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NEW DELHI/SINGAPORE: Indian oil buyers are asking Iran to bear the insurance risk for transporting its crude as tighter Western sanctions make it more difficult to buy Tehran’s principal export, industry sources said on Wednesday. The number of maritime firms willing to transport Iranian crude has dwindled significantly since...
NEW DELHI: Seeking to expand the area of cooperation and take the economic engagement to a new level, the Petroleum Secretaries of India and Pakistan are scheduled to hold bilateral talks in New Delhi on March 23. A high-level delegation, led by Pakistan’s Petroleum and Natural Resources Secretary Mohammad...
NEW DELHI: The government has granted industrial units the freedom to use domestic natural gas in their plant if they can replace it with LNG at another location, in a bid to help fuel-starved units which do not have the infrastructure to ship imported gas from the west coast...
CHANDIGARH: Punjab fuel outlet owners on Tuesday asked the newly formed SAD-BJP government to honour its “promise” by abolishing octroi on petrol and diesel which was announced before the Assembly elections. “We want now from the Punjab government to fulfill its promise which was announced before the elections by...
NEW DELHI: At a time when the government is hard pressed to push economic growth, investment growth by its leading listed companies will be flat in 2012-13, as against a 35 per cent increase in the current year. Analysis of combined investment outlay by six sector leaders — Oil...
KISHANGANJ: The Oil and Natural Gas Corporation (ONGC) will invest Rs 200 crore in two projects of oil and gas exploration in Bihar’s Kishanganj district over the next three years. This was announced by ONGC’s Chief Engineer and Land Acquisition Officer D P Vishwas here today. The company was...
NEW DELHI: Opposing the demand of Reliance Industries Limited (RIL) for an upward revision of KG-D6 gas price, the Association of Power Producers (APP) has warned that such a move would only push up electricity price by 50 paise per unit for every dollar increase in gas price. In...
MUMBAI: The International Air Transport Association (Iata), an association of airlines and travel agents, said on Tuesday that rise in crude will cut down airlines’ profit by $500 million in calendar 2012 to $3 billion. Profit margins also will dip to 0.5% from 0.6% reported last year. “The downgrade...
Saudi Arabia Says It Will Take Oil Prices To Fair Levels LONDON: Brent crude fell more than $2 to around $123 a barrel on on Tuesday as Kuwait said Iran had reassured the Gulf state it would not close the strategically important Strait of Hormuz shipping lane and...
SINGAPORE: Franklin Templeton funds that focus on developing economies are heavily invested in energy stocks, as the firm believes oil prices have room to increase further, the head of its emerging markets group, Mark Mobius, said on Tuesday. “If you look at inflation and the oil price over the...
WASHINGTON: The United States exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian crude oil, but left Iran’s top customers China and India exposed to the possibility of such steps. The decision announced on Tuesday is a victory for the 11...
NEW DELHI: Concessions on duty and tax proposed for the power sector will not only help attract investment but will also keep a check on rising electricity generation costs. That should help the government’s mission to boost competitiveness in the manufacturing sector, though in a limited way. The finance...
NEW DELHI: At an investment size of Rs 20,995 crore, the country’s largest power producer, NTPC, would invest about 20 per cent less in 2012-13, compared to 2011-12, when it was estimated to spend around Rs 26,400 crore. The investment next year would be for adding new capacity of...
HYDERABAD: Four states have slapped a fine of Rs 400 crore on the Reliance Power entity setting up one of India’s largest power projects, worsening troubles for a prestigious venture which has been in a limbo for about nine months. Andhra Pradesh, Tamil Nadu, Karnataka and Maharashtra, which have...
NEW DELHI:India’s largest sugar firm Bajaj Hindusthan today said Bajaj Energy, which is setting up five power plants in Uttar Pradesh with a total capacity of 450 MW, has ceased to be its subsidiary. Bajaj Hindusthan’s stake in Bajaj Energy — the special purpose vehicle for 450 MW coal...
CHENNAI: International Finance Corporation (IFC) will invest about $20 million in Nereus India Alternative Energy Fund, a $250-million fund that would focus on renewable and clean energy companies in India. It is the country’s first fund dedicated to renewable energy. IFC’s proposed investment comes with a cap of 20...
MUMBAI/AHMEDABAD/NEWDELHI: The Australian government’s move to impose 30 per cent tax on coal mining and iron ore profits might not affect any Indian investment in that country immediately, but could have an impact on Indian companies, including state-run mining major Coal India Limited (CIL), which are scouting for assets...
MUMBAI: The Securities and Exchange Board of India (Sebi) is not planning to make any changes to the recently-introduced offer for sale (OFS) or the auction route. There was a perception it may tweak norms after the bumpy share auction of Oil and Natural Gas Corporation (ONGC) earlier this...