Auto Industry News

Reliance Industries is snapping up Russian refined fuels, including rare purchases of naphtha, after some Western buyers stopped Russian imports.

Essar Group plans to set up a Rs. 40,000 cr. petrochemical complex in the eastern state of Odisha in a tie-up with a global player.

G7 nations and Australia said they had agreed a $60 per barrel price cap on Russian seaborne crude oil.

Oil prices rose by as much as $1 per barrel after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia focused investor minds on how tight fuel supply may become.

Wolfspeed will build a new multi-billion dollar factory in Chatham County, North Carolina to make the raw materials used for chips that power things like electric vehicles.

Oil prices rose about 4% supported by real and threatened cuts to supply, although futures posted a second weekly decline.

The U.S. Commerce Department said it hopes by February to begin seeking applications for $39 billion in government semiconductor chips subsidies to build new facilities and expand existing U.S. production.

Indian state-refiner Bharat Petroleum Corp is re-attempting to charter a ship to load 700,000 barrels of Russia's Sokol crude oil this month, sources familiar with the deal said.