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NEW DELHI: Billionaire Lakshmi N. Mittal and an Indian oil (IOCL) company are formally opening a $4 billion refinery on the northern border with Pakistan as the countries that have fought three wars seek to stimulate trade. Indian Prime Minister Manmohan Singh is slated to inaugurate the plant tomorrow,...
NEW DELHI: The oil ministry has asked for a tax cut of Rs 6 per litre on petrol to help avoid a sharp rise in retail price of the fuel, but the finance ministry, which has already surrendered Rs 49,000 crore by reducing various levies of fuels last year,...
NEW DELHI: With India, Pakistan and Afghanistan reaching a broad understanding on the issue of transit fee for import of natural gas through the proposed $7.6 billion Turkmenistan, Afghanistan, Pakistan and India (TAPI) pipeline project, the nations concerned are likely to meet next month to sort out the issue...
MUMBAI: Energy companies operating in Mozambique, which reported one of the world’s biggest natural gas discoveries in recent years, are eyeing the vast Indian market and have started discussions with state energy firms, hoping that the African nation will follow Qatar’s footsteps in shipping vast quantities of gas to...
CHENNAI: The country, particularly south India, is facing an acute shortage of liquefied petroleum gas, something that the state-owned oil marketing companies attribute to a combination of factors, including financial constraints in the backdrop of their mounting under-recoveries. “It is a crisis and prevails, ironically, during the beginning of...
COLOMBO: The Lanka Indian Oil Corporation has stepped in to offer support to Sri Lanka at a critical juncture. Its only refinery, Sapugaskanda, can only process Iranian crude efficiently. With U.S. sanctions looming, the refinery needs to be urgently revamped to function with better efficiency. The Lanka IOC, a...
Corporation Ltd (ONGC) is aggressively pursuing technology intensive exploration opportunities including shale gas exploration on the western coast of India. Sudhir Vasudeva, chairman and managing director, ONGC Ltd informed that Cambay region in Gujarat has lot of shale gas potential, which can be explored over a period of time....
AHMEDABAD: Oil and Natural Gas Corporation Ltd (ONGC) on Thursday said it is open to set up more urea and gas-based thermal power plants in the areas it has a presence in the hydrocarbon sector. Asked if the company would replicate its Tripura model, where it has invested Rs...
AHMEDABAD: PSU oil major, Oil and Natural Gas Corp (ONGC), today said that it has appealed the government to offset the additional cess on crude. “Our appeal is to at least offset the additional cess burden, which has increased by 80 per cent from Rs 2,500 to Rs 4,500...
NEW DELHI: Reliance Industries has reported natural gas production from its eastern offshore KG-D6 fields dropping to less than 34 million standard cubic meters a day. Gas output from KG-D6 in the week ended April 1 dropped to 33.89 mmscmd from 34.09 mmscmd in the previous week, according to...
NEW DELHI: The government has ordered Reliance Industries (RIL) to sign agreements with NTPC and 10 city gas distribution firms for supply of natural gas from its eastern offshore KG-D6 fields. The Oil Ministry this month shot off three separate letters to RIL asking it to sign Gas Sales...
MUMBAI: A major upgrading of its refinery in western India by refiner Essar Oil should boost its margins by up to $5 a barrel, its chief executive said on Thursday, adding nearly three quarters of a billion dollars to its annual revenues. Essar has just completed a $1.6 billion...
NEW YORK: US natural gas for delivery this fall is trading at a record premium, signaling the fuel may be poised to rebound from its worst quarter in two years because of production cuts and rising demand from power plants. Gas futures for delivery in October traded at an...
NEW DELHI: The power ministry has written to the Cabinet Committee on Infrastructure to mandate a uniform 50% risk weight to bank loans for state-owned Power Finance Corporation (PFC) and Rural Electrification Corporation (REC), a move which could lead to banks doubling their exposure to these companies if it...
MUMBAI: In yet another push for granting open access to all electricity consumers with power requirement of 1 Mw and above, the power ministry, exercising its power under section 107 of the Electricity Act, 2003, has issued directives to the Central Electricity Regulatory Commission (CERC) stating that regulators have...
NEW DELHI: The Attorney General (AG) has advised the government that if it wants to revoke the permission given to Reliance Power to divert surplus coal from mines attached to the Sasan power project, it will have to show that the company violated the terms under which it was...
India’s installed power generation capacity crossed two lakh MW last week. However, there is little cheer as demand continues to soar. The Central Electricity Authority indicates that against a peak demand of 130,250 MW, the deficit was 11.1 per cent or 14,458 MW for 2011-12. For Mumbai alone, the...
KOLKATA: NTPC will not sign separate fuel supply agreements (FSAs) for new units and old units at the same power station as is now required by Coal India. It intends to sign the same set of contracts – the one it has already signed for some of its units....