Refiners start to add renewable diesel capacity, seen as cost-cutting move

Refiners such as HollyFrontier Corp and CVR Energy are exploring opportunities to produce renewable diesel to save money on less profitable refineries and offset compliance costs associated with U.S. blending laws.The product, however, currently only occupies a tiny corner of diesel production – and logistical hurdles are likely to limit its growth in coming years.…

OVL to invest additional Rs 900 cr in Shwe project in Myanamar

New Delhi: Giving a push to infrastructure development across sectors, the government on Wednesday approved a proposal for additional investment to be made by ONGC Videsh Ltd (OVL) in the development of an oil and gas project in neighbouring Myanmar. As per the clearance given by the Cabinet Committee on Economic Affairs (CCEA), OVL will…

Government mops up Rs 40,000 crore via excise duty on petrol, diesel within first 2 months of FY21

The government has collected about Rs 40,000 crore from excise duty on petrol and diesel in the first two months of the fiscal, or about 16 percent of its full-year target. The exchequer’s collection rose three times in May, when the government mopped up Rs 29,396 crore (vs Rs 10,560 crore in April) following a…

Petrol, diesel prices may rise further; IOC says demand recovery faster than anticipated

NEW DELHI : Indian Oil Corporation Ltd (IOC), the country’s largest fuel retailer on Wednesday said that transportation fuel prices may continue to go up due to international crude oil prices being on an upswing. IOC, also the country’s largest refiner said that demand recovery has been faster than anticipated, and its capacity utilization, which…

IOC-Chennai Petro JV for new refinery skips need for Iranian invest

NEW DELHI – The decision to build Chennai Petroleum Corp Ltd’s new refinery through a joint-venture with parent Indian Oil Corp Ltd will allow the project to go ahead without any need for fresh equity from National Iranian Oil Co, which is part of the former’s promoter group, sources in the know told Cogencis. National…