The oil ministry plans to amend the PNGRB Act, bringing oil companies’ dedicated pipelines under the regulatory board’s purview. This move aims to enhance monitoring, ensure safety compliance, and potentially convert these pipelines into common carriers. The goal is to foster fair competition and protect consumer interests by enabling third-party access and regulating transportation tariffs.
Torrent Power Ltd. is reportedly in discussions to acquire Larsen & Toubro Ltd.’s thermal business unit for approximately $1 billion, including debt. L&T aims to reduce its debt by divesting the unit and concentrating on its core engineering and construction operations. While talks are ongoing, the deal’s details could change, and other potential bidders may…
A free trade agreement between India and the UK is set to enhance trade relations. Kartikeya Dube says it will encourage collaboration and investments in the energy sector. The agreement aims to expand trade significantly by 2040. Ninety-nine percent of Indian exports will face zero duties in the UK.
An oil tanker carrying Russian Urals crude, initially destined for Nayara Energy’s Vadinar port in India, has been rerouted to Mundra port following EU sanctions on Nayara. Two tankers have also avoided loading refined products from Vadinar. The cargo of 700,000 barrels of Urals has been purchased by HPCL-Mittal Energy Ltd (HMEL) for its refinery.