Oil and Natural Gas Corporation and GAIL India are likely to give 33 per cent lesser discounts on crude oil and cooking gas to the state-owned refining and marketing companies than estimated as oil prices have tumbled in the last three months and the refiners have started making profits.
A major fire broke out at GAIL's natural gas pipeline in South Delhi's Satyaniketan area after it was perforated by civic construction contractors but there were no casualties reported.
State-run gas firm Gas Authority of India Ltd on Tuesday said it has signed an agreement with Mosbacher India and Hindustan Oil Exploration Co Ltd for sale and transportation of gas produced from PY-1 fields in offshore Cauvery basin.
In a bonanza to shareholders, GAIL India on Thursday approved a bonus share in the ratio of one additional share for two shares held.
India's Oil and Natural Gas Corp and GAIL (India) Ltd's equity in two gas rich offshore blocks in Myanmar have been cut following Myanmar's national oil company exercising its 'step-in' rights in the fields, gas from where will be sold to China.
Sources said ONGC Videsh Ltd, the overseas arm of state explorer, and GAIL have made a non-biding offer showing interest in acquiring Exxon's stake.
Gail (India) spurted for the second straight today after reports suggested that the gas distributor has struck oil and gas onshore Gujarat.
The Ratnagiri Gas and Power Pvt Ltd is likely to get gas for power production by June-end, GAIL (India) chairman UB Choubey said.
GAIL India chairman and managing director B C Tripathi said the availability and possibility of gas has changed with the change in government policy.
State-owned gas transportation company, Gas Authority of India Ltd has proposed a global depository receipt issue of 2.5 per cent of its equity shares.
"The increase in net profit during the third quarter of the current financial year was mainly due to the increase in natural gas transmission, LPG transmission and natural gas trading business," GAIL Chairman and Managing Director B C Tripathi said.
GAIL, which currently markets 4.8 million standard cubic metres per day of gas from the fields lying in western offshore, will now get to market the entire output of 15.5 mmscmd from PMT fields, a move that will boost the company's annual revenue by about Rs 5,000 crore (Rs 50 billion), official sources said.
Escalation of the conflict in West Asia between Israel and Iran has had a direct impact on the energy markets, and more broadly on the financial markets as well as the global economy.
The four city gas projects in Meerut, Dewas, Sonipat and Kota were awarded to the company in June last year.
GAIL India will hold 28 per cent stake in the special purpose vehicle, being set up for the revival of $2.9 billion Dabhol power project.
"There are five Indian and six foreign companies which have submitted expression of interest (EoI) for buying stake in the gas transportation company (RGTIL)," a source privy to the development said.
It would be complete by 2012 with a total investment of over Rs 11,300 crore, including an estimated Rs 2,300 crore from RIL and Rs 9,000 crore from GAIL. Analysts say refineries -- Mangalore Refinery and Petrochemicals, Chennai Petroleum Corporation, Essar, Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation -- located in the vicinity of these pipelines would benefit as they would be able to substitute costly fuel oil with cheaper gas.
GAIL and NTPC would pick up equal stakes in the defunct Dabhol project by pumping in Rs 500 crore each through a special purpose vehicle, GAIL chairman and managing director Prashanto Banerjee told reporters in New Delhi.
GAIL India Ltd on Wednesday said it plans to acquire a small or medium sized exploration and production company.
The proposed chemical plant will use 2,50,000 tons of naphtha produced by IOC's Barauni refinery and the natural gas that GAIL plans to bring from eastern offshore and imported LNG through the planned Jagdishpur-Haldia pipeline. The two firms by the fiscal year would prepare a techno-economic feasibility study for the unit that would take up to five years for construction.
With two more persons succumbing to their burn injuries on Sunday, the toll in Friday's deadly fire-blast, apparently caused by leakage from a GAIL gas pipeline in Nagaram, Andhra Pradesh, rose to 19 even as the condition of at least three others remains critical, police said.
State-run gas firm GAIL (India) Ltd on Wednesday said it was talking to the Indian lenders of the Dabhol Power Company to takeover the 2,184 MW power plant and the adjoining LNG import facility in Maharashtra.
State-owned Gail India Ltd, which has been given the task to source fuel for restarting the Dabhol power project in Maharasthra, is talking to LNG suppliers in Qatar, Australia, Malaysia, Oman and UAE.
The decision was taken at a meeting last month chaired by additional secretary Sudhir Bhargava and attended by representatives of GAIL and the three OMCs - Indian Oil, Bharat Petroleum and Hindustan Petroleum.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
State-run Gail (India) Ltd on Monday said it will hive off its gas trading business into a separate company by 2008, by when the ambitious Rs 20,000 crore (Rs 200 billion) national gas pipeline grid will be in place.\n\n\n\n
The Petroleum Ministry in an order on Wednesday said it has revised guidelines for allocation/supply of domestic natural gas to city gas distribution entities for CNG and piped cooking gas sector.
State-run gas firm Gas Authority (India) Ltd may list on the New York Stock Exchange or the Nasdaq by converting its global depository receipts into American depository receipts.
State-run GAIL (India) Ltd, which has laid a vast network of fibre optic cables along the gas pipeline grid it operates, will sell bandwidth to newspapers, news agencies and TV channels at a 70 per cent discount.
In May 1992, ONGC handed over gas pipelines and marketing functions connected with natural gas to GAIL. However, it continues to be the marketing agency in certain isolated pockets.
The brokerage earnings estimate for the January-March 2024 quarter (Q4FY24) for Nifty 50 companies hints at a slowdown in corporate profit growth while revenue increase is likely to be in low single digits as in the previous two quarters. According to various brokerage estimates, the companies' combined net profits are expected to grow 3.1 per cent year-on-year (Y-o-Y) in Q4FY24, the slowest in the last five quarters. For comparison, the index companies' combined net profits were up 8.2 per cent Y-o-Y in Q3FY24 and 3.4 per cent Y-o-Y in Q4FY23.
GAIL (India) Ltd has agreed to infuse an additional Rs 500 crore (Rs 5 billion) into Ratnagiri Gas and Power Pvt Ltd to enable the owner of the beleaguered Dabhol plant to clear pending dues of contractors.
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