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<ul class="summary-list"><li>Deutsche Energy Terminal has been told to reject Russian LNG, according to The Financial Times.</li></ul>Germany is believed to have told its ports to reject Russian cargoes of liquefied natural gas in a bid to further isolate Vladimir Putin's energy industry.The country's economic ministry told the state-owned Deutsche Energy Terminal not to accept deliveries of Russian LNG, according to a letter dated November 6 obtained by the <a target="_blank" class="" href="https://www.ft.com/content/94bb16b8-b4b1-4360-b7d0-cecca1ebffaa?accessToken=zwAGJtzDN_1YkdOUuxa4tLFDYNO30M7Moev_qg.MEYCIQClq2abFM5Kf3q6PR9Ry9NhImf-JYCu4Yh6Rh9BsTbqZgIhAPT3_uF_tz7M8QVY1Ev2iiCyzpSATlrHAOp2YMu48s9L&amp;sharetype=gift&amp;token=4d2150bc-286c-4fe0-9795-2102f9e6b9ca">Financial Times</a>.The letter was sent after the company was due to receive a Russian cargo shipment on Sunday at its import facility in Brunsbüttel, the FT said.It went on to say that the decision would protect Germany's "overriding public interests."The letter added that accepting the deliveries would defy the reason the German terminal was initially opened — to allow Germany and the EU to become "independent of Russian gas."It comes as the EU weighs up buying more LNG from the US when President-elect Donald Trump takes office in a bid to convince him not to impose high import tariffs on EU companies. Trump pledged on the campaign trail to impose <a target="_blank" rel="" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">a fresh era</a> of trade <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">tariffs</a>. He has vowed to impose a 60% tariff on goods imported from China and a 10% blanket tariff on all other goods entering the US.European Commission president Ursula von der Leyen said last week that she would consider replacing Russian LNG with more US imports as part of trade talks."We still get a lot of LNG from Russia, and why not replace it with American LNG, which is cheaper for us and brings down our energy prices," von der Leyen told reporters on Friday. "It's something where we can get into a discussion," she said, referring to the US's trade deficit with the eurozone, which reached <a target="_blank" rel="" class="" href="https://ustr.gov/countries-regions/europe-middle-east/europe/european-union">$131.3 billion in 2022.</a>"It would be in the interest of the US that Europe continues to shun Russian fossil fuels, given the US oil and gas industry has been one of the key beneficiaries of this move," wrote Warren Patterson, the head of commodities strategy at <a target="_blank" rel=" nofollow" class="" href="https://think.ing.com/articles/what-a-trump-presidency-means-for-oil-and-gas-markets/">ING,</a> last week.The EU — which previously relied on Russian energy — banned seaborne Russian crude imports and refined petroleum products following the full-scale invasion of Ukraine in February 2022.As BI previously <a target="_blank" class="" href="https://www.businessinsider.com/russia-oil-gas-energy-industry-europe-target-trump-election-win-2024-11">reported</a>, it has also cut most of its piped natural gas imports from Russia, replacing much of it with LNG from the US. The US is now a top exporter of gas to Europe, accounting for <a target="_blank" rel=" nofollow" class="" href="https://energy.ec.europa.eu/topics/carbon-management-and-fossil-fuels/liquefied-natural-gas_en">46% of the bloc's supply in 2023.</a>Germany hasn't imported LNG directly from Russia since the invasion. However, according to a Kpler report obtained by FT, the country's state energy group, Sefe, has a long-term contract to import Russian LNG via France.In a statement to Business Insider, a spokesperson for Germany's economic ministry said it wouldn't comment on "possible leaked documents.""It is correct that Germany does not import Russian gas and it is also clear to the Ministry of Economic Affairs and Climate Action that this must not happen via German LNG terminals," the spokesperson added.Deutsche Energy Terminal and Sefe did not immediately respond to a request for comment from BI.

Germany banned Russian gas from its ports, the latest move to isolate Putin's energy industry: report

Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Monday ruled out a cut in excise duty on <keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">petrol</keyword> and diesel to ease prices, which have touched an all-time high, saying payments in lieu of past subsidised fuel pose limitations. Petrol and diesel as well as cooking gas and kerosene were sold at subsidised rates during the previous Congress-led UPA government. Instead of paying for the subsidy to bring parity between the artificially suppressed retail selling price and the cost that had soared because of international rates crossing USD 100 per barrel, the then government issued oil bonds totalling ₹1.34 lakh crore to the state-fuel retailers. These oil bonds and the interest thereon are being paid now. "If I did not have the burden to service the oil bonds, I would have been in a position to reduce excise duty on fuel," she told reporters here. "Previous government have made our job difficult by issuing oil bonds. Even if I want to do something I am paying through my nose for the oil bonds." Sitharaman, who had raised excise duty on petrol and diesel to record high to shore up revenue collections last year, said the interest on oil bonds paid in the last seven years totalled ₹70,195.72 crore. Of the ₹1.34 lakh crore of oil bonds, only ₹3,500 crore of principal has been paid and the remaining ₹1.3 lakh crore is due for repayment between this fiscal and 2025-26, she said. The government has to repay ₹10,000 crore this fiscal year (2021-22). Another ₹31,150 crore is due to be repaid in 2023-24, ₹52,860.17 crore in the following year and ₹36,913 crore in 2025-26. "A significant amount is going for interest payment and principal repayment. What unfair burden on me," she said. "Opening balance in 2014-15 was about ₹1.34 lakh crore and interest repayment was ₹10,255 crore. Since 2015-16, interest burden each year is ₹9,989 crore." The collections from the hike in excise duty far exceed the amount due to be paid to oil companies. Excise duty on petrol was hiked from ₹19.98 per litre to ₹32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand. Minister of <keyword id="11871388" type="UNKNOWN" weightage="20" keywordseo="state-for-petroleum-and-natural-gas-rameswar-teli">State for Petroleum and Natural Gas Rameswar Teli</keyword> had last month told <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> that the Union government's tax collections on petrol and diesel jumped by 88 per cent to ₹3.35 lakh crore in the year to March 31 from ₹1.78 lakh crore a year back. Excise collection in pre-pandemic 2018-19 was ₹2.13 lakh crore. The hike in taxes last year did not result in any revision in retail prices as they got adjusted against the reduction that was warranted because of fall in international oil prices. But with the demand returning, international oil prices have soared, which have translated to record high petrol and diesel prices across the country. More than half the country has petrol at over ₹100-a-litre mark and diesel is above that level in Rajasthan, Madhya Pradesh and Odisha. Sitharaman said the Centre has kept open the option of inclusion of petroleum products under the Goods and Services Tax (<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) regime. "Whenever states agree on this, it can be brought under the GST." Inclusion under GST would mean subsuming of excise duty and <keyword id="6370857" type="UNKNOWN" weightage="20" keywordseo="VAT">VAT</keyword> (levied by states) into one tax. This would help contain the cascading impact of tax-on-tax (VAT being levied on excise duty). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-has-surged-more-than-35-in-the-last-month-and-the-race-to-50000-is-being-fueled-by-institutional-interest/articleshow/85371125.cms">Bitcoin has surged more than 35% in the last month and the race to $50,000 is being fueled by institutional interest</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-groups-car-maintenance-wing-mytvs-raises-375-crore-to-expand-its-network-across-india/articleshow/85369398.cms">TVS Group’s car maintenance wing myTVS raises ₹375 crore to expand its network across India</a>

Petrol and diesel prices may not ease anytime soon as Nirmala Sitharaman rules out a cut in excise duty

