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Betul (Goa), <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is likely to sign a USD 78 billion deal to extend <keyword id="19905315" type="General" weightage="20" keywordseo="lng" source="keywords">LNG</keyword> imports from Qatar by another 20 years till 2048 at rates lower than current prices, sources said. <keyword id="20475720" type="General" weightage="20" keywordseo="petronet-lng-ltd" source="keywords">Petronet LNG Ltd</keyword>, India's biggest liquefied natural gas (LNG) importer, is likely to sign a deal with QatarEnergy to extend a 2004 deal to buy 7.5 million tonne a year of gas for producing electricity, making fertilizers and converting to CNG, on the sidelines of India Energy Week (IEW) here. Sources said the renewal is at a "significantly" lower price than the current deal. At current prices, India will save about USD 0.8 per million British thermal unit at the renewed terms. <keyword id="20387238" type="General" weightage="20" keywordseo="petronet" source="keywords">Petronet</keyword> imports 8.5 million tonne per year (MTPA) of LNG from Qatar under two contracts. The first 25-year deal is to expire in 2028 and is now being extended for 20 additional years. The second deal for 1 MTPA entered into in 2015, will be negotiated separately, sources said. Qatar's energy minister and top officials of QatarEnergy are attending the IEW here. India, the world's third biggest energy consumer, sees natural gas as a transition fuel for migrating to net zero carbon emissions by 2070. As part of this, the government is targeting to raise the share of natural gas in the country's energy mix to 15 per cent by 2030 from 6.3 per cent now. Sources said the current deal is priced at 12.67 per cent of prevailing Brent crude oil prices plus a fixed component of USD 0.52 per million British thermal unit. Under the new contract, the slope would remain more or less the same but the fixed charge of USD 0.52 would be scrapped, they said. Also, India will save an additional USD 0.30 per mmBtu on shipping charges as Qatar has agreed to convert the deal to Delivered Ex Ship (DES) from Free on Board (FOB), thereby undertaking responsibility of shipping. At USD 80 per barrel Brent crude oil price, the annual 7.5 MTPA import will cost USD 3.9 billion annually and over a 20-year period it would total to over USD 78 billion. While 7.5 MTPA of LNG is bought by Petronet, the firm's promoters state-owned Indian Oil Corp (<keyword id="19942852" type="General" weightage="20" keywordseo="ioc" source="keywords">IOC</keyword>), Bharat Petroleum and GAIL (India) buy a combined 1 MTPA of LNG. Sources said the new deal will allow the Indian buyers to decide which terminal in India will receive cargoes. Under existing deals, Qatar delivers LNG at Dahej in Gujarat. Sources said the freedom to decide on the arrival terminal will result in additional savings in cost for transporting the fuel through pipelines within the Indian grid.

India to sign $78 billion deal to extend Qatar LNG imports

After weeks of concentrated efforts, <keyword id="88113" type="COMPANY" weightage="20" keywordseo="RasGas">RasGas</keyword> of Qatar has decided to waive off USD 1 billion penalty on India for breaking a long-term LNG contract. 
 
Not only this, Qatar has also in-principle agreed to change the pricing formula from a 60-month average of a basket of Japanese crude oil prices to a 3-month average of Brent crude. 
 
This decision will lower cost of LNG to USD 7-8 per million British thermal unit as compared to USD 12-13 currently. 
 <keyword id="62667" type="COMPANY" weightage="20" keywordseo="Petronet-LNG">Petronet LNG</keyword> Ltd, India's biggest import of liquefied natural gas (LNG), had to pay for buying only 68% of the contracted 7.5 million tonnes this year. 
 
A new deal is underway, under which Petronet will take the quantities it did not take this year during the remainder of the contract period. 
 State-owned GAIL India Ltd, Indian Oil Corp (<keyword id="6354733" type="ORGANIZATION" weightage="20" keywordseo="IOC">IOC</keyword>) and Bharat Petroleum Corp Ltd (<keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword>) have committed to buy all of the 7.5 million tonne a year of LNG that Petronet is to import from Qatar. 
 
