Author: omc_admin

Billionaire Gautam Adani’s conglomerate will build a 1 million tonne a year PVC plant at Mundra in Gujarat, marking its foray into the petrochemicals sector where Reliance Industries Ltd is the main player, sources said.PVC, or Polyvinyl Chloride, is a synthetic plastic polymer that is widely used to make an array of products – from pipes and fittings to window and door frames, cable insulation, vinyl flooring and wall coverings, credit cards and toys.India’s annual PVC demand is about 4 million tonnes, while domestic production capacity stands around 1.59 million tonnes, half of which is with Reliance. PVC demand is…

New Delhi: Indigenous crude oil and condensate production in May 2025 stood at 2.4 million metric tonnes (MMT), marking a 1.7 per cent decline compared to the same month in the previous year, according to data released by the Petroleum Planning & Analysis Cell (PPAC).Among producers, ONGC recorded a production of 1.5 MMT, OIL produced 0.3 MMT, while production under the PSC/RSC regime stood at 0.6 MMT.Crude oil processed during May 2025 was 23.1 MMT, which is 0.4 per cent higher compared to May 2024. Of this, public sector and joint venture refiners processed 15.6 MMT, and private refiners processed…

US President Donald Trump, right, and Elon Musk, chief executive officer of Tesla Inc., during a news conference in the Oval Office of the White House in Washington, DC, US, on Friday, May 30, 2025. Francis Chung | Bloomberg | Getty Images When they find themselves without a significant other, most men finally start living: They pay attention to their personal grooming, hit the gym and discover new hobbies.What does the world’s richest man do? He starts a political party.Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S.…

KERRVILLE, Texas (AP) — Crews picked through mountains of debris and waded into swollen rivers Monday in the search for victims of catastrophic flooding that killed nearly 90 people over the July Fourth weekend in Texas, including more than two dozen campers and counselors from an all-girls Christian camp.With additional rain on the way, more flooding still threatened in saturated parts of central Texas. Authorities said the death toll was sure to rise as crews looked for many people who were missing.Operators of Camp Mystic, a century-old summer camp in the Texas Hill Country, said they lost 27 campers and…

Despite heightened tensions in the Middle East, oil prices are likely to remain capped below $70 per barrel for the rest of the year amid ample supply and uncertainties about demand. Unless actual supply disruptions occur in and around the hotspots in the Middle East, the price of oil will be a function of supply and demand, analysts and investment banks say.    Growing supply from the OPEC+ group, although not as high as the monthly headline figure of 411,000 barrels per day (bpd) suggests, is set to create an oversupply on the market going into autumn, even if summer demand holds strong.…

Search and rescue operations continue in central Texas, where catastrophic flooding has killed at least 69 people. Dozens are still missing.During a Sunday press conference, after the usual updates, officials made what has become a familiar request during recent natural disasters: Don’t fly your personal drones over the disaster area.”We know that people want to volunteer, but what we are starting to see is personal drones flying,” Kerrville City Manager Dalton Rice told reporters. “These personal drones flying is a danger to aircraft, which then risks further operations.”The Kerrville Police Department echoed Rice’s remarks on Sunday.”Media-operated drones are interfering with…

Jewish community ‘not OK’ after alleged antisemitic Melbourne attacksThe chair of the Anti-Defamation Commission, Dvir Abramovich, says the Jewish community is “not OK” after a spate of alleged antisemitic attacks in Melbourne at the weekend.Speaking to ABC’s Radio National this morning, Abramovich said antisemitism was “not just an abstract issue, it’s a real-life threat to our lives and to Jewish life here”. I need Australians to really hear that: if ever there was a moment to break the glass and pull the alarm labelled never again, it’s right now because what happened on Friday night wasn’t some isolated outburst, it…

(Bloomberg) — Companies hired by TotalEnergies SE to build a $20 billion gas project in northern Mozambique have started preparing to resume work on the venture, four years after it was suspended because of a militant insurgency, according to people familiar with the matter.  Firms have taken preliminary steps, including deploying resources to the project site, said two of the people, who asked not to be identified because the information is confidential. A Total representative declined to comment. The French oil major sent a letter earlier this week along with a so-called notice to proceed with site preparation…

(Bloomberg) – OPEC+ will increase oil production even more rapidly than expected next month, as the group led by Saudi Arabia seeks to capitalize on strong summer demand in its move to reclaim market share.  Eight key alliance members agreed to raise supply by 548,000 bpd at a video conference on Saturday, putting the group on pace to unwind its most recent layer of output cuts one year earlier than originally outlined. The countries had announced increases of 411,000 bbls for each of May, June and July — already three times faster than scheduled — and traders had…

Petro-Victory Energy Corp. and Azevedo & Travassos Energia S.A. (ATE) have signed a binding memorandum of understanding on July 2, 2025 (MOU) under which Petro-Victory will become a subsidiary of ATE. ATE has agreed to acquire all shares of Petro-Victory.  The merging of the two companies is expected to increase shareholder value through the development of ATE’s growth strategy with the supplementation of Petro-Victory’s diversified portfolio of production and exploration assets, the company announced.  As part of the transaction, shareholders of record at closing will be entitled to a gross overriding royalty (GORR) in the percentage of ten…