On February 04, 2016 15:01 (IST)
Strategic reserves are underground rock caverns used to store crude oil.
On February 03, 2016 15:28 (IST)
Amid global uncertainty, Finance Minister Arun Jaitley on Wednesday said it is important for India to emerge out of the crisis stronger as it is on a much higher and stabler footing than other nations.
On January 30, 2016 13:43 (IST)
Stressing on making the most of the favourable low commodity prices, Finance Minister Arun Jaitley on Saturday said the country will have to become a low cost manufacturing hub for success of the government's Make in India programme.
On January 26, 2016 13:51 (IST)
Public sector oil firms IOC, BPCL, HPCL and EIL will invest Rs 1.5 lakh crore in setting India's biggest refinery on the west coast, Oil Minister Dharmendra Pradhan said.
On January 24, 2016 19:53 (IST)
Targeting to add 10 crore new LPG connections in next three years, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Friday said oil marketing companies are mulling to sell new cooking gas on an EMI basis, just like for other consumer durables.
On January 24, 2016 17:15 (IST)
Urging private sector to give up caution and make investments, Finance Minister Arun Jaitley has said it has become absolutely imperative to add to the credibility of the Indian economy, with the world looking up to the country as a bright spot amid global headwinds.
On January 23, 2016 17:32 (IST)
Iran's oil minister on Friday said any emergency meeting of the Organization of Petroleum Exporting Countries (OPEC) would hurt the crude oil market if it made no decision to shore up falling prices.
On January 22, 2016 20:06 (IST)
The country can stand out in the gloomy global economic situation with headwinds from China and the US, if it continues with "reforms and responsible economic planning", Finance Minister Arun Jaitley on Friday said, expressing confidence the country will prove its resilience.
On January 20, 2016 17:59 (IST)
The Sensex sank over 550 points on Wednesday to slip below the psychological 24,000 mark for the first time since May 16, 2014, the day Prime Minister Narendra Modi led the BJP to a big win in the general elections.
On January 20, 2016 10:46 (IST)
The Indian government will "state its position" in the Cairn Energy tax dispute before the relevant legal authority, Finance Minister Arun Jaitley said here today after the British firm announced that it will seek from India over $1 billion in damages.
On January 17, 2016 16:29 (IST)
Iran is ready to increase its crude oil exports by 500,000 barrels a day, its deputy oil minister said on Sunday, hours after international sanctions on Tehran were lifted, removing an obstacle to exports.
On January 15, 2016 22:56 (IST)
The government has set an ambitious target of opening 10,000 new LPG dealerships in 2016 on top of around 16,000 existing dealers in the country.
On January 15, 2016 19:52 (IST)
The government will come out with an alternative strategy in 2-4 weeks to push PSU disinvestment in volatile markets, Finance Minister Arun Jaitley said on Friday.
On January 14, 2016 15:56 (IST)
Slapped with Rs 10,247-crore tax assessment using the retrospective tax legislation, British oil major Cairn Energy plc has asked Finance Minister Arun Jaitley to do away with the legislation in the Budget next month so as to restore faith of international investors in India.
On December 27, 2015 16:03 (IST)
The government sees the current slump in oil prices as an opportunity to enhance the country's energy security, and it has told state-owned companies in the sector to aggressively scout for acquisition of assets overseas, Petroleum Minister Dharmendra Pradhan has said.
On December 25, 2015 12:53 (IST)
A deal to allow ONGC Videsh Limited to pick up 15 per cent stake in Russia's second biggest oil field of Vankorneft and three other major pacts between Indian and Russian companies in oil and gas sector have been struck during Prime Minister Narendra Modi's visit here which is expected to boost bilateral trade significantly.
On December 20, 2015 11:37 (IST)
British oil firm Cairn Energy Plc has written to Prime Minister Narendra Modi seeking clarity on its Rs 10,247 crore retrospective tax dispute in light of his statement that the government will not resort to retrospective taxation.
On December 16, 2015 18:30 (IST)
A host of factors, including reform measures taken by the government, and decline in global oil and commodity prices have led to lower inflation, the Ministry of Finance said on Wednesday.
On December 16, 2015 14:00 (IST)
Finance Minister Arun Jaitley on Wednesday explained the rationale for not passing the full benefits of the slump in global crude oil prices to domestic consumers. The drop in domestic fuel prices has not kept pace with the slump in global Brent crude oil, which is trading at an 11-year low below $40 per barrel.
On November 24, 2015 19:01 (IST)
The Petroleum Ministry is talking to the Finance Ministry on reducing the cess that the industry has been seeking since the steep fall in crude prices beginning June 2014, Petroleum Minister Dharmendra Pradhan said.