Well, LIC, the government-owned insurer, is bailing out the financially-strapped oil marketing companies by buying up the oil bonds issued to them by the government, though at a discount.
The government's only programme to attack transmission and distribution losses - called the Accelerated Power Development and Reform Programme (APDRP) - lapsed last year and the proposed "new APDRP" has been bounced back and forth between the ministry of power, Planning Commission and the finance ministry for the last few months.
With the rise of global crude oil prices - currently nudging $100 per barrel - the "losses" of the three government-owned oil marketing companies have gone up to a whopping Rs 240 crore (Rs 2.4 billion) per day.
The sharp rise in oil prices is threatening to derail not only the long-term expansion plans of government oil marketing companies, which control over 95 per cent of the market, but also their day-to-day operations.
RIL accounted for over a quarter of the country's LPG production of around 8.5 million tonnes per annum (mtpa) last year. Around 2.5 mtpa LPG - the only petroleum product in which India is not self-sufficient - was imported last year to meet the domestic demand of 11 mtpa. RIL is planning to cut LPG production at Jamnagar from 2.3 mtpa to around 1.6 mtpa from mid-2008 following the grant of export-oriented-unit (EoU) status to the refinery.
To extend its global footprint, GAIL India is likely to partner with China Gas in developing coal bed methane (CBM) in Mongolia. Moreover, Oman Oil is also expected to join them as an ally in the project.
RP Singh, managing director of Bharat Oman Refineries Ltd, the special purpose vehicle implementing BPCL Bina refinery, had told Business Standard in August that the company was in talks with strategic investors to sell 15 to 20 per cent stake.
The Rs 16,047-cr company has appointed public sector consultancy, Engineers India Ltd, to conduct feasibility studies for the plant with a capacity of 3 million tonnes a year that is likely to be set up near the gigantic South Pars gas field in Iran.
While the pipeline deal was seen as "done" two months ago, when the tri-lateral meeting took place in New Delhi, India is perceived to be dragging its feet on the project since then.
Paras Jain, who exports textiles to US retail chains like Linens-N-Things and Laura Ashley, is one of the many exporters planning to grow organic cotton as the growing 'green conscience' in the west leads to a rise in the demand for the product.
"Deora's ability to be a good listener, and his understanding of business, as he is an industrialist himself, helped the empowered group of ministers reach a decision that more or less has satisfied all parties," a senior official says.
Tata Power bagged the Rs 20,000 crore (Rs 200 billion) project in Mundra last year by offering to supply electricity at the lowest rate of Rs 2.26 per unit by burning imported coal.
The nuclear-deal-in-the-making with the US has forced the government into a firefighting mode not only domestically, but also internationally, where it is working overtime to avoid straining relations with the key long-time ally -- Russia.
"From our assessment, RIL has invested only a very small amount in buying Gapco. It will not affect the company's balance sheet at all," one Mumbai-based analyst said.
Sasan among 5 companies with mega-plans for region.
The 2,140-Mw Dabhol power plant, operated by Ratnagiri Gas and Power Pvt Ltd, continues to remain idle even though the Supreme Court has vacated the stay by the Gujarat high court on pooling of gas prices.
Core concerns in 5 villages that cover India's largest power plant.
The proposed 7.5 million tonne per annum refinery was to process crude oil from Cairn India's field in Barmer, which is expected to start producing in the first half of 2009.
The study was commissioned by the Forum of Indian Regulators -- a body which is open to all regulators but currently dominated by power regulators.
The Essar group has also closed down 275 outlets across the country. The two companies could not withstand 'unfair competition' from government-backed companies which are compensated for selling fuel at subsidised rates.
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