5 years, are likely to continue for another two years, as the investigation arm of the commerce ministry, the Directorate General of Trade Remedies (DGTR), has recommended for continuation of anti-dumping duty on it for another two years. : saurenergy.com

New RE Capacity Will Touch 300 GW This Year, Solar To Dominate: IEA

New Delhi : A new report by the International Energy Agency (IEA) predicts that new RE capacity across solar, wind and other sectors will collectively exceed 300 GW globally this year for the first time against 295 GW in 2021. : saurenergy.com

LONGi, Jinko, and JA Solar Top the Module Suppliers List in 2021

New Delhi : LONGi Solar, Jinko Solar, JA Solar, Adani Solar, and Trina Solar were the leading module suppliers to the Indian solar market in the calendar year (CY) 2021. The three companies were responsible for half of the modules supplied to solar projects in India during the year. : mercomindia.com

Tender Issued for a 2.5 MW Ground-Mounted Solar Project in Gujarat

New Delhi : Surendranagar Mahila and Bal Vikas Mandal has issued a notice inviting tender for the survey, installation, testing, and commissioning of a 2.5 MW grid-connected ground-mounted solar power project at Surendranagar in Gujarat. : mercomindia.com

APAC Investment Firm PAG to Acquire First Solar’s Projects in Japan

New Delhi : Asia-Pacific investment firm PAG has agreed to acquire module manufacturer First Solar‘s 293 MW utility-scale solar projects and a 665 MW solar project operations and maintenance (O&M) platform in Japan. : mercomindia.com

Battery Storage Company Flux Power’s Revenue Up by 89% YoY in Q3 FY 2022

New Delhi : U.S.-based lithium-ion storage solutions provider Flux Power Holdings recorded $13.2 million in revenue in the third quarter (Q3) of the fiscal year 2022, an increase of 89% from $7 million in the same period last year. : mercomindia.com

Oil and Gas

IOC posts highest revenue by any Indian company, record profit in FY22

New Delhi : The Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Tuesday reported a 31.4 percent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales. : Free Press Journal

Indian Oil posts FY22 revenue at Rs 7.28 lakh crore; highest-ever by any Indian firm

New Delhi : Indian Oil Corporation (IOC) has reported a standalone revenue of Rs 7.28 lakh crore or USD 96 billion for the fiscal year ended March 2022, which is the highest-ever revenue clocked by an Indian company in a financial year. : timesnownews

Indian Oil posts highest revenue by any Indian co, record profit in FY22

New Delhi : Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales. : Economic Times

IOC board approves 1:2 bonus share issue; Q4 profit falls 26.4 per cent YoY

New Delhi : Indian Oil Corporation on Tuesday said its board considered and approved a bonus issue of shares. The company said it would issue shares in the ratio of 1:2, i.e., one new bonus equity share of for every two existing equity shares. : Economic Times

IOCL invites bid to set up a 2.25 MW solar project in MP

New Delhi : Government-owned oil and gas producer, Indian Oil Corporation Limited (IOCL) invited bids for presenting consultancy services to install a 2.25 MW solar project in Jabalpur at its LPG bottling plant. : psuconnect.in

Petrol in India cheaper than UK, Germany but costlier than US, China, Pakistan, Sri Lanka

New Delhi : Petrol in India is cheaper than in countries like Hong Kong, Germany and the UK but costlier than in China, Brazil, Japan, the US, Russia, Pakistan and Sri Lanka, a BOB Economics Research report showed. Rising fuel prices in India have led to considerable debate on which government, state or central, should be lowering their taxes to keep prices under control. : Economic Times

With just one bidder left, BPCL divestment scrapped

New Delhi : The government has scrapped the BPCL divestment process as there was just one bidder left in the fray after the two others dropped out due to their inability to tie up funds for the acquisition, said an official. : Economic Times