The reduced offtake by the buyers forced Petronet to cut its purchase from RasGas, which led to idling of three cryogenic ships it had chartered hired for ferrying gas in its liquid form at sub-zero temperatures from Qatar to its import terminal at Dahej in Gujarat.

Qatar’s RasGas waives off $1 billion penalty on India’s Petronet LNG

<keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> announced a cut in custom duty on LNG to 2.5 % from 5 % and it led to advancement in the shares of <keyword id="62667" type="COMPANY" weightage="100" keywordseo="Petronet-LNG">Petronet LNG</keyword> as much 4.22 %. Around 12:45 pm, the scrip was trading 3.34 % up at Rs 386.45. 
 
The shares of the company opened at Rs 376.95 and touched a high and low of Rs 389.75 and Rs 371.10 in trade. Benchmark BSE was trading almost flat at 27,655.11. 
 Petronet <keyword id="530859" type="ORGANIZATION" weightage="20" keywordseo="LNG-Ltd">LNG Ltd</keyword> is an oil and gas company formed by the government of India to import liquefied natural gas (LNG) and set up LNG terminals in the country.

Petronet LNG shares advance over 4% on cut in custom duty

New Delhi, Feb 10 () Petronet LNG Ltd, India's biggest liquefied natural gas importer, on Monday reported highest ever quarterly net profit of Rs 675 crore in the third quarter ended December on back of processing higher volumes of gas. Net profit in October-December at Rs 675 crore was 17 per cent higher than Rs 565 crore net profit in the same period a year ago, Petronet Managing Director &amp; CEO Prabhat Singh told reporters here. Petronet processed 233 trillion British thermal units (TBtus) of LNG in the quarter as compared to 202 TBtus in Q3 of 2018-19. Its flagship Dahej import facility in Gujarat operated at around 100 per cent of its nameplate capacity and processed 222 TBtus of LNG, up from 197 TBtus a year back, he said. "The significant increase in profit year to date is due to higher volumes processed owing to commercial efficacy and better efficiency in operations," he said. ANZ RVK

Petronet reports highest ever quarterly net profit at Rs 675 cr in Q3

New Delhi, Mar 23 () The Petroleum Ministry has received several complaints of alleged corruption and irregularities against the CEO and other officials of Petronet LNG Ltd, Oil Minister Dharmendra Pradhan said on Monday. In a written reply to a question in Lok Sabha, Pradhan said the complaints against the Managing Director and CEO of Petronet and other officers were forwarded to the Chairperson of Audit Committee of the company for appropriate action. Prabhat Singh has been the Managing Director and CEO of Petronet LNG Ltd (PLL), India's biggest liquefied natural gas importer, since September 2015. His five-year term comes to an end in six months from now and he is eligible for a two-year extension of service till he achieves the superannuation age of 65 years. "Several complaints have been received in Ministry of Petroleum and Natural Gas against MD &amp; CEO, PLL and other officers of PLL regarding alleged corruption/irregularities which were forwarded to Chairperson, Audit Committee, PLL for taking appropriate action," Pradhan said without giving details. He said PLL has its own board-approved vigilance mechanism whereby the board has nominated Chairperson, Audit Committee as nodal officer to deal with all the complaints received against functional directors. According to PLL's website, independent director Jyoti Kiran Shukla is the Chairperson of the Audit Committee. The panel comprises of three other independent directors. Shiv Sena MP Krupal Balaji Tumane had asked Pradhan if the government has conducted any investigation into the complaints received. Asked if the government has conducted any audit of the accounts of PLL regarding the irregularities during the last three years, the Minister said, "PLL is a board managed company and not a government company as per Companies Act." "Further, Audit Committee of the Board reviews and monitor auditing mechanism and ensures compliance to best auditing and corporate governance practices," he said. According to Pradhan, four government oil and gas public sector undertakings -- Bharat Petroleum Corp Ltd (BPCL), GAIL India Ltd, Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC) -- hold 12.5 per cent equity stake each in PLL. ANZ RVK

