(ET) U.S. crude oil futures turned negative on Monday for the first time in history, ending the day at a stunning minus $37.63 a barrel as traders sold heavily because of rapidly filling storage space at the key Cushing, Oklahoma, delivery point. Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide. The May U.S. WTI contract fell $55.9, or 306 per cent, to settle at a discount of $37.63 a barrel after touching an all-time low of -$40.32 a barrel. Brent was down $2.51, or 9 per cent, to…
Author: Amit Bhanot
(PTI) State-owned oil firms will resume as many as 511 projects involving over Rs 42,000 crore of investment with immediate effect as the country partially exited from an unprecedented nationwide lockdown on Monday.Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC), GAIL, Oil India Ltd and six other public sector firms identified projects that either in rural areas or have in situ labour for the resumption of work, oil ministry sources said. The government had last week allowed makers of information technology hardware, farmers and industries in rural areas to resume operations as it looked to revive the economy that got stalled…
(ET) Union Minister Dharmendra Pradhan held a meeting of National Biofuel Coordination Committee. At the meeting, Pradhan discussed ways in which biofuel industry can help the country in stepping-up its fight against COVID-19, as per information provided by Ministry of Petroleum and Natural Gas.Attendees of the meeting were seen observing social distancing norms as advised by the government to check the spread of corona virus.
Oil marketing companies IOCL,BPCL, HPCL today announced an ex-gratia amount of Rs.5 lakh each, as a one-time special measure, in the unfortunate case of demise of personnel like Show-room Staff, Godown-keepers, Mechanics and Delivery boys attending duty in the LPG distributorship chain due to the infection and impact of Covid-19. Through a tweet, Minister of Petroleum and Natural Gas and Steel Shri Dharmendra Pradhan said, “Welcome the humanitarian decision taken by Indian Oil, BPCL and HPCL.This gesture of goodwill is a recognition of the services rendered by our personnel in these trying times. Well-being of our workers is of paramount…
PSUs under Ministry of Petroleum and Natural Gas are ready with a contribution of Rs. 1031.29 cr towards PM-CARES Fund. In a statement, Shri Dharmendra Pradhan, Minister of Petroleum and Natural Gas and Steel said, “I am grateful, and delighted, to announce that the oil & gas establishment is ready with a contribution of ₹1031.29 crore by the PSUs and other oil JVs for the PM-Cares Fund. Additionally, ₹61 cr. has been contributed by colleagues of PSUs from their salaries for PM-Cares Fund.” He also added,”I am humbled to see the commitment of our people of oil and gas PSUs…
Hon’ble Finance Minster in his Budget Speech on 1st February, 2018 had announced setting up of two Defence Industrial Corridors in the country. In pursuance to the said announcement, it has been decided to develop one such corridor in Uttar Pradesh. Subsequently six nodes viz Agra, Aligarh, Chitrakoot, Jhansi, Kanpur and Lucknow have been identified. The investment of Rs. 3700 crore were announced by Ordnance Factories Board (OFB)/Defence Public Undertakings (DPSUs) and Private Industries in Uttar Pradesh Defence Industrial Corridor. Setting up of Uttar Pradesh Defence Industrial Corridor would catalyse indigenous production of defence and aerospace related items, thereby reducing…
(ET) Domestic demand for petrol, diesel, jet fuel and shipping fuel have all contracted 10% in the first fortnight of March, the first such decline in several years, as the Coronavirus outbreak severely restricts public movement and slows economic activity. Sales are dropping at petrol pumps and compressed natural gas (CNG) filling stations across several states in a sign that March would turn out to be the worst month in several years for fuel consumption despite fall in pump prices.Drop in sales volume would hit earnings of refiners and fuel retailers that are already facing deep inventory losses this quarter…
(PTI) The Jammu and Kashmir administration announced on Wednesday closure of the Vaishno Devi yatra and banning of all interstate buses as part of the precautionary measures to arrest the spread of coronavirus. “Shri Mata Vaishno Devi Yatra has been closed from today. Operations of all interstate buses — incoming and outgoing from Jammu and Kashmir, banned from today,” the Jammu and Kashmir Director of Information and Public Relations (DIPR) said in a tweet. The district administration in Udhampur suspended all modes of public transport, while two major parks including Bagh-e-Bahu in Jammu and all public parks in Poonch district have…
(PTI) Setting a record of being the first BJP chief minister to complete three straight years in office in Uttar Pradesh, Yogi Adityanath said on Wednesday that his government has succeeded in changing people’s perception of the state and took it on the path of development, trust and good governance. Citing “improvement” in law-and-order as one of the achievement, he claimed that no riot has taken place in the state and the crime rate was on the decline. Mentioning closure of illegal slaughter house and setting up anti-romeo squads for women security as its achievements, Adityanath observed that his government has…
(ET) Solar Energy Corporation of India (SECI) will set up a 50 megawatt (MW) solar project in Leh, renewable energy minister R K Singh said while replying to a question on the mega solar power plant being planned for Ladakh. “The government has planned for two solar plants each of 7 MW capacity with 21 MWh battery energy storage system at Leh and Kargil,” Singh said in a written reply in Parliament..Answering a separate question on the total electricity demand, and solar and wind energy potential of Ladakh. The minister said the total peak power demand of the union territory of Ladakh is 50 MW. “Solar and wind energy potential of the…