Venezuela is the third largest supplier of oil to India which is the world's third-biggest oil consumer.

While a third of the Visakhapatnam facility has been hired by Hindustan Petroleum Corp Ltd (HPCL), ADNOC and government of India filled the storage at Mangalore. The 2.5 MT Padur facility remained empty.

UAE's Abu Dhabi National Oil Co and its partner Saudi Aramco have jointly taken a 50% stake in the planned $44 billion refinery-cum-petrochemical complex at Ratnagiri in Maharashtra.

Modi said, currently, India is fastest-growing large economy in the world... and it \"recently became the sixth-largest economy in the world.

Qatar Gas CEO Khalid Bin Khalifa Al-Thani said, \"If there is change in demand worldwide we will see it in India especially in fossil fuel.\"

Qatar supplies 8.5 million tonnes a year of liquefied natural gas to India. It is the country's single largest source of imported gas, supplying about 40 per cent of all imports.

The government's plan to offer PSUs special incentives for natural gas discoveries in difficult and unviable areas will help raise India's natural gas production, officials believe.

Oil Minister Dharmendra Pradhan launched the OALP-III bid round at the Petrotech 2019 conference on the outskirts of Delhi.

Speaking at the Petrotech conference held in the national capital last year, Prime Minister Narendra Modi underlined his government's commitment to combating climate change and curbing emissions

The three firms signed the pact for the 60-million tonne a year refinery in Maharashtra with IOC as leader of the consortium, officials said. IOC will hold a 50% stake in the project while BPCL and HPCL will have 25 per cent each.

\"Natural gas is the next-generation fossil fuel, cheaper and less polluting,\" Modi said in an address at flagship energy event, Petrotech.

The poll panel is likely to announce the dates for General Election after the ongoing session of Parliament gets over on February 21.

Featuring: The Smiley Company's Nicolas Loufrani, Author Daniel Yergin, Punj Lloyd's J.P. Chalasani, Foodhall's Avni Biyani, Polaris' Ross Clifford and InvestHK's Simon Galpin.

Oil and Natural Gas Corporation and Oil India Ltd are likely to buy the 10-per cent government stake in downstream Indian Oil Corp to resolve the impasse between the petroleum and finance ministries over offloading the shares in the stock market when the price of the scrip is very low.

BP Plc, the largest foreign investor in India's energy sector, on Thursday said a non-conducive business environment and subsidies have diluted the country's attractiveness to investors.

After allowing domestic airlines to import ATF directly, the government has decided to permit private firms to use oil PSU-owned jet fuel facilities like refuelling terminal and storages at Chennai and Kolkata airports.

State-owned oil companies have virtually stopped producing premium or branded petrol and diesel, as sales have plunged due to huge differential in rates when compared with non-branded or ordinary fuel.

Reliance Industries (RIL) has said it plans to raise capacity at its twin refineries at Jamnagar in Gujarat as part of the company's plans to double profit in 4-5 years.

Finance minister Pranab Mukherjee says structural reforms were required in the energy sector to attract more investment.

The major push from the state-owned oil major will come from development of finds in and around block KG-DWN-98/2, next to Reliance Industries' giant KG-D6 block.