Govt plans to fill strategic petroleum reserve by third week of May; to help refineries reduce excess crude
India plans to completely fill its strategic petroleum reserve (SPR) by the third week of May by moving about 19 million barrels into the sites by then, the managing director of the country’s SPR said on Tuesday
When the issue first arose in August 2018, Oil Minister Dharmendra Pradhan had clearly stated that ONGC is the new promoter of HPCL.
Sources said HPCL has not made any firm proposal for the acquisition to ONGC
The board of state-owned Oil and Natural Gas Corp (ONGC) on Monday gave 'in-principle' approval to acquire government's 51.11 percent stake in Hindustan Petroleum Corp Ltd, the company said in a regulatory filing.
The Cabinet on Wednesday approved sale of government's 51.11 percent stake in oil refiner HPCL to India's largest oil producer ONGC.
India's January-November imports from Iran shrank by about a quarter to 206,000 bpd, dragged down by deep cuts in shipments by New Delhi in the first quarter of 2015 under pressure from the United States to keep its imports within the limits of sanctions.
A consortium headed by ONGC Videsh, the overseas investment arm of the country's top explorer Oil and Natural Gas Corp, signed a deal in December 2002 to explore the Farsi offshore block in Iran.
Iran and six world powers have ramped up the pace of negotiations this week ahead of the Tuesday deadline for reaching an initial accord on a final nuclear agreement.
India has raised its crude shipments from Iran around 40 percent over the first nine months of the current fiscal year, when as part of the temporary deal that eased some sanctions on Tehran it was meant to hold them steady.