The first-ever competitive bidding for the allocation of oil blocks to companies in the petroleum upstream sector will be launched on October 5, this year. The new regime, which is in compliance with the new Petroleum Exploration and Production Act, 2016 (Act 919) and the law on local content, is a departure from the previous…
The Chamber of Bulk Oil Distributors (CBOD) has revised the benchmark foreign exchange (FX) forward from 60 days to 30 days (60-days forwards rate to 30-days forwards rate). The revision was expected to translate into a two per cent and three per cent fall in ex-pump prices of refined petroleum products, the chamber said in…
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