<keyword id="28423" type="DOMAIN" weightage="20" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>'s <keyword id="64469" type="General" weightage="100" keywordseo="cairn" source="Orion">Cairn</keyword> Oil &amp; Gas on Thursday announced the appointment of <keyword id="10020546" type="General" weightage="90" keywordseo="Nick-Walker" source="Orion">Nick Walker</keyword> as the new chief executive officer (CEO) of the company. In a statement, the company said the appointment is effective January 5. "Before this appointment, Walker was president and chief executive officer at <keyword id="9024567" type="General" weightage="50" keywordseo="lundin-energy" source="Orion">Lundin Energy</keyword>, one of the leading European independent E&amp;P companies," it said. Having worked previously in companies like BP, <keyword id="503735" type="General" weightage="50" keywordseo="talisman-energy" source="Orion">Talisman Energy</keyword> and Africa Oil, he has over 30 years of diverse international experience in technical, commercial and executive leadership roles. He will be the sixth CEO of the company since mining billionaire Anil Agarwal-led group bought the company from Scottish explorer Cairn Energy plc, now known as Capricorn Energy plc, in 2011. Walker comes into Cairn Oil &amp; Gas after Prachur Sah quit the firm to join <keyword id="13893871" type="DOMAIN" weightage="20" keywordseo="indus-towers" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="indus towers" meta.entityname="Indus Towers Ltd." meta.entityid="22411" meta.seoname="indus-towers-ltd">Indus Towers</keyword> Ltd (formerly <keyword id="16136085" type="DOMAIN" weightage="20" keywordseo="bharti-infratel-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="bharti infratel ltd" meta.entityname="Indus Towers Ltd." meta.entityid="22411" meta.seoname="indus-towers-ltd">Bharti Infratel Ltd</keyword>) as managing director and CEO effective January 3, 2023. Rahul Dhir, the company's first CEO who oversaw its listing and development of India's biggest oil discovery in Rajasthan, quit the company in August 2012. His successor P Elango resigned in May 2014, while the third CEO <keyword id="2565808" type="General" weightage="50" keywordseo="mayank-ashar" source="Orion">Mayank Ashar</keyword> resigned in May 2016. Thereafter, Sudhir Mathur resigned in April 2018. Sah was appointed deputy CEO in October 2020. Announcing the appointment of the new CEO, Anil Agarwal, Chairman, of <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>, said, "We welcome Nick as the CEO for Vedanta's Cairn Oil &amp; Gas business and look forward to him driving the company's growth in years to come. Nick's global experience and incredible track record in the energy sector will provide the right expertise as Cairn embarks on the next phase of growth and sustainability." Walker will be leading all aspects of Cairn's strategy, including the development of strategic alliances with global partners to fast-track business delivery. He will drive the adoption and deployment of best-in-class oil and gas technologies and processes, with a focus on innovation and digitalization, for business transformation, the statement said. "Cairn Oil &amp; Gas is committed to increasing India's domestic crude oil and gas production with a vision to contribute 50 per cent of India's production and adding reserves and resources. "As one of the fastest developing economies, India is seeking to achieve energy self-sufficiency through a marked reduction in oil imports which currently account for 85 per cent of national consumption," it said. India produced 22.1 million tonnes or 442,000 barrels per day of crude oil during the first nine months of the current fiscal, according to official data available from the <keyword id="1538751" type="General" weightage="50" keywordseo="union-ministry-of-petroleum-and-natural-gas" source="Orion">Union Ministry of Petroleum and Natural Gas</keyword>. Vedanta in a stock exchange filing on January 3, 2023, giving out production numbers, stated that its oil and gas production during the October-December quarter was 144,789 barrels per day. <keyword id="11969166" type="DOMAIN" weightage="20" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword> is a subsidiary of Vedanta <keyword id="4217600" type="DOMAIN" weightage="20" keywordseo="resources-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="resources ltd" meta.entityname="Crest Ventures Ltd." meta.entityid="10512" meta.seoname="crest-ventures-ltd">Resources Ltd</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-20000-crore-green-hydrogen-ambitions-and-debt-repayment/articleshow/97123733.cms">Adani Enterprises’ ₹20,000 crore FPO opens on January 27, will fuel its green hydrogen ambitions, repay debt</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/government-bullish-on-railway-assets-monetisation-in-union-budget/articleshow/97123879.cms">Government bullish on railway assets monetisation in Union Budget</a>

Nick Walker is new CEO of Vedanta Cairn Oil and Gas

The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) shipped overseas by firms like <keyword id="6487" type="General" weightage="50" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword>, and imposed a windfall tax on crude oil produced locally by companies such as <keyword id="6354737" type="General" weightage="80" keywordseo="ongc" source="Orion">ONGC</keyword> and Vedanta Ltd. The government imposed a Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel, finance ministry notifications showed. Additionally, it levied a Rs 23,250 per tonne additional tax on crude oil produced domestically. The levy on crude, which follows record earnings by state-owned <keyword id="64243" type="General" weightage="50" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) and <keyword id="111992" type="General" weightage="50" keywordseo="oil-india-ltd" source="Orion">Oil India Ltd</keyword> (OIL) and private sector Cairn Oil &amp; Gas of Vedanta Ltd, alone will fetch the government Rs 67,425 crore annually on 29 million tonnes of crude oil produced domestically. The export tax follows oil refiners particularly <keyword id="6355199" type="General" weightage="100" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> and Rosneft-backed Nayara Energy making a killing in exporting fuel to deficit regions such as Europe and the US in the aftermath of Russia's invasion of Ukraine. The refiners are said to have processed Russian crude oil available at discount after it was shunned by the west, and exported fuel produced from it to Europe and the US. The restriction on export is also aimed at shoring up domestic supplies at petrol pumps, some of which had dried up in states like Madhya Pradesh, Rajasthan and Gujarat as private refiners preferred exporting fuel than selling locally. Exports were preferred as retail petrol and diesel prices by dominant PSU retailers have been capped at rates way lower than cost. This meant that private retailers, who control less than 10 per cent of the market share, either sell fuel at loss or lose market share if they were to sell at higher cost. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-sinks-by-400-points-in-early-trade-on-weak-global-cues/articleshow/92588527.cms">Sensex sinks by 400 points in early trade on weak global cues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/youtube-rolls-out-new-tools-to-combat-spam-and-account-hijacking/articleshow/92588430.cms">YouTube rolls out new tools to combat spam and account hijacking</a>

