Prime Minster Narendra Modi today called for reasonable and responsible pricing to provide easy access of affordable energy to all. In the presence of oil cartel OPEC kingpin Saudi Arabian Oil Minister, Khalid A. Al-Falih, Modi said efforts at artificially distorting prices were self-destructing. It is in the interest of oil producers that consuming markets […]
Day: April 11, 2018
Cabinet simplifies CBM exploration from CIL blocks
The Union cabinet on Wednesday approved simplifying exploration of coal bed methane from coal blocks allotted to Coal India Ltd. The Cabinet Committee on Economic Affairs granted relaxation to Coal India and its subsidiaries from applying for grant of license under the PNG Rules, 1959 for extraction of Coal Bed Methane (CBM) under their coal […]
Oil dips on rising U.S. supplies, market still tense on conflict in Syria
Oil prices on Wednesday eased away from 2014 highs reached the previous session as escalating Middle East tensions were offset by increasing inventories and production in the United States. Brent crude futures fell to $70.80 per barrel at 0702 GMT, down 23 cents, or 0.3 percent, from their last close. Brent surged more than 3 […]
India’s H-Energy aims for commercial start-up of LNG terminal by Q4 – executive
India’s H-Energy Pvt Ltd, a unit of real estate group Hiranandani, aims to start full commercial operations at a new floating liquefied natural gas (LNG) terminal by the fourth quarter of this year, a company official said on Wednesday. The terminal, known as a Floating Storage and Regasification Unit (FSRU), will be berthed at India’s […]
Govt working on ‘unbundling’ of marketing & transportation of gas in the country: Dharmendra Pradhan
The government is working on ‘unbundling’ of marketing and transportation of gas in the country, Oil Minister Dharmendra Pradhan has said, in a move that would end up splitting Gail, the owner of most of nation’s natural gas transportation network. India is aiming to build a gas-based economy, and beefing up policy frameworks and gas […]
Saudi Aramco to take 50% stake in India’s Rs 3-trn West Coast refinery
The world’s largest oil producer Saudi Aramco on Wednesday signed a deal with India to take up 50 per cent stake in the Rs 3 trillion West Coast refinery. The company also offered an interest in foraying into petroleum retail business in India. Saudi Aramco today signed a memorandum of understanding (MoU) with the three […]
Bajaj Electricals wins Rs 2,389-cr order from Purvanchal VidyutVitran Nigam
Bajaj Electricals today said it has bagged orders aggregating to Rs 2,389.03 crore from Purvanchal Vidyut Vitran Nigam Ltd (PuWNL) for rural electrification projects in Uttar Pradesh. “The EPC business unit of the company has bagged orders for six rural electrification projects aggregating to Rs 2,389.03 crore from PuWNL under the Saubhagya Yojna of Government […]
Shell reduces stake in Mahangar Gas to 24% from 32.5%; stock drops 3%
BG Asia Pacific Holdings (BGAPH), a wholly owned subsidiary of Shell, reduced its shareholding in Mahanagar Gas from 32.5% to 24%, the oil company said in its statement on Wednesday. “This is part of Shell’s ongoing portfolio optimisation to transform Shell into a simpler company, delivering stronger returns,” Shell said in its media statement. In […]
After IndiGo, Jet, now Tata may not bid for Air India citing onerous terms
Steel-to-autos conglomerate Tata Group, widely seen as a potential suitor for Air India, is unlikely to consider a bid for the state-run carrier as the government’s terms are just too onerous, two sources familiar with the matter said. India, keen to sell the loss-making, debt-ridden airline, finalised plans in late March to divest a 76 […]
Visibility over resolution of the stressed thermal capacity remains weak: ICRA
The possibility of resolution of issues of 60 giga watt of stressed thermal power capacity is expected to remain weak due to concerns including absence of fresh-long term power purchase agreements, unviable tariffs amidst rising fuel costs, escalation in capital costs and uncertainty on domestic gas availability feels ICRA. Sabyasachi Majumdar, group head & senior […]