Complaints of alleged corruption/irregularities against Petronet LNG CEO: Pradhan

New Delhi, Nov 18 () State-owned Indian Oil Corp (IOC) and GAIL India will pay Adani Group 5 per cent more in hiring charges for using the private firm's upcoming LNG import facility at Dhamra in Odisha than their own similar terminal, Oil Minister Dharmendra Pradhan said on Monday.
India's largest oil firm IOC, which recently commissioned a 5 million tonne liquefied natural gas (LNG) import terminal at Ennore in Tamil Nadu, as well as gas utility GAIL have "both technical and financial capability to develop their own LNG terminal," he told the Lok Sabha.
The two firms have, however, hired capacity in Adani's under-construction LNG import terminal at Dhamra.
IOC had in 2015 signed to use up to 60 per cent of the terminal's capacity for importing gas for its refineries at Haldia in West Bengal and Paradip in Odisha. GAIL too had signed up for 1.5 million tonne of the terminal's regasification capacity.
"GAIL and IOC have agreed to pay the tolling charge of Rs 60.18 per million British thermal unit for the regasification facility at Dhamra LNG terminal with annual escalations in line with their respective contractual provisions," he said in a written reply to a question.
 This charge compares to Rs 57.38 per mmBtu regasification charges for Ennore LNG terminal, he said.
 GAIL's own Dhabhol LNG terminal in Maharashtra levies Rs 49.28 per mmBtu regasification charge. In addition, there are other charges such as terminal charges, vessel-related charges and port charges for utilization of the Dabhol LNG terminal.
 "The regasification charges for Ennore and Dhamra terminals are inclusive of terminal charges, vessel-related charges, port charges, and any other port-related charges," Pradhan said.
 Originally, IOC and GAIL had on September 21, 2016, signed a 'non-binding' agreement to buy 50 per cent stake in Adani Group's Rs 5,500-crore Dhamra LNG project in Odisha. But that agreement expired on September 20, 2018, without being translated into a firm pact apparently because of differences over valuation.
 "It has been informed that the regasification charge for Dhamra terminal is Rs 60.18 per mmBtu for the first contract year (year of commissioning) which is likely to be in FY 2021-22," Pradhan said.
 "GAIL has executed a Tolling Agreement in line with its procedures to meet the supply commitments of customers located in the eastern parts of the country along JagdishpurHaldia/Bokaro-Dhamra Pipeline (JHBDPL) project. IOC has also booked capacity at Dhamra Terminal after considering its captive requirement of Paradip, Haldia and Barauni refineries."
 He said the booking of regas capacity is being done after "protracted techno-commercial discussions with the promoters of Dhamra LNG Terminal and after considering the location of the terminal, availability of gas evacuation pipelines, affordability of regasification charges and capturable demand in the catchment area."
 The September 21, 2016 "non-binding MoU" followed GAIL dropping plans in March 2015 to set up a floating LNG import terminal at Paradip. IOC too had in 2012 signed an MoU with Dhamra LNG Port Corp Ltd (DPCL) to develop an LNG terminal at the port.
 Also, Petronet LNG - a firm in which GAIL and IOC are promoters, had shelved plans to set up a 5 million tonne a year LNG import facility at Gangavaram in Andhra Pradesh.
 After shelving their respective plans, IOC and GAIL signed a pact with Dhamra LNG Terminal, a firm owned by Adani Group.
 "GAIL and IOC have both technical and financial capability to develop their own LNG terminal," Pradhan said. "GAIL has an equity stake in Konkan LNG Pvt Ltd and is the owner's engineer as well as the operator of this terminal at Dabhol. IOC has recently commissioned a 5 million tonne LNG terminal through a joint venture at Ennore in March 2019."
 The two firms also have an equity stake in Petronet LNG which operates two LNG regas terminals, one at Dahej in Gujarat and the other at Kochi in Kerala, he added. ANZ ANZ ANU
ANU

