India to buy crude oil from Guyana

India, the world’s third largest energy consumer and importer, is looking to diversify its sources of oil imports and the South American nation is one of the countries it is tapping for that. The Union Cabinet approved signing of a 5-year memorandum of understanding with Guyana for cooperation in the hydrocarbon sector including sourcing of

Neste’s Porvoo refinery to be gradually transformed into renewable hub

Neste launched the strategic study in September 2022 with an aim to significantly grow its renewables and circular production in Porvoo long term, starting with the co-processing of both renewable and circular feedstock which could lead to retrofits of existing units at a later stage, with a long-term capacity potential of 2 to 4 million

Angola leaving OPEC

Angola is leaving the Organization of the Petroleum Exporting Countries because membership is not serving its interests, oil minister Diamantino Azevedo said. Angola, which joined OPEC in 2007, produces about 1.1 million barrels of oil per day, compared with 28 million barrels per day for the whole group. Confirming an earlier report by local news

New EU oil cap sanction rules announced

The European Union has unveiled its 12th package of sanctions against Russia, with tankers very much included in the set of restrictions. The new sanctions call for notification rules for the sale of tankers to any third country in order to make more transparent their sale and export, in particular in the case of secondhand

Ready to import oil from any country not under sanctions

India will buy crude oil from Venezuela as a number of Indian refineries are equipped to process heavy crudes, Petroleum Minister Hardeep Singh Puri said. With the United States (US) easing sanctions on Caracas in October, India’s imports of Venezuelan oil are set to resume after three years. The minister said that as a major

Chevron to acquire US oil company Hess

US oil major Chevron announced has entered into a definitive agreement with compatriot Hess Corporation to acquire all outstanding shares of the company in an all-stock transaction valued at $53bn. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The acquisition consideration is structured with 100%

India to add 56.6 mtpa of crude oil refining capacity

India, the world’s fourth largest refiner, will add as much as 56.6 million tonnes per annum (mtpa) of crude oil refining capacity in the next seven years of which 84 per cent will be through brownfield expansion. At present, the world’s third largest crude oil consumer has a cumulative refining capacity of almost 254 mtpa,

India eyes Brazil’s ethanol technology to lower oil imports

India has been accelerating efforts to achieve 20 percent ethanol blending with petrol by 2025 in a bid to reduce reliance on crude oil imports. India is looking to benefit by taking a leaf out of the techniques used by the Latin American nation for ethanol blending. India aims to reduce its dependence on crude

Centre cuts windfall tax on crude oil

The finance ministry has reduced to windfall tax on the sale of locally-produced crude oil to Rs 6,700 per tonne. However, the ministry has raised the Special Additional Excise Duty (SAED) on the export of diesel to Rs 6 per litre from Rs 5.50 a litre. The levy on the export of aviation turbine fuel

Mexico-India unlocking opportunities in the crude oil sector

Mexico’s prominence as a crucial supplier of crude oil to India has steadily grown, making India the third largest market for Mexican crude oil. Despite fluctuations in value due to international prices, the export volume to India continues to rise, with immense potential for further growth. India purchased a substantial $3 billion worth of crude