The likely solution that appears before the AAP government is to seek for a higher quota of domestic natural gas for Delhi, which would bring down auto and cooking gas prices.
Steel baron L N Mittal and French oil major Total on Thursday signed an agreement with state-run HPCL for jointly setting up a $6 billion refinery-cum petrochemical complex at Vishakhapatnam in Andhra Pradesh. State-run gas utility Gail India and exploration firm Oil India Limited are the other stakeholders in the proposed 15 million tonne refinery and one million tonne petrochemical complex.
As per the 15-day billing cycle, gas producers are to raise the first invoice at the revised price of $5.61 per million British thermal unit this weekend.
ONGC holds 26 per cent stake in ONGC Petro-additions Ltd, while state run GAIL has 19 per cent and GSPC has five per cent.
Sunitha Rao shrugged off a poor start to beat Kristina Kuvoca of Slovakia in a tough three-setter and advance to the singles second round of the US $50,000 ITF women's tennis tournament in Boston, USA. The United States-based Indian, seeded fifth, rallied to beat her Slovakian opponent 1-6 6-4 7-6(4) in the first round of the hardcourt event.
Iran on Tuesday denied existence of any contract for export of liquefied natural gas to India while stating that it cannot wait endlessly for New Delhi to join the Iran-Pakistan-India gas pipeline project.
Oil and Natural Gas Corporation will begin production from its Krishna Godavari gas discovery from 2012 and it has tied up with GAIL for transporting the fuel to the consumers.
The Oil Ministry has fixed the subsidy payout by upstream firms like Oil and Natural Gas Corporation and Oil India Ltd at Rs 15,546.65 crore (Rs 155.46 billion) for the April-June quarter.
Ratnagiri Gas and Power Pvt Ltd, the joint venture of state-run GAIL India and NTPC Ltd which owns the 2,150-MW power plant and the adjoining LNG import terminal, plans an IPO to raise Rs 1,000 crore (Rs 10 billion), company Chairman R K Goel told reporters in New Delhi. The Dabhol plant will be fully operational by next month when the third generating unit is commissioned, he said adding that currently, two units were generating about 1,100 MW electricity.
It calculated that the government should have got an additional profit share of $ 115.263 million.
'Tinkering will not do. Merely staggering spectrum dues comes nowhere near solving the problem,' cautions Rahul Khullar.
Finance Ministry has written to the Power Ministry asking to freeze the completion costs of Dabhol plant.
Reliance Industries Ltd has sought a minimum supply of 3.6 million standard cubic meters per day of gas for its petrochemical plants from the Panna/Mukta and Tapti fields, from which gas has been diverted by the government to state-run GAIL India. Reliance along with state-run Oil and Natural Gas Corporation and BG Group of UK are the operators of the PMT fields lying in Mumbai offshore and till last month marketed gas from the fields in proportion to their shareholding.
ONGC is likely to pay Rs 17,000 cr to subsidise products by the end of this fiscal.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
New recast plan calls for more loan rate cuts and lower equity returns.
The beleaguered Dabhol power plant in Maharashtra is likely to start generating electricity, using gas as feedstock from the second week of August once promoters sort out payment issues.
The FinMin will pay Rs 5,324 crore (Rs 53.24 billion) for Jan-March.
The Petroleum Ministry has asked for Rs 26,000 crore (Rs 260 billion) as fuel subsidy for the third quarter of this financial year, but the finance ministry is inclined to provide only Rs 10,000 crore (Rs 100 billion) cash support.
Indian equity markets registered their highest single-day percentage gains since early October.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Minster of Petroleum and Natural Gas Murli Deora on Monday commissioned the first stretch of the Dahej - Panvel - Dabhol pipeline from Dahej to Surat.
The first stretch of Dahej-Panvel-Dabhol pipeline, which will feed natural gas to the beleaguered Dabhol power project in Maharashtra, has been commissioned.
The Maharashtra government is heavily banking upon Dabhol power plant to start functioning at its full capacity of 2,150 Mw to help the state tackle the 5,000 Mw shortage during peak summer season.
'The knowledge of English by Dalits will hit at the backbone of the caste system,' says Chandra Bhan Prasad, Dalit activist.
BP and Reliance Industries Ltd are leading the race to pick up a 25 per cent stake in Gujarat State Petronet Corporation and the Adani group's five million tonnes per annum liquefied natural gas terminal at Mundra.
Ministry to propose a new subsidy mechanism to cap upstream firms' share.
With India reluctant to pay a higher price for the liquefied natural gas contracted in 2005, Iran has proposed to sell the fuel to the Indian private sector.
Australia's leading bank, St George's Bank has said it is sticking to its decision to send 76 computer services jobs to India due to competition.
Officers of Central Public Sector Units will go an indefinite nationwide strike from December 22, demanding higher salaries and autonomy for the public sector.
Tata Consultancy Services along with Bharti Televentures and National Thermal Power Corp was on Friday adjudged among the best employers in India by leading global human resources management firm Hewitt Associates.
The proposal to hive off the LNG terminal at the revived Dabhol power plant in Maharashtra is likely to be scrapped, with promoters and financiers agreeing to pump in Rs 24 billion to restart construction work at the plant.
Petronet LNG Ltd will begin supplying liquefied natural gas imported from Qatar, Egypt, Algeria and Oman to the beleaguered Dabhol power plant once a small 15-km stretch of pipeline is completed, a company official said.
Market breadth is positive with 942 advances and 196 declines.
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The Oil Ministry on October 31 issued orders asking upstream oil and gas producers like ONGC and Oil India Ltd to give Rs 16,729.74 crore (Rs 167.29 billion) to make up for 47 per cent of the Rs 35,328-crore (Rs 353.28 billion) revenue that retailers lost on selling diesel, domestic LPG and kerosene at government controlled rates in second quarter.
The government shouldn't hide behind the veil of making a domestic giant out of the HPC-ONGC deal, rather it should just say it needs cash from this divestment exercise, says Sudhir Bisht.
The Maharashtra government will lend Rs 550 crore (Rs 5.5 billion) to Ratnagiri Gas & Power, earlier called Dabhol Power Company
The government is considering selling Dabhol Power Plant's LNG terminal after hiving it off from the electricity generating unit, due to delays in completion of unfinished part of the terminal and huge cost-overruns, a power ministry official said.
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