IOC said it has obtained nine licences to sell gas to households, automobiles and small industries, representing about a third of the demand potential in 61 geographical areas in various states that were recently auctioned by the Petroleum and Natural Gas Board.
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The facility is targeted to be operational by the end of 2022, with three threading lines being commissioned over time with an annual capacity of 50,000 metric tonnes. It is anticipated that the venture will employ approximately 100 staff members once fully operational and will achieve close to 70% in capacity in two years.
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An outage on a pipeline from Iraq to Turkey have increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates
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Petrol and diesel prices have remained unchanged for 68 days in a row despite a USD 16 swing in international oil prices and global rates again climbing to USD 84 per barrel, oil company data showed.
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India's fuel consumption in December scaled a nine month peak, government data showed, although a fresh Covid wave may slow the recovery of demand
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The year 2022 would be transformational for the Oil and Gas Industry and if world economies continue to make advances towards keeping the pandemic under control
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The signing of the deal comes ahead of Chinese Foreign Minister Wang Yi's visit to Colombo this weekend, with China also vying for clout in Sri Lanka.
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Indian state refiners' daily diesel sales rose in December from the previous month but a rapid surge in infections due to the Omicron coronavirus variant could hit fuel demand in Asia's third largest economy.
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Adani Total Gas Ltd bid for 52 GAs. Adani group had originally ventured into city gas business in a joint venture with IOC but it later tied up with Total. Adani and IOC did not put any combined bid in the latest bidding round.
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In a letter to the chief minister, Puri said Indian Oil has already initiated action for expansion of its Digboi refinery from 0.65 million metric tonnes per annum to 1 MMTPA.
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