India’s mining giant Adani Group has launched an Indigenous Participation Plan (IPP) that could deliver benefits worth 250 million dollars over the next 30 years to the traditional owners who are opposing the company’s 16.5 billion dollar project in Australia’s Queensland state. “Implementation of Adani’s IPP will result in a direct benefit of at least […]
Day: June 17, 2015
Arun Kumar is new Director Finance of PTC India
Power trading firm PTC India today said that Arun Kumar has joined as Director of finance department of the company on June 16. “…pursuant to his appointment, Mr Arun Kumar has joined as Director (Finance) and CFO of PTC India Limited w.e.f. June 16, 2015,” PTC India, formerly known as Power Trading Corporation of India, […]
Boeing says Ethiopian Airlines orders more Dreamliners
Boeing announced at the Paris air show on Wednesday that Ethiopian Airlines was the unidentified customer behind a previously announced order for six 787-8 Dreamliners, worth $1.3 billion at list prices. The carrier currently operates 13 787s, and the Dreamliners are “part of Ethiopian’s long-term strategy to increase capacity and provide greater route flexibility to […]
Dubai bound flight makes emergency landing at Chennai airport
A Dubai-bound flight of a private airline with 300 passengers on board made an emergency landing at the airport here today after a woman passenger suffered a seizure, officials said. The flight from Indonesia landed in the wee hours today after the woman suffered a seizure, airport officials said. She was offloaded and administered medical […]
Geometric Power, GE to build 1,080 MW plant in Nigeria
Nigeria’s Geometric Power will build a 1,080 megawatt power plant jointly with General Electric, with the first phase of the project generating 500 MW expected to be completed in 2019 at a cost of $800 million. Geometric Power CEO, Bart Nnaji said the firm had also appointed London-based Standard Chartered Bank as financial advisers for […]
Government may sell 3 per cent of its stake in BPCL, gain an estimated Rs 1,778 crore
Buoyed by fuel price deregulation, the government has started inter-ministerial consultations on selling 3 per cent of its stake in Bharat Petroleum Corporation with the view of mopping up an estimated Rs 1,778 crore at current share price. BPCL would be the third oil company after Oil and Natural Gas Corporation and Indian Oil in […]
IFC invests $35 mn in PTC Financial Services
International Finance Corporation (IFC), a member of the World Bank Group, has invested $35 million in the 10-year non-convertible debentures floated by PTC India Financial Services (PFA). PFS, a non-banking finance company, will use the funds to boost long-term financing for renewable energy, particularly in wind and solar projects in India, IFC said in a […]
India rejects Kazakhstan’s offer for Abai oil field
Nearly two years after Kazakhstan blocked India’s $5 billion deal to buy stake in the Kashagan oilfield, ONGC Videsh Ltd has said the offer of an alternative mid-sized Abai oil block in Caspian Sea is not attractive enough. Kazakhstan had in April last year offered OVL a stake in Abai, which was previously being operated […]
Mercom predicts another strong year for solar power globally
US-based researcher Mercom Capital Group has revised upwards its global solar installation forecast for 2015 to 57.4 GW mainly on China revising its installation goals. Mercom’s forecast for solar installations in India for 2015 now stands at greater than 2,000 MW due to positive developments in Tamil Nadu, Mercom said in a statement. Tamil Nadu […]
NHPC restores another unit of Uri-II power station in J&K
State-owned NHPC has restored one more unit of Uri-II power station in Baramulla district, Jammu & Kashmir, which was shut down following a fire incident in 2014. “…one more unit (i.e. Unit 1) of URI-II power station is restored on June 17, 2015 after a fire incident on November 20, 2014,” NHPC said in a […]
Nigeria $5.6 billion power plants sell-off stalls on gas shortages
Nigeria’s privatisation of 10-independent power plants (IPPs) that could fetch up to $5.6 billion is stalling due to a lack of gas supply, the chief executive of Aiteo Power and Gas said. “A lack of gas is stalling the deals,” Ransome Owan told a power conference in Lagos late on Tuesday. Africa’s biggest economy broke […]
ONGC Videsh Ltd seeks autonomy to invest $1 billion to speed up acquisition of overseas fields
ONGC Videsh Ltd has sought greater financial autonomy to decide on investments of up to USD 1 billion (about Rs 6,400 crore) without government nod to speed up acquisition of overseas oil and gas fields. Board of OVL, the overseas arm of state explorer Oil and Natural Gas Corp, currently has powers to decide on […]