Private refiner Essar Oil Ltd has registered a net loss of Rs 70 crore during the three month period ended June 2010 as against a net profit of Rs 169 crore in the same period of 2009.

But, the total income of the company surged to Rs 10,570 crore during the quarter under review as against Rs 6,601 crore for April-June 2009.

Reliance Petroleum Trust is all set to sell out about 10 million shares at Rs 2125 each. Further, the company also plans to sell additional 10 million shares, which would take overall proceeds up to US$880 million.

As per the statement from a fund manager, the company may be planning to buy a petroleum asset out of the country, taking help of fallen valuations.

Raj Oil Mills made its debut on the BSE at Rs 125, at a premium of 7% or Rs 9.15 to its issue price. Presently, the stock is trading at Rs 119.

After its opening, the stock soon hit a high of Rs 133. But as the trading moved on, it fell to a low of Rs 115. Trading of around 12 million shares has been noted so far.

As per the data available with the National Stock Exchange (NSE), over 98.16 lakh bids were received by the IPO for the equity shares against the actual size of 95 lakh shares.

Prosad Dasgupta, Chief Executive from Petronet LNG ltd, told reporters that the company is in talks with the Canadian producer Interoil in buying more liquefied natural gas. India's Petronet is the country's largest liquefied natural gas importer.

Prosad Dasgupta told media on the sidelines of the 4th Annual LNG conference in Perth that petronet has "started discussions with the Exxon initiative" in Papua New Guinea over buying LNG from the Exxon Mobil Corp.-led (XOM) PNG LNG project.

State-run Indian Oil Corporation (IOC) has revealed its plans to acquire a sugar mill, and construct a refinery in Brazil to produce ethanol.

According to sources, India’s ethanol production was likely at 2,730 million litres in the year to September 2008, down from 2,900 litres a previous year.

According to reports, India imports 70% of the oil it consumes and heavily discounts fuel sales.

To give a boost to its slowing economy, the government of India has trim down prices of petrol by Rs 5 and diesel by Rs 2 a litre.

According to the sources, the price cut is effective from Friday midnight.

The sources further revealed that the prices of LPG (cooking gas) and kerosene are kept unchanged.

While commenting on the price cut, Mr. RS Pandey, Petroleum Secretary stated, "the fuel price cut is an interim measure to provide relief to consumers."

China has announced that it intends to set up giant USD 2.9 billion oil and gas pipeline across Myanmar.

According the sources, the work on the new pipeline connecting Myanmar with its Yunnan province would commence early next fiscal.

This project (joint venture between China and Myanmar) was being undertaken to trim down Beijing`s over-dependence on energy transportation from the Gulf through the straits of Malacca.

Russia’s anti-trust office has given approval to India’s major exploration firm ONGC to acquire London-listed, Russia-focused oil firm Imperial Energy.

According to the sources, ONGC has agreed the acquisition of Imperial for US$ 2.6 billion in late August.

The sources further revealed that the proposed deal marks ONGC’s second investment in Russia, where the conglomerate already has 20 percent stake in the Sakhalin-1 oil and gas consortium headed by US major Exxon.

Suzlon Energy has scrapped the plans of rights issue. The company termed adverse market conditions as a major cause to scrap the idea. The company would wait until the global financial conditions stabalize. Suzlon Energy is the fifth largest wind turbine maker in the world and it had planned rights issue worth Rs 1,800 crore.

Chennai-based leading wind electric generator manufacturer RRB Energy, is planning to invest Rs 500 crore to increase the turbine capacity at its plant near Chennai by three-fold.

Out of the proposed Rs 500-crore investment, the company had already spent Rs 150 on the facility, while the balance amount will be invested during the current financial year.