The firm's President and CEO Meg Gentle said, "Petronet, India's largest LNG importer, will be able to deliver clean, low-cost, and reliable natural gas to India from Driftwood."
Petrol price was on Sunday hiked by 27 paise to Rs 73.62 a litre in the Delhi market -- the benchmark for national rates, according to a price notification by state-owned oil firms.
On September 14, drones attacked the world's largest crude-processing facility operated by Saudi Arabia's Aramco. The drone attack, claimed by Yemen’s Houthi rebels, cut the kingdom’s crude output in half and sent prices soaring by the most in decades.The attack on Saudi Aramco's crude-processing facilities at Abqaiq and Khurais cut output by 5.7 million barrels a day and threw into question its ability to maintain oil exports.Oil minister Dharmendra Pradhan stated that "we are confident that there would not be any supply disruption" as the situation is "closely monitored". However, analysts warned that an extended period of high oil prices could hurt India’s economic growth as it imports 83 per cent of its crude requirement.
The MOU will be signed at an energy forum in the presence of Modi, one of the sources said, declining to be named as he was not authorised to speak with media.
Pradhan spoke to his Saudi counterpart on phone to discuss its supply plan in the aftermath of a massive attack on the Kingdom's crude oil facilities.
India buys some 200,000 tonnes of LPG every month from Saudi Arabia.
India remains vulnerable to volatility in the global crude oil market.
Diplomatic sources said that supply details would be discussed in detail during the visit of the official Indian delegation to the US stating September 21
Petrol price was increased by 25 paise per litre to Rs 72.42 and diesel by 24 paise to Rs 65.82 in the Delhi market.
Union Petroleum Minister Dharmendra Pradhan met Russian Oil Company Rosneft’s Chief Executive Officer, Igor Ivanovich Sechin, on September 17. While speaking on India and Russia partnership Pradhan said, “Four Indian companies are planning to increase investment in Russian oil field Eastern cluster. (ANI)
Oil Minister Dharmendra Pradhan discussed investment opportunities when he met Igor Sechin, chief executive of Russian oil major Rosneft.
Russia is jostling to capture market share in fast-growing India against rivals Saudi Arabia, Qatar and United Arab Emirates.
The board's order was issued considering violation of environmental laws in six wells of the state-owned energy behemoth in Assam.
Petrol price was increased by 14 paisa per litre to Rs 72.17 and diesel by 15 paisa to Rs 65.58 per litre in Delhi.
IOC will receive full allocated volumes from Saudi Aramco in September and October, the source said, declining to be named as he was not authorised to speak with the media.
These vehicles will also help avoid about 159 tonnes of PM2.5 tailpipe emissions, a known cause of respiratory diseases and premature deaths.
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