India’s biggest asset sale to attract China-wary oil majors

oil investors headed to India, said a top executive at a refiner that Prime Minister Narendra Modi’s government has put up for sale.“The choices of investing in oil sector will be limited when the world becomes normal and India will be the only happening alternative,” N. Vijayagopal, finance director at Bharat Petroleum Corp. said in […]

Indian refiners to pay Iran for oil in Rupee

NEW DELHI: Indian refiners will pay for oil from Iran in rupee, using UCO Bank and IDBI Bank, from November 4 when petroleum-related sanctions against the Islamic Republic take effect, according to people familiar with the matter. India has also offered to cut its oil purchase from Iran significantly to secure a waiver from the […]

Reliance says not involved in any cash payment arrangement to Venezuela’s PDVSA for oil

Reliance Industries denied involvement in any arrangements that lead to cash payments for oil supplies to Venezuelan state oil company PDVSA via third parties, and said it is not in violation of any U.S. sanctions, according to a statement from India’s giant oil refining company on Saturday.Venezuela’s President Nicolas Maduro is funneling cashflow from Venezuelan […]

Low oil prices shrink Gulf jobs for Indians

Saudi Arabia, but it faces an equally worrying and more intractable problem of declining remittances from the Persian Gulf region due to low crude oil prices that have rendered a large number of expatriates jobless.Remittances to India from the Gulf countries fell 2.2% in 2015-16 from that a year ago to $35.9 billion, declining for […]

India’s oil import dependence jumps to 84 per cent

Narendra Modi may have set a target to cut India’s oil import dependence by 10 per cent but the country’s reliance on foreign oil for meeting its energy needs has jumped to a multi-year high of nearly 84 per cent, latest government data showed. Speaking at the ‘Urja Sangam’ conference in March 2015, the Prime […]

Russia and Ukraine Tensions Return As Oil Tanker Conflicts Spread from Middle East to Europe

The Grace 1 was captured by the U.K.’s Royal Marines as it attempted to transit the U.K.-controlled Strait of Gibraltar that connects the Atlantic Ocean to the Mediterranean Sea. Last week, Iran’s Revolutionary Guards apprehended the U.K.-flagged Stena Impero oil tanker in the Strait of Hormuz and brought it to the port of Bandar Abbas, […]

Mauritius oil spill – Race against time as ship could break in HALF spilling another 4,000 tonnes into Indian Ocean

Thousands of species around the pristine lagoons of Blue Bay, Pointe dEsny and Mahebourg are at risk of drowning in a sea of pollution, said Greenpeace’s climate and energy manager, Happy Khambule.

Mauritius declares emergency as oil tanker leaks 1,000 tonnes of fuel into Indian Ocean devastating wildlife and beaches

Thousands of species around the pristine lagoons of Blue Bay, Pointe dEsny and Mahebourg are at risk of drowning in a sea of pollution, said Greenpeace’s climate and energy manager, Happy Khambule.

Tankers ship Iranian fuel cargoes to U.S. for seizure

The four tankers that initially carried the cargoes were the Liberia-flagged Bella, Bering, Pandi and Luna. They are owned and managed by companies controlled by Greece-based firms Vienna LTD and Palermo SA. The fifth vessel, the Wila, which was boarded by Iranian forces near the Strait of Hormuz on Wednesday, is owned by Bandit Shipping […]

Saudi Aramco to press ahead with plan to boost output capacity, CEO says

DUBAI/RIYADH (Reuters) – Saudi Aramco (2222.SE) is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group’s CEO said on Monday.