IOC, GAIL to pay Adani 5% more charge than their own LNG terminal: Pradhan

<ul><li>At 7:40 am, the SGX Nifty was up 0.48%, indicating a higher start for Nifty50.</li><li>Here's a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, led by positive cues from the Asian peers. At 7:40 am, the SGX Nifty was up 0.48%, indicating a higher start for Nifty50. Other Asian markets were also trading in the positive trajectory — the Shanghai Composite Index was up 0.43%, and Australian ASX was up 0.45%. These are the stocks to watch out for during the trading session today: Bank stocks will be in focus RBI panel’s recommendations will keep the banking sector in focus in trade today. The central bank’s Internal Working Group (IWG) <a href="https://www.businessinsider.in/finance/banks/news/rbi-panel-proposes-raising-promoter-stake-cap-allowing-nbfcs-to-become-banks-and-large-corporation-can-own-banks/articleshow/79323107.cms">has proposed 12 changes to ownership</a> guidelines and corporate structure for Indian private sector banks. Watch out for bank stocks and NBFCs in trade today. RIL and Future Retail The Competition Commission has approved Reliance's proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. The ₹24,713 crore deal that would boost Reliance Industries' fast-growing retail business was announced in August. Meanwhile, the legal tussle between e-commerce major Amazon, Future Group and Reliance regarding the deal is still in the court. The shares of Reliance Industries ended 4% lower on Friday. Whereas, Future Retail gained over 4%. HDFC Bank India's largest private sector lender <a href="https://www.businessinsider.in/tech/apps/news/hdfc-banks-net-banking-upi-services-and-atms-down-due-to-data-centre-outage/articleshow/79344484.cms">HDFC Bank's entir</a>e payment stack went down on November 21, leading to a temporary halt in its operations. The bank on November 22, however, informed that the services have been restored and said an unexpected outage at one of its data centres led to the transaction failures. The shares of HDFC Bank ended 2% higher on Friday. BEML BEML, a Bengaluru-based public sector undertaking, has bagged orders worth ₹501 crore from Delhi Metro Rail Corporation Limited (DMRC) for additional transfer of six cars, each to operate online 2Band 7 of the Mumbai Metro project. The shares of BEML ended flat on Friday. Bharti Airtel Bharti Airtel on Friday announced that it would acquire 5.2% stake in solar power company Avaada MHBuldhana for ₹4.55 crore in an all-cash deal. Avaada MHBuldhana is working to develop a captive generating solar power plant in Maharashtra, which will become operational by March 2021. The shares of Bharti Airtel ended over 3% higher on Friday. IIFL Securities The Board of IIFL Securities at its meeting held on November 20 has approved buyback of company's shares for an aggregate cash consideration of ₹90 crore, at a price not exceeding ₹54 per share. The shares of IIFL Securities ended nearly a percent lower on Friday. Punjab National Bank Reserve Bank of India has imposed a penalty of ₹1 crore on Punjab National Bank for violating regulatory guidelines. The shares of Punjab National Bank ended nearly a percent lower on Friday. Petronet LNG Petronet LNG has signed a non-binding MoU with the Ministry of Petroleum &amp; Natural Gas with an objective to foray into 'Green Energy and BioFuels' and for setting up of compressed BioGas plants under Sustainable Alternative Towards Affordable Transportation (SATAT) initiative of the Government. The shares of Petronet LNG ended 2% higher on Friday. Future Consumer The board of Future Consumer has allotted 4.95 crore shares to International Finance Corporation and 1.64 crore shares to Verlinvest SA, consequent to the conversion of compulsorily convertible debentures and outstanding coupons thereon. The shares of Future Consumer ended 4% higher on Friday. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/amazon-pharmacy-is-going-to-be-the-first-big-test-of-public-trust-in-prime-and-will-expose-the-company-to-more-scrutiny/articleshow/79353327.cms">Amazon Pharmacy is going to be the first big test of public trust in Prime and will expose the company to more scrutiny</a> <a href="https://www.businessinsider.in/india/news/moderna-covid-19-vaccine-to-cost-govts-25-37-per-dose-ceo/articleshow/79353606.cms" data-type="tilCustomLink">Moderna Covid-19 vaccine to cost govts $25-$37 per dose: CEO</a>

