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<ul><li><keyword id="56072" type="General" weightage="20" keywordseo="Oil-India-Limited" source="Orion">Oil India Limited</keyword> (OIL) is hiring 146 people from production and exploration areas.</li><li>Candidates can expect a salary ranging between ₹37,500 to ₹1,45,000 per month depending on the level of experience and qualifications.</li><li>The last date to apply for the opportunity is December 9, 2021.</li></ul>Oil <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> Limited (OIL) is inviting applications from eligible candidates from production and exploration areas in the districts of Dibrugarh, Tinsukia, Sivasagar and Charaideo in Assam and Changlang district in Arunachal Pradesh. The opportunity is also available for eligible diploma apprentice candidates who have successfully undergone and completed apprenticeship training in the relevant discipline in the company and hold a valid certificate of proficiency issued by Board of Practical Training (BOPT), Eastern Region, Kolkata. The online application to apply for this opportunity has already begun and the last date to fill out the application form is December 9, 2021. Candidates can expect a salary ranging between ₹37,500 to ₹1,45,000 per month depending on the level of experience and qualifications. These are the roles available — <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post Code </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualifications </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of vacancies </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CHE12021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Three years of diploma in chemical engineering from a government recognised university/board/institute. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CIV12021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Three years of diploma in civil engineering from a government recognized university/board/institute. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">COM12021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Three years of diploma in computer engineering from a government recognized institution. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ELE12021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Three years of diploma in electrical engineering from a government recognized institution. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ETC12021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Three years of diploma in electronics &amp; telecommunication engineering from a government recognized institution. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">INS12021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Three years of diploma in instrumentation technology from a government recognized institution. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MEC12021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Three years of diploma in mechanical engineering from a government recognized institution. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Selection procedure — <ol><li>Only those candidates, who fulfil the eligibility criteria as of the crucial date will be called for the computer-based test (CBT). </li><li>The selection process shall consist of a CBT wherein the qualifying marks will be minimum of 40% marks for scheduled caste (SC)/scheduled tribe (ST)/persons with benchmark disabilities (PwBD) and a minimum of 50% marks for people belonging to the general category.</li></ol>The computer-based test will consist of three sections -— English language &amp; general knowledge/awareness with some questions on the company (OIL), reasoning, arithmetic/numerical &amp; mental ability and relevant technical knowledge in the course curriculum depending on the trade. 3. Final selection will be made in order of merit on the basis of the marks obtained in the CBT only. The minimum age criteria for candidates is 18 years, whereas, maximum age is 35 years. Candidates will also have to pay an online application fee of ₹200 exclusive of GST and payment gateway/bank charges. Interested candidates can seek more information <a href="https://www.oil-india.com/Document/Career/Online_Advertisement.pdf">here</a> and can fill out the online application form <a href="https://www.oil-india.com/">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/internship-at-ministry-of-external-affairs-checkout-details-stipend-and-how-to-apply/articleshow/87639318.cms">Internship at Ministry of External Affairs: Checkout details, stipend and how to apply</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/this-space-startup-wants-to-slingshot-rockets-into-orbit/articleshow/87644752.cms">This space startup wants to slingshot rockets into orbit</a>

OIL is actively recruiting 146 people in different domains in India with a pay scale up to ₹37,000 per month

