India Slashes Financial Support for State Oil Refiners' Green Goals
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In a bid to reduce government deficit, India plans to halve the equity support to three state-held oil refiners to help them fund measures to meet their net-zero operations targets, Reuters reported exclusively on Friday, quoting industry and government sources. The three state-owned refiners, Indian Oil Corp, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation, were set to receive the equivalent of $3.6 billion, or 300 billion Indian rupees, in equity support for the fiscal year 2023/2024 to reach their goals to have…
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