This project is part of $46 billion China-Pakistan Economic Corridor (CPEC) package and is covered under the CPEC Framework Agreement.
In a significant change to regulations, oil and gas regulator PNGRB has proposed a new policy of how tariffs for pipelines carrying gas to users will be determined, and proposed charging city gas entities selling CNG and piped cooking gas to households at the lowest rates.
The government on Friday said companies wanting to import liquefied natural gas will have to use Indian-flagged vessels - a stipulation which may further delay commissioning of Royal Dutch/Shell's Hazira terminal in Gujarat.
Gail India Ltd will import spot LNG cargo from Algeria at $9.28 er million British thermal unit.
Petroleum and Natural Gas Minister Ram Naik said on Wednesday that an agreement with Qatar had been finalised for supply of liquified natural gas from next year.
Oil and LNG prices are likely to shoot up if Iran is to block Strait of Hormuz, through which countries like India import crude oil from Saudi Arabia, Iraq and UAE, leading to a spike in inflation, analysts said on the Iran-Israel conflict. The Iran and Israel conflict has escalated over the last few days. Iran first launched drone and rocket attacks on Israel, which retaliated by firing a missile. Crude oil prices have hovered around USD 90 per barrel since the conflict.
While prices sustaining lower levels is crucial, Govt actions are also a key monitorable given the forthcoming elections in 2024.
The companies are in talks with Shell, Petronet LNG to book capacity
'This market for diesel starts at around Rs 6.3 lakh and goes up to Rs 7 lakh, and with Saathi we have our usual price set at Rs 6.5 lakh, so we are slightly on the lower side with a superior product.'
The acquisition of stake in Progress Energy Resources Corp's shale gas assets and Pacific NorthWest LNG for 1 billion Canadian dollars ($900 million) marks IOC's maiden entry into North America.
Both the countries have increased prices of gas recently.
The government has also set targets for the next 25 years. We are working on the target of becoming a $5-10 trillion economy as well as taking exports to a record high, he said.
Re-instatement of 5% custom duty on crude imports will help.
Dabhol's assets will be demerged into the power plant and the LNG terminal.
Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday announced the acquisition of a 95 per cent stake in Gopalpur Ports in Odisha from Shapoorji Pallonji Group and Orissa Stevedores Ltd at an equity value of Rs 1,349 crore. In Gopalpur Ports, Shapoorji Pallonji Group (SP Group) firm SP Port Maintenance Pvt Ltd has a 56 per cent stake and Orissa Stevedores Ltd (OSL) has a 44 per cent stake. Gopalpur Port is an all-weather deep-water berthing port with a capacity of 20 million tonnes per annum (MTPA) situated in Ganjam district of Odisha.
The acquisition of stake in Progress Energy Resources Corp for 1 billion Canadian dollars ($900 million) mark IOC's maiden entry into North America.
The Cabinet has approved a framework of understanding on cooperation in hydrocarbons with Bangladesh recently.
TotalEnergies will acquire 25 per cent shareholding in Adani New Industries Ltd -- the firm that houses Adani Group's new energy business -- for an undisclosed amount, the two firms said in separate statements. "TotalEnergies has entered into an agreement with (Adani Group's flagship) Adani Enterprises Limited (AEL) to acquire a 25 per cent interest in ANIL," the French energy giant said.
French oil and energy group Total has agreed to a $2.5 billion deal that includes buying a 20 per cent minority stake in Adani Green Energy Ltd (AGEL) from Adani Group, as it builds up its presence in the renewable energy sector. The deal involves Paris-based Total getting a board seat in the largest solar energy developer in the world, as well as a 50 per cent stake in a 2.35 gigawatts portfolio of operating solar assets, the two firms said in statements. Total had in 2018, agreed to buy a 37.4 per cent stake in Adani Gas Ltd - the city gas distribution firm of the Adani Group, and a 50 per cent stake in the billionaire Gautam Adani-run ports-to-energy conglomerate's under-construction Dhamra LNG project in Odisha.
The dreary, cold months from December to February may prove to be the undoing of many a nation as they grapple with sky-high fuel prices - a result of the Ukraine conflict and the pandemic. Many - Europe, South Korea, Japan, and China - will still pull through on the strength of their wealth or because of strong storage infrastructure. But India will have its back to the wall. Signs of liquefied natural gas (LNG) rates hitting new records this winter are already evident.
Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India. In a statement, the Ruia-run firm said the deal also envisages a 50-50 joint venture between Essar and ArcelorMittal for building a 4 million tonnes a year LNG import terminal at Hazira in Gujarat. Without giving details, it only identified certain ports and power infrastructure that are primarily captive to operations of the Hazira steel plant, which was acquired by ArcelorMittal Nippon Steel (AM/NS) in 2018-19, as part of the deal.
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
JNPT, the country's largest container port at Navi Mumbai, and Kandla in Gujarat's Kutch, the largest port by total cargo, will come together to form a Special Purpose Vehicle to operate the terminal at Chabahar, under a revenue-share agreement with the Port and Maritime Organisation, Iran.
It plans to invest Rs. 10,000 crore to set up a power generation capacity of 2,500 Mw near Pune.
Around 15 years ago, when Reliance Industries (RIL) struck natural gas in the Krishna-Godavari (KG) basin off the east coast, the government made plans to supply that fuel cheaply to scores of generators that sprang up in India triggered by the discovery. Most of the plants, which account for 6 per cent of India's total generation capacity, operate sparsely after the KG-D6 area first failed to meet production targets, and then finally shut shop. Affordable domestic gas was why those thermal plants came up and the rate of the fuel today is why those generators hardly operate. Record liquefied natural gas (LNG) rates may yet again unravel India's ambitions to expand use of gas in industries, households and vehicles. Rates, while volatile, may stay strong this decade as developed nations with higher purchasing power embrace gas as the transition fuel.
The government's move is crucial as the state distribution utility MahaVitaran was purchasing about 95 per cent of power since the Dabhol project began generation in April 2006
Refining major optimistic on planned investment of $16 bn for expansion and new technology to post healthy margins
"Getting straight to business. PM @narendramodi just concluded a fruitful interaction with top energy sector CEOs at a Roundtable meeting in #Houston. Discussion focussed on working together for energy security and expanding mutual investment opportunities between India & US," MEA Spokesperson Raveesh Kumar said in a tweet.
This is the best time to be in India, Prime Minister Narendra Modi said today as he wooed top Australian corporate honchos to invest in the country which is undergoing reforms to improve business environment.
Currently, gas imported in its liquefied form costs $5.7 per million British thermal units as against $1.82 per mmBtu for fuel produced from state-owned Oil and Natural Gas Corporation's fields and $4.2 per mmBtu for gas from Reliance Industries' KG-D6 field.
India on Tuesday pitched for a stake in vast oil and gas fields as well as LNG terminals in the frozen Artic of Far East Russia as it looked to import more oil from the former Soviet republic as part of a strategy to diversify its energy basket.
In a presentation prepared for the incoming Narendra Modi-government, the ministry listed national oil companies losing focus on domestic exploration as well as legal disputes around signed contracts with private explorers among the five things that went wrong during the United Progressive Alliance regime.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
Before the MCC came into effect, Modi was busy laying stones, cutting ribbons, and unveiling plaques across the country.
The Kerala chief minister's four years in office may well be remembered for the way he handled Cyclone Ockhi, two floods, Nipah, and now COVID-19, reports Shine Jacob.
In four years, the state has had to battle cyclones, two floods, and two epidemiological disasters. If people bring Pinarayi Vijayan back to power, he must have done something right, obsevers Aditi Phadnis.
