Technical bids opened today for Mallavaram-Vijaipur line, winner in three weeks.
Majority of PLL's long-term deals are linked to crude, which faces price challenge from other fuels. Spot LNG is moving away from this linkage, which puts a question mark on crude linked contracts.
State-run gas firm Gas Authority of India Ltd has joined hands with Tata Power Co Ltd and British Petroleum to bid as a group for bankrupt US energy firm Enron Corp's Dabhol power plant and LNG import terminal in Maharashtra.
The companies that have signed these pacts with the India chapter of the Berlin-based Transparency International include PSU majors such as GAIL (India), Coal India, Oil and Natural Gas Corporation, Steel, Hindustan Petroleum Corporation, Steel Authority of India, National Mineral Development Corporation and Rashtriya Ispat Nigam. In fact, 12 of the 14 companies that signed the pact, did so in the last six months.
The Government may be keen on having a greater say in affairs of Petronet LNG as it is looking at appointing a bureaucrat as director on board of the nation's biggest liquefied natural gas importer.
State-run gas utility GAIL India Ltd buys 0.9 million standard cubic meters per day of output from Ravva Satellite fields at $4.30 per mmBtu. The new price sought by the Ravva consortium is 60 per cent more than the maximum price of $4.20 per mmBtu approved for RIL's KG-D6 fields for five years to March 2014.
Steel baron L N Mittal and French oil major Total on Thursday signed an agreement with state-run HPCL for jointly setting up a $6 billion refinery-cum petrochemical complex at Vishakhapatnam in Andhra Pradesh. State-run gas utility Gail India and exploration firm Oil India Limited are the other stakeholders in the proposed 15 million tonne refinery and one million tonne petrochemical complex.
The Oil and Natural Gas Corporation will pay Rs 852 crore (Rs 8.52 billion) for subsidising petrol and diesel during January-March quarter but state gas utility GAIL India has been spared from the subsidy burden.
State-owned Indian Oil Corporation (IOC), Adani-Total Gas Ltd and Shell were among the 29 companies that bid and bought natural gas to be produced from the deepest field in the KG-D6 block of Reliance Industries Ltd and bp, sources said. IOC walked away with almost half of the 6 million standard cubic meters per day of gas sold in an e-auction on Wednesday while state-owned gas utility GAIL bought 0.7 mmscmd, Adani-Total Gas Ltd 0.4 mmscmd, Shell 0.5 mmscmd, GSPC 0.25 mmscmd and IGS another 0.5 mmscmd, two sources with knowledge of the matter said. Reliance-bp on Wednesday held an e-auction for sale of gas from the MJ field in their eastern offshore KG-D6 block after incorporating the government's new marketing rules to give CNG-selling city gas companies first priority over supplies.
The newly set up Petroleum and Natural Gas Regulatory Board has received over 100 applications from domestic and foreign companies interested in supplying gas to domestic households and vehicles in cities.
"Earlier, India was a land of snake charmers. Now, Americans perceive Indians to be very smart. The infotech revolution changed it all," says FICCI Secretary-General Amit Mitra.
Reliance Industries Ltd has decided not to use its allocation of gas from the Krishna-Godavari basin's D6 field for petrochemical production; it will, instead, swap it with gas available from other sources. It will use D6 gas only for power generation.
The biggest jump in earnings and decline in P/E multiples has occurred with top companies in metals and mining, corporate banking, and the oil and gas sectors.
Domestic stock markets would be driven by inflation numbers, global trends, and the last batch of Q4 earnings this week, analysts said. Markets will also react to industrial production data and consumer inflation numbers that were released after market hours on Friday. "Participants will react to macroeconomic data viz. IIP and CPI first, which were released post-market hours on Friday.
New recast plan calls for more loan rate cuts and lower equity returns.
US energy major Enron Corp's original contractors for the $2.96-billion Dabhol power project will complete the unfinished LNG terminal to restart the stalled 2,184 MW plant by next year.
The beleaguered Dabhol power plant in Maharashtra is likely to start generating electricity, using gas as feedstock from the second week of August once promoters sort out payment issues.
Ratnagiri Gas and Power Pvt Ltd, the joint venture of state-run GAIL India and NTPC Ltd which owns the 2,150-MW power plant and the adjoining LNG import terminal, plans an IPO to raise Rs 1,000 crore (Rs 10 billion), company Chairman R K Goel told reporters in New Delhi. The Dabhol plant will be fully operational by next month when the third generating unit is commissioned, he said adding that currently, two units were generating about 1,100 MW electricity.
Reliance Industries Ltd has sought a minimum supply of 3.6 million standard cubic meters per day of gas for its petrochemical plants from the Panna/Mukta and Tapti fields, from which gas has been diverted by the government to state-run GAIL India. Reliance along with state-run Oil and Natural Gas Corporation and BG Group of UK are the operators of the PMT fields lying in Mumbai offshore and till last month marketed gas from the fields in proportion to their shareholding.
The Maharashtra government is heavily banking upon Dabhol power plant to start functioning at its full capacity of 2,150 Mw to help the state tackle the 5,000 Mw shortage during peak summer season.
.jpg)
Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
The $3-billion Dabhol power project in Maharashtra is facing delays in completion of the LNG receipt terminal, Minister of State for Petroleum and Natural Gas Dinsha Patel said on Thursday.
Tata Sons stake in the group's listed companies is now worth Rs 9.28 trillion, up 34.4 per cent on a year-on-year (YoY) basis. In comparison, the Government of India's stake in listed central public sector undertakings (PSUs) is currently valued at Rs 9.24 trillion
Riding high on a 32 per cent increase in net profit at Rs 1,565 crore (Rs 15.65 billion), Gas Authority of India said on Wednesday it would invest Rs 20,000 crore (Rs 200 billion) over the next five years.
The proposal to hive off the LNG terminal at the revived Dabhol power plant in Maharashtra is likely to be scrapped, with promoters and financiers agreeing to pump in Rs 24 billion to restart construction work at the plant.
State-owned refiner Indian Oil Corp and its exploration partner Oil India Ltd plan to bid for two onshore oil and gas exploration blocks in Myanmar.
ONGC was the top gainer which surged over 4% followed by Axis, SBI, CIL
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances