Reliance Industries Ltd's legal battle over the Uttar Pradesh government's decision to impose 21 per cent value-added tax on gas is holding up supply to NTPC's two power plants and Indian Oil Corporation's Mathura refinery, despite a group of ministers making allocation to them.
Reliance Industries Ltd (RIL), the operator of the KG-D6 gas block, has told the government it cannot comply with its latest directive on prioritising gas supply.
In a free-wheeling interview with Jyoti Mukul, Sibal makes a case for his innocence and blames the media campaign by the Anil Ambani group for the current controversy.
SpiceJet grounded all its aircraft due to payment woes
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.
The mid-cap index fell while small-cap advanced.
This follows a letter by RIL to the ministry, justifying the increase in capex.
This is significantly higher than the government revenues of Rs 500 crore (Rs 5 billion) that ADAG has been claiming in an advertising campaign that it launched on August 17. The exercise marks the first time the directorate general of hydrocarbon, the upstream oil regulator, has worked out such an estimate. The exercise is not carried out in the normal course for oil or gas fields.
If crude oil prices stay at current levels, the Indian government would not be required to issue additional oil bonds to the four state-run oil marketing companies in the current financial year, Finance Minister P Chidambaram said on Monday. Oil retailers, however, are unlikely to cut prices of petroleum products in response to falling crude prices unless private retailers like Essar Oil and Reliance Industries Ltd restart operations and offer a lower price.
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
Reliance Industries Ltd has decided not to use its allocation of gas from the Krishna-Godavari basin's D6 field for petrochemical production; it will, instead, swap it with gas available from other sources. It will use D6 gas only for power generation.
India's largest refiner, Reliance Industries Ltd, is in talks with public sector oil marketer Hindustan Petroleum Corporation for a tie-up to run the former's fuel retail outlets, closed a year earlier.HPCL has issued a limited tender to five merchant bankers to advise it on the deal.Last year, RIL closed 1,400 petrol pumps -- 900 owned by the company and the rest managed by dealers.
Richest Indian Mukesh Ambani-led RIL was the top private sector company from the country as it jumped from 203rd rank last year to 148th.
RIL's KG basin started pumping gas in April and is currently producing 37-38 mscmd.
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.
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.
Fertiliser, power plants plan expansion in anticipation
The gas market in India is at an inflection point. The increase in gas supplies would also promote setting up of brownfield and greenfield projects
State gas utility GAIL India on Tuesday won rights to retail CNG and piped cooking gas in two of the six cities auctioned and is set to win for another two cities, while its joint venture with Hindustan Petroleum beat Reliance Industries to bag another city.
Reliance Industries Ltd has received the prestigious Golden Peacock Innovation Award for the year 2005 in the petroleum sector.
The commerce ministry has proposed a three-year extension of tax benefits given to Export-oriented Units in an attempt to encourage export industries at a time when global demand is expected to slump further.
As and when the GST comes in, Budget projections will have to be unbundled and revised. In fact, the pragmatic decision would be to present another Budget! This makes the passage of the Finance Bill with its multiple unrelated amendments seem even more dubious, says Devangshu Datta.
RIL accounted for over a quarter of the country's LPG production of around 8.5 million tonnes per annum (mtpa) last year. Around 2.5 mtpa LPG - the only petroleum product in which India is not self-sufficient - was imported last year to meet the domestic demand of 11 mtpa. RIL is planning to cut LPG production at Jamnagar from 2.3 mtpa to around 1.6 mtpa from mid-2008 following the grant of export-oriented-unit (EoU) status to the refinery.
Reliance Industries Ltd will invest $8.84 billion in producing 80 million standard cubic meters per day (mmscmd) of gas from its KG-D6 block in Krishna Godavari basin.
The government on Monday refused to review its decision rejecting the price of natural gas proposed to be sold by Reliance Industries Ltd to an Anil Ambani group firm.
Reliance Industries on Wednesday decided to double the production capacity at its Jamnagar Refinery to 60 million tonnes at an investment of Rs 25,000 crore (Rs 250 billion).
Reliance Industries Ltd, India's largest private sector oil firm, has seen a 70 per cent drop in its diesel sales in July on pricing the fuel higher than public sector firms to cut losses.
Reliance Natural Resources Ltd chairman Anil Ambani is understood to have sought a review of the government's decision, rejecting the sale of natural gas by RIL to it.
UB group chairman Vijay Mallya on Tuesday said that Delhi Chief Minister Arvind Kejriwal was pursuing "unconventional methods" to attain his objectives while asserting that there should be no "witch-hunt" against industrialists.
The consortium of Oil and Natural Gas Corp, Reliance Industries and BG Group of UK will continue selling gas from Panna/Mukta and Tapti fields to state-run gas firm GAIL
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Companies such as Indian Oil Corporation, Tata Steel Ltd and Tata Power Company Ltd will remain highly leveraged over the next 12 months because of weak industry dynamics and resulting constraints on cash flows, it said.
The government is likely to allow Reliance Industries Ltd to sell domestic cooking gas directly to bulk consumers in the country to overcome the problem of glut in LPG during lean season.
The Union government may dilute its share in Bharat Petroleum Corporation Ltd to 26 per cent, an issue which goes to the Cabinet Committee on Divestment, company's director (marketing) S Radhakrishnan said.
Reliance Industries Ltd on Saturday acquired exploration rights to one of the largest deep water blocks in the Sultanate of Oman.
Petroleum Minister Ram Naik said there was no shortage of domestic cooking gas in the country, as imports made up for the shortfall in LPG output arising out of the shutdown of a crucial unit in the Jamnagar refinery of Reliance Industries Ltd.
Indian Oil Corp is unlikely to bid for a share in six new pipelines being built by Reliance Industries to transport fuel from its refinery to its planned chain of petrol stations.\n\n\n\n
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