Reliance Industries, ONGC, Vedanta and others slapped with windfall, export tax on petroleum

<ul class="summary-list"><li>The EU's stockpile of natural gas is at the highest level for April since 2011.</li><li>That means some EU states could phase out imports of Russian LNG, the bloc's energy commissioner said.</li></ul>The European Union's stockpile of natural gas is at the highest level for the month of April since 2011, and that could help some member states break free from Russian supplies.Early this month, storage hit 55.7% of capacity — about 20 percentage points above the five-year average — and the figure has since ticked up to 56.5% in the past few weeks, according to industry group Gas Infrastructure Europe."The EU's gas storages are more than half full, which means we finished this heating season in a comfortable position," Kadri Simson, the EU's energy commissioner told the <a href="https://www.ft.com/content/0b0c6e35-7667-42af-8616-e525938b8d8f" target="_blank" rel="noopener">Financial Times</a>. "By increasing the share of renewables and further diversifying sources, full phaseout from Russian LNG will be possible for some member states."After Russia invaded Ukraine last year, the Kremlin cut off its pipeline natural gas exports to Europe as retaliation for sanctions placed on its oil and petroleum products. But the EU continued to import Russian liquefied natural gas, which is transported via ships.Much of the supply went unused, however, thanks to a mild winter. Gas storage could reach 90% capacity by this summer, a level that's typically reached by November.For now, the EU continues to purchase Russian LNG at a <a href="https://markets.businessinsider.com/news/commodities/russia-gas-lng-eu-europe-energy-crisis-supplies-western-sanctions-2023-3">rate higher than in 2021</a>. It remains Russia's second largest importer of the energy supply.Previously, Simson has <a href="https://www.reuters.com/business/energy/eu-energy-chief-tells-companies-not-sign-new-russian-lng-deals-2023-03-09/" target="_blank" rel="noopener">called for EU countries</a> and companies to not sign any further LNG contracts with Russia, with the aim of ending the bloc's dependence on Russian energy supplies. But EU attempts to expand its LNG infrastructure — such as adding eight new <a href="https://markets.businessinsider.com/news/commodities/europe-energy-imports-liquefied-natural-gas-capacity-russia-ukraine-putin-2023-3">regasification terminals</a> in the next year — will really only make a difference mid-decade. For its part, Russian natural gas company Gazprom said Tuesday that volume of gas available on the European market will be greatly affected by competition for LNG.

A full phaseout of Russian liquefied natural gas is possible for some EU states, energy commissioner says

After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

<keyword id="81864" type="General" weightage="20" keywordseo="ongc-videsh" source="Orion">ONGC Videsh</keyword> Ltd, the overseas investment arm of state-owned <keyword id="6359072" type="General" weightage="20" keywordseo="oil" source="Orion">Oil</keyword> and Natural Gas Corporation, has incorporated a wholly-owned subsidiary OVL Overseas IFSC Ltd in <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword>, Gujarat. "This GIFT city entity will function as the <keyword id="23764" type="General" weightage="20" keywordseo="global" source="Orion">global</keyword> treasury centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. "Given the business-friendly regulatory environment in GIFT City, OOIL (OVL Overseas IFSC Ltd) expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets," the company said in a statement. India's first <keyword id="6367752" type="General" weightage="20" keywordseo="international-financial-services-centre" source="Orion">International Financial Services Centre</keyword> at GIFT City gives options to Indian and overseas multinationals to shift their overseas investments onshore. "OOIL will, thus, act as ONGC Group's gateway to the world for its overseas ventures and investments," it added. OVL owns interests in 32 <keyword id="43177" type="General" weightage="20" keywordseo="oil-and-gas" source="Orion">oil and gas</keyword> assets in 15 countries. In terms of reserves and production, it is the second largest petroleum company of India, next only to its parent Oil and Natural Gas Corporation (ONGC). Gujarat International Finance Tec-City or GIFT City is India's newest financial hub and a flagship project of Prime Minister Narendra Modi. The smart city and special economic zone has been developed in the Ahmedabad metropolitan region. Dozens of companies, including India International Exchange, National Stock Exchange, State Bank of India, HDFC Bank, GIC Re and other well recognised institutions are operating in the GIFT City.