<ul><li><keyword id="56072" type="General" weightage="50" keywordseo="oil-india-limited" source="Orion">Oil India Limited</keyword> (<keyword id="6359072" type="General" weightage="80" keywordseo="oil" source="Orion">OIL</keyword>) is a state-run hydrocarbon explorer headquartered in the north-eastern state of Assam. </li><li>OIL says it has been hit by a major cyberattack, with hackers demanding 196 bitcoins in ransom. </li><li>Earlier, suspected Chinese hackers had reportedly targeted the Indian power grid near the Ladakh border. </li></ul>The state-run Oil India Limited (OIL) has been hit by a major cyberattack that has compromised some of the servers of the company. The ransomware attack has hit the company’s headquarters in Assam. According to <a href="https://indianexpress.com/article/north-east-india/assam/oil-india-limited-cyberattack-assam-7867258/">media reports</a>, the hackers have demanded 196 bitcoins as ransom. At the current prices (approx. ₹31.35 lakh per bitcoin), that is a little more than ₹61 crore. According to a statement from the company’s spokesperson Tridiv Hazarika, while the breach is serious and the virus is severe, the company has disabled the affected systems as a precautionary measure. This should help the company prevent the virus from spreading to other servers, especially when the vector used for the cyberattack is still under investigation. <div type="Article" hostid="261" msid="90699898" title="Suspected Chinese hackers reportedly targeted Indian grid near the Ladakh border" mstype="2" mssubtype="0"></div> Hazarika also added that the cyberattack has not had any impact on the company’s day-to-day operations so far and that the drilling activities are ongoing without any interruptions. <cmsannotation type="cmsannotation" annotationid="Other Indian infrastructure under attack, too" comment="subhead" text="Other Indian infrastructure under attack, too">Other Indian infrastructure under attack, too</cmsannotation> This is not the first Indian infrastructure company to bear the brunt of cyberattacks, nor will it be the last. However, of late, suspected state-backed hackers were reportedly behind the attack on the Indian power grid. According to a <a href="https://www.businessinsider.in/india/news/suspected-chinese-hackers-reportedly-targeted-indian-grid-near-the-ladakh-border/articleshow/90699898.cms">report</a> by a threat intelligence firm Recorded Future, the Chinese cyber campaign against the Indian power grid could be a part of an espionage operation. The report adds that this could have been an attempt to collect critical data for positioning China for future activities against India. “The prolonged targeting of Indian power grid assets by Chinese state-linked groups offers limited economic espionage or traditional intelligence gathering opportunities,” said the Recorded Future report. Earlier in 2021, Record Future also discovered that a Chinese malware had been found pervading the Indian power grid months after the Galwan valley clashes broke out in 2020. At the same time, Mumbai, India’s financial capital and amongst the worst-hit regions during the first wave of the COVID-19 pandemic, <a href="https://economictimes.indiatimes.com/news/politics-and-nation/is-the-mumbai-blackout-last-year-connected-to-the-ladakh-standoff/articleshow/81277610.cms?from=mdr">suffered</a> a city-wide blackout. This forced hospitals across the city to switch to emergency generators to keep critical life support systems functioning. SEE ALSO: <a href="https://www.businessinsider.in/india/news/suspected-chinese-hackers-reportedly-targeted-indian-grid-near-the-ladakh-border/articleshow/90699898.cms">Suspected Chinese hackers reportedly targeted Indian grid near the Ladakh border</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-surge-over-5-times-in-2021-22/articleshow/90775731.cms">Electric two-wheeler sales surge over 5 times – Hero Electric, Okinawa corner half the market, Ather’s market share declines</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-becomes-the-first-indian-it-major-to-pull-out-of-russia-announces-1-million-humanitarian-aid-fund/articleshow/90827731.cms">Infosys becomes the first Indian IT major to pull out of Russia, announces $1 million humanitarian aid fund</a>

India’s second largest government-owned hydrocarbon producer hit by a major cyberattack, hackers demand 196 bitcoins in ransom

<ul><li><keyword id="186684" type="General" weightage="100" keywordseo="iit-guwahati" source="Orion">IIT Guwahati</keyword> sets up a technology incubation centre to encourage its students to transform their business ideas into businesses.</li><li>The centre will provide technical support, business mentoring, and a soft loan facility.</li><li>The centre also focuses on the empowerment of women in terms of entrepreneurship; it has partnered with NSRCEL-IIMB for Women Startup Program (WSP).</li></ul>To encourage its student entrepreneurs, the <keyword id="666878" type="General" weightage="20" keywordseo="Indian-Institute-of-Technology-Guwahati" source="Orion">Indian Institute of Technology Guwahati</keyword> (IITG) has created a technology incubation centre (TIC), which will provide a place for students to transform innovative ideas into viable business propositions on campus. The centre will also provide technical support, business mentoring, and a soft loan facility (subject to availability). It aims to promote advancement in science and technology, traditional knowledge and biodiversity resources; facilitate a platform for entrepreneurship and incubating research mindset for the development of society; and create an interface among researchers, technocrats, and industries. “IIT Guwahati through the TIC has embarked on encouraging the students, faculty, staff and other entrepreneurs to provide necessary technological guidance and convert their ideas into products and technology that will be useful to the society and make the country Atmanirbhar,” said Prof. T.G. Sitharam, director, IIT Guwahati. These incubated startups will work in different sectors such as robotics, information technology, water, oil sector, biotechnology, machine learning, internet of things, renewable energy, home automation and logistics, among other sectors. The Institute said that its incubation centre is recognised by the Ministry of <keyword id="6464993" type="General" weightage="20" keywordseo="micro" source="Orion">Micro</keyword>, <keyword id="6372449" type="General" weightage="20" keywordseo="small" source="Orion">Small</keyword>, <keyword id="4022726" type="General" weightage="20" keywordseo="and-medium-enterprises" source="Orion">and Medium Enterprises</keyword> (MSME), Government of India. The grant assistance from The <keyword id="694074" type="General" weightage="50" keywordseo="technology-development-board" source="Orion">Technology Development Board</keyword>, under the Ministry of Science and Technology, Government of India, has also been approved to support startups, it added. It connects to a pool of experts in terms of faculties, funding agencies such as <keyword id="56072" type="General" weightage="50" keywordseo="oil-india-limited" source="Orion">Oil India Limited</keyword> (OIL) and Numaligarh Refinery Limited (NRL), among others, and other financial institutions like Indian Bank and YES bank. The centre also focuses on the empowerment of women in terms of entrepreneurship; it has partnered with NSRCEL-IIMB for Women Startup Program (WSP). It has also partnered with Innovations for Defence Excellence (iDEX) in building the ecosystem for startups to interact with the Indian Defence establishment. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/fintech-company-moneyplanned-raises-over-2-5-crore-from-inflection-point-ventures-others/articleshow/94298456.cms">Fintech company MoneyPlanned raises over ₹2.5 crore from Inflection Point Ventures, others</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/is-covid-19-finally-over-in-india-this-is-what-who-and-experts-have-to-say/articleshow/94298319.cms">Is Covid-19 finally over in India? This is what WHO and experts have to say</a>

