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Analysts noted that OMCs have been losing money on the sale of petrol, diesel, and LPG. They believe the excise cuts should give OMCs a headroom to hike fuel prices and partially recover their under-recoveries. The freeze in fuel prices in the March quarter, despite escalating global oil prices, most likely owing to state elections, led to steep under-recoveries for oil marketing companies (OMCs), said Nomura India.
Jakarta (VNA) - Indonesian President Joko Widodo on January 24 launched the construction of a 2.3 billion USD coal gasification plant, in a bid to reduce the country's liquefied petroleum gas (LPG) imports while optimising its coal resources. The plant is designed to utilise 6 million tonnes of low rank coal to produce 1.4 tonnes of dimethyl ether (DME) annually,
Asia's petrochemical makers are shifting, or considering to use propane as alternate steam cracker feedstock amid the deepening discount of propane to naphtha, as LPG is pressured by ample supply and a lull in Chinese and Indian demand, traders said Jan. 21. South Korean crackers have started seeking propane, traders said, even when the discount of February FEI propane swap to the Mean of Platts Japan naphtha was around $26.25-$26.50/mt over Jan. 17-18, before widening to $36/mt Jan. 20. This is the deepest discount since June 8, 2021, at $41.50/mt, Platts data showed. In contrast, the difference between FEI propane and MOPJ naphtha was at a premium of $185/mt on Oct. 4 last year.
Oil company Esso has been fined half a million pounds for a leak of a dangerous gas that was only discovered by a worker who was cycling home. The operator of the UK’s largest oil refinery was prosecuted for health and safety breaches after around 15 tonnes of liquid petroleum gas (LPG) was released through a valve near to the main roadway used by LPG road tankers visiting Esso Petroleum Company’s refinery in Fawley, Hampshire. The leak, which happened on 15 November 2015, went undetected for around four hours before being discovered by an employee as he was leaving the premises. It took a further hour to establish the source of the leak with on-site emergency personnel having to enter the area to reset the valve.
As much as 60 per cent of the city’s Green House Gas (GHG) emissions come from buildings and the energy sector, a 2019 study by the World Resource Institute (WRI)-India has concluded. According to primary data analysis, WRI-India has found that residential, commercial and institutional buildings in Mumbai are estimated to go up 3.3 times by 2050. The data was presented in a webinar held under the Mumbai climate action plan on Tuesday. In a presentation, Mehul Patel, manager of the Climate Programme at WRI India, said that residential, commercial, and institutional building emissions are dominated by electricity and LPG (Liquefied Petroleum Gas).
New Delhi:Cooking gas LPG price on Thursday was hiked by Rs 25 per cylinder across all categories, including subsidised fuel and those availed by Ujjwala scheme beneficiaries. This is the third increase in rates this month on the back of spiralling international rates as demand recovered. Prices have been on the rise since December and rates have cumulatively gone up by Rs 150 per cylinder.
Saudi Arabia is planning to invest $100 billion in India. Considering the growth potential of the country, Saudi Arabia will invest in energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining. For India, Saudi is the source of over 17% of crude and 32% of LPG requirements. "India's invitation to Saudi Arabia to invest in its strategic petroleum reserve reflects the trust and goodwill the two countries share", said Saudi Ambassador.
Reuters calculations and shipping data has shown nearly $500 million a month in Iranian oil product sales as US sanctions continue ripping the country’s crude exports. Iranian oil minister Bijan Zanganeh was quoted saying product exports achieved their highest level in last month. While analysts expected some 400,000 bpd for July in crude exports, consultancy FGE projected Iran’s product exports at 400,000-500,000 barrels per day.
Oil supermajor, Shell today informed about commencing production from Prelude floating liquefied natural gas (FLNG) facility in Australia. Currently the world’s largest floating production structure, Prelude is estimated to annually produce 3.6 million tonnes of LNG, 1.3 million tonnes of condensate and 400,000 tonnes of LPG. The project is operated by Shell where Japan’s Inpex Corp, Taiwan’s CPC Corp and Korea Gas Corp are other partners.
According to sources, Royal Dutch Shell’s Prelude floating LNG unit is expected to start at the end of the year. The natural gas produced offshore northern Australia will be processed here and exported as LNG. Prelude’s capacity of annual LNG production is assumed to be 3.6 million tonnes. Apart from LNG, it will also process 1.3 million tonnes a year of condensate and 400,000 tonnes a year of LPG.
The Government of India is looking to sell LPG blended with methanol. This move can result in reduction of cooking gas subsidy by almost a third at current prices. Many countries mix 20% methanol with LPG. If implemented in India, the cost of cooking gas for household consumption is expected to go down by Rs 100 a cylinder. India’s policy think tank, Niti Aayog is likely to pilot the project.
Bothered by a series of fire accidents this year, the Indian PSU Bharat Petroleum Corporation Limted (BPCL), is preparing to move its LPG facility out of Mumbai. In an attempt to strengthen safety, the LPG facility will be shifted to Rasayani. The move is expected to help cut down 43% of truck movement near the refinery. Similar relocation might come for its other refineries in Kochi, Numaligarh, and Bina as well.
India’s state-owned BPCL will be increasing its Cherlapalli LPG bottling plant’s storage capacity. State head of BPCL informed that an extra 1200 tonnes will be added to the present storage capacity of the bottling unit. The construction of 1200 tonnes is planned to be completed by January-February of next year. The oil giant this year has facilitated the state with 1.5 lakh new connections with the help of Ujjwala Scheme.
Taiwan-based CPC Corp has informed that gas production has started at the offshore well of the Ichthys LNG project in Australia. CPC holds a 2.625% stake in the project, which makes it the third largest stakeholder after Inpex Corp and Total SA. The project is estimated to produce upto 8.9 million tonnes of LNG and 1.6 million tonnes of LPG annually, alongwith 36.5 million barrels of condensate.
The Egyptian Cabinet decided last week to elevate the price of natural gas by 75% in August. The gas consumption between 30-60 cubic meters has been increased by 42.8% and consumption of more than 60 cubic meters has gone up by 33.3%. The surge in prices has raised concerns as LPG cylinders and natural gas is the main source of fuel for 75% of the Egyptian households.
The Petroleum Planning and Analysis Cell (PPAC) of the Indian Oil Ministry has disclosed that the countrywide fuel consumption for the month of April totaled to 17.67 million tonnes. This indicates a rise in India’s fuel demand by 4.4%, and is owed to the surge in cooking gas (LPG) and auto fuel consumption. The data from the PPAC also showed an increase in Petrol, Diesel, ATF and other fuels.
Hindustan Petroleum Corporation Limited (HPCL) has received the clearance from the Indian Union Environment Ministry for establishing a new LPG plant with bottling and storage facilities in East Champaran, Bihar that will require an investment of Rs.136.4 crore. The objective is to increase rural penetration of bottled LPG cylinders in Bihar in a safe and environmental-friendly way.