Reliance Industries has rejected two Iranian oil cargoes. This comes just before a U.S. waiver on Iranian oil exports expires. Washington will not renew these waivers. India had allowed Reliance to buy Iranian oil on several sanctioned tankers. Reliance stated the Derya tanker cargo did not meet compliance requirements. Indian Oil Corp recently bought Iranian…
LPG demand is expected to moderate during the summer season, with bookings already witnessing a decline, said Sujata Sharma, Joint Secretary (Marketing & Oil Refinery), Ministry of Petroleum and Natural Gas, during an inter-ministerial briefing on recent developments in West Asia on Friday.
PNGRB has initiated bidding for nine LPG pipeline projects spanning around 2,500 km to reduce reliance on road transport and improve safety and efficiency in LPG distribution. As per its announcement, four key pipelines are currently in the bidding stage, with an estimated investment of Rs 12,500 crore. The move aims to connect refineries and…
Indian refiners are making payments for Iranian oil using Chinese yuan. This is happening through ICICI Bank’s Shanghai office. Indian Oil and Reliance have bought shipments under a temporary U.S. sanctions waiver. This payment method has not been previously reported. India has also used yuan for Russian oil. The U.S. waiver on Iranian oil is…
India has called the targeting of commercial shipping in the West Asia conflict “deplorable” and urged the immediate restoration of safe and free navigation through the Strait of Hormuz, citing concerns over energy security and global trade.
Oilmax Energy aims for a significant revenue milestone of ₹3,000 crore by 2028-29. The company is expanding its operations across oil, gas, and coal sectors. It is also exploring new areas like coal gasification. This growth strategy is expected to drive substantial financial performance for Oilmax Energy in the coming years.
State-run BPCL announced that the SEAP-I project in Brazil, operated by Petrobras, has received Final Investment Decision. BPCL, through its subsidiary IBV, holds a 40% stake and will invest approximately $2.8 billion. The project, utilizing the FPSO vessel P-81, aims to enhance India’s energy security by diversifying oil supply sources.
Iran supplied about 4 million barrels in April, or 7% of total imports, resuming shipments to India after seven years. However, a US naval blockade of Iranian ports, currently underway, could constrain further supplies this month.
IndianOil has significantly increased Auto LPG supplies in Bengaluru by nearly 300 percent. This action addresses a sharp surge in demand caused by disruptions in private sector supply chains. The company is working to stabilize fuel availability for the city’s transport system. Supplies across Karnataka have also doubled. IndianOil’s outlets are operating without interruption to…
India’s central bank is taking action to support the rupee. State-run oil refiners are being asked to use a special credit line for dollar needs instead of buying on the spot market. This move aims to reduce pressure on the Indian currency. The Reserve Bank of India is employing measures similar to those used during…