Oil & Natural Gas Corp director finance DK Sarraf is tipped to be the new chief of ONGC Videsh Limited(OVL), the foreign arm of state-run oil explorer ONGC.
Cairn Energy Plc has wrote to ONGC to grant its no-objection certificate by September 21 for completing the Cairn-Vedanta deal.
State refiners Indian Oil, Hindustan Petroleum and Bharat Petroleum have ruled out any immediate reduction in petrol prices.
State-run oil marketing firms are losing thousands of crores because of delays in disbursement of subsidy after it is approved.
HPCL has reported net loss to Rs 3,080 crore in the first quarter of current financial year because of huge revenue losses on selling diesel, kerosene and cooking gas below market rates and rising borrowings.
The government has no immediate plans to sell diesel at higher prices to large cars and at subsidized rates to farmers.
RIL has said that it has received the government’s approval for selling 30% stakes in its 21 oil and gas blocks to global energy major BP for $7.2 billion.
Reliance Industries and BP are still waiting for the formal communication from the oil ministry approving the $7.2-billion deal.
Cairn Energy Chairman Bill Gammell has promised to withdraw arbitration over cess payment and share ONGC’s royalty burden in the oil-rich Rajasthan block.
Compensation of Rs 15K cr may fail to save Indian Oil, Bharat Petroleum, Hindustan Petroleum from sinking into red
State-run Indian Oil, Bharat Petroleum and Hindustan Petroleum may sink into red in the first quarter of this year.
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