Chaturvedi: ICICI’s non-exec chairman

RBI has approved the appointment of Girish Chandra Chaturvedi as non-executive (part-time) Chairman of the ICICI bank till June 30, 2021. Girish Chandra Chaturvedi was previously the petroleum secretary. ICICI Bank announced that Kochhar has decided to go on leave till the completion of an external inquiry into the matter of lending loan to Videocon group.

University of Houston signs MoU with IIPE

The University of Houston has signed a MoU with the Indian Institute of Petroleum and Energy (IIPE) to build scientific and technical knowledge through joint research. It covers key areas of possible collaboration in faculty exchanges, offshore and onshore petroleum engineering and process control systems. The MoU also covers possible student exchanges for short-term visits and learning.

Pipeline across Maha Prosperity Corridor

29 : Union Minister for Petroleum and Natural Gas Dharmendra Pradhan has proposed setting up a natural gas pipeline along the Maharashtra Prosperity Corridor. The corridor will be an eight-lane 701-km hi-speed super communication expressway between Nagpur and Mumbai. The Rs 46,000 crore project is being planned to boost agro-industries and port-led developments in the state.

Ratnagiri Project: ARAMCO and ADNOC sign MoU

Saudi Aramco and ADNOC signed a MoU to jointly develop a refinery complex at Ratnagiri, Maharastra. The project will be implemented by Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL) and is estimated to be Rs. 3 lakh Crore. The mega refinery will be capable of processing 1.2 million barrels of crude oil per day. It will produce 18 million tonnes per annum of refined petroleum products.

7th OPEC international Seminar

The Minister of Petroleum and Natural Gas and Skill development & Entreprenuership Dharmendra Pradhan to participate in the 7th OPEC International seminar as a special guest in Vienna, Austria on 19th June. The visit is crucial as global oil prices are at highest since 2014 and are impacting India’s increasing economy. He will also be visiting Germany and will take part in a yoga event.

Petrol, diesel sales hit record high in May

India’s domestic sales for diesel and petrol rose to record highs in May, pushing the country’s overall fuel consumption for the month higher year-on-year, data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed. Fuel consumption, a proxy for oil demand, totalled 18.72 million tonnes last month. Diesel consumption in 2018 may more than double from 2017.

Exports rose to $25.9 billion in April 2018

India’s exports rose by 5.17% year-on-year to USD 25.9 billion in April 2018 on back of good show by sectors like engineering, pharmaceutical & chemicals. Non-petroleum and non-gems and jewellery exports in April 2018 were valued at USD 19.8 billion as against USD 17.7 billion in April 2017, showing an increase of 11.73%. India recorded a trade surplus in services sector at USD 6.5 billion.

ADNOC supplies first oil cargo vessel to India

Abu Dhabi National Oil Company has sent the 1st cargo vessel with 2 million barrels of crude oil for India’s strategic petroleum reserve. ADNOC will use part of the crude oil to supply its customers, while the rest will remain as strategic storage for Govt of India to be released in event of an emergency. This will be the 1st such investment by any foreign company in an Indian SPR facility.

Pradhan Mantri Ujjwala Yojana Launched in Telangana

Launching the ‘Gram Swaraj Abhiyan’ in Telangana, the Union Minister for Petroleum and Natural Gas Dharmendra Pradhan stated the number of LPG distribution points in the State will be increased to 1,000 from the existing 707 for quicker and efficient delivery of gas cylinders. Mr Pradhan promised to create 20 lakh ‘happy homes’ in the State through free LPG gas connections under the Pradhan Mantri Ujjwala Yojana (PMUY)– the scheme providing free cooking gas connections to below the poverty line families. Telangana CM- K. Chandrashekar Rao, Governor- ESL Narasimhan.

Oil, finance ministers can award oil blocks

The Cabinet allowed Ministers of Finance and Petroleum to award oil and gas blocks to winners in the ongoing auction.Till now, only the Cabinet headed by the Prime Minister had the powers to approve the award of a block or area for the exploration and production of oil and gas.The two Ministers will approve the award based on the recommendations of the Empowered Committee of Secretaries.