Tehran: Iran's Oil Ministry denied state media reports on the Islamic state stopping its crude exports to six European countries on Wednesday. Iran's English language Press TV said Tehran has stopped exporting oil to France, Portugal, Italy, Greece, Netherlands and Spain. "We deny this report...If such a decision is made, it will be announced by Iran's Supreme National Security Council," a spokesman for the ministry said. The EU's 27 member...
07:43 PM, Feb 15, 2012
New Delhi: In a significant policy change, the government plans to reserve 27 per cent of new petrol pumps and LPG agencies for Other Backward Classes (OBCs). Presently, 25 per cent of the sites for new petrol pumps are reserved for Scheduled Caste (SC) and Scheduled Tribe (ST) persons. "We are in the process of formulating new guidelines for setting up of retail outlets and LPG distributorships. The new guidelines...
07:09 PM, Jan 20, 2012
New Delhi: Slamming the move to restrict cost it can recoup from flagging KG-D6 gas fields, Reliance Industries has said it has slapped an arbitration notice on government against the "violation" of the signed contract. "The Production Sharing Contract (PSC) contains no provision which entitles the Government of India to restrict the costs recovered by the company by reference to factors such as the level of production or the extent...
07:49 AM, Nov 29, 2011
New Delhi: Already at the receiving end of political backlash after the petrol price revision, the government is now not looking at raising prices of subsidised diesel, kerosene and cooking LPG despite oil PSUs losing a record Rs 360 crore per day. A top oil ministry official said it will be "suicidal" to even think of raising prices of diesel, LPG or kerosene just before Parliament is to meet or...
05:36 PM, Nov 18, 2011
New Delhi: In what comes as a major relief for the 'Aam Aadmi', the petrol prices are likely to be brought down by Rs 2. According to sources in the Oil Ministry, though the cut down cannot be termed as a rollback, it is the government that has suggested the reduction in the prices. The sources further said that the slashing of the prices would be a political decision, adding...
07:56 AM, Nov 15, 2011
New Delhi: Oil Minister S Jaipal Reddy on Wednesday called for a meeting of the Empowered Group of Ministers (EGoM) to decide on revising the prices of diesel and LPG. "I have asked for a meeting of the Empowered Group of Ministers (EGoM)," Reddy told reporters after a meeting with Finance Minister Pranab Mukherjee, who heads the EGoM. State-owned oil firms are currently losing Rs 9.27 per litre of diesel,...
02:31 PM, Nov 02, 2011
Mumbai: Oil explorer Cairn India said on Wednesday it had received approval from its shareholders to accept conditions imposed by the government necessary to clear Vedanta Resources' deal to buy a 40 per cent stake in the company. The approval moves the long-delayed stake sale, one of the largest in India's energy sector, closer to conclusion. Cairn will now await a no-objection certificate from JV partner Oil and Natural Gas...
12:44 AM, Sep 15, 2011
New Delhi: More than three weeks after the Cabinet Committee on Economic Affairs gave conditional nod to the $ 9-billion Cairn-Vedanta deal, the Oil Ministry on Tuesday sent a formal letter to the companies informing of the decision. "The letter was collected by Cairn India representatives this afternoon," an oil ministry official said. Cairn Energy Plc, which is selling 40 per cent out its 62.4 per cent stake in its...
05:31 PM, Jul 26, 2011
New Delhi: Ahead of a planned meeting with the Comptroller Auditor General (CAG), Reliance Industries has said that it was not being given enough time to respond to the audit observations on KG-D6 gas fields. In a letter to the petroleum ministry, RIL Senior Vice President (Commercial) B Ganguly stated that the time CAG has allocated to the company at the July 12 Exit Conference that will conclude the audit...
11:41 AM, Jul 10, 2011
New Delhi: The government said it granted Vedanta Resources conditional approval on Thursday to buy a stake in British oil explorer Cairn Energy's Indian business, in a deal valued at around $ 6 billion. Cairn Energy agreed last week to sell a 40 per cent stake in Cairn India to Vedanta. The sale, one of the largest in India's energy sector, has been delayed for more than 10 months due...
08:08 AM, Jul 01, 2011
New Delhi: In a startling development, the Comptroller Auditor General (CAG) has refused to give Reliance Industries an opportunity to comment on its draft audit report that indicts the Mukesh Ambani-run firm for allegedly receiving undue favours from the Oil Ministry. The nation's top auditor turned down a request of the Oil Ministry to allow private firms like Reliance and Cairn India, against whom the draft report has passed strictures,...
12:24 PM, Jun 26, 2011
New Delhi: Finding itself admist a raging controversy over comments against it in a draft CAG report, the Oil Ministry has said it will never allow Reliance Industries or any other operator to overbill the government and cause loss to the exchequer. The ministry is in the process of preparing a response to the draft report of the Comptroller and Auditor General of India (CAG), which slammed the oil ministry...
10:59 AM, Jun 19, 2011
New Delhi: The CBI on Tuesday stepped in to investigate the alleged flouting of policy by Mukesh Ambani led Reliance Industries Limited(RIL). Irregularities in the policy were highlighted in the draft in the Comptroller Auditor General (CAG) Report leaked to the media on Monday. CNN-IBN gained access to the CBI documents which asked the Oil Ministry to send across files related to the KG D6 oil fields. The CBI has,...
08:16 PM, Jun 14, 2011
New Delhi: State-owned oil firms may hike petrol price by about Rs 0.50 per litre from June 16 as last month's steep increase in rates is not enough to cover the cost of raw material (crude oil). "If there are no (political) pressure, we would like to hike petrol price from midnight of June 15 and 16," a top official of Indian Oil Corp (IOC), the nation's largest fuel retailer,...
05:48 PM, Jun 08, 2011
New Delhi: CPI(M) General Secretary Prakash Karat has said the Left, which provided outside support to the UPA-I, was aware that Mani Shankar Iyer was shifted out of the Petroleum Ministry in 2006 as he was pursuing energy policy which the Americans did not like. Karat said the Left parties, which conveyed their displeasure to Prime Minister Manmohan Singh for pursuing pro-US policies, however, did not come public on the...
02:11 PM, Mar 27, 2011
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