Top stocks to watch — RIL, Future Retail, Kotak Mah Bank, Bajaj Finance, Ujjivan, Airtel, Future Consumer, HDFC, PNB, BEML, and others

New Delhi, Jan 23 () India may seek to reopen the pricing of its long-term LNG import contract with Qatar to reflect falling rates of the spot or current market, Oil Minister Dharmendra Pradhan said on Thursday.
 "Energy Minister of Qatar is coming for bilateral discussion (to India) at the end of the month. We will discuss all the aspects," Pradhan told reporters here.
 He was asked if the government is looking at renegotiating liquefied natural gas (LNG) contracts in view of the fall in prices of the fuel available in spot or current market.
 India imports 8.5 million tonnes per annum of LNG from Qatar under two long-term contracts and has tied up 5.8 million tonnes a year supplies from the US. It also has a 2.5 million tonnes import contract with Gazprom of Russia and a 1.44 million tonnes deal with the Gorgon project of Australia.
 While long-term LNG from Qatar comes for USD 8.5-9 per million British thermal unit, the same gas is available in the spot market for less than half the price.
 Refusing to be drawn into giving a direct reply on renegotiating the contract with Qatar, Pradhan said India is in discussions with Qatar for importing more LNG to meet the country's rising energy needs.
 India has in the past used its status as Asia's third-largest LNG buyer to renegotiate deals with Qatar, Australia, and Russia. In 2015, it renegotiated the price of the long-term deal to import 7.5 million tonnes per year of LNG from Qatar, helping in saving Rs 8,000 crore.
 In 2017, it got ExxonMobil Corp to lower the price of Gorgon LNG and a year later convinced Gazprom to lower rates also.
 Sources, however, said the price of LNG from these contracts was still significantly higher than spot prices and if the trend continues, users may seek a review.
 Prabhat Singh, managing director of Petronet LNG Ltd, the firm which has long-term LNG import contracts with Qatar and Australia, had on August 7, 2019, stated that price sensitivities of consumers will have to be respected.
 Earlier, speaking at an industry event, Pradhan said as much as Rs 4 lakh crore is likely to be invested in the natural gas sector in the country to boost usage of the environment-friendly fuel.
 This investment will be in the expansion of city gas network, laying pipelines, setting up LNG import facilities and natural gas exploration, he said.
 LNG import terminal capacity in the country is likely to grow from 38.8 million tonnes per annum presently to 52.5 million tonnes in the next 3-4 years with new facilities coming up at Kakinada in Andhra Pradesh, Dhamra in Odisha, Jaigarh in Maharashtra and Chhara and Jafrabad terminals in Gujarat.
 Also, 14,788 km of pipeline is being added to the existing 16,788-km network to take the fuel to all corners of the country, he said adding that the city gas distribution network is being expanded to over 400 districts.
 The investment will help raise the share of natural gas in the country's overall energy mix to 15 per cent by 2030 from the current 6.2 per cent. ANZ HRS

