Opinion
Appeal
The legacy of IPA, founded by Nikhil Chakravartty, the doyen of journalism in India, to keep the flag of independent media flying high, is facing the threat of extinction due to the effect of the Covid pandemic. Only an emergency funding can avert such an eventuality. We appeal to all those who believe in the freedom of expression to contribute to this noble cause.Scorpene Submarines Delayed By Three Years: Antony
NEW DELHI: India will induct the six Scorpene submarines that it is building at the Mumbai-based Mazagon Docks Limited (MDL) only beginning 2015, a full three years behind the original schedule despite a hike in the project’s cost, parliament was informed on Monday. All the six submarines will be...
IAF Lost 33 Fighter Aircraft In Mishaps Since 2008: Govt
NEW DELHI: The Indian Air Force has lost 33 fighter aircraft, including three Sukhoi-30MKI, in mishaps since 2008 and 26 defence personnel were killed in these crashes, the Lok Sabha was informed today. “During last three years-2008-2011, and current year up to March, 33 fighter aircraft including one Jaguar,...
ONGC Set To Take Rs 5,000-Crore Hit On Crude Oil Cess
MUMBAI: State-run Oil and Natural Gas Corporation (ONGC) will be among the biggest losers from the budget proposals as the company, already hit by forced discounts it has to offer refiners, will take a hit of up to Rs 5,000 crore from the finance minister’s proposal to raise the...
Karnataka Govt Talks To HPCL, GAIL To Supply Gas
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...
Crude Cess To Eat Into Profitability Of Oil Companies
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)...
Gujarat Plans LNG Terminal At Pipavav Port
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,...
Fuel Price Hike After Budget Session Of Parliament, Hints Pranab Mukherjee
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...
Govt Walks The Tightrope On Fuel Pricing
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...
ONGC To Invest Rs 2,600 Crore In Gas Fields Development
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,...
Oil India Aims To Produce 3.95 Million T Oil In 2012/13
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...
GSPC Plans To Commission 5 Mtpa LNG Terminal In 2015-16
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...
ONGC Cut To Neutral On Cess Hike
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 Firms To Get Rs 15,000 Crore More Subsidy
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...
RIL’s KG Gas Output At All-Time Low, Shares Fall
MUMBAI: Gas production from Reliance Industries’ Krishna-Godavari D6 exploration blocks off the Andhra Pradesh coast hit an all-time low of about 28 million standard cubic metres a day during the week ended March 4 as it shut six wells due to water and sand ingress. India’s most valuable company,...
OPEC Recycles Petrodollars Into Treasuries 50% Faster Than Foreign Buyers
Opec nations are plowing cash into US treasuries at a more than 50% faster rate than all other foreign investors, an unintended benefit of oil prices above $100 a barrel. Organisation of Petroleum Exporting Country members increased their net purchases of government debt by $43.3 billion, or 20%, in...
China May Raise Fuel Prices From Tuesday: C1 Energy
BEIJING: China may raise gasoline and diesel retail prices from Tuesday, consultancy C1 Energy said in a report on its website. The Pricing Department under the National Development and Reform Commission will hold a meeting on Monday afternoon, which by convention might herald a fuel price change, according to...
Oil Steady Above $125 On Iran Fears
SINGAPORE: Brent crude oil traded above $125 on Monday as tension over Iran’s nuclear programme supported prices, offsetting an increase in oil exports from Libya and a rise in production by Saudi Arabia. The threat of military action against Iran, the world’s fifth largest oil exporter, has unnerved energy...
Power Ministry To Seek 19% Duty On Imported Power Gear, Again
NEW DELHI: The Power Ministry is likely to move its proposal to levy 19% duty on imported electricity equipment for large projects to the Cabinet. Earlier, the ministry had withdrawn a proposal in this regard. “We may not make any changes in the proposal and send it to the...
