Anil Ambani's Reliance Natural Resources Ltd is laying claim (through a family agreement prior to the group's split) to gas from estranged brother Mukesh Ambani's Reliance Industries Ltd at a fixed price of $2.34 per mBtu
Aviation companies are set to get a major relief from high aviation turbine fuel prices. Following a steep decline in crude oil prices, oil marketing companies are looking to cut ATF prices by 5-6 per cent, or Rs 2,000-2,500 a kl across various cities beginning Thursday, said industry sources.
The government is planning to relaunch the eighth phase of bidding for oil and gas blocks under the New Exploration and Licensing Policy (Nelp-VIII) in the second week of August.
The Union Cabinet is likely to review prices of petrol and diesel as crude oil price continue to move northward.
Indian Oil Corporation, the country's largest oil marketing company, has put on hold its plan to set up a 15-million tonne refinery at Haldia due to the economic downturn.
The bank has made a budgetary provision of Rs 50-60 crore for the proposed 100 branches. Of these, 50 per cent would be in the northern region. According to B K Mahajan, general manager-HRM, "The Chandigarh region comprising Punjab, Haryana, Chandigarh and Jammu & Kashmir registered a business of Rs 1,904 crore as on March 31, 2009. Of this, deposits stood at Rs 600 crore and advances Rs 1,304 crore."
The gas price revision will add to the bottomline of the two public sector companies -- Oil and Natural Gas Corporation and Oil India Ltd -- and will also yield additional revenue for the central and state governments.
Cairn India is open to buying the 30 per cent stake that government-owned Oil and Natural Gas Corporation owns in its oil block in Rajasthan. Cairn India is the operator of the block, with 70 per cent ownership currently.
International crude oil prices crossed the $60 a barrel mark yesterday--up from a record low of $32.40 in December last year--on the back of improved sentiment over the economic recovery, especially in China and Europe.
Petronet LNG, which operates a recently expanded ten-million-tonne gas regassification plant in Dahej on the west coast, is exploring a swap option with the gas from the Krishna-Godavari field (K-G D6) on the east coast owned by Reliance Industries Ltd.
The ministry of petroleum has approached the finance ministry to seek permission to give additional bonds worth Rs 10,000 crore to the three public sector oil marketing companies --Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd--to help them close the last fiscal with a profit.
The Appellate Tribunal for Electricity has admitted the OMCs' plea challenging the Petroleum and Natural Gas Regulatory Board's power to adjudicate on the matter.
To prevent sugar prices from becoming a tool in the hands of opposition parties in the parliamentary elections, the government has allowed government agencies like MMTC, STC, NAFED and PEC to import one million tonne of white sugar duty-free. The export obligation on raw sugar imports under open general licence scheme has also been removed.
Bosch Ltd, the flagship company of Bosch Group, plans to open 230 multibrand Bosch Car Service (BCS) centres by 2010 across the country, taking the total number to 500.
The airline will be running the fight on a daily basis from the Rajasansi International Airport. The flight currently runs thrice a week. The proposed move is expected to provide a relief to perishable exporters and farmers of Punjab who were affected after Jet Airways and Singapore Airlines withdrew their services last year stating it was not feasible for them to continue anymore.
The initial cost of the reserve, expected to become operational by 2012, was estimated at Rs 2,400 crore (Rs 24 billion), excluding the cost of crude oil. Strategic Petroleum Reserves Ltd, special purpose vehicle that is implementing the project, has asked Engineers India Ltd to work on the revised cost," said sources. EIL is the management consultant for this project.
In the absence of buyers, projects have either slowed down or have been delayed. Punjab Colonisers and Builders Association finance secretary HS Lamba said people in Ludhiana are bottom fishing and awaiting further correction in prices. "Though prices of construction material like steel and cement have come down, builders are unable to reduce the price owing to the high land costs," Lamba said.
The food-price segment in the WPI has been growing at 8.3 per cent, much higher than the rise in the index for manufactured articles. In fact, segments like minerals and fuel have witnessed a decline in the WPI and have pulled the inflation down. The rise in food prices affects the common man more than the increase in prices of any other item.
Procurement by the end of this season is likely to touch a new record of 29-30 million tonnes, surpassing the earlier high of 28.4 million tonnes. The country's rice output in 2008-09 is also estimated at an all-time record of 98.89 million tonnes. Punjab has been the largest contributor to the rice stock at 8.38 million tonnes, followed by Andhra Pradesh, Uttar Pradesh and Chattisgarh. Procurement is up in all top-producing states except in Haryana and Chattisgarh.
The proposals under consideration include waiving the current 5 per cent Customs duty on naphtha and reducing the excise duty on mono ethyl glycol from 8 per cent to 4 per cent. The Cabinet secretariat has sought views from various ministries and departments for this package.
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