India's Top Oil Refiner Plans 10,000 Electric Car Charging Stations
Indian Oil Corp (IOC) will set up 10,000 electric vehicle charging stations in the next three years and is drawing up plans to cut greenhouse gas emissions from its operations to aid the country's net-zero carbon target by 2070, its chairman said on Wednesday.Prime Minister Narendra Modi on Monday announced 2070 as the target for India to reach net zero…
Shell to Write Down $22B in Wake of Coronavirus
Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.The impairments follow the Anglo-Dutch company's decision to shift from fossil fuel and reduce its greenhouse gas emissions to net zero by 2050…
India to End Federal Control of Gas prices, Lift LNG transport Use
India will gradually end federal controls on gas pricing as it seeks to attract foreign investment and technology to lift local output, oil minister Dharmendra Pradhan said on Friday.India, which is a large emitter of greenhouse gases and has multiple gas pricing regimes, aims to raise the share of gas in its energy mix to 15% by 2030…
India to Buy Russian Crude Oil
Russian oil and gas giant Rosneft has signed a contract with India’s largest fuel retailer Indian Oil Corporation (IOC) for supply of 2 million tonne (MT) crude oil to India by end 2020.The Moscow-headquartered integrated energy company said in a press release that the oil will be shipped to the refiner via the port…
Phoenix Petroleum, CNOOC Partner for LNG Terminal
Philippine fuel retailer Phoenix Petroleum said it had agreed to partner with a subsidiary of state-owned China National Offshore Oil Corp (CNOOC) to explore building a receiving terminal for liquefied natural gas in the country.The Philippines is seeking investors to build a storage and distribution facility for imported LNG as it moves to replace its Malampaya gas reserves…
BP invests $5 mln in FreeWire in electric vehicle move
BP Plc said it had invested $5 million in U.S. mobile electric vehicle charging company FreeWire, helping it provide rapid charging at its retail sites in Britain and Europe, as demand for cleaner vehicles is expected to soar. BP joins rival Royal Dutch Shell, which last year agreed to buy Dutch-based NewMotion, the owner of one of Europe's largest electric vehicle charging networks…
BP in South American Venture with Bridas
British oil major BP has agreed to merge its interests in South American oil company Pan American Energy (PAE) with refiner and fuel retailer Axion Energy in a new joint venture with Axion's owner and PAE partner Bridas Corporation. BP and Bridas, an Argentine energy company 50 percent-owned by China's CNOOC, will hold…
Indian Oil Corp Aims to Source a Tenth of Oil Needs From Own Assets
India's biggest refiner Indian Oil Corp wants to supply at least 10 percent of its expanding refining capacity from its own oil and gas assets in the medium term, the company said in its latest annual report. IOC aims to raise its refining capacity by about 89 percent to 3 million barrels per day (bpd) by 2030 by setting up new plants and expanding some existing ones, it said.
Nipco Launches $16 mln Offer for Mobil Oil Shares
Nipco Plc has launched a 4.84 billion naira ($16 mln) offer for the shares it needs to take its stake in Mobil Oil to 70 percent to comply with Nigerian takeover rules, its advisers said on Wednesday. Nipco's investment subsidiary bought 60 percent of Mobil Oil Nigeria from Exxon Mobil Corp. in October, when the U.S. giant pulled out of downstream fuel distribution in Nigeria.
Slovenian fuel retailer Petrol's 2016 group net profit rises 11%
Slovenia's largest fuel retailer Petrol's group net profit was 72.7 million euros ($77.12 million) in 2016, up from 65.3 million a year before, the company said in a statement late on Friday. Sales rose by one percent to 3.86 billion euros, it said. ($1 = 0.9427 euros) (Reporting by Marja Novak; Editing by Louise Ireland)
Nigeria's Conoil H1 Pretax Profit Falls
Nigerian fuel retailer Conoil said on Tuesday its first-half pretax profit dropped 64.3 percent to 528.54 million naira compared with 1.48 billion naira the previous year. Revenue fell 45 percent to 43.02 billion naira from 78.50 billion naira, the oil firm said in a statement without giving a reason for the sharp drop in earnings. Shares in the company were flat at 27 naira on Tuesday.
Conoil's 2014 Pretax Profit Falls 66.5%
Nigerian fuel retailer Conoil's 2014 full-year pretax profit fell 66.5 percent to 1.53 billion naira ($7.7 million), it said on Friday. Turnover fell 19.5 percent to 128.35 billion naira in the 12 months to December 30, year-on-year, the company said in a filing with the Nigerian Stock Exchange. ($1 = 198.8500 naira) (Reporting by Chijioke Ohuocha; Editing by Pravin Char)
MRS Oil H1 Profit Plunges
Nigeria's MRS Oil reported an 86.1 percent decline in first-half pretax profit to 64.5 million naira, the fuel retailer said on Friday. Revenue fell to 36.98 billion naira during the period to June 30 from 47.16 billion naira a year ago, it said in a filing to the Nigerian Stock Exchange. Reporting by Oludare Mayowa
Indian Oil Shifts Focus to Expanding Natural Gas Business
Indian Oil Corp (IOC) , the country's biggest refiner, is expanding its natural gas business as the south Asian nation, the world's third-largest carbon emitter, aims to cut its dependence on coal and oil. Thirteen of the world's 20 dirtiest cities are in India, with New Delhi taking top spot, a report by the World Health Organisation said last year.
Indian Oil Corporation to set LNG Terminal
Indian Oil Corporation (IOC), the country’s largest refiner and fuel retailer, is all set to invest around Rs 45,000 crore ($7.5 billion) over three years to build petrochemicals plants and LNG terminal. IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has…
Slovenia's Petrol Sees 2015 Net Profit Up
Slovenia's largest fuel retailer Petrol said it expected to make a group net profit of 64.3 million euros ($79.8 million) in 2015 from the 60.4 million forecast this year, though sales are seen falling 6 percent next year. It forecast on Thursday that sales would fall to 3.8 billion euros in 2015 due to demanding economic conditions in its markets, from the 4 billion expected this year.
Slovenia's Istrabenz Sells its 4 pct Stake in Petrol
Slovenia's tourism and energy firm Istrabenz has sold its 4.05 percent stake in the country's largest fuel retailer Petrol, Istrabenz said in a statement on Monday. It gave no details of the deal or the buyer. It said last month it was planning to sell its stake in Petrol at a fixed price of 275 euros per share which would value its whole stake at 23.2 million euros ($29.00 million).
India Frees up Diesel Prices
India announced on Saturday that it would life controls on diesel pricing with immediate effect, leading to an immediate fall in pump prices of nearly 6 percent and easing the subsidy burden on Prime Minister Narendra Modi's government. "Henceforth, like petrol, pricing of diesel will be market determined," Finance Minister Arun Jaitley said after a cabinet meeting.
Slovenia's Istrabenz to Sell its 4 pct Stake in Petrol
Slovenia's tourism and energy holding Istrabenz will sell its 4.05 percent stake in the country's largest fuel retailer Petrol at 275 euros per share, Istrabenz said in a statement on Friday. It said investors would get invitations to bid for the 84,490 shares on sale at a fixed price. State-owned companies hold about 39 percent of Petrol…
Conoil H1 Pre-Tax Profit off 25 pct
Nigeria's fuel retailer Conoil said on Thursday its first half to June 31, pre-tax profit dropped 25.25 percent to 1.48 billion naira ($9.13 million), compared with 1.98 billion naira in the same period last year. Revenue also fell to 78.51 billion naira, compared with 79.63 billion naira in the same period of the previous year, the company said in a filing with the Nigerian Stock Exchange.
