At the International Energy Forum in Delhi in April, the world’s top oil producer Saudi Aramco inked a preliminary deal to partner with a consortium of Indian players to build a $44 billion refinery and petrochemical project on India’s west coast. The huge project was touted as a game changer for both parties – offering […]
Day: May 17, 2018
Growing demand, low refining capacity: India imports more, exports less oil
A growing appetite for crude oil that has overtaken the slow rise in refining capacity may be the reason why India is unable to cash in on the oil price boom, even as the country stares at a much larger import bill. Even as international crude prices continue to rise steeply upwards and inbound shipments […]
India raises Iran oil imports in April to highest since Oct 2016 as U.S. sanctions loom
India’s oil imports from Iran surged to 640,000 barrels per day (bpd) in April, its highest level since October 2016, according to data from shipping and industry sources, as refiners raised purchases ahead of looming U.S. sanctions against Tehran. Overall, India imported 4.51 million bpd in April, 2.5 percent higher than a year ago, the […]
State-run power plants resume coal imports amid shortages
State-run thermal power plants in India’s coastal states have again begun buying overseas coal due to domestic coal shortages, government and utility officials said, in a setback for the country’s long-term plans to eliminate imports. After no significant imports in 2017, government utilities in the states of Tamil Nadu and Andhra Pradesh have ordered several […]
Reliance Power sells Tilaiya UMPP to Jharkhand for Rs 1.12 billion
The 4,000 MW Ultra Mega Power Project (UMPP) in Tilaiya, Jharkhand, that Reliance Power won in 2009 at a record low tariff of Rs 1.77 per unit has changed hands now. RPower sold the special purpose vehicle (SPV) formed to execute the project to Jharkhand Urja Vikas Nigam Limited (JUVNL) for Rs 1.12 billion. This […]
SpiceJet hits 11-month low; down 21% in one month
Shares of SpiceJet hit an 11-month low of Rs 108, down 4%, extending its past two days fall of 5% on the BSE after the company reported a lower than expected net profit and operating profit or the EBITDAR in March quarter (Q4FY18), due to higher crude oil prices. The stock is trading at its […]
Jayant Sinha to meet airline chiefs to discuss tax issues
Minister of state for civil aviation Jayant Sinha will meet chiefs of airlines on Thursday to discuss issues related to taxation in the sector, particularly goods and services tax (GST). A proposal to bring aviation turbine fuel (ATF) under the GST regime that will allow airlines to claim input tax credit from the government is […]
Air India may have to pay USD 8.8 million penalty to passengers for flight delay
State-run carrier Air India may have to pay a penalty of USD 8.8 million to 323 passengers of its May 9 Delhi-Chicago flight, which was delayed as a fallout of withdrawal of relaxations given on flight duty time limitation (FDTL) of the crew. This incident has brought into focus in a plea by Air India […]