'We are in a position to start due diligence and private data room access shortly.'
Petroleum ministry has suggested extending government subsidy on domestic LPG and kerosene for an indefinite period as the gap between domestic retail price and current international prices was too large to be bridged through a price hike.
In the wake of opposition from the law ministry and the Department of Public Enterprises, the petroleum ministry
According to data shared with the Lok Sabha, 19 road projects awarded after May 2014 were facing delays
They will be remanded to 11 days judicial custody.
Sources said both Mukherjee and Deora were in favour of Rs 2-3 a litre hike in petrol and diesel prices and Rs 25 per cylinder increase in LPG rates.
The Communist Party of India-Marxist on Thursday claimed S Jaipal Reddy has paid the price for "defying the country's biggest corporate" by being shifted out of the petroleum ministry and said this exposed "the tentacles of big business in the appointment of ministers".
The appointment of this former envoy to China assumes significance in view of preparations being made to address border issues ahead of Chinese Premier Wen Jiabao's visit to India next month.
The petroleum ministry has sought additional oil bonds worth about Rs 13,000 crore (Rs 130 billion) to cover the revenue loss on fuel sale in the fourth quarter of the current fiscal.
Petroleum secretary G C Chaturvedi said the arbitration notice grants a time of up to a month to respond and there was no hurry.
Oil and Natural Gas Corp, India's highest profit making firm, has suggested a new corporate structure
Following decontrol of its price, the consumption of petrol is rising at a much slower rate than used to be the case.
Delhi police on Saturday filed chargesheet against 13 persons arrested in connection with the petroleum ministry document leak case.
Petroleum ministry has rejected Reliance Industries Limited's plan to sell natural gas to Anil Ambani Group firm Reliance Natural Resources Ltd at less than half the market price.
Cabinet Committee on Economic Affairs would on Thursday discuss the proposals of the petroleum ministry on the states' claim to share profit on petroleum under production sharing contract signed under New Exploration Licence Policy.\n\n\n\n
Virtually securing the consent of Left parties, the government is likely to decide next week on a price hike of Rs 4 per litre for petrol and Rs 3 a litre for diesel while sparing cooking gas and kerosene.
The Ministry Of Petroleum and Natural Gas has ruled out a hike in the prices of petrol and diesel in the near future even as the price of the Indian basket of crude oil continues to remain above $65 a barrel.
Very few know of his scintillating mind, the outpouring of fresh ideas, the attention to detail in every endeavour, the extraordinary administrative and organisational skills, and a limitless stamina and energy with which he pursues every interest and commitment, notes Ambassador Talmiz Ahmad.
A source said on Tuesday that 'petroleum ministry is likely to propose deregulation of petrol prices and gradual phasing out of subsidies on diesel to ease burden on public sector oil marketing companies' -- indicating a possible hike of Rs 3 per litre in petrol rates.
Petroleum Minister Murli Deora will meet Finance Minister P Chidambaram on Monday to work out a package on pricing of petrol and diesel, besides subsidies on kerosene and cooking gas before the month-end.
If the reforms are implemented, multi-brand retail majors such as Future Group and Reliance Retail might enter the fuel retail space.
Disinvestment secretary Sunil Mitra last month wrote to his counterpart in Petroleum ministry R S Pandey seeking comments on 'public offerings from Government's shareholding' in ONGC and IOC. While government has not allowed IOC and other retailers Bharat Petroleum and Hindustan Petroleum to raise petrol, diesel, domestic LPG and kerosene price in line with the cost, they have not been given the promised compensation.
Undoing Mani Shankar Aiyar's move to exercise greater control on public sector oil firms, the petroleum ministry has restricted the number of government directors on boards of public sector oil companies to just two.
The petroleum ministry has put on back burner the proposal to create a national gas highway development authority, following an opposition from the Petroleum and Natural Gas Regulatory Board, which currently has the powers to authorise pipelines.
Petroleum Minister Murli Deora will meet Russian Prime Minister Vladimir Putin in Moscow on Wednesday in an effort to secure energy assets, including UK-listed Imperial Energy Plc.
Concerned over the possibility of terror attacks on the strategic storage reserves of petroleum products, the National Disaster Management Authority plans to mount mock exercises to check their security and work out remedial measures.
Petroleum retailers in Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Ahmedabad, among other cities, will start supplying Euro-IV compliant auto fuel from April 1.
The country's imports from Russia almost doubled to $25.69 billion during the April-August period this fiscal due to increasing inbound shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first five months of this fiscal. The imports were $13.77 billion during April-August 2022.
