Government-owned mining and power generating company, NLC India (NLCIL), has announced that it has signed a memorandum of understanding (MoU) with the Tamil Nadu government to develop 2,640 MW of lignite-based thermal power projects and 1,000 MW of solar energy projects in the state. The projects are expected to cost ₹238 billion ($3.34 billion). The […]
Day: January 28, 2019
Jet Airways seeks shareholder approval for converting debt into shares
Jet Airways said on Monday it would seek shareholder approval to issue new equity and convert existing debt into equity among other things at a special meeting on Feb. 21, as the beleaguered airline attempts to stay afloat. The company will also seek approval to allow its lenders to nominate directors to its board, the […]
Oil falls on increased US rig count, China industrial slowdown
Oil prices fell 1 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further, and as China, the world’s second-largest oil user, reported additional signs of an economic slowdown. International Brent crude oil futures were at $60.74 a barrel at 0804 GMT, down […]
Aramco amps up in South Korea with $1.6 billion bet on refiner Hyundai Oilbank
State-owned Saudi Aramco plans to invest up to $1.6 billion for a nearly 20 percent stake in South Korean refiner Hyundai Oilbank, expanding its foothold in one of its biggest Asian buyers of crude oil. Saudi Aramco is already the biggest shareholder in South Korea’s No.3 refiner, S-Oil Corp, with a 63.41 percent stake, and […]
India’s 2018 thermal coal imports grew at fastest pace in four years – sources
India’s 2018 thermal coal imports rose at the fastest pace in four years, according to two industry sources, despite moves by Prime Minister Narendra Modi’s government to cut imports in a bid to reduce its trade deficit. Coal is among the top five commodities imported by India, one of the world’s largest consumers of coal, […]
Tata Power’s quarterly profit plunges nearly 79%; dents by higher expenses
India’s Tata Power Co Ltd’s quarterly profit plunged nearly 79 per cent, well below market expectations, dented by higher expenses. Net profit came in at Rs 1.27 billion ($17.87 million) for the quarter ended Dec. 31, 2018, down from Rs 5.91 billion a year earlier, the power generator and distributor said on Monday. Seven analysts […]
Saudi Aramco to pay $1.6 bn for stake in S.Korea’s Hyundai Oilbank
State-owned Saudi Aramco plans to buy a stake of up to 19.9 percent of South Korean refiner Hyundai Oilbank from Hyundai Heavy Industries Holdings , for 1.8 trillion won ($1.61 billion), driving up shares of the parent 6.6 percent.
Residents return after parts of Gariahat building get power back
KOLKATA: Residents of the fire-ravaged building at Gariahat crossing started returning to their homes on Sunday after electricity was restored in some portions of the five-storey house on Saturday night.
Coal India’s supply to power sector up 8% in Apr-Dec 2018
State-owned Coal India supplied 360 million tonne (MT) coal to the power sector during April-December 2018, an increase of 7.9 cent over the year-ago period, according to official data.
India’s 2018 thermal coal imports grew at fastest pace in 4 years: Sources
India’s 2018 thermal coal imports rose at the fastest pace in four years, according to two industry sources, despite moves by Prime Minister Narendra Modi’s government to cut imports in a bid to reduce its trade deficit.
Are States’ rules undermining the Centre’s coal mine auction goals
States insisting on fresh environmental and forest clearance delay monetisation of auctioned blocks
Domestic crude output down 4.3% in December
India’s domestic crude oil production dipped 4.3 per cent while gas production was 4.19 per cent higher in December 2018, compared with December 2017.