ONGC Videsh incorporates subsidiary in GIFT City

<ul class="summary-list"><li>Chinese <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> giants are in talks to invest in <keyword id="11899680" type="UNKNOWN" weightage="60" keywordseo="qatar" source="Orion">Qatar</keyword>'s new <keyword id="13468240" type="UNKNOWN" weightage="60" keywordseo="liquefied-natural-gas" source="Orion">liquefied natural gas</keyword> expansion, Reuters reported.</li><li>This month, Qatar Energy officials met with representatives from Chinese companies. </li></ul>State-run energy giants <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> National Petroleum and Sinopec are in talks to invest in Qatar's $30 billion <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> liquefied <keyword id="6354703" type="UNKNOWN" weightage="60" keywordseo="natural-gas" source="Orion">natural gas</keyword> project, according to <a href="https://www.reuters.com/business/energy/exclusive-china-firms-advanced-talks-with-qatar-gas-field-stakes-lng-offtake-2022-06-17/">Reuters</a>. The Chinese companies have set their sights on long-term liquefied natural gas contracts tied to Qatar's North Field East project, and a deal would mark the first such partnership between China and Qatar.China is the world's largest liquefied natural gas importer, and the two Chinese companies are expected to invest a 5% stake in two separate gas liquefaction units, out of the four total being constructed. Earlier this month, officials from Qatar Energy met with representatives from Chinese energy majors in Singapore, which also included Cnooc and Beijing Gas Group, according to <a href="https://www.bloomberg.com/news/articles/2022-06-17/china-in-talks-with-qatar-for-gas-field-stakes-reuters-says?srnd=markets-vp">Bloomberg</a>.ExxonMobil and ConocoPhillips are also set to acquire stakes in Qatar's liquefied natural gas expansion project. Global energy <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> have been in upheaval since Russia's invasion of Ukraine in February, and the LNG deal with Qatar could help shield China from volatility. Spot prices for gas in Asia and Europe have skyrocketed recently, and Europe has plans to wean off Russia's pipeline gas. Meanwhile, Russia's Gazprom said earlier this week it would <a href="https://www.businessinsider.com/russia-cuts-gas-supply-germany-siemens-equipment-stuck-canada-sanctions-2022-6">cut natural gas supplies to Germany</a> and other parts of Europe via the Nord Stream pipeline.

China is looking to invest in Qatar's $30 billion gas expansion as global energy markets face worsening supply crisis, report says

