Oil rises 1% on Saudi Aramco's upbeat demand view, Iraq supply cut
U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 1.2%, to $41.71 a barrel at 0010 GMT, while Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel.
While the oil-to-chemical conglomerate has in recent times seen focus on consumer business, RIL's core oil-to-chemical (O2C) business is well placed to generate sustained free cash flow, BofA Securities said in a report. Future of O2C is new energy company and partnerships.
An agreement between Pakistan and Saudi Arabia for provision of $3.2 billion worth of oil on deferred payments per annum has expired two months ago and decision about its renewal remains pending with Riyadh, according to leading Pak daily The Express Tribune.
The government is likely to issue tenders worth Rs 20,000 crore to 30,000 crore for renewable energy transmission projects in the current financial year, compared to nil 10 years ago.
This order applies to solar, wind, and hybrid projects, and includes storage projects as well. Obligated entities can also avail of the waiver to fulfill their renewable energy obligations (RPO).
U.S. West Texas Intermediate (WTI) crude futures were down 3 cents, or 0.1%, at $42.16 a barrel at 0148 GMT, while Brent crude futures rose 6 cents to $45.23.
State-run Energy Efficiency Services Ltd (EESL) has cancelled Rs 500 crore contract placed on a China-backed PT Hexing as it failed to comply with the local content norms.
Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service