IIT Guwahati starts incubation centre to help its students turn entrepreneurs

New Delhi [India], November 2 (ANI): In a move to further make the edible oil supply chain seamless, the central government has exempted the current stock limit for wholesalers and big chain retailers. The order will come into effect immediately, a <keyword id="393956" type="General" weightage="20" keywordseo="ministry-of-consumer-affairs" source="Orion">Ministry of Consumer Affairs</keyword>, <keyword id="427106" type="General" weightage="80" keywordseo="food-and-public-distribution" source="Orion">Food and Public Distribution</keyword> statement said late Tuesday evening. The removal of wholesalers and big chain retailers from the stock limit order would allow them to keep various varieties and brands of edible oils, which they are unable to keep at present due to the limits imposed. "A need was felt for exempting big chain retailers and wholesalers from the stock control order as reports were coming that Wholesalers and big chain retail outlets were facing problems in their sale due to the Control Order as the limits specified for them was very less and replacement of shelf stocks in city limits is not possible on an everyday basis," the statement read. In view of the restoration of ample supplies and continuous decline in the prices of edible oils both in the international and domestic market, the statement said it was an "opportune time" for the exemption. "The removal will also have a positive effect on the oilseed prices as it will boost procurement of the oilseeds hereby increasing the returns of domestic oilseeds growing farmers," it added. Initially, the stock limits were imposed in October 2021. Subsequently, the stock limit quantities on edible oils and oilseeds were extended upto June 2022 and later the order was further extended upto December 31, 2022. "The Stock Limit Order was imposed in the country due to increasing prices of edible oils both in international as well as domestic market. Its high volatility was leading to hoarding, profiteering and black marketing at that time. This timely intervention by the Government had led to significant decline of the skyrocketing prices and had helped to keep a check on the hoarding, especially soyabean seeds," Tuesday's statement further said. India is the world's second-largest consumer and number one vegetable oil importer, and it meets 60 per cent of its need through imports. (ANI)

