Indian Oil Corporation, India's largest refiner, on Thursday sold half its stake in gas firm GAIL (India) Ltd for Rs 561.54 crore (Rs 5.61 billion) to repay debts and raise money for expansion plans.
The government will allow exploration firm Oil and Natural Gas Corporation and Gas Authority of India to market domestic LPG to increase penetration of cooking fuel to 75 per cent of the population.
A roadshow for the public offer of 10 per cent government equity in the public sector gas transmission unit -- GAIL -- would be flagged off on February 20 in Mumbai.
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 said on Saturday that the public offer of state-owned gas transmission company Gas Authority India Ltd would hit the market on February 27 followed by Oil and Natural Gas Corp public float on March 5.
State-run Gas Authority of India said on Thursday that it will invest Rs 4000 crore (Rs 40 billion) in laying pipelines and expanding capacity of its Pata petrochemical complex this fiscal, with 60 per cent of the requirement being raised through deb
Two persons were killed in an accident at a LPG pipeline of state-owned gas utility GAIL India Ltd at Suryapet in Telangana.
Oil and Natural Gas Corporation, Gas Authority of India and Oil India Ltd will pay Rs 1,200 crore (Rs 12 billion) to the state-run oil marketing firms for the losses they suffered during the first quarter for selling LPG and kerosene below the cost.
The competition between the two main players vying to lay cross-country natural gas pipelines has undergone a volte-face.
NTPC Ltd and GAIL India Ltd may have to pump in more money into the Dabhol power plant after an official panel monitoring the progress of the beleaguered project decided to limit lenders' commitment to Rs 455 crore (Rs 4.55 billion).
Gas Authority of India Ltd on Monday reported a 18 per cent increase in its net profit to Rs 365.09 crore
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The pipeline where the incident occurred was a dedicated line carrying gas to Lanco's 1,466 MW Kondapalli power plant.
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.
The US Federal Reserve's interest rate decision, global cues, macroeconomic data announcements and the ongoing quarterly earnings are the major triggers that will dictate trends in stock markets this week, analysts said. Besides, the trading activity of foreign investors and the movement of global oil benchmark Brent crude will also be tracked. "All eyes are on the outcome of the US Federal Reserve meeting scheduled for November 1, particularly due to the multi-year high levels of the US bond yields.
Gail India Ltd will import spot LNG cargo from Algeria at $9.28 er million British thermal unit.
The Petroleum Ministry has asked the oil regulator to look into the marketing margin charged by not just Reliance Industries, but also state-owned GAIL India Ltd on the sale of domestic gas and imported LNG.
State-owned gas utility GAIL India Ltd on Thursday reported a 70 per cent jump in its net profit at Rs 774 crore (Rs 7.74 billion) in second quarter ended September 30, 2005.
Replying to a special calling attention motion on the issue by opposition parties, including DMK, Chief Minister J Jayalalithaa said her government would not encourage projects affecting people's welfare.
At least 8 people have died after a blast ripped through the Gas Authority of India Limited site at Nagaram village in Andhra Pradesh.
The mega public issues for sale of government's 10 per cent equity in GAIL (India) Ltd and Oil and Natural Gas Corporation will hit the market on February 23 and March 2, respectively.
Russia has defaulted on the supply of at least 5 cargoes or shiploads of LNG to India after its retaliatory sanctions hit one of the companies that supply gas to India, sources said. India's largest gas firm GAIL has a long-term deal to import 2.85 million tonnes of liquefied natural gas (LNG) per annum from a Singapore-based unit of Russian gas producer Gazprom. The company has since June defaulted on the supply of 5 cargoes of LNG under that contract citing difficulty in sourcing gas due to sanctions, two sources briefed on the matter said.
The divestment ministry has decided to defer by a month the public issue for divestment of 10 per cent government equity in GAIL and it would now take place after the public placement of equity in Oil and Natural Gas Corporation in March.
Reliance gets $4.215 per mmBtu for the gas it produces from KG-D6 fields off the Andhra coast. The price is fixed for the first five years of production. KG-D6 gas production began on April 2 and is slated to rise to 80 mmscmd by year-end, nearly doubling the nation's gas output.
Indian Oil Corporation (IOC), the nation's largest oil firm, has walked away with half of the natural gas that Reliance Industries Ltd and its partner bp of the UK offered in the latest auction of the fuel used to generate power, produce fertilizer, turned into CNG and used for cooking purposes. IOC got 2.5 million standard cubic meters per day out of the 5 mmscmd of gas auctioned last month, sources with knowledge of the matter said. The oil refining and marketing company, which was the top bidder even in the previous auction of gas from the eastern offshore KG-D6 block of Reliance-bp, bid the volumes on behalf of seven fertilizer plants.
While two of the labourers died instantly, one succumbed to his injuries on way to hospital. The place of attack was only 2 km away from the Assam-Agartala National Highway.
The Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh allowed ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation, to invest $167.84 million in taking 8.35 per cent stake in the pipeline.
The S&P BSE Sensex and the Nifty50 have hit record highs amid the poll outcome-triggered bull frenzy at the bourses. Most analysts feel that the indices are on course to rise further over the next few months - till the general elections - albeit amid intermittent corrections - largely triggered by global developments. Bharatiya Janata Party's (BJP's) win in the three state elections of Madhya Pradesh (MP), Rajasthan and Chhattisgarh, analysts at Jefferies believe, reinforces the consensus expectations of a Modi win 2024 national elections with a greater likelihood of over 300 seats for the BJP.
Gail India has posted a 64 per cent jump in net profit at Rs 635.28 crore (Rs 6.35 billion) for the third quarter ended December 31, 2004 as compared to Rs 386.98 crore (Rs 3.86 billion) for the quarter ended December 31, 2003.
The government is likely to drop GAIL as the monopoly builder of trunk gas pipelines in the country and as part of opening up the sector, might allow Reliance Industries to lay a line from Andhra Pradesh to Gujarat.
According a fast track status to the sale of 10 per cent equity each in Oil and Natural Gas Corporation and Gail, the government on Monday said that financial advisors cum lead managers would be appointed by this week for the two issues.
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