India may seek renegotiation of LNG price from Qatar: Pradhan

New Delhi, Mar 31 () Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and other public sector oil companies have contributed over Rs 1,000 crore to the Prime Minister CARES Fund to help in the fight against COVID-19 pandemic. ONGC was the top contributor with Rs 300 crore, followed by IOC chipping in Rs 225 crore. Privatisation-bound Bharat Petroleum Corp Ltd (BPCL) provided Rs 175 crore, while Hindustan Petroleum Corp Ltd (HPCL) chipped in Rs 120 crore. Petronet LNG Ltd gave Rs 100 crore, gas utility GAIL Rs 50 crore and Oil India Ltd another Rs 38 crore. ONGC Chairman and Managing Director Shashi Shanker said the company gave Rs 300 crore from its corporate social responsibility (CSR) funds while the company employees contributed two days' salary, totalling Rs 16 crore, to the fund. "We are maintaining oil and gas production by practicing social distancing," he said adding besides contributing to the PM fund, company employees and their families have feeding hungry daily wagers. In Vadodara, company employees not just fed daily wagers but also handed over 300 ration kits (8 kg each) to the district police chief for distribution. At Dehradun, the company distributed 10,000 sanitizers and an equal number of face masks to poor slum dwellers. In Noida, ONGC employees at their personal level handed over 100 food packets to the police, he said. "IndianOil as a responsible corporate is contributing Rs 225 crore to #PMCaresFund specially created to combat COVID-19 pandemic," the company said in a tweet adding its employees are also contributing two days' of their salary towards the fund. In a statement, Petronet LNG Ltd said it has made a contribution of Rs 100 crore to the PM CARES fund. "While ensuring a seamless supply of LNG to India, the company stands with the nation and has also contributed Rs 1.53 crore to various health institutions for procuring personal protective equipment for healthcare workers at Bharuch in Gujarat and Kochi in Kerala," it said. BPCL in a statement said it continues to operate units, feeding the nation with fuel and LPG. "We want to assure everyone that we have enough of LPG stock, across our network. All our LPG plants have enough manpower to operate them and all our distributors are making all efforts to deliver Bharatgas cylinders at the doorstep of our consumers," it said. "BPCL and its subsidiaries commit Rs 175 crore towards PM CARES fund to help the government to combat coronavirus, as our humble contribution towards the well-being of the society," it said. Oil India Ltd Chairman and Managing Director Sushil Chandra Mishra said the company is contributing Rs 38 crore to the fund. "OIL strives not only towards energy security of the nation but also is resolved in rising to the occasion to combat this difficult time." Besides, employees of OIL have contributed one day's salary to the PM fund, he said. GAIL, besides contributing Rs 50 crore to the PM Fund, said its employees have contributed 2 days' salary amounting to Rs 3.8 crore. Further, Numaligarh Refineries Ltd has contributed Rs 25 crore, OIDB Rs 17 crore, MRPL Rs 2 crore, CPCL Rs 2 crore and Engineers India Ltd Rs 1 crore. "I am grateful, and delighted, to announce that the oil and gas establishment is ready with a contribution of Rs 1031.29 crore by the PSUs and other oil JVs for the PM-Cares Fund. Additionally, Rs 61 cr has been contributed by colleagues of PSUs from their salaries for the #PMCARES," Oil Minister Dharmendra Pradhan tweeted. "I am humbled to see the commitment of our people of oil and gas PSUs when the world faces one of the biggest crises. I am proud to be a part of this family," he added. ANZ ANZ ANSANS

ONGC, IOC, other oil cos contribute over Rs 1,031 cr to PM COVID-19 fund

New Delhi, Dec 6 () Shares of oil and gas companies fell on Friday amid reports that OPEC and other major producers are looking to finalise a deal to cut production.
 Oil and Natural Gas Corporation's shares fell 1.71 per cent to Rs 126.60 per unit on the BSE and 1.86 per cent to Rs 126.50 on the NSE.
 Hindustan Petroleum Corporation Ltd (HPCL) saw its stock decline by 1.09 per cent to Rs 263.05 a unit on the BSE and 0.71 per cent on the NSE to Rs 264.
 Shares of Indian Oil Corporation Ltd (IOCL) were down by 1.39 per cent to Rs 124.25 apiece on the BSE and 1.23 per cent on the NSE to Rs 124.40.
 Bharat Petroleum Corporation Ltd (BPCL) scrip slipped 0.65 per cent to Rs 488.30 on the BSE and 0.59 per cent on the NSE to Rs 488.95.
 Shares of Petronet LNG saw a dip of 1.47 per cent to Rs 268.10 on the BSE and 1.61 per cent on the NSE to Rs 268.05.
 According to reports, OPEC and Russia along with other producers were attempting Friday to finalize a deal to cut production in an attempt to support the price of fuel and energy around the world. RUJ SHW
SHW

