"With RIL commissioning its second refinery last December, the total capacity of the (Jamnagar) complex will go up to 1.24 million barrels a day, exposing it to international vagaries. By surrendering the EOU status of one refinery and maintaining that of the other, the company will be able to hedge its risks," said an industry veteran. EOU status for RIL's second refinery currently ends in March 2010.
Mukesh Ambani-promoted Reliance Industries Ltd (RIL) is evaluating a plan to set up its third refinery at Jamnagar in an ambitious project to reach a total capacity of 100 million metric tonne per annum, the largest at a single location in the world. The company has appointed a global oil and refinery consultancy firm to evaluate the feasibility of the project, which will help capitalise the increased requirement for global crude distillation capacity.
The world production of steel is expected to go up by 5.1 per cent this year as China, the world's largest steel producer, continues to lead growth, it said.
The government has revised its divestment target downwards from Rs 2.1 trillion, as its ambitious privatisation programme has been deferred to next year.
Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
These mega projects, worth about Rs 1 trillion, would boost the economy, ensure smooth supply of petroleum products across the nation and also provide the much-needed relief to people looking to get back to work after the lockdown.
The Indian economy is rapidly normalising towards pre-pandemic activity levels, even as uncertainty exists about coronavirus mutations and repeated infection waves, industrialist Kumar Mangalam Birla said on Wednesday. Vaccination is picking up pace, which would improve India's resilience against a potential third wave, the chairman of Aditya Birla Group said while virtually addressing shareholders at the AGM of group firm UltraTech Cement Ltd. Moreover, various steps taken by the RBI and the government have helped in containing the economic disruptions of the pandemic, Birla added.
Unveiling his infrastructure conglomerate's green vision, billionaire Gautam Adani on Tuesday said his group will invest $20 billion over the next 10 years in renewable energy generation and component manufacturing and will produce the world's cheapest green electron. The port-to-energy conglomerate plans to triple its renewable power generation capacity over the next four years, foray into green hydrogen production, power all data centres with renewable energy, turn its ports into net carbon zero by 2025, and plans to spend over 75 per cent of capital expenditure until 2025 in green technologies, he said. Speaking at JP Morgan India Investor Summit, Adani Group chairman said the USD 20 billion investment will be in renewable energy generation, component manufacturing, transmission and distribution.
India is building its oil reserves in underground rock caverns and tanks
Like China, India too should connect the dots and move ahead with a long-term perspective in Afghanistan, advises Ambassador M K Bhadrakumar.
As of now, tankers carry petroleum products from India to Nepal as part of an arrangement which is in place since 1973.
The government's predicament is a result of its own doing: That of not ensuring adequate buy-in by the stakeholders before passage of the laws, notes Vivek Gumaste.
'The credibility of the messenger here is highly suspect. This is something which the global community is aware of'
Street believes premium valuations justified, as port traffic is expected to grow at a CAGR of 16% over FY14-16.
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
The cost of production of onion is around 800-900 per quintal, while prices are hovering around 500 per quintal across major wholesale markets.
'Unless the State is a welfare State, unless the State has more welfare measures, it will not be able to deal with these kind of sudden situations.'
Sena also said that laying a brick for the $44 billion (Rs 3 lakh crore) mega refinery project at Nanar in Ratnagiri district of Maharashtra would be akin to laying the foundation stone for a cancer hospital there.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
Without strong storage facilities, bumper harvest has resulted in price crash
Beyond the barbed wire and watchtowers, though, lies a story that casts more than a little doubt on whether this dream will ever be realised. Praveen Swami reports.
Grand plan: 10% GDP growth; 175 million jobs; $10-trillion economy
The Sangh Parivar forgets that not only is there no scriptural prohibition, venerable authorities in India held beef as both a desirable and an essential food, says Sunanda K Datta-Ray
'They do not want us to construct roads or to conduct health camps. I see no logic in their demands,' says West Bengal Chief Minister Buddhadeb Bhattacharya.
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