Seoul, March 31 (IANS) The government will operate a crude oil swap system with private companies, starting Tuesday, in a bid to help oil refineries secure alternative oil supplies and minimise supply disruptions, the industry ministry said.Under the system, set to run over the next two months, the government will lend some of its oil reserves, mostly Middle Eastern crude, to oil refineries and later restore the stock with alternative supplies secured by the companies, reports Yonhap news agency…
Latest Oil Refineries News & Updates
New Delhi, March 26 (IANS): All the oil refineries in the country are operating at high capacity with adequate crude inventories in place, while domestic LPG production has been increased to support local consumption, and the country is also maintaining sufficient stocks of petrol and diesel, according to the update issued by the government on Thursday.Delivery of domestic LPG cylinders is normal, and the government has made additional LPG allocation to priority sectors, including migrant labour…
Canberra, March 20 (IANS) The Australian government has struck a deal to continue subsidising the country’s two remaining oil refineries, Energy Minister Chris Bowen announced on Friday.Bowen said that the government and the operators of the two refineries have reached an agreement to amend the fuel security services payment, under which the government pays the refineries when oil prices do not cover operating costs.Viva Energy’s refinery southwest of Melbourne in the city of Geelong and Ampol’s…
Seoul, March 13 (IANS) The antitrust regulator is looking into suspected price-rigging collusion cases involving gas stations in southern regions amid volatile energy prices stemming from ongoing turmoil in the Middle East, officials said on Friday.Ju Biung-ghi, chairman of the Fair Trade Commission (FTC), made the remark at a meeting of a special government task force of ministers overseeing market prices the previous day, according to FTC officials, reports Yonhap news agency.He said several g…
Seoul, March 13 (IANS) South Korea’s Industry Minister Kim Jung-kwan said Friday the government’s fuel price cap system is already showing signs of stabilising prices less than a day after taking effect. Kim held a meeting with officials from South Korean oil refineries, gas stations and the Korea National Oil Corporation to review the domestic energy markets on the first day of the fuel price cap system’s implementation, Yonhap News Agency reported. The temporary cap system took effect at midni…
New Delhi, March 10 (IANS) In an effort to ensure adequate availability of cooking gas for households, India’s oil refineries have increased liquefied petroleum gas (LPG) production by about 10 per cent after directions issued by the Centre, government sources said on Tuesday.The move has helped ease concerns raised by some groups about a possible supply disruption.Sources said the government has also increased the waiting period for new LPG cylinder bookings from 21 days to 25 days in order t…