Oil companies' shares fall on OPEC output cut buzz

New Delhi, Mar 12 () Shares of oil and gas companies declined up to 15 per cent on Thursday with BPCL taking the biggest hit, as oil prices dropped nearly 6 per cent in global markets. Amongst the BSE sectoral indices, BSE Oil and Gas index emerged as the biggest loser by shedding 1,118.43 points or 9.82 per cent to settle at 10,265.63.Bharat Petroleum Corporation Ltd dived 14.71 per cent to Rs 345.15 on BSE. Hindustan Petroleum Corporation closed at Rs 183.85, plunging 12.83 per cent. Similarly, Oil and Natural Gas Corporation Ltd settled at Rs 62.6, declining 12.63 per cent. Among other losers, Gail India Ltd dived 11.62 per cent to Rs 79.9, Indian Oil Corporation Ltd dropped 9.58 per cent to close at Rs 87.75. Besides, Reliance Industries closed at Rs 1,061.6, losing 7.95 per cent. Indraprastha Gas Ltd fell 6.46 per cent to Rs 389.35.Castrol India declined by 5.49 per cent to Rs 128.3 and Gujarat State Petronet Ltd ended the session at Rs 208.95, losing 4.57 per cent over the previous close. Shares of Petronet LNG Ltd lost 2.69 per cent to close at Rs 215.3. Meanwhile, the BSE Sensex plunged over 2,919 points to settle at 32,778.14 as the coronavirus pandemic wreaked havoc on global markets."The fall in global crude prices is bound to impact gross refining margin for most oil refining players. Starting from taking inventory hit, to revenue hit, to margin hit (loss of operating leverage), the overall Indian basket will take some time to align to global prices. Until then oil companies may take some beat down," Vinay Pandit, head of institutional equities at IndiaNivesh said. On Thursday, oil prices plunged about six per cent after US President Donald Trump announced a 30-day ban on all travel from Europe to the United States over the coronavirus pandemic.West Texas Intermediate slipped 6.2 per cent to USD 31 a barrel while Brent crude was off 5.8 per cent at under USD 34 a barrel.Crude markets have been in turmoil since the start of the week, when they suffered their biggest one-day drop in a generation after Riyadh slashed prices following a row with Moscow about output cuts. SRS MRMR

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India to sign $78 billion deal to extend Qatar LNG imports

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Qatar’s RasGas waives off $1 billion penalty on India’s Petronet LNG

BI India Bureau

Petronet LNG shares advance over 4% on cut in custom duty

BI India Bureau

Petronet reports highest ever quarterly net profit at Rs 675 cr in Q3

PTI

Complaints of alleged corruption/irregularities against Petronet LNG CEO: Pradhan

PTI

IOC, GAIL to pay Adani 5% more charge than their own LNG terminal: Pradhan

PTI

Top stocks to watch — RIL, Future Retail, Kotak Mah Bank, Bajaj Finance, Ujjivan, Airtel, Future Consumer, HDFC, PNB, BEML, and others

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India may seek renegotiation of LNG price from Qatar: Pradhan

PTI

ONGC, IOC, other oil cos contribute over Rs 1,031 cr to PM COVID-19 fund

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Oil companies' shares fall on OPEC output cut buzz

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Oil & gas stocks drop up to 15 pc as crude dives; BPCL biggest loser

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