OPINION: India’s Green Hydrogen policy: A perspective

New Delhi : lhi: In recent years, Green Hydrogen has increasingly been touted as the ‘Swiss knife’ for decarbonizing “hard-to-abate” industries in a bid to limit emissions as per 1.5 Degree Celsius pathway. : Economic Times

Equinor, Exxon agree to expand Brazil oil operations

Houston : Equinor SA and Exxon Mobil Corp have taken the first steps to expand an $8 billion oil development off Brazil’s coast, the Norwegian oil producer told Reuters. : Economic Times

French group ENGIE: in talks with Gazprom over changing payment scheme for Russian gas

Paris, France : French power group ENGIE said on Tuesday that it was in talks with Gazprom regarding changing the payment scheme for Russian gas supplies, as it also posted higher first quarter profits and raised its 2022 financial guidance. : Economic Times

Need to reduce taxes on oil in collaborative manner: CII President

New Delhi : Making a strong case for reduction in taxes on petrol and diesel, CII President Sanjiv Bajaj on Tuesday said it should be done in a collaborative manner between the Centre and states with a view to containing the rising inflation. : Economic Times

Czechs plan new state energy trader to boost gas security

New Delhi : The Czech industry ministry plans to launch a new state energy trader whose main aim is purchasing gas as the central European country seeks to boost its energy security and shift away from dependence on Russian supplies. : Economic Times

Russia jumps to fourth position as oil supplier to India: tanker data

New Delhi : Russia became the fourth-largest oil supplier to India in April, with volumes set to rise further in coming months as low prices spur demand from the world’s No. 3 oil consumer and importer, tanker tracking data showed. : Economic Times

Valvoline ready with lubricant products for EVs as industry expands in India

New Delhi : The 2020-21 fiscal year saw degrowth for several industries owing to the ongoing pandemic but now as markets inch back to normalcy, companies have had to adapt to some new ways of doing business. : Economic Times

In US, states struggle to replace fossil fuel tax revenue

New Delhi : Government budgets are booming in New Mexico: Teacher salaries are up, residents can go to an in-state college tuition-free, moms will get medical care for a year after childbirth, and criminal justice initiatives are being funded to reduce urban violence. : Economic Times

Eni to open accounts for Russian gas after EU clarification: sources

New Delhi : Italian energy group Eni will open accounts this week to pay for Russian gas after clarification such a move will not breach sanctions, two sources said on Monday. : Economic Times

Domestic fuel prices won’t rise in tandem with crude: Oil ministry official

New Delhi : Domestic fuel prices will not rise in tandem with international crude prices as consumers need to be protected, an oil ministry official has said, defending a curb on free pricing. He backed reasonable profit for refiners but warned against ‘profiteering’ by them. : Economic Times

Saudi Aramco weighs IPO of trading unit amid oil boom, says report

New Delhi : Saudi Aramco is considering an initial public offering of its trading arm amid a boom in oil prices in what could be one of the world’s biggest listings this year, according to people with knowledge of the matter. : Business Standard

IOC posts highest revenue by any Indian co, record profit in FY22

New Delhi : Indian Oil Corporation (IOC), the nation’s greatest oil agency, on Tuesday reported a 31.4 per cent drop in the fourth quarter internet profit as record refining margins have been wiped away by a margin squeeze in petrochemicals and losses on auto gas gross sales. : india.com

IOC posts highest revenue by any Indian company, record profit in FY22

New Delhi : Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales. : Business Standard

IOC posts highest revenue by any Indian co, record profit in FY22

New Delhi : Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales. : New Indian Express

IndianOil appoints V C Asokan as ED and state head, TN & Puducherry

Chennai : Oil major IndianOil on Tuesday said it has appointed V C Asokan as its executive director and state head for Tamil Nadu and Puducherry. Prior to taking up the new role he was heading Kerala state office of the oil marketing company as its executive director and state head, a press release said. : Economic Times

IOC Q4 net profit drops 31%; board recommends 1:2 bonus issue of shares

New Delhi : Indian Oil Corporation (IOC) on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit on a margin squeeze in petrochemicals and losses on auto fuel sales. : Business Standard