Govt exempts wholesalers, big retailers from stock limit on edible oil, oilseeds

NIFTY 50: What it means and the companies covered under this index

<ul><li>The <keyword id="6356955" type="LOCATION" weightage="20" keywordseo="united-states">United States</keyword> will reimpose sanctions on <keyword id="41896" type="COUNTRY" weightage="20" keywordseo="Iran">Iran</keyword> come November 5 but will exempt eight countries, including <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>, from the penalty.</li><li>That being said, the waiver is only temporary with the aim of stabilizing global oil prices. </li><li>While the pressure campaign may be reduced Iran oil exports, India is importing more oil from the OPEC nation now as compared to 2011 levels.</li></ul>The sanctions imposed by the United States may be hard on India’s current account deficit, but at least the pressure to find an alternate crude oil supplier has been eased. The United States has agreed to let India, as well as seven other countries, <a href="https://www.bloomberg.com/news/articles/2018-11-02/u-s-said-to-give-eight-nations-oil-waivers-under-iran-sanctions">continue to buy oil from Iran</a> even after it reimposes sanctions on November 5. And while that may be true, it’s only temporary. So, essentially, it should be treated as an extension to the deadline that’s already been placed. This is good news for the rising petrol and diesel prices in India. Since the sanctions hit, taxi drivers, rickshaw operators and even petrol pumps have gone on <a href="https://www.business-standard.com/article/current-affairs/few-cabs-and-little-fuel-twin-strikes-hit-commuters-hard-in-delhi-118102300039_1.html">strike</a> to protest the sudden inflation. A senior administration official in the know stated that it was important to do so international oil prices don’t inflate even further. He added that the Michael Pompeo, the United States Secretary of State, will be confirming the waivers and the number of exemptions later this week. While four countries have been identified — India, China, Japan and South Korea — the other four are yet to be disclosed. United States’ pressure campaign The aim of the United States is to cut off Iran’s revenue stream from trade entirely. So, while oil is their main export, President Donald Trump is also asking countries to reduce trading in other goods as well, that aren’t covered by the sanctions. So far the pressure campaign against Iran has managed to <a href="https://www.houstonchronicle.com/business/energy/article/Iranian-oil-exports-fall-to-1-6-million-barrels-a-13309081.php">drive down</a> their oil exports from 2.7 million barrels a month to 1.6 million barrels a month. That being said, India’s imports from Iran have increased to 800,000 barrels a day as of July 2018, which is well above the levels of 2011. But, change is on the way with the primary players in the oil sector, like Reliance Limited and the Indian Oil Corporation Limited, <a href="https://in.reuters.com/article/india-iran-reliance/exclusive-reliance-to-halt-oil-imports-from-iran-sources-idINKCN1IV1XR">looking to pull out</a>. They say that efforts to stay engaged with Iran are getting more complicated and transactions will have to cease. The impact can be observed with Iranian oil imports have already reducing between July and August. Experts <a href="https://www.cnbc.com/2018/09/07/india-may-not-be-able-to-cut-iranian-oil-imports-despite-us-sanctions-demands.html">speculate</a> that cutting oil imports from Iran might not be so easy for India as the world third-largest oil importer and the second-largest buyer of crude oil from India.

India among the eight countries allowed to continue buying oil from Iran even after the US reimposes sanctions — But there’s a catch

<ul class="summary-list"><li>The US and India have made some progress on price cap talks, according to the US Deputy Treasury Secretary.</li><li>India has emerged as one of Russia's largest oil customers as it snaps up discounted barrels.</li></ul>The US and India have made some progress on a plan to cap the price of Russian oil, according to US Deputy Treasury Secretary Wally Adeyemo.G7 leaders aim to have a price cap in place by December 5, when Europe's ban on seaborne Russian oil imports takes hold. But a price cap's effectiveness would be limited unless India, which has emerged as one of Russia's largest oil customers, also participates."I had a very constructive conversation with my Indian counterparts about the price cap proposal, but also talked extensively with private sector participants in India as well," Adeyemo told reporters on Friday, shortly after arriving in New Delhi, <a href="https://www.reuters.com/markets/commodities/us-concerned-about-price-rise-russian-oil-access-diminishes-2022-08-26/">according to Reuters</a>.The comments come after Indian officials have privately expressed reluctance about joining the price cap, fearing that Russia would chose to sell its discounted oil to other countries instead. New Delhi has said a consensus among Russia's other allies is necessary in order to fully back the proposal, according a report from <a href="https://news.bloomberglaw.com/environment-and-energy/india-to-tell-us-that-russia-oil-price-cap-needs-consensus-1?utm_source=rss&amp;utm_medium=NEVE&amp;utm_campaign=00000182-cf70-da0b-a1a3-fffdc1de0004">Bloomberg</a>.Meanwhile, <a href="https://markets.businessinsider.com/news/commodities/india-russian-oil-imports-exports-crude-for-cheaper-saudi-oil-2022-8#:~:text=India%20slashed%20its%20purchases%20of,a%207.3%25%20decline%20from%20June.">India slashed its purchases of Russian crude in July</a> for the first time since March in the face of cheaper Saudi oil, <a href="https://www.reuters.com/business/energy/india-eases-russian-oil-buying-july-boosts-saudi-imports-trade-2022-08-17/">Reuters reported</a>. The price cap plan has grown more urgent as the European ban looms. The G7 is trying to avoid another supply shock and price surge by allowing exemptions to the ban if countries agree to the cap. The aim is to keep oil supplies flowing on global markets while limiting the revenue Russia gets."We are very concerned that come December 5... we will be in a place where access to Russian crude will diminish for the world and would potentially lead to higher prices," Adeyemo said.<a href="https://markets.businessinsider.com/news/commodities/russian-oil-price-cap-40-dollars-western-sanctions-g7-summit-2022-7">A price cap of $40-$60 a barrel</a> was reportedly floated earlier this year, although analysts have warned that it risks <a href="https://markets.businessinsider.com/news/commodities/russia-oil-price-cap-collapse-g7-ukraine-war-funding-retaliation-2022-7">retaliation from Moscow that could spike energy prices</a> even higher.

