US energy major Enron Corp's original contractors for the $2.96-billion Dabhol power project will complete the unfinished LNG terminal to restart the stalled 2,184 MW plant by next year.
India's natural gas production is projected to jump by 52 per cent to 122 million standard cubic metres per day by 2024 as state-owned Oil and Natural Gas Corporation (ONGC) and Reliance Industries Ltd-BP combine raise output from the KG basin fields. Natural gas production in 2019-20 was 85 mmscmd, which is estimated to have fallen to 80 mmscmd in the following year, HDFC Securities said in a report. The output is projected to rise in the current fiscal that started on April 1 to 93 mmscmd, 107 mmscmd in the following year and 122 mmscmd in 2023-24, the brokerage estimated.
The GST Council might on Friday consider taxing petrol, diesel and other petroleum products under the single national GST regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products. The Council, which comprises central and state finance ministers, in its meeting scheduled in Lucknow on Friday, is also likely to consider extending the time for duty relief on COVID-19 essentials, according to sources in the know of the development. GST is being thought to be a solution for the problem of near-record high petrol and diesel rates in the country, as it would end the cascading effect of tax on tax (state VAT being levied not just on the cost of production but also on the excise duty charged by the Centre on such output).
Hindustan Petroleum Corporation and Petronet LNG will partner with Oil and Natural Gas Corporation in the liquefied natural gas import terminal ONGC plans to put up at Mangalore in Karnataka.
IGL had this month raised compressed natural gas (CNG) prices in the national capital by Rs 1.25 per kilogram to Rs 29 per kg and piped cooking gas to Rs 26 per cubic meter, as it bought more of imported LNG to meet the rising demand.
India's largest oil firm IOC will build the nation's first 'green hydrogen' plant at its Mathura refinery, as it aims to prepare for a future catering to the growing demand for both oil and cleaner forms of energy. Indian Oil Corporation (IOC) has drawn a strategic growth path that aims to maintain focus on its core refining and fuel marketing businesses while making bigger inroads into petrochemicals, hydrogen and electric mobility over the next 10 years, its chairman Shrikant Madhav Vaidya said. The company will not set captive power plants at all its future refinery and petrochemical expansion projects and instead use the 250 MW of electricity it produces from renewable sources like solar power, he told PTI in an interview.
India may source liquefied natural gas (LNG) from Indonesia and Qatar for restarting the $2.9 billion Dabhol power plant.
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.
Ajit Mishra answers reader queries on the stock market.
Gujarat State Petroleum Corporation LNG Limited has roped in Trectebel Engineering for conducting the front-end engineering and design (FEED) study for the former's 6.5 MMTPA (million metric tonne per annum) LNG ((liquefied natural gas) terminal project.
At least four firms including Gas Authority of India Ltd, Petronas of Malaysia and British Gas have bid for supplying natural gas/LNG to Reliance Energy's mega 3740 MW gas-fired power plant at Dadri in Uttar Pradesh.
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.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
The previous United Progressive Alliance government had last year approved pricing of all forms of domestically produced gas at according to a formula suggested by a panel headed by C Rangarajan.
National Thermal Power Corporation has rejected bids of British oil and gas major BG Group and public sector oil companies' consortium Petronet LNG Ltd for supply of 3 million tonnes of liquefied natural gas.
The state-run power utility NTPC Ltd has signed an agreement to buy gas from GAIL India for 10 years at a delivered price of close to $8 per million British thermal unit.
While previously selling of the marketing business, possibly to another state-owned firm, was being considered, the government is now mulling on hiving off the pipelines into a separate entity and selling off a majority stake in it.
India had included the penalty clause in the $22 billion deal it signed with Iran in June this year for import of five million tonnes of LNG for 25 years so that the fuel reaches its shores as per the committed schedule of 2009-10.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
India faces a new energy crisis - unavailability of gas in the international market - that could worsen power supplies and impact a wide range of industries.
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.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Re-instatement of 5% custom duty on crude imports will help.
OVL, along with Oil India Ltd, had in June agreed to buy Videocon Group's 10 per cent in the same block for $2.48 billion.
Ajit Mishra answers reader queries on the stock market.
These mega projects, worth about Rs 1 trillion, would boost the economy, ensure smooth supply of petroleum products across the nation and also provide the much-needed relief to people looking to get back to work after the lockdown.
The plant started operations after Supreme Court vacated a stay granted by Gujarat High Court on pooling of LNG prices to make fuel affordable to the power plant.
The spacetech startup is expected to launch the first rocket which can hurl satellites of 250-700 kg into a lower Earth orbit by end-2021.
Billionaire Gautam Adani-led Adani Group on Monday announced a Rs 20,000-crore investment for expanding the capacity of its Gujarat ports to 100 million tons per annum by 2020.
Biden and Modi committed that the US and India will work closely together to win the fight against the COVID-19 pandemic, renew their partnership on climate change, rebuild the global economy in a way that benefits the people of both countries, and stand together against the scourge of global terrorism, the White House said in a readout of the call.
The length of the main trunk pipeline is 1,385 km from Kakinada to Bharuch and 75 km is the length of the spur lines.
Australia on Tuesday invited Indian companies to take part in exploration of natural gas but expressed inability to supply LNG to India in the short term.
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 beleaguered Dabhol power project has hit a fresh roadblock with Punj Lloyd and its British partner Whessoe, the contractors for completing the LNG terminal, threatening legal action against Ratnagiri Gas and Power Pvt Ltd for default on payments.
Low gas prices and weakness in petchem margins lead to lower earnings estimates for GAIL.
The Empowered Group of Ministers on Ratnagiri Gas and Power Pvt Ltd on Wednesday decided to pool the price of gas for Dabhol
The US Government Accountability Office, in a recently released report, moved ONGC Videsh Ltd, the overseas arm of state explorer Oil and Natural Gas Corporation, and three others, including Petronet LNG Ltd, out of the list.
The camaraderie between Modi and Trump was on full display as the two leaders heaped praise on each other.
