India will tomorrow receive its first ever shipment of US crude oil when a very large crude carrier (VLCC) docks at Paradip port in Odisha.

State-owned Indian Oil Corporation (IOC) plans to nearly double oil refining capacity to 150 mt by 2030 and source 10 per cent of the need from its own assets, said Chairman Sanjiv Singh.

RIL Chairman Mukesh Ambani and BP Group Chief Executive Bob Dudley are speaking at a media interaction after meeting Prime Minister Narendra Modi on Friday.

\"Daily price revisions of petrol and diesel will make the retail prices more reflective of the current market conditions, minimising the volatility in the retail price,\" the statements said.

The 30-share index remained above the 30,000-level in today's trading session along with the NSE Nifty trading above the 9,300-mark on the back of widespread buying and sustained foreign fund inflows.

Petrol in Delhi currently costs Rs 66.10 a litre and diesel Rs 54.57.

How Nishi Vasudeva steered oil behemoth HPCL through a tricky time of falling crude oil prices.

Oil producer ONGC lost the most market cap in the BT500. But with OPEC talking about production cut and price corrections, the company will hope for a change in fortune.

Oil marketing company Indian Oil Corporation continued to ride the softening of oil prices, raking up the highest growth in profits among the BT500 companies.

India may turn into a net importer of fuel oil as its state-owned refiners are making multi-billion dollar investments to upgrade their refineries and produce more profitable refined products such as gasoline or diesel.

\"In the next six years, we need to spend Rs 1.70-1.80 trillion on refinery expansions, new petrochemical projects which are coming up and expenditure being incurred on natural gas, besides some exploration blocks that we are actively looking at,\" IOC Chairman B Ashok said.

India on Monday said it has offered Saudi Arabia a stake in the mega oil refinery and petrochemicals project proposed in coastal Maharashtra at an estimated cost of Rs 1.5 trillion.

India, the world's third-biggest oil consumer, imports almost 80 per cent of its crude requirements, mostly from Middle East nations. In the first quarter, Saudi Arabia was country's biggest exporter of oil, sending about 889,000 barrel per day (bpd) to the country, or about 21 per cent of the total.

The company is expected to use the surplus refining capacity in India to retail in the neighbouring countries and its own products from the Mozambique and Brazil hydrocarbon assets in Africa and Far Eastern countries - China, Japan, Korea, Malaysia and Indonesia.

S Varadarajan, who rose up the ranks from a junior officer to head one of India's leading oil marketing companies, will leave behind a well-oiled legacy when he retires next year.

India had imported crude oil worth $168 bn in 2013/14, but with the crash in prices it may import the same volume of crude oil for $88 bn in 2015/16.

BPCL and Oman Oil Company could make a public share offer next year if a deal is not sealed.

Nitin Fire Protection Industries plans to achieve the target by growing organically and also by acquiring companies in the Gulf, Europe and Africa.

The company Nishi runs is the fourth-largest in India by revenues - Rs 2.06 lakh crore in 2014/15 - making her unquestionably one of India's most powerful business people.

BPCL chairman S. Varadarajan said the refinery will be expanded to 156,000 barrels per day at a cost of about $472 million.