The US and India have made progress on a plan to cap the price of Russian oil as G7 countries aim for December to implement proposal, says Treasury official

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 12 (ANI): India's demand for petroleum products is likely to increase by a mid-single-digit percentage in the financial year ending March 2024, following a 10 per cent post-pandemic recovery in 2022-23, according to <keyword id="19949381" type="General" weightage="20" keywordseo="fitch-ratings" source="keywords">Fitch Ratings</keyword>. Both petrol and diesel sales recorded robust 4-6 per cent increases in the first nine months of 2023-24, fuelled by heightened economic activities in the agriculture and power sectors, coupled with a surge in holiday travel and auto sales. Fitch said it expects Indian refiners' gross refining margins (GRM) to moderate during 2024-25 from the strong levels expected in 2023-24, but remain above mid-cycle levels. By 2025-26, it foresees a shift closer to mid-cycle levels, but remaining resilient, bolstered by the escalating demand for end-products. "The gradual normalisation of the crude supply mix away from Russian imports is likely to narrow GRMs, although we expect margins to stay strong, supported by the rising demand for end-products," the rating agency said. In the upstream segment, domestic oil and gas production has modestly increased, driven by a 5 per cent rise in gas production in the first nine months of 2023-24. "We expect production to continue to rise moderately as technological investments in enhanced oil recovery techniques will offset natural declines," the rating agency said. Fitch forecasts the oil and gas sector's high capex intensity to continue in the medium term, particularly with upstream companies investing in production enhancement. In the downstream segment, <keyword id="20039004" type="General" weightage="20" keywordseo="hindustan-petroleum-corporation-limited" source="keywords">Hindustan Petroleum Corporation Limited</keyword> should maintain higher capex due to planned investments by its subsidiary, HPCL <keyword id="20521636" type="General" weightage="20" keywordseo="rajasthan-refinery-limited" source="keywords">Rajasthan Refinery Limited</keyword>. The capex of other oil marketing companies, including HPCL-Mittal Energy Limited, should be minimal as they have completed their expansion projects, it said. India, the world's third-biggest oil importer and consumer, is dependent on crude oil from various sources in the global market to meet its domestic demand. (ANI)

India's petroleum products demand to increase mid-single-digit percentage in 2023-24: Fitch

<ul><li>The Indian government is selling one of its profitable oil companies – <keyword id="75662" type="CITY" weightage="20" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword> Corporation Limited. </li><li>The government will sell 53.29% stake in <keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword> to a strategic buyer, also giving up management control in the oil giant.</li><li>The Numaligarh Refinery in Assam will be carved out of the divestment, said Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>. </li></ul>The Indian government announced the divestment of five public sector undertakings (<keyword id="44880" type="CITY" weightage="20" keywordseo="PSUs">PSUs</keyword>), including that of Bharat Petroleum Corporation Limited. The others in line to be divested out of government control are Shipping Corporation of India, Container Corporation of India (CONCOR), THDC India and North Eastern Electric Power Corporation Limited (NEEPCO) The government will be selling its 53.29% stake in BPCL to a strategic buyer, also giving up management control of the oil retailer. However, the Numaligarh Refinery in Assam which is a part of BPCL, will be carved out of the divestment, said Finance Minister Nirmala Sitharaman. Mixed reaction from the public The government’s decision to sell one of the few profitable PSUs has seen mixed reactions from the public. BPCL had reported profits of ₹7,132 crore along with total sales worth ₹3.37 trillion in the last financial year. “This govt is now selling off the country's most profitable companies as well. This is a loot,” said Congress leader KC Venugopal today. The shares of BPCL too fell on Thursday morning to ₹532. However, BPCL also makes for an attractive sale unlike Air India which is still awaiting investor interest. A good sale will help Indian government meet its ambitious disinvestment target of ₹1.05 lakh crore for the current fiscal year. “It would also increase the free float available in the market which may have positive impact on Foreign Portfolio Investments in Indian capital markets and in the creation of wider investment space for retail and institutional investors and may increase in the market premium of CPSEs due to likely positive investors perception,” said the government’s press release. Started as the Rangoon Oil and Exploration company during the British rule, BPCL changed many hands and was finally purchased by the government at market price in 1976. Today, the BPCL has a capacity of 37 million tonnes per annum. It also has over 15,000 retail outlets in India.

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