French gas major Gaz de France will hedge the risk of India's first liquefied natural gas importer Petronet LNG Ltd against market uncertainties.
The company has begun discussions with foreign players besides Petronet LNG Ltd for jointly developing the Rs 4,500-crore (Rs 45-billion) terminal.
A government missive to Petronet LNG Ltd on appointment of the company's new managing director and chief executive officer may trigger Securities and Exchange Board of India's takeover code
Gail (India) Ltd, the public sector gas firm, on Tuesday announced that it has tied up the sale of its share of LNG being imported from Qatar and said the regassified LNG from Dahej is the most competitive fuel for power and fertilizer units.
RasGas of Qatar is likely to sell liquefied natural gas to public sector Petronet LNG at a fixed price instead of a price indexed to crude oil.
India's purchase of US crude oil has picked up in 2025 and could easily double their previous levels, government officials said on Wednesday. The surge comes in the wake of the then-incoming Donald Trump administration's announcement that it would consider hiking tariffs on a reciprocal basis, and pushed some countries, especially those with large trade surpluses with the US, to buy more of its energy.
A Q-Max LNG vessel, the largest LNG carrier in its class, with a capacity of about 261,000 cubic meters, was received at Petronet LNG Ltd's Dahej import terminal in Gujarat on Tuesday.
Petronet LNG Ltd, India's first liquefied natural gas importer, will file a draft prospectus on Tuesday for an initial public offering of 271 million equity shares, representing 35 per cent of equity, to raise around Rs 400 crore.
Petronet LNG Ltd on Tuesday said the offer price of its initial public offering of 261 million shares, which will be floated around mid-February, will be decided through book building.
The initial public offering of India's first liquefied natural gas importer Petronet LNG Ltd may be postponed by a week as differences between promoters and merchant bankers delayed fixation of price band for the issue of 261 million equity shares.
Petronet LNG Ltd will float an initial public offering of 261 million shares, representing 34.8 per cent of the total equity of the company, around mid-February, P Dasgupta, director (finance), PLL, said in New Delhi on Friday.
The government may subsidise costly imported gas by making users of cheaper domestic gas pay more under its unique plan to rationalise gas prices, a source in knowledge of the development said.
India's first liquefied natural gas importer Petronet LNG Ltd will raise Rs 391 crore (Rs 3.91 billion) through the initial public offering of 260 million equity shares with the offer price being fixed at Rs 15 per share.
Petronet LNG is likely to first allot shares to qualified institutional bidders -- bidding at Rs 15 a share in the event of the offer price being fixed at the lower end of the Rs 13-15 price band.
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.
A drastic reduction in expenditure has boosted the net profit of Essar Oil, India's second largest petroleum refiner, to Rs 169 crore, a jump of 450 per cent in the first quarter ended June 30, 2009. The company, which processed 2.76 MMT of crude in the same quarter, had reported a profit of Rs 30 crore for the corresponding quarter a year ago.
The capacity of the proposed facility, part of Indian Oil's Rs 56,000-cr investment plan during the 12th Plan, will be five mt a year.
The multilateral lending agency holds 3.9 crore (Rs 39 million) shares in Petronet LNG, which at today's trading price of Rs 114.85 is worth Rs 448 crore (Rs 4.48 billion).
The companies are in talks with Shell, Petronet LNG to book capacity
Yamal LNG is a joint venture owned by OAO Novatek with 80 per cent and Total S A holding 20 per cent stake OAO Novatek holds 60 per cent stake in Yamal LNG, while Total S A and China National Petroleum Corp hold 20 per cent each
Privatisation-bound Bharat Petroleum Corporation (BPCL) may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies, sources said. BPCL holds 12.5 per cent of shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by Department of Investment and Public Asset Management (DIPAM) - the department running the process for sale of government's entire 52.98 per cent stake in BPCL - the acquirer of BPCL will have to make an open offer to the minority shareholders of Petronet and IGL for acquisition of 26 per cent shares, three sources with knowledge of the matter said.
BP and Reliance Industries Ltd are leading the race to pick up a 25 per cent stake in Gujarat State Petronet Corporation and the Adani group's five million tonnes per annum liquefied natural gas terminal at Mundra.
India and Qatar on Tuesday agreed to elevate their relationship to a strategic partnership and double bilateral trade to USD 28 billion over the next five years. Prime Minister Narendra Modi and Qatari Amir Sheikh Tamim Bin Hamad Al-Thani signed agreements and MoUs to strengthen economic cooperation, including a revised double taxation avoidance agreement. The strategic partnership will cover the "entire spectrum" of the bilateral relationship, including trade, energy security, and regional and international cooperation. Both leaders also discussed ways to further strengthen and broaden the energy partnership, including "exploring mutual investments." The Amir's visit provided an "excellent opportunity" for the top leadership of the two countries to discuss and "cement a strategic partnership for enhanced future cooperation."
Shares of Reliance Industries plunged on Friday after a court ruling that the Mukesh Ambani-led company can not sell its KG basin gas to any company except NTPC and Anil Ambani group's Reliance Natural Resources.
The Empowered Group of Ministers on Ratnagiri Gas and Power Pvt Ltd on Wednesday decided to pool the price of gas for Dabhol
Majority of PLL's long-term deals are linked to crude, which faces price challenge from other fuels. Spot LNG is moving away from this linkage, which puts a question mark on crude linked contracts.
The initial public offering for Power Trading Corporation has been oversubscribed by 3.13 times while that of Petronet LNG Ltd has also evoked a strong response and received cumulative bids for 38.7 per cent of offer size.
Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Thursday said it has no intention to sell a part of its stake in Petronet LNG Ltd and Indraprastha Gas Ltd (IGL) to help its new owner avoid making an open offer for the two gas companies. BPCL holds 12.5 per cent of the shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions.
The government has nipped Oil and Natural Gas Corp's exclusive plans to extract liquid petroleum gas and C2/C3 from liquefied natural gas by also allowing gas utility GAIL India to do the same from the common LNG being imported by Petronet.
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