Worst hit are private retailers like Nayara Energy, Jio-bp and Shell, who have so far refused to curtail any volume despite a surge in sales The price of diesel sold to bulk users has been hiked by about ₹25 per litre in line with a near 40% rise in international oil prices, but retail rates … Read more
Indian conglomerate Adani Group is exploring potential partnerships in Saudi Arabia, including the possibility of buying a stake in the world’s largest oil exporter, people with knowledge of the matter said. The group, led by Indian tycoon Gautam Adani, has held preliminary talks on a range of potential cooperation and joint investment opportunities with Saudi … Read more
Russia urged India to deepen its investments in the sanction-hit country’s oil and gas sector, and is keen on expanding the sales networks of Russian companies in Asia‘s third-largest economy. Russia’s economy faces its deepest crisis since the 1991 collapse of the Soviet Union, as the West imposes severe sanctions over Moscow’s invasion of Ukraine. … Read more
Chip shortage is leading new facilities coming up globally. Now Vedanta and Foxconn have joined together to set up one in India. Key points to note – A new JV has been set up where Vedanta will hold majority and Hon Hai Technology Group (also known as Foxconn) will hold minority. Quantum of investment, entity … Read more
The transfer of a 4% stake in state-owned Saudi Arabian Oil Co., known as Aramco, will support the Public Investment Fund’s plan to grow its assets under management to over $1 trillion by 2025, from about $480 billion currently, the Saudi government said Sunday. The Saudi government, which will remain the largest shareholder in Aramco … Read more
Billionaire Anil Agarwal-led Ltd is evaluating a demerger of its aluminium, iron & steel and oil & gas businesses, which will be run as standalone listed entities with separate leadership in what it called a value-unlocking exercise. On Wednesday, Vedanta announced the constitution of a committee of directors to evaluate and recommend such options and … Read more
In line with Reliance’s increasing focus on renewables and hydrogen, the Company has decided to put gasification assets into a separate 100% subsidiary. Key points to note – The Gasification project at Jamnagar was set up to repurpose refinery off-gases and produce Syngas to be used for production of olefins at lower costs. Syngas is … Read more
Reliance and Saudi Armco have mutually decided to call off the proposed investment by the latter of $15 bn into Reliance’s Oil to Chemicals (O2C) business. “Due to the evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment … Read more