The petroleum ministry has said Reliance Industries Ltd (RIL) is not right in seeking an out-of-turn rise in the price of natural gas produced from the KG-D6 fields and asserted the $4.205 per million British thermal unit (mBtu) rate will prevail unless pricing formula is changed.
India, Pakistan and Iran will for the first time hold a joint official-level meeting in Tehran from March 13-15 on the proposed over $7 billion tri-nation gas pipeline
Now that the Bombay High Court has rejected the Ministry of Petroleum and Natural Gas' (MoPNG) attempts to help Mukesh Ambani's Reliance Industries Limited (RIL) wriggle out of its 2005 contract to supply 28 million metric standard cubic metres per day (mmscmd) of gas to Anil Ambani's Reliance Natural Resources Limited (RNRL), the pressure on it has increased several times over.
India's merchandise exports shrank nearly a quarter in September from a year ago, government data showed.
He sought oil bonds from the finance ministry to cover 57.1 per cent of the total Rs 77,000 crore losses suffered by the oil companies in 2007-08.
Imports too dipped by 23.1 per cent to $25.41 billion in the month under review as against $33 billion in April 2015.
The pipelines will be from Iran to India through Pakistan, from Turkmenistan to India through Afghanistan and Pakistan, and from Myanmar to India through Bangladesh, Mani Shankar Aiyar said.
Price of diesel, LPG and kerosene will have to go up.
Bank of Kunlun was placed under sanctions yesterday for transactions with Iran.
The Appointments Committee of the Cabinet approved appointment of Sarraf, who at present is Managing Director of ONGC's overseas arm, ONGC Videsh Ltd.
The Union petroleum ministry has proposed a 44 per cent increase in prices of natural gas sold under the administered price mechanism by state-owned Oil & Natural Gas Corporation and Oil India Ltd.
The department of investment and public asset management is scouting for investment bankers and legal advisors to carry forward the transactions.
This follows a letter by RIL to the ministry, justifying the increase in capex.
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 cap on cylinders would burden the Centre, which will need to compensate the states for the increased cooking fuel cost.
RIL has denied knowingly producing any gas from the ONGC block
Industrialist Anil Ambani on Tuesday dared the petroleum ministry to take back the ownership of gas fields from Reliance Industries Ltd if it seriously believed that terms of the contract were violated by Mukesh Ambani-led firm, which he alleged was wanting to make a super-profit of Rs 50,000 crore (Rs 500 billion).
Teheran bargains on OilMin plan for more rupee payment via increased import; wants investment deal on gas block.
In what is seen as a tit-for-tat move, China has cautioned its citizens against travelling to India following protests over the increase in petroleum prices, after New Delhi issued advisories warning its traders against doing business in the Chinese commodity hub of Yiwu.
Oil and Natural Gas Corporation ONGC will tie-up with Norway's state-owned oil firm Norsk Hydro to jointly explore for oil and gas in the Gulf region.
Leaks of documents are neither new nor limited to particular ministries.
Prime Minister Narendra Modi took stock of the situation, and assured all possible assistance to Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy. The prime minister also chaired a meeting of the National Disaster Management Authority (NDMA) to assess the situation.
An official said the government is preparing the financial statements and getting the data room ready for the sales, suggesting that such aspects take time.
This comes even after the Indian ambassador there had said this would affect the interests of other Indian companies.
The auditor said that it has unfettered right of access to all records of Reliance Industries (RIL) during its audit of operations in the Krishna-Godavari basin and would override any conditions sought to be imposed on the process.
The government is likely to decide this week on a hike of Rs 2 to Rs 3 a litre in the prices of petrol and diesel, but spare kerosene and cooking gas prices from any increase.
The interlocutory application filed on Tuesday made it clear that $4.20 per mmBtu price approved by the government for RIL's KG-D6 gas was without prejudice to the state-run firm's case seeking the fuel from the Mukesh Ambani-run company at $2.34 per mmBtu price committed in 2004.
RIL's KG basin started pumping gas in April and is currently producing 37-38 mscmd.
It was agreed at the meeting to recommend to the competent authority on two issues namely the Declaration of Commerciality of certain wells in the NEC 25 and KG D6.
The government is reviewing the previous NDA regime's ambitious programme to run automobiles on ethanol-doped petrol, a project which was launched to cut the country's dependence on imported crude oil.
The youth have to turn into entrepreneurs if India's massive demographic dividend is to be taken advantage of: Smriti Irani.
In a bid to break the virtual deadlock over privatisation programme, Divestment Minister Arun Shourie on Friday met Deputy Prime Minister L K Advani.
The national budget 2019-20 had an outlay of Rs 10,000 crore for Phase-II of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles scheme to boost electric mobility and increase the number of EVs in commercial fleets.
In the face of oil minister's comment that Reliance Industries Ltd gas to NTPC could be given at a government-approved price, the state-owned power major on Saturday said it will continue to fight legally for the fuel's contracted price and seek power ministry's help.
Finance Minister P Chidambaram and Petroleum Minister Mani Shankar Aiyar may soon meet Prime Minister Manmohan Singh to decide on fuel pricing in the wake of spiraling international oil prices.
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