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NEW DELHI: The country’s power sector requires Rs 13.72 lakh crore in funding for the 12th Five-Year Plan (2012-17), the government said today. “The Working Group on Power for formulation of the 12th Five-Year Plan has estimated total fund requirement of Rs 13,72,580 crore for the power sector,” Minister...
MUMBAI: Now,India can build cheaper nuclear reactors, than even South Korea. Talking to TOI on the eve of his retirement, Dr Srikumar Banerjee, secretary in the Department of Atomic Energy (DAE), said India can now manufacture nuclear reactors at $1,700 per unit. Come May, Banerjee will make way for...
MUMBAI: The coal ministry has issued revised guidelines for preparing mine closure plans, incorporating a few stringent provisions. Mine owners would now have to open escrow accounts with scheduled banks, with the Coal Controller’s Organisation (CCO) as an exclusive beneficiary. When the final mine closure scheme is implemented by...
NEW DELHI: Keen to stay clear of the minefield of scandals and lawsuits, the Union mines ministry has asked the attorney general (AG) whether mining lease applications can be disposed of under the first-come-first-served (FCFS) policy, until upcoming legislation makes auction mandatory. The ministry’s concern is that granting mineral...
NAGPUR: Shortage of coal in various plants, providing power to MSEDCL, and wet coal problem in 2011 will prove costly for power consumers this year. MSEDCL had purchased electricity from the two power exchanges to make up for the reduction in generation in Mahagenco and NTPC plants. The cost...
NEW DELHI: International Coal Ventures Ltd (ICVL), a consortium of state-run firms with the mandate of acquiring coal assets abroad, may come under the jurisdiction of steel ministry after NTPC expressed its desire to opt out of the venture. “There is a question mark on the shape of ICVL....
NEW DELHI: State-owned Coal India Ltd (CIL) has entered into fuel supply agreements (FSAs) with ten power firms for supplying a minimum assured quantity of fuel to power producers as per the government directive. “It’s ten on last count…Everyday they are doing,” Zohra Chatterjee, Additional Secretary, Ministry of Coal,...
NEW DELHI: The oil ministry plans to take coal bed methane (CBM) pricing matters to a ministerial panel as it sees a wide gap between prices offered by customers to Reliance Industries and Essar, a move that can further delay approvals, government and industry officials said. “Reliance CBM price...
NEW DELHI: India shipped in about 10 per cent less oil from Iran in March from the previous month, Reuters data showed, its second straight cut since the United States urged consumers to rein in purchases to pressure Tehran over its nuclear programme. India’s imports from Iran were up...
NEW DELHI: An empowered group of ministers led by Pranab Mukherjee will meet by the end of May to consider raising the prices of diesel, LPG and kerosene in order to help fuel retailers IOC, HPCL and BPCL cut their losses and to restrict the outgo of state subsidy....
NEW DELHI: A Parliamentary panel has asked oil ministry and DGH to closely monitor Reliance Industries’ flagging KG-D6 gas fields saying any production decline should be supported by proper evaluation. RIL’s KG-D6 fields have seen output drop by about 45% to less than 34 million standard cubic meters per...
NEW DELHI: Director general of hydrocarbons, SK Srivastava, will take charge as chairman of OilIndiaon Tuesday, ending a tumultuous two-year tenure in which he blamed Reliance Industries for the fall in natural gas output from the D6 block and faced criticism for backing out of crucial meetings. Srivastava held...
The government has ordered RIL to sign agreements with NTPC and 10 city gas distribution firms for supply of gas from KG-D6 fields. The state-owned power producer NTPC Ltd had requested the Ministry of Petroleum and Natural Gas to facilitate supply of balance gas to its NCR power plants....
NEW DELHI: State-owned oil companies today reduced jet fuel prices by a marginal Rs 312 per kilolitre or kl, the second reduction in rates this month. The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was reduced by Rs 311.74 per kl, or 0.46 per cent,...
Reliance Industries has announced several new large-scale projects for next 4-5 years in refining and petrochemical space, which shows the company has begun its next big capex cycle. This will put to rest the uncertainties involving the company’s plans for its growing pile of cash. Nevertheless, the projects are...
SINGAPORE: Oil was down in quiet Asian trade today on forecasts of aUSstockpile gain as well as amplified worries over the euro zone afterSpainannounced that it had fallen into recession, analysts said. New York’s main contract, light sweet crude for delivery in June, shed 15 cents to $104.72 per...
NEW DELHI: Steel tycoon Lakshmi N Mittal may in future go for an initial public offering (IPO) of the just-commissioned Guru Gobind Singh Refinery in Bathinda, where a low-cost expansion is planned to raise its annual capacity from nine million tonnes to 11.2 million tonnes. As for its cost,...
SINGAPORE: Oil prices edged lower in Asia today, with investors fretting over stuttering growth in the US as political and economic uncertainty in the euro zone weighed, analysts said. New York’s main contract, West Texas Intermediate crude for delivery in June was down 21 cents to $104.72 per barrel...