A week after doubling of natural gas prices was approved, the Oil Ministry on Friday rebutted charges of the move resulting in windfall gains to Reliance Industries, saying new gas production from the company's fields will not start before 2017-18.
Natural Gas production from KG-D6 block has dropped to below 20 million standard cubic metres a day this week, from over 63 mmscmd peak output achieved in August 2010.
Agrees with RIL's stand that CAG cannot do a performance audit of the company.
In a presentation to investors in Mumbai last week, Aramane Giridhar, Joint Secretary (Exploration) gave detailed reasons for pendency of decisions in the Ministry of Petroleum and Natural Gas where officials approved of decisions but refused to issue formal orders, resulting in delays in production of oil and gas.
The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on crude oil produced locally. A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is effective from July 1, finance ministry notifications showed. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
The Divestment Ministry is moving fast to restart the sell-off process and go ahead with divestment in oil PSUs -- HPCL and BPCL.\n\n\n\n
'The touchstone is reciprocity which will be applied to friends and foes alike.' 'It will be a bitter pill to swallow.'
As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
Under-recovery or the gap between retail selling price and the cost of import, this month dipped to an all-time low of 8 paise a litre, helped by the monthly increases and softening in international oil rates.
'Netanyahu lured Trump into a trap by enticing him with a seductive scenario of massive lucrative business in Gaza's reconstruction.' 'Trump's imagination is running riot, completely disconnected from ground realities,' asserts Ambassador M K Bhadrakumar.
The petroleum ministry has told ONGC to give away 60%stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC chairman and managing director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. This is the second time since April that Nath, who is part of the ONGC management as the longest-serving government nominee director on its board and often considered a potential candidate to replace Kumar next year, has written an official letter, painting a poor picture of the company's performance.
Ukraine is currently in the middle of a strategic offensive into Russia's Kursk region.
The cooking oil national industry body -- Solvent Extractors' Association (SEA) of India has suggested immediate initiation of government to government (G2G) dialogue with Indonesia on the proposed palm oil export ban from April 28 by them as it would have an adverse repercussions in India. Indonesia, which is the world's largest producer of palm oil and meets nearly 50 per cent of the total palm oil requirement in India annually, had announced to ban exports till further notice apparently to contain edible oil prices in their domestic market. "We have suggested our government initiate dialogue with Indonesian counterparts at the highest diplomatic level on the cooking oil export ban.
Oil and Natural Gas Corporation had in 2007 farmed out 15 per cent stake in the KG-DWN-98/2 block, which sits next to Reliance Industries' KG-D6 block, to Brazil's state-controlled oil firm Petroleo Brasileiro SA or Petrobras.
The Oil Ministry has proposed a Rs 3-4.50 per litre hike in diesel price and Rs 100 in LPG rates along with raising the number of subsidised cooking gas cylinders for households to nine a year from the current cap of six.
The prohibition has freed up as much as 60 million litres of ethanol
India's merchandise exports in October rose by 17.25 per cent to $39.2 billion against $33.43 billion a year ago, according to government data released on Thursday. Imports increased by 3.9 per cent to $66.34 billion in October compared to $63.86 billion in the year-ago period.
Inputs by the Petroleum Ministry were found among stolen documents.
He drew the roadmap of India's economic reform, unshackled it from the licence raj and pulled it back from the brink when even its gold reserve was pledged.
The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, while hiking it on high-end wrist watches, shoes and apparels, besides considering a separate 35 per cent tax slab for sin goods. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is likely to discuss rate rejig in about 148 items, besides, it will also deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry's operation cost, in the Goods and Services Tax (GST) fold.
Domestic fuel sales at 11.39 million tons in February were 0.2 per cent lower than 11.41 million tons of petroleum products consumption in the same month a year ago.
India's exports registered a steepest decline in 13-month falling 9.3 per cent in August to $34.71 billion due to global economic uncertainties, while the trade deficit soared to a 10-month of $29.65 billion. According to the government data released on Tuesday, imports increased by 3.3 per cent to $64.36 billion, which is a record high, due to a significant jump in the inbound shipments of gold and silver.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
RIL in a letter to the ministry said if such an "untenable" policy was allowed it would encourage KG-D6 allottees to sell the cheap gas at higher rates during times like plant shutdowns when they don't need the fuel.
The environment ministry is likely to soon issue regulations that will mandate automakers to recycle a specified percentage of steel from old vehicles, starting from the next financial year, according to people familiar with the matter. "We recently held a meeting with members of the Society of Indian Automobile Manufacturers (Siam). "The final regulations are likely to be issued in the next 10 days," a government source informed.
A casual worker employed at the Defence Ministry was arrested on Tuesday for allegedly providing forged identity card to a key accused in petroleum ministry leaks case while police maintained that no sensitive documents were leaked or stolen from the defence ministry.
New Delhi has missed its target for partial privatisations for the past five years
Reliance Industries was to relinquish 25 per cent of the gas-bearing KG-D6 block in 2004 and a similar area in 2006 but the Directorate General of Hydrocarbons, which was at that time headed by V K Sibal, concluded that hydrocarbon prospectivity "extends over entire block and hence no block area needed to be relinquished."
Goods and Services Tax (GST) collections in September, in gross terms, were at Rs 1.73 lakh crore, with a yearly jump of 6.5 per cent, according to data from finance ministry released on Tuesday. In September 2023, the total collection was to the tune of Rs 1.62 lakh crore. CGST, SGST, IGST, and cess all increased year-on-year in September, official data made available on Tuesday showed.
The Oil Ministry has fixed the subsidy payout by upstream firms like Oil and Natural Gas Corporation and Oil India Ltd at Rs 15,546.65 crore (Rs 155.46 billion) for the April-June quarter.
Internship opportunities have been posted by 193 companies, including Jubilant Foodworks, Maruti, Eicher Motor, L&T, Muthoot Finance and Reliance.
India expects to remain unscathed this time, mainly because it is in a sweet spot as the world's third largest oil consumer, after the US and China, says Subhomoy Bhattacharjee.
A day after killing of Hezbollah chief Hassan Nasrallah in an airstrike in Beirut, Israel conducted widespread strikes in Lebanon on Sunday, killing over 100 people. The Israeli Air Force (IAF) also launched airstrikes on military targets in Yemen, specifically targeting Houthi-controlled sites, including power plants and a seaport.
'He will be remembered more for what he did as finance minister -- as someone who functioned well when the political fallout was taken care of.'
After remaining in the positive zone for three months, India's exports contracted 1.2 per cent to $33.98 billion in July, while the trade deficit widened to $23.5 billion.
The 16th Brics Summit beginning Tuesday in Kazan, Russia, is expected to see more focus on creating a sharper energy policy for Brics that ensures closer partnership among members in both energy security and energy transition, official sources said. The same is expected to be a part of the Kazan declaration, currently being negotiated, they added.
It's spicy, buttery and utterly delicious.
India is a great power that determines its national interests and chooses its partners, Russian Foreign Minister Sergey Lavrov has said, describing as "completely unjustified" the "enormous pressure" on New Delhi due to its energy cooperation with Moscow.
A shortlist using artificial intelligence would be prepared to identify eligible candidates and match them to the suitable internship opportunity. The shortlist would be shared with the companies on Tuesday, October 15.
The Ministry recently issued an order saying 'no authorisation from Petroleum and Natural Gas Regulatory Board is required for setting up of a CNG station.' PNGRB has been since 2009 issuing licences to entities for city gas distribution networks, essentially for retailing compressed natural gas to automobiles and piped cooking gas (piped natural gas or PNG) to households.
