Eighteen candidates from state-owned companies have applied for the post of chairman and managing director of the country's largest gas marketer, GAIL India, nine months before the incumbent retires.
UK, Australia numbers could pick up instead.
Travelport has decided to make holidaying an over-the-counter experience, where the customer can plan his travel. It will launch about 150-200 travel solution shops by tying up with malls, multiplexes and retail chains. Online travel company Cleartrip.com tied up with the Indian Railway and Catering and Tourism Corporation in September. SOTC plans to hold a six-day long Great Holiday Bazaar across all its outlets from November 3-8, with discounts between 4 and 20 per cent.
A refiner embarking on an alternative fuel strategy may end up selling bottled water to quench the thirst of millions.
Wary of the times ahead in the job market, business schools are working on a risk-minimisation strategy and looking at doubling the pool of companies on the campus for the summer placements scheduled in November this year.
After nearly two years, the state-owned oil companies have started making profits on petrol sales, but not diesel or cooking fuel, with the Indian basket of crude oil falling below $60 a barrel on Friday, the last date for which data is available.
The board of GAIL India, the country's largest transporter and marketer of natural gas, on Wednesday approved a proposal to pick up to 19 per cent stake in Oil and Natural Gas Corporation's (ONGC) petrochemical project in Gujarat.
As crude oil prices rose sharply, private companies like Essar Oil and Reliance Industries closed their retail outlets as they found it difficult to compete with state-owned oil companies, which were selling fuel below the production cost with support from the government. While Essar Oil has drawn up plans to re-open its retail outlets, Reliance Industries has decided not to go ahead with the retail plan
With international crude oil prices dipping to last year's levels, the government has put the issue of cutting motor and cooking fuel prices back on the agenda to tame inflation, two senior oil ministry officials have said.
Cairn India, which found India's largest oil field in Rajasthan in over 30 years, has discovered a saline water reservoir near its oil field that will help pump crude oil to the ground level and enhance production.
OVL, along with global oil majors such as Royal Dutch Shell, ExxonMobil, Chevron, ConocoPhillips, British Petroleum, Total and China National Petroleum Corporation, is one of the 35 companies short-listed by the Iraqi government for the auction, which includes six oil-producing blocks with recoverable reserves of 40 billion barrels of oil, making it the largest such auction in the world.
The rupee, which fell 8.88 per cent since the beginning of September to an all-time low of less than 49 per dollar last week, has negated much of the impact of an over 45 per cent dip in crude oil prices since early July. As the value of the rupee falls, the companies have to pay more for crude oil in rupee terms, resulting in increased under-realisation on the fuels that they sell.
State power boards incur fixed cost of Rs 3,500 crore (Rs 35 billion). About 5,000 Mw of gas-based electricity generation capacity, built at a cost of about Rs 20,000 crore (Rs 200 billion), is lying idle due to the shortage of gas in the country.
Funds dry up owing to liquidity crunch, high debt.
ONGC Videsh Ltd, the overseas arm of India's largest oil producer, Oil and Natural Gas Corporation, is holding talks with the Iranian government for exploring an oil block in the northern part of the country. Chinese company Sinopec is also believed to be in the race for the block. This could not be independently confirmed. The block is near the Caspian Sea.
Fears of an economic slowdown in the US, and a consequent spread of the crisis to Europe and other parts of the world, resulted in oil prices falling over 12 per cent since Monday, the largest weekly fall since early 2004.
It's time for the famous B-school fests. But the zing is somewhat missing this time.
India has missed yet another meeting on the Iran-Pakistan-India gas pipeline last weekend as officials from Iran and Pakistan met in Teheran to discuss the revised project cost and a new pricing formula.
RIL expects oil and gas sales from the Krishna-Godavari basin to boost its revenues and profits significantly. The company started test production of oil from the basin around 10 days ago. The cost of production per barrel of oil is not known. RIL's share price on the Bombay Stock Exchange has fallen 9.3 per cent in the last month as world markets have tumbled on fears of an economic crisis.
"The MoU between the (Ambani) brothers is in the private domain and has never been produced in the court. Agreements between the brothers were entered into on the basis of negotiation and decision on the case cannot be taken on this basis," Milind Sathe, senior counsel for Mukesh Ambani's RIL had told a division bench in July this year.
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