The petroleum ministry has asked IOC and BPCL to reverse their decision of awarding refinery upgradation contracts to Shell Global Solutions without inviting bids.
Public sector oil refiners said they cannot honour their commitment to lift up to 0.7 million tonnes of Cairn India's Barmer crude this year, till it finalises the price.
Post the deal, the two promoters, GSPC and BPCL, will hold 25% stake each in the company, the rest 0.126% to be held by 12 individuals.
Reliance Industries (RIL) and ONGC Videsh (OVL) may pick up 20% stake each in at least one of the three large oil fields in Venezuela’s Carabobo region, people familiar with the matter said.
The government has set up a committee to ensure supply of Euro-IV petrol and diesel in 13 major cities and Euro-III fuels in the rest of the country from April 1, 2010.
OMEL holds 65% interest in NCMA-2, an offshore exploration block located at the northern margin of Trinidad and Tobago. The balance 35% is held by Trinidad and Tobago’s national oil company Petrotrin.
The government is examining contracts awarded to Shell Global Solutions for upgrading state-owned refineries without inviting global bids.
The government has started receiving its share of profit from Reliance Industries (RIL)-operated D-6 block in the Krishna-Godavari (KG) basin.
Public sector oil companies have prepared a mega plan to help re-fuel a sputtering economy without any burden on the exchequer by spending Rs 57,000 crore next year on expanding supplies and building new transportation networks for oil and gas.
GAIL India, the country’s flagship natural gas company, will spin off its marketing business into a separate firm from April 1 to comply with the policy guidelines outlined by the petroleum regulator.
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