India Gas Solutions Pvt Ltd -- the equal joint venture between the Mukesh Ambani-led firm and Europe's second largest oil firm - is among the three companies shortlisted by Gujarat government for giving out 25 per cent stake in the Mundra terminal.
The government will sell its remaining 26 per cent stake in IBP Co Ltd through a public offer this fiscal besides offloading 10 per cent equity in Oil and Natural Gas Corporation and Gail (India) Ltd to raise Rs 15,000 crore.
ONGC will continue as the operator of the deepwater block, KG-DWN-2004/6 with a 34 per cent participating interest in consortium with existing partners GAIL (India) Limited, Gujarat State Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and Oil India Limited.
RIL had got the block in an intensely fought auction by submitting better commercial and technical bids than other bidders including ONGC-GAIL and Cairn Energy.
The government on Thursday sanctioned Rs 17,772 crore (Rs 177.72 billion) cash subsidy to fuel retailers like IOC to cover for half of the revenues they lost on selling diesel and cooking fuels below cost in the September quarter.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
Reliance Industries has opposed a move to make marketing margin charged by it and other sellers of domestically produced natural gas uniform, while giving gasimporters a free hand, saying that it would be a gross discrimination.
According to data compiled by BS Research Bureau for BSE 100 companies, seven public sector companies -- Indian Oil Corporation (IOCL), Bank of India, Union Bank, Bharat Petroleum (BPCL), Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum (HPCL) and GAIL -- have reduced their employee costs ranging from one per cent to 21 per cent.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
The MoUs are signed between the Central Public Sector Enterprises and the administrative ministries/departments.
The Sensex took less than two years to rally from the 10,000-mark it first hit in February 2006 to double that on that New Year's Eve.
Over 18 crore workers are expected to participate making this a much bigger strike than last year.
The top Indian male and female finishers will now stand to gain $7,500 each.
A treat for bird lovers! The National Audubon Society announced the winners of the 2020 Audubon Photography Awards. Known the for highlighting some of the most spectacular bird photography in the world, this year's contest winners did not disappoint. This year's winners were selected from over 6,000 submissions that came in from photographers across all 50 United States, Washington DC, and seven Canadian Provinces. The goal of the awards is to highlight images that "evoke the ingenuity, resilience, and beauty of birds small and large, terrestrial and aquatic." We'll let you decide if they succeeded.
The countdown for BG's stake sale in Gujarat Gas Company (GGCL) begins tomorrow. Three months after BG made its intention of divesting its stake clear, over half a dozen potential bidders are likely to submit non-binding bids for BG's 65.12 per cent stake in the country's largest natural gas distributor by sales.
Focus will, however, shift back to corporate earnings, liquidity situation and global events - specially crude price.
'Reservations are anathema to many of the core supporters of Anna Hazare.'
At present, in Myanmar, GAIL and IndianOil have a minority stake in a gas pipeline which goes to China, through South East Asia Gas Pipeline Company.
Bikini.com provides us with the top two-piece styles that are heating up the world's best beaches!
Analysts cut upstream firms' FY15 earnings estimates, while raising those for GAIL and Gujarat Gas.
Farmers from Mormugao, Ponda and Bicholim talukas met revenue officer Anthony D'Souza, on Wednesday expressing their opposition to the Dabhol-Bangalore pipeline, which will be plugged at Gokak to provide supply gas to Goa.
The company is also looking to expand the supply of gas by roads and is evaluating creation of small storage hubs along the highways.
An HPCL-led consortium had put the project on hold in 2009.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
The government has ordered Oil and Natural Gas Corp (ONGC) to pay a near-record Rs 13,764 crore as fuel subsidy for the December quarter, a move that will dent the firm's profitability.
Overnight, the Wall Street closed on a flatter note.
Tennis legend Martina Navratilova on Monday embarked on her climb to the summit of Africa's highest Mountain, Mt. Kilimanjaro, in Tanzania, to raise funds for the Laureus Sport for Good Foundation.
Technical bids opened today for Mallavaram-Vijaipur line, winner in three weeks.
In a move that may spook Oil and Natural Gas Corp's (ONGC) planned public offering, the government has hiked the contribution of upstream oil companies toward fuel subsidies to 38.8 per cent for 2010-11 fiscal.
Of the 30-share Sensex, 13 ended higher, while 17 led by Power Grid, Tata Steel, Bajaj Auto, Hero MotoCorp, NTPC, Tata Motors, Dr Reddy's, M&M, GAIL, Infosys and L&T finished lower, fell by up to 2.40 per cent
The Ministry recently issued an order saying 'no authorisation from Petroleum and Natural Gas Regulatory Board is required for setting up of a CNG station.' PNGRB has been since 2009 issuing licences to entities for city gas distribution networks, essentially for retailing compressed natural gas to automobiles and piped cooking gas (piped natural gas or PNG) to households.
The post fell vacant after incumbent Prasad Dasgupta took early retirement. Dasgupta's five-year term was to come to an end on August 31 and he was eligible for a two-year extension till he attained superannuation at the age of 65 in 2012.
Though ONGC and OIL are major producers of natural gas, they currently have no presence in its retailing and marketing, a field dominated by GAIL and its joint ventures.
Cairn India is 25th on the list with 22.2 per cent CGR.
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).
TCS, Bajaj Auto, Adani Ports and Cipla were the top gainers on BSE Sensex while Coal India, GAIL, Dr Reddy's and Infosys lost the most on the index.
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
The Government may be keen on having a greater say in affairs of Petronet LNG as it is looking at appointing a bureaucrat as director on board of the nation's biggest liquefied natural gas importer.
The petroleum ministry has put on back burner the proposal to create a national gas highway development authority, following an opposition from the Petroleum and Natural Gas Regulatory Board, which currently has the powers to authorise pipelines.
Natural gas produced from C-Series fields is sold to GAIL which further markets it to end users.
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