<ul class="summary-list"><li>Workers in <keyword id="12154095" type="UNKNOWN" weightage="60" keywordseo="norway" source="Orion">Norway</keyword>, the largest producer of <keyword id="12414947" type="UNKNOWN" weightage="60" keywordseo="oil-and-gas" source="Orion">oil and gas</keyword> in Western Europe, are on <keyword id="11911257" type="UNKNOWN" weightage="60" keywordseo="strike" source="Orion">strike</keyword>.</li><li>The strike is expected to cut Norway's gas production by 13% from Wednesday.</li></ul>Europe's natural-gas crisis could deepen as workers in Norway — the continent's largest producer of the fuel — have gone on strike on Tuesday, the union leading the industrial action told <a href="https://www.reuters.com/business/energy/norwegian-oil-gas-workers-start-strike-cutting-output-2022-07-04/">Reuters.</a>About 15% of Norway's offshore oil and gas workers are members of the Lederne labor union that's on strike, according to <a href="https://www.reuters.com/business/energy/norway-strike-could-cut-gas-output-by-13-next-week-oil-lobby-2022-07-03/">Reuters.</a> They are demanding wage increases to deal with rising inflation, which hit 5.7% in May — the highest since 1988, according to <a href="https://www.ssb.no/en/nasjonalregnskap-og-konjunkturer/konjunkturer/statistikk/konjunkturtendensene/articles/high-inflation-and-higher-interest-rates-set-to-curb-growth-in-the-norwegian-economy#:~:text=In%20May%2C%20the%20twelve%2Dmonth,Statistics%20Norway's%20forecasts%20in%20March.">Norway's statistics agency.</a>Lederne union members voted down a proposed wage agreement last week, according to <a href="https://www.reuters.com/business/energy/norway-oil-workers-one-union-reject-wage-deal-2022-06-30/">Reuters.</a> Other oil and gas labor <keyword id="12087076" type="UNKNOWN" weightage="60" keywordseo="unions" source="Orion">unions</keyword> in the country have accepted the deal and are not on strike.The Lederne strike could deepen an <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> crisis in Western Europe, as Norway is the largest producer of oil and gas in the region. The country supplies 20% to 25% of the EU's and UK's natural-gas demand, according to <a href="https://www.regjeringen.no/en/aktuelt/justerte-produksjonstillatelser-legger-til-rette-for-a-opprettholde-dagens-hoye-gassproduksjon-utover-i-2022/id2904201/">Norway's Ministry of Petroleum and Energy.</a>The strike is expected to cut Norway's gas production by 13% and 130,000 barrels of oil by Wednesday, said the <a href="https://www.norskoljeoggass.no/en/about-us/news/2022/07/strike-will-have-a-substantial-impact-on-gas-exports/">Norwegian Oil and Gas Association.</a> A planned escalation by the union on Saturday could cut about a quarter of Norway's natural-gas output and 15% of its oil production, according to a <a href="https://www.reuters.com/business/energy/norwegian-oil-gas-workers-start-strike-cutting-output-2022-07-04/">Reuters</a> calculation.<h2>Natural-gas supplies for Europe are already tight</h2>The strike comes at a time of tight natural-gas supplies for Europe as <a href="https://www.businessinsider.com/russia-cuts-gas-supply-germany-siemens-equipment-stuck-canada-sanctions-2022-6">Russian state gas giant Gazprom</a> has already cut gas flows to Germany via the key Nord Stream 1 pipeline by 60% from last month, citing an equipment hold-up in Canada as a result of sanctions over the war in Ukraine. The pipeline also supplies other countries in Europe.Berlin fears the situation may get worse after the pipeline's scheduled shutdown for maintenance from July 11 to July 21. <a href="https://apnews.com/article/russia-ukraine-germany-austria-blockades-30fa067d1d021dfcfac9e28b4406c223">Germany's economy minister, Robert Habeck</a>, said last week natural-gas flows may not resume after the scheduled works, which would in turn impact fuel storage ahead of winter, when demand spikes."Obviously this is not great for the EU, given the region is already having to deal with reduced pipeline flows from Russia," Warren Patterson, <a href="https://think.ing.com/snaps/the-commodities-feed-norway-supply-concerns/">ING's head of commodities strategy</a>, wrote on Tuesday.<a href="https://www.businessinsider.com/germany-declares-natural-gas-shortage-after-russia-cut-supply-2022-6">Germany</a> — Europe's largest <keyword id="11893570" type="UNKNOWN" weightage="60" keywordseo="economy" source="Orion">economy</keyword> — moved into the second stage of its three-stage emergency gas plan last month after <a href="https://www.businessinsider.com/russia-cuts-gas-supply-germany-siemens-equipment-stuck-canada-sanctions-2022-6">Russia slowed supplies</a> to the country. If the situation worsens, the country may start <a href="https://www.businessinsider.com/germany-russia-natural-gas-ruble-payment-emergency-plan-ration-2022-3">rationing natural gas</a> in the last of the three-stage plan, as outlined by <a href="https://www.bmwi.de/Redaktion/EN/Downloads/F/faq-notfallplan-gas-en.pdf?__blob=publicationFile&amp;v=3">Germany's economy ministry</a>.Under the country's <a href="https://www.bmwi.de/Redaktion/EN/Downloads/E/emergency-plan-gas-germany.pdf?__blob=publicationFile&amp;v=5">emergency plan</a>, industry would be first in line for supply cuts. The move could devastate the economy and lead to job losses, Germany business leaders and unions have said.Benchmark Dutch <keyword id="6354703" type="UNKNOWN" weightage="60" keywordseo="natural-gas" source="Orion">natural gas</keyword> futures surged 10% on Monday on <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword> of the strike in Norway.

Oil and gas workers are on strike in Norway, and it's escalating Europe's natural-gas crisis a week before a key pipeline with Russia shuts for maintenance

