Amazon provided mere "lip service" and failed to provide any help to the debt-laden Future Group as the retail major suffered massive setback amid the COVID-induced lockdown and faced possible insolvency or debt restructuring, Future Group's promoters said in a letter to the e-commerce giant. This is the first time Future Group promoters have written to Amazon after the parties were embroiled in a legal battle over the sale of Future's retail assets to Reliance Industries. The letter from the promoters, including Kishore Biyani, was written on December 31. It alleged that Amazon's actions "lacked good faith" during the March to August period, when the group's retail business was severely hit by the lockdown.
Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
The discovery was made in block KG-DWN-2003/1, lying about 50 km from Machilipatnam in Andhra Pradesh, a company statement said. The block was awarded to Reliance Industries in the fifth round of auction under the New Exploration Licensing Policy.
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.
The government on Thursday hiked by 62 per cent the price of natural gas that is used to produce electricity, make fertilisers and turned into CNG to use as fuel in automobiles and cooking gas for household kitchens. This is the first increase in rates since April 2019 and comes on back of firming benchmark international prices but does not reflect the spurt in spot or current price of liquefied natural gas (LNG) witnessed during the last couple of weeks. The oil ministry's Petroleum Planning and Analysis Cell (PPAC) said the rates paid for gas produced from fields given to state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be $2.90 per million British thermal unit for the six-month period beginning April 1.
The government was planning to come up with a new fiscal model giving 'special incentives' for fields that were given out on nomination to ONGC and Oil India, reports Shine Jacob.
Reliance had won the block in the fifth round of auction under the New Exploration Licensing Policy.
The company will unfold its business plans going forward even as shareholders are seeking answers to the performance of the company's oil and gas exploration and production business.
While the government has not barred procurement of equipment from Chinese companies, the process to amend the general financial rules (GFR) 2017 has started. This will impose restrictions on bidders in public procurement from countries that share a land border with India, reports Megha Manchanda.
Reliance Industries Ltd may tie-up with Chevron Corp of US to make joint bids for oil and gas blocks on offer in the latest round of New Exploration Licensing Policy.
The Union Cabinet on Wednesday approved a Rs 76,000 crore policy boost for semiconductor and display manufacturing ecosystem in the country in an bid to position India as a global hub for hi-tech production. Announcing the decision of the Cabinet, IT and Telecom Minister Ashwini Vaishnaw observed that electronics plays an important role in everyday life, and semiconductor chips forms a crucial part of electronics. Outlining the details of the scheme, he said the Rs 76,000 crore programme has been approved for the development of semiconductors and display manufacturing ecosystem.
In 2017, a consortium led by Russian state oil company Rosneft agreed to buy Essar Oil for $12.9 billion in India's biggest foreign acquisition of a homegrown company. Rosneft's buyout of Essar's assets was meant to herald a wave of energy investments in India - over six decades after Esso, Caltex and Shell invested in India's refining sector in the 1950s. But the government has tripped up in its efforts to sell Bharat Petroleum Corporation Ltd (BPCL), formerly Burmah Shell, a blue chip public sector company. Bidders include a couple of global funds and resources firm Vedanta.
Indian Oil Corporation (IOC), the nation's largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft, the Russian oil producer said. IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives. For 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk.
India Against Corruption on Wednesday brought Reliance Industries Chairman Mukesh Ambani in its line of fire alleging that the United Progressive Alliance and the previous National Democratic Alliance governments had favoured his company by giving contract on gas exploration in KG Basin and concessions at a huge cost to the exchequer.
India's negotiating posture at the multilateral negotiations should be aligned with a significantly transformed development strategy domestically.' 'The positions the country takes at the negotiations will then carry credibility, says Shyam Saran, former foreign secretary and India's chief negotiator on Climate Change 2007-2010.
Reliance had carried out the minimum work obligation in block KK-OSN-97/2 (awarded to the company in first round of New Exploration Licensing Policy), KK-DWN-2000/1 and KK-DWN-2000/3 (NELP-II) and decided not to enter the subsequent phase, a company official said. The poor prospectivity of the basin was evident from NELP-VI round when the basin could not attract any bids for two blocks and a third block was awarded on a single bid.
For India's upstream sector that has seen no new discovery coming into production.
The company is in talks with BG India and Italian E&P major, ENI.
Hiranandnani's new venture is well-timed, but it will face heavy competition from both international majors and domestic peers like Adani Group.
'But we should encourage umpires to use good techniques and to make decisions, we shouldn't just abrogate the responsibility that we are making decisions (after referring) everything upstairs, we should be backing our cricket umpires to call it as they see it. The umpires get to the top because they make good decisions'
Bharti Airtel, Reliance Jio, Vodafone Idea said the Railways should not be permitted to offer commercial services like Wi-fi and voice and video communication.
Reliance hold 90 per cent interest and is the operator of the deep-sea block KG-DWN-2001/1 (D9).
The fall in metal and mining stocks comes on the back of weak Chinese trade data
Likely to drill three additional exploration wells in the block before the end of 2010.
Dr Bhabha and Dr Sarabhai didn't feel guilty for their ambitions; it was for those 'mad scientists' that India is a powerhouse -- both at the atomic level and in the vastness of space, observes Kumar Abishek.
Russia is among the top buyers of Indian tea, accounting for about 18 per cent of the industry's total exports.
As CAG found Reliance Industries was being favoured in gas exploration deal to the government's detriment, former Prime Minister Manmohan Singh told the then top auditor Vinod Rai that audit should not hurt the private sector and RIL was one of the biggest and most respected.
The success of Anil Ambani's ambitious defence plan will depend partly on whether he can persuade government officials and international partners that he can build sophisticated equipment and partly on whether the PM can get India's notoriously slow procurement process to work, say Paritosh Bansal, Sanjeev Miglani and Promit Mukherjee.
RIL had in the New Exploration Licensing Policy rounds won 45 blocks and of these it has surrendered 14 blocks back to the government as it could not find commercially recoverable oil and gas, sources close to the company said.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
ONGC Videsh Ltd, the overseas arm of the state explorer, Reliance, IOC and Oil India Ltd had in April this year come together to consider jointly bidding for a 40 per cent stake in a field in the vast Orinoco heavy crude oil belt. To make up for the loss of Reliance, OVL has opened talks with global energy firms and is even willing to take a smaller role in case a major company joins the consortium.
'Govt to lose Rs 40,000 crore due to RIL's escalating costs'.
The projected output will come from satellite fields in the eastern offshore KG-D6 block as well as North East Coast block NEC-25, off the West Bengal coast.
'Reliance on crude oil is still very high. Globally, natural gas is 25 per cent of the energy basket. In India, it has fallen to 6.5 per cent, from 11 per cent in 2014.'
The government on Monday received 181 bids from global and domestic oil majors, including ONGC, Reliance Industries, Essar, BP Plc and BHP Billiton, for oil and gas exploration blocks under the seventh round of NELP auction.
BP has valued Reliance Industries' (RIL) new exploration and production (E&P) business at around $25 billion (Rs 1,12,500 crore), according to Goldman Sachs.
Consequently, Anil Ambani-promoted Reliance Power will not get any extra gas for its four power plants, including the existing Samalkot power plant in Andhra Pradesh. Senior government officials said the minutes of the meeting of the empowered group of ministers on the New Exploration Licensing Policy had been finalised.
Ambani-owned Reliance Energy is likely to bid for potential gas bearing blocks on offer under NELP-VI
Reliance Industries, India's most valuable company, and state-run gas firm GAIL India on Tuesday joined hands to set up a multi-billion-dollar petrochemical plant in gas-rich Middle-East, Central Asia or Russia.
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