Moscow - The splurge of oil profits feeding Russia's years of growth has turned sticky with falling production and energy prices.
This double whammy is threatening to undercut the government's economic policy as the industry that is its main source of revenue takes a battering from the country's worst financial crisis in a decade.
Scooping huge oil windfalls into state coffers over the oil industry's boom years from 1999 to 2004 has been at the root of Russia's ideology under former President Vladimir Putin.
The surplus helped pay back a national debt as part of a therapy to recover from the humiliation an impoverished Russia suffered by the Soviet collapse and then move toward a resurgent foreign policy.
Ispat Energy Ltd, a part of Ispat Industries Ltd, is planning an investment worth Rs 1,000 crore in the current fiscal, for producing bio-CNG from pressmud, a byproduct of sugarcane processing.
The gas produced can be used as a fuel for transportation and industrial applications.
According to the source, the company has showed it’s willing to work with 20 sugar mills in Maharashtra and Uttar Pradesh for producing bio-CNG.
The firm has decided to invest Rs 35 crore in a bio-CNG facility for Warna Sugar Ltd, Maharashtra.
State-run gas utility Gas Authority (India) Limited has signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) to explore possibility of setting up a Rs 10,000 crore petrochemical plant at Barauni in Bihar.
Under the arrangement, a joint working committee consisting of two representatives from each company shall be formed for undertaking techno-economic feasibility study of the project including feedstock (naphtha and natural gas) management.
New York - The second largest US oil company Chevron on Friday reported record third quarter profits as it benefited from high oil prices.
Profits nearly doubled to 7.9 billion dollars, the San Ramon, California-based firm said. Revenue rose 43 per cent to 78.9 billion dollars.
Chevron joins the other energy companies that have reported record profits this month. Rival ExxonMobil recorded the largest quarterly profit in US history at 14.8 billion dollars.
Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose by 2.23 dollars Wednesday, as the weaker dollar buoyed oil markets, according to data released by OPEC on Thursday.
One barrel (159 litres) of OPEC crude stood at 58.13 dollars on Wednesday, up from 55.90 dollars on the previous day.
The oil price rebounded as interest-rate cuts in the United States and China on Wednesday led to a depreciation of the dollar, Vienna-based analysts JBC Energy said.
Ispat Energy Ltd, a part of Ispat Industries Ltd, is planning an investment worth Rs 1,000 crore in the current fiscal, for producing bio-CNG from pressmud, a byproduct of sugarcane processing. 
State-run gas utility Gas Authority (India) Limited has signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) to explore possibility of setting up a Rs 10,000 crore petrochemical plant at Barauni in Bihar. 
New York - The second largest US oil company Chevron on Friday reported record third quarter profits as it benefited from high oil prices.
Vienna - The price for
Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose by 2.23 dollars Wednesday, as the weaker dollar buoyed oil markets, according to data released by OPEC on Thursday.