The shares of state-owned <keyword id="64243" type="COMPANY" weightage="20" keywordseo="Oil-and-Natural-Gas-Corporation">Oil and Natural Gas Corporation</keyword> (ONGC) surged 5% on Monday on reports that India is considering a floor price for natural gas produced from local fields. IANS Sources said <keyword id="5219124" type="COMPANY" weightage="20" keywordseo="The-Petroleum-Ministry">the petroleum ministry</keyword> is considering a proposal under which domestic gas will have a floor pricing that would prevent fuel prices from crashing below an identified threshold in the current subdued market conditions and insulate oil and gas explorers like ONGC from a tariff crash. <div type="image" title="ONGC" msid="78362156" hostid="261"></div> CNG and piped natural gas prices could face an increase this festive season if the government implements a new floor price mechanism for gas produced from domestic fields by companies such as Oil and Natural Gas Corporation (ONGC). Talks are on to link gas prices with price Japan-Korea Marker, a benchmark index used to determine LNG tariff in North Asia with a discount. With JKM prices hovering over $ 5 million British thermal units (mmBtu) even with day $ 1 mmBtu discount, the Indian gas floor price under this formula will be close to $ 4 mmBtu. This is much higher than the government administered price of $ 2.39 mmBtu for the April-October, 2020 period. And if implemented, it could increase the cost for all gas consumers. "Nothing has been finalised on having a gas floor price as of now. A panel in the petroleum ministry is looking at various options and the best course would be adopted that has little impact on consumers but also supports oil and gas companies with remunerative and sustainable gas prices." The average cost of gas production for the country's largest public sector oil company ONGC is about $3.7/mmBtu, much higher than the current regulated price of natural gas at $2.39/mmBtu. This is expected to fall further to about $1.9/mmBtu for the next six months beginning October 1 under the current formula, sources said. Lower gas prices is bad news for ONGC as it would mean further suppressed margins and losses. The company is set to lose close to Rs 6,000 crore on low gas prices this year, brokerages have said. Brokerages have put ONGC's FY22E gas price at US$3.6-4.2/mmbtu depending on discount to JKM price if the new floor price is implemented. With Low L NG liquefaction capacity addition ahead, JKM spot futures for FY22-FY26E are expected at US$5.2-5.8/mmbtu vs US$4.7-4.1/mmbtu in FY20-FY21E. Oil minister Dharmendra Pradhan had said earlier that India will phase out price controls in natural gas and make it market-linked soon. (with inputs from IANS) SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-in-india-mazagon-dock-shipbuilders-uti-amc-and-likhitha-infrastructure/articleshow/78293918.cms" data-type="tilCustomLink">Three more IPOs to hit the Indian market next week — Mazagon Dock Shipbuilders, UTI AMC and Likhitha Infrastructure</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-cams-ipo-share-allotment-status/articleshow/78311094.cms" data-type="tilCustomLink">CAMS IPO allotment: Here’s how to check share allotment status</a>

ONGC surges 5% on reports of domestic gas price hike

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s crude oil production continued its declining trend, falling by over 3 per cent in July as state-owned <keyword id="6354737" type="General" weightage="20" keywordseo="ongc" source="Orion">ONGC</keyword> produced less than the target. The country's crude oil production declined by 3.2 per cent in July to 2.5 million tonnes when compared with the previous year, and by 3.37 per cent in April-July to 9.9 million tonnes, according to data released by the Ministry of Petroleum and <keyword id="6354703" type="General" weightage="20" keywordseo="natural-gas" source="Orion">Natural Gas</keyword> on Tuesday. Oil and Natural Gas Corporation (ONGC), the nation's largest oil and gas producer, produced 1.6 million tonnes of crude in July. This was 4.2 per cent lower than last year and 3.8 per cent less than the targof 1.7 million tonnes. During April-July, ONGC's oil output fell 4.8 per cent to 6.4 million tonnes. Natural gas production showed a contrasting trend. Helped by KG-D6 fields of Reliance-BP, gas production rose 18.36 per cent year-on-year to 2.9 billion cubic metres and by almost 20 per cent in April-July to 11 bcm. While gas production from ONGC's fields fell over 10 per cent, output from eastern offshore -- where the KG-D6 fields are located -- jumped 12-fold to 573.13 million cubic metres. "Increase in gas production is through contributions from D-34 field of block KG-DWN-98/3 (KG-D6), which commenced from December 18, 2020 (and) wells from satellite cluster (commenced with effect from April 25, 2021)," the explanatory note to the data said. As fuel demand rebounded, oil refineries processed more crude oil in July. At 19.4 million tonnes, crude processing in July was 9.6 per cent higher than the year-ago period. The crude throughput in July was the highest in three months, as the easing of coronavirus restrictions boosted economic activity and fed demand for fuel. Public sector refineries processed 5.6 per cent more crude at 11 million tonnes while private refiner Reliance Industries turned 14.4 per cent more crude into fuel. Refineries produced 6.7 per cent more petroleum products in July at 20.7 million tonnes and 13 per cent more in April-July at 80.6 million tonnes. Overall, the refineries operated at 91.34 per cent of their installed capacity. SEE ALSO <a href="https://www.businessinsider.in/science/health/news/cadila-healthcare-to-launch-zycov-d-vaccine-for-12-year-old-and-above/articleshow/85564761.cms">Cadila Healthcare’s ZyCoV-D — This is what makes it different from other COVID-19 vaccines</a> <a href="https://www.businessinsider.in/business/startups/news/paytm-ipo-delhi-court-asks-local-police-to-conclude-investigation-on-allegations-raised-by-former-one97-communications/articleshow/85564575.cms">Paytm IPO: Delhi court asks local police to conclude its investigation in three weeks</a>

