Energy

The oil majors sanctioned development of two other projects in the last two years

The government's push towards electric vehicles to reduce dependence on imported oil was also not seen to bearing fruit in the near term

The company will also shut some secondary units at the Jamnagar refinery, which has a capacity of 660,000 bpd

The remaining amount will be raised from other investors, Mumbai-based Piramal said

KKR, together with Singaporean sovereign wealth fund GIC, will acquire up to 57 per cent of IndiGrid for about $400 million, the report said.

Iran's exports have fallen to less than 1 million barrels per day from more than 2.5 million bpd before sanctions were re-imposed a year ago.

Reliance Industries, the oil-to-telecom conglomerate promoted by Mukesh Ambani, on Thursday reported a net profit of Rs 10,362 crore

US West Texas Intermediate crude futures were at $64.39 per barrel, up 34 cents or 0.53 per cent and just shy of a 2019 high of $64.79 hit last week

The state refiners have not yet placed orders for Iranian oil for May, when the current waiver expires, pending clarity from the United States.

Goldman Sachs is said to have been mandated to advise on the proposed deal, the report added.

MRPL, a subsidiary of the country's top explore Oil and Natural Gas Corp, operates a 300,000 bpd refinery in southern India.

Higher gas prices, however, will lead to higher earnings for state-owned Oil and Natural Gas Corp Ltd and Oil India Ltd.

Europe has become a top destination this year for cargoes that cannot find a home in Asia because of high stock levels and low delivery prices.

Venezuela is the fourth largest oil supplier to India after Saudi Arabia, Iraq and Iran. It accounted for about 11 per cent of domestic oil supplies in 2017-18, supplying close to 18 million tonnes (mt).

Reliance said it has been in "continuous communication with the US Department of State regarding its activities in Venezuela" since imposition of sanctions