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MUMBAI: The Karnataka government is in talks with Indian and international energy companies to arrange gas for three power plants for which it is planning to seek bids. Currently, it is in talks with GAIL India and Hindustan Petroleum Corporation Ltd (HPCL) to procure about 26 mmscmd for a...
Lower Subsidy Share Of Upstream Companies May Offset The Negative MUMBAI: A good Budget’s rating typically depends on how uniformly it makes people unhappy. Finance Minister Pranab Mukherjee has achieved this feat. Just weeks before the FM presented the Budget, shares of Cairn, ONGC and Oil India Limited (OIL)...
NEW DELHI: Gujarat plans to set up its fourth liquefied natural gas (LNG) terminal at the Pipavav port soon besides commissioning the 5-MT capacity greenfield LNG terminal at Mundra by 2015-16, the state’s principal secretary for energy, DJ Pandian, said. “We want one more LNG terminal at Pipavav port,...
NEW DELHI: Finance Minister Pranab Mukherjee on Monday hinted at a hike in diesel and cooking gas (LPG) prices after the budget session of Parliament, saying political consensus for this will be built after the session. “… After the Budget session of Parliament is over, I shall discuss with...
MUMBAI: That the Government is determined to “bite the bullet” on fuel subsidies will be music to the ears of oil companies, except that this is going to be easier said than done. The Congress’ allies will be in no mood to agree to a fuel-price hike, especially when...
NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) will invest about Rs 2,600 crore in the third phase of development of C-series natural gas fields off the west coast. The company board, in its meeting on March 15, approved advancement of development of C-26 Cluster (consisting of C-23,...
NEW DELHI: State-run Oil India aims to produce 3.95 million tonnes of crude oil in 2012/13, a senior company official said on Monday. B.N. Talukdar, director of exploration, also said the company would produce around 3.9 million tonnes in the current financial year that ends on March 31, compared...
MUMBAI/NEWDELHI: Gujarat State Petroleum Corporation (GSPC) plans to commission liquefied natural gas terminal with a capacity of 5 million tonne per annum at Mundra by 2015-16, a top state government official said on Monday. “Some preliminary work for the project has started, site has been identified. It is planned...
The cess on crude oil has been raised from R2,575 per tonne ($6.9/bbl) to R4,635 per tonne ($12.4/bbl) in the Budget. It means a cut in ONGC’s FY13-14 EPS by 11%. We have also cut ONGC’s purchasing order (PO) by 17% to R298 a share from R358 a share...
Oil marketing companies will get additional subsidy of Rs 15,000 crore for 2011-12 while the fertiliser sector will receive an additional subsidy of over Rs 7,200 crore. These amounts have been provided in the third set of supplementary demands for grants tabled in Parliament on Monday. The Government has...