India produced less crude oil than last year as ONGC falls short of target in July

<ul class="summary-list"><li>Major companies in <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> have purchased liquefied <keyword id="6354703" type="UNKNOWN" weightage="60" keywordseo="natural-gas" source="Orion">natural gas</keyword> cargoes from <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> for bargain prices, sources told Bloomberg. </li><li>These discounted purchases are set to continue, so long as the prices remain lower than competing suppliers, according to the report. </li></ul>Indian companies have accrued additional volumes of discounted liquefied natural gas from Russia while other customers avoid doing business with Moscow over its war on Ukraine.Gujarat State Petroleum and GAIL India purchased several liquefied natural gas cargoes from Russia at bargain rates, sources told <a href="https://www.bloomberg.com/news/articles/2022-05-09/india-buyers-grab-discounted-russia-lng-shunned-by-rest-of-world?srnd=markets-vp">Bloomberg</a> Monday. And these purchases could continue, the people said, as long as the prices remain lower than other suppliers.Only a select number of liquefied natural gas importers outside of India have been taking Russia-origin cargoes amid the war. India's utility giants have been buying up additional shipments of the commodity because of global supply strains as well as ongoing blackouts and extreme heat, Bloomberg reported. Many nations have turned away from business with Moscow since its invasion of Ukraine began at the end of February, despite the absence of direct <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword> on liquefied natural gas.Japan and South Korea have stopped spot purchases, and even Chinese energy giant PetroChina said <a href="https://www.bloomberg.com/news/articles/2022-05-06/china-s-oil-giant-says-it-s-not-seeking-discounted-russian-fuel">Friday</a> it wasn't seeking discounted cargoes on the spot market. While new orders and spot shipments have dwindled, most Russian deliveries are on long-term contracts, and those customers continue to accept them. Meanwhile, India's <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> refiners shipped out near-record volumes of gasoline and diesel, enjoying high margins in overseas <keyword id="11931670" type="UNKNOWN" weightage="60" keywordseo="trade" source="Orion">trade</keyword>. In March, refiners in India exported 3.37 million tons of diesel, the highest mark since April 2020, and gasoline exports reached 1.6 million tons, a five-year high, data compiled by <a href="https://www.bloomberg.com/news/articles/2022-05-09/india-reaps-export-windfall-as-u-s-europe-scamper-for-fuel?srnd=markets-vp">Bloomberg</a> shows.Separately, the European Union said Monday it would <a href="https://markets.businessinsider.com/news/commodities/eu-ban-russia-oil-tankers-crude-insurers-shipping-report-says-2022-5">abandon plans</a> to sanction EU-owned vessels that ship Russian oil to anywhere in the world. However, the bloc still intends to keep restrictions on insurers, according to the report.

You Searched For "state for petroleum and natural gas rameswar teli" and got 12 results

Germany banned Russian gas from its ports, the latest move to isolate Putin's energy industry: report

Mikhaila Friel

Petrol and diesel prices may not ease anytime soon as Nirmala Sitharaman rules out a cut in excise duty

PTI

Nick Walker is new CEO of Vedanta Cairn Oil and Gas

PTI

Reliance Industries, ONGC, Vedanta and others slapped with windfall, export tax on petroleum

PTI

A full phaseout of Russian liquefied natural gas is possible for some EU states, energy commissioner says

Filip De Mott

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

PTI

ONGC Videsh incorporates subsidiary in GIFT City

PTI

China is looking to invest in Qatar's $30 billion gas expansion as global energy markets face worsening supply crisis, report says

Phil Rosen

Oil and gas workers are on strike in Norway, and it's escalating Europe's natural-gas crisis a week before a key pipeline with Russia shuts for maintenance

Huileng Tan

ONGC surges 5% on reports of domestic gas price hike

BI India Bureau

India produced less crude oil than last year as ONGC falls short of target in July

PTI

India is snapping up discounted Russian natural gas as even Putin ally China shuns supplies

Phil Rosen

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