IndianOil Financials 2021-22: Posts highest ever Revenue, Net Profit

New Delhi : IndianOil reported Revenue from Operations of Rs. 7,28,460 crores for FY 2021-22 as compared to Rs. 5,14,890 crores in previous financial year. : psuconnect.in

Big Oil gets investor reprieve as energy worries trump climate concerns

London : Big Oil has enjoyed an easier ride at shareholder meetings so far this year compared with last year’s punishing run of hostile investor votes tied to climate concerns, as those issues have been eclipsed by tight oil supplies. : Economic Times

EU clarifies how companies can legally pay for Russian gas

New Delhi : The European Commission has explained how EU companies can pay for Russian gas without breaching the bloc’s sanctions against Russia, in an updated guidance on the issue seen by Reuters. : Economic Times

India weighs selling part of BPCL instead of full stake: Report

New Delhi : India is considering selling up to a quarter of state-run refiner Bharat Petroleum Corp Ltd after failing to attract suitors for the whole firm, two officials said, as the government’s divestment programme moves slower than expected. : Mint

EU ministers fail to persuade Hungary to sign up to Russian oil embargo

New Delhi : EU foreign ministers failed on Monday in their effort to pressure Hungary to lift its veto of a proposed oil embargo on Russia, with Lithuania saying the bloc was being “held hostage by one member state”. : Economic Times

Bahrain state oil firm to appoint financial adviser, CEO says

New Delhi : Bahrain’s state oil firm nogaholding is in final talks to appoint a strategy consultant and financial adviser, its chief executive said on Monday, as the indebted country seeks to capitalise on high energy prices and sell or lease out assets. : Economic Times

David McCormick criticizes Biden for driving up gas costs by restricting Pennsylvania’s bountiful energy supply

New Delhi : President Joe Biden’s war on energy is to blame for high gas prices, says David McCormick, a George W. Bush administration veteran and former CEO running for Senate in Pennsylvania. : Economic Times

OPINION: Oil hedge funds caught between sanctions and recession: Kemp

London : Portfolio investors have left their petroleum positions essentially unchanged for the last nine weeks as loss of production from Russia is matched by loss of consumption from China and Europe. : Economic Times

RWE has opened euro account in Russia to pay for gas

Frankfurt : RWE has opened an account in Russia to pay for gas in euros, a spokesperson for Germany’s largest power producer said, preparing to meet Moscow’s demands for a new payment scheme ahead of a closely-watched deadline later this month. : Economic Times

Record GRMs offset fuel under-recoveries for oil companies

New Delhi : A higher gross refining margin of over $20 per barrel is helping oil marketing companies, public and private, offset the under-recoveries – ₹10 per litre on petrol and ₹22-25 per litre on diesel – that they are incurring by not increasing fuel prices, executives from these companies said. : Economic Times

Govt weighs selling part of BPCL instead of full stake

New Delhi : India is considering selling up to a quarter of state-run refiner Bharat Petroleum Corp Ltd after failing to attract suitors for the whole firm, two officials said, as the government’s divestment programme moves slower than expected. : Economic Times

Oil rises to 7-week high on EU’s Russian oil ban effort, demand hopes

New Delhi : Oil prices rose to over $115 a barrel on Tuesday, their highest in about seven weeks, supported by the European Union’s ongoing push for a ban on Russian oil imports that would tighten supply. : Business Standard

Oil settles higher on demand optimism, gasoline strength

New York : Oil prices rose on Monday on optimism that China would see significant demand recovery after positive signs that the country’s coronavirus pandemic was receding in the hardest-hit areas. : Economic Times

How aviation fuel at a record high will pinch your pocket

New Delhi : Airfares may rise further in the coming days after the latest hike in jet fuel price, as airlines pass on the higher expense to customers. : Mint

Sarkaritel
By Sarkaritel May 18, 2022 06:16