Iran on Tuesday denied existence of any contract for export of liquefied natural gas to India while stating that it cannot wait endlessly for New Delhi to join the Iran-Pakistan-India gas pipeline project.
Higher crude oil prices have almost doubled the under-recoveries of government-owned oil marketing companies -- Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum -- in the past three years.
Excerpts from Prime Minister Manmohan Singh's speech at the release of the book The Indian CEO: A Portrait of Excellence on July 18 in New Delhi.
Banking and energy sector companies are the highest advance tax paying corporates in the country, owing to a surge in business and personal lending coupled with rising energy consumption, according to finance ministry sources.
With the rising price of crude oil, the gap between the desired selling price and the actual selling price -- referred to as under-recovery -- is up to Rs 190 crore (Rs 1.9 billion) a day. The solution is to raise retail prices, an unpopular move.
The under-realisation on fuel sales incurred by the oil marketing companies is projected to rise by 14 per cent to around Rs 760 crore (Rs 7.6 billion) per day in the first fortnight of July from Rs 680 crore (Rs 6.8 billion) per day in the second fortnight of June.
The jet fuel rate will go up by Rs 104 per kilolitre in Delhi to Rs 32,303, an IOC official said. The increase comes on the back of a 1.8 per cent hike in rates on May 16. On May 1, state-run oil firms marginally reduced the price by one per cent, which had brought the rates in Delhi down to Rs 31,614.51 per kl. In Mumbai, home to the nation's busiest airport, the rate will go up from Rs 33,138 per kl to Rs 33,261 per kl.
Indian Oil, Bharat Petroleum and Hindustan Petroleum raised the aviation turbine fuel price by Rs 585 per kilolitre in Delhi to Rs 32,199 with effect from midnight tonight, an IOC official said. The increase comes on the back of a marginally one per cent reduction effected on May 1, which had brought the rates in Delhi down to Rs 31,614.51 per kl.
State-run oil marketing companies on Monday raised the security deposit for new cooking gas (LPG) connections to Rs 1,250 from the existing Rs 850 per cylinder, as also the price of cylinder regulator due to increase in input costs.
India imports 73 per cent of its crude oil import needs and the cost of imports would spiral after crude inched closer to a record $125 per barrel, while rupee touched its 13-month low, official sources said. The basket of crude oil India imports was at $120.65 per barrel on Thursday, a 91 per cent jump over the last fiscal's lowest price of 62.91 dollars recorded on May 9, 2007, official sources said.
The government on Thursday decided not to increase petrol and diesel prices, and issue oil bonds worth Rs 23,457 crore (Rs 234.57 billion) to partly compensate public sector oil companies for the losses incurred on fuel sales."We have kept our promise of not raising prices of sensitive petroleum products," Petroleum Minister Murli Deora told PTI after a meeting of the Cabinet.
Petroleum Minister Murli Deora is likely to meet Finance Minister P Chidambaram later this week to seek greater compensation for oil companies, who are currently losing about Rs 450 crore (Rs 4.5 billion) a day on fuel sales. Indian Oil, Bharat Petroleum and Hindustan Petroleum are likely to see doubling of revenue loss on sale of petrol, diesel, domestic LPG and PDS kerosene to Rs 150,000 crore. The three fuel retailers together lost Rs 77,304.50 cr on fuel sale in 2007-08.
The average price of Indian basket of crude oil during 2007-08 (upto August) has increased to $68.34 per barrel as compared to 62.46 dollars a barrel during 2006-07.
GAIL (India) Ltd and its partners on Wednesday signed the Exploration and Production Sharing Agreement with government of Oman for Block 56 in Muscat.
The Indian Railway Catering and Tourism Corporation has tied up with the Bharat Petroleum Corporation and launched an e-ticketing initiative to help people book tickets at BPCL outlets.
The government will take home Rs 4,022 crore (Rs 40.22 billion) by way of interim dividend bonanza declared by the state-owned oil companies in the last one week.
Government had last week issued bonds worth Rs 11,256.92 crore (Rs 112.56 billion) to three PSU oil marketing companies to compensate them for under-recoveries on selling petrol, diesel, domestic LPG and PDS kerosene in April-September 2007 period.
The government owned oil companies have proposed to pay interim dividend for the financial year 2006-07
A shortfall in LPG supply from Aramco has led to huge booking backlog across states. To meet the backlog, India has asked Abu Dhabi National Oil Company for two additional cargos of LPG, but that may take another 10 days to reach.
Bharat Petroleum Corporation Ltd has posted a net profit of Rs 2330 million for the quarter ended December 31, 2002 as compared to Rs 719 million in the quarter ended December 31, 2001
A meeting of the board of directors of Bharat Petroleum Corporation Ltd is scheduled on January 24, 2003, inter alia, to take on record the unaudited financial results (provisional) for the quarter ended December 31, 2002. \n\n
BSF routed Bharat Petroleum 4-1 while Air India scored a 3-0 victory over Army XI in the Bombay Gold Cup hockey tournament.
Captain V S Vinay scored a brace of goals to help former champions Indian Airlines defeat Bharat Petroleum, Mumbai, 3-1 and storm into the final of the 24th Indian Oil Surjit Hockey Tournament in Jalandhar on Thursday.
Corporate revenues will decline for a third consecutive quarter in March on a YoY basis - one of the worst shows by these companies in many years.
The government has decided to go ahead with the privatisation of Hindustan Copper Ltd, setting aside concerns over the fate of units, which were partially nationalised.
The India story got stronger on the global arena with the country expanding its presence on the elite list of Fortune Global 500 companies, as the PSU banking major State Bank of India has become the sixth domestic firm to feature in the league.
Mittal is in talks to take 20 per cent stake in state-run Bharat Petroleum Corp Ltd's Rs 9,100 crore (Rs 91 billion), six million tons a year Bina refinery that is to be commissioned by 2010-11, industry sources said.
India's fuel consumption slumped by over 66 per cent in the first week of April as a nationwide lockdown halted economic activity and travel, which eviscerated demand. Petrol and diesel demand is down 66 per cent in April, while aviation turbine fuel (ATF) consumption has collapsed by 90 per cent as most airlines have stopped flying, industry officials said.
The government on Wednesday broadly hinted about a hike in petrol and diesel prices, saying although it has kept retail prices unchanged it cannot do so for long given the rise in crude oil rates.
Bharat Petroleum Corporation lans to invest around Rs 6,000 crore (Rs 60 billion) in the exploration and production business over the next few years.
Maruti Udyog Ltd has been rated the 'most trusted' passenger car company of the country, according to a survey by global research firm TNS.
Petronet LNG Ltd, India's largest liquefied natural gas importer, will raise $100 million through foreign currency convertible bonds in June-July, which would result in its promoters ONGC, GAIL IOC and BPCL shareholding falling by 7.5 per cent.
Gurpreet Singh scored thrice to beat Bhopal XI in the semis of the 44th Bombay Gold Cup hockey tournament.
Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd have restarted their Mumbai-based refineries, which were partially shut following incessant rains.
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