In a move that could potentially irk New Delhi, China has offered to supply liquified petroleum gas to Nepal after gifting fuel to ease the crisis in the country, hit by acute fuel shortage due to a blockade at key border trade points with India.
India's economy grew 7.8 per cent in the March quarter, pushing up the annual growth rate to 8.2 per cent, according to official data released on Friday. Growth in the January-March period was lower than the 8.6 per cent expansion in the December quarter.
The wholesale inflation rose to a 13-month high of 1.26 per cent in April fuelled by rising prices of food articles, especially vegetables, amid expectations of RBI holding interest rates in the policy review next month. The wholesale price index (WPI) based inflation has been rising for two months in a row.
Oil and LNG prices are likely to shoot up if Iran is to block Strait of Hormuz, through which countries like India import crude oil from Saudi Arabia, Iraq and UAE, leading to a spike in inflation, analysts said on the Iran-Israel conflict. The Iran and Israel conflict has escalated over the last few days. Iran first launched drone and rocket attacks on Israel, which retaliated by firing a missile. Crude oil prices have hovered around USD 90 per barrel since the conflict.
"Water has gone above the head. Now we mean business. You (Centre) will arrange everything now," the court said.
Natural Gas production from KG-D6 block has dropped to below 20 million standard cubic metres a day this week, from over 63 mmscmd peak output achieved in August 2010.
The incident remains a reminder of the inherent fragilities of all geopolitical relationships.
There is no payment problem for Russian crude, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday. He said there is no proposal to cut retail fuel prices at the moment. Addressing a press conference, the minister said India enjoys a buyers' position and foreign suppliers are approaching Indian companies with offers to sell oil.
A division bench of Justices J N patel and K K Tated was hearing a case regarding the dispute between Anil-led Relaince Natural Resources Ltd and Mukesh's Reliance Industries Ltd over the gas supply master agreement (GSMA) whereby RIL will be supplying gas for RNRL's power plants.
The ministry of finance is likely to assume crude oil price to remain within $85 per barrel while estimating subsidies for the Interim Budget 2024-25 (FY25), to be presented on February 1. Brent crude prices moved up on Thursday, ending at $78.9 per barrel. Crude oil and cooking gas prices, which move in tandem, impact fertiliser and cooking gas subsidies, constituting 53 per cent of the government's total subsidies.
India's largest gas-fired power plant at Dabhol in Maharashtra has seen power generation plunge to less than 450 mega-watt against the total capacity of 1,967 MW, on falling natural gas supplies.
India will develop underground natural gas storage facilities as an insurance against disruption and supply shortfall.
Most brokerages are betting that the new government will shift to a policy focussing on boosting rural incomes and consumption since that has clearly been a pain point.
Reliance Industries has refused to give natural gas to new customers by cutting supplies to power and fertiliser plants.
The Russian-Ukraine war can hit the global supply chains that are already constrained due to the pandemic and the worst impact will be on ongoing chip shortage because the warring nations brutally control supplies of key raw materials that go into making semiconductors, warns a report. Since Russia controls as much as 44 per cent of global palladium suppplies, Ukraine produces a significant 70 per cent of the global supply of neon -- the two key raw materials that go into making chips. The markets can expect the global chip shortage, that began with the pandemic, to worsen if the military conflict lingers on, says a Moody's Analytics report on Friday.
Terming as "illegal" marketing margins charged by RIL on gas supplied to it, Anil Ambani group firm Reliance Infra has asked the Mukesh Ambani-led company to withdraw these charges and refund the payments it had made till now.
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In a new twist to negotiations on the much-delayed Iran-Pakistan-India pipeline, Tehran wants legal immunity in case of armed conflict disrupting natural gas supplies through the proposed line.
This is a good opportunity for long-term investors to pick quality small and midcap stocks at reasonable valuations.
Prime Minister Manmohan Singh on Tuesday dedicated GAIL India Ltd's 1,000 km Dabhol-Bangalore natural gas pipeline to the nation.
ONGC currently supplies gas directly in isolated pockets of India, mainly in Gujarat and Assam, which contributes around Rs 100 crore (Rs 1 billion) to ONGC's total marketing revenues. In May 1992, gas pipelines and marketing functions related to natural gas were transferred by ONGC to GAIL. However, there are certain isolated pockets where ONGC continues to be the marketing agency.
Qatar and Australia are likely to supply fuel for restarting the $3 billion Dabhol Power Project in Maharasthra from the fourth quarter of 2006.
MahaVitaran, which draws 95 per cent of the power from the project, has started drawing power at Rs 4 per unit.
The 41 workers trapped in Uttarakhand's Silkyara tunnel for the last 11 days are likely to be rescued in the next few hours or by tomorrow, National Disaster Management Authority (NDMA) member Lt Gen (retd) Syed Ata Hasnain said on Thursday evening.
The Supreme Court on Thursday ruled that the Union government has the exclusive jurisdiction to enact law on the supply and regulation of natural gas and liquefied natural gas and quashed a Gujarat legislation purporting to regulate
Reliance Industries Ltd on Friday reported a 27 per cent jump in its September quarter net profit as earnings from the oil and gas business rebounded, and a pick-up in fashion and grocery helped boost retail revenues. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,394 crore, or Rs 25.71 per share, in July-September - the second quarter of the current 2023-24 fiscal - was 27.3 per cent higher than Rs 13,656 crore, or Rs 19.92 a share, earning a year back, the company said in a statement. The net profit was also higher quarter-on-quarter compared to Rs 16,011 crore earnings in the preceding three months ended June 30.
The government on Wednesday asserted in the Supreme Court that any suitable arrangement between the Ambani brothers for the supply of gas from K G Basin has to be approved by it keeping the national interest paramount.
During hearing of the dispute over supply of gas by RIL to RNRL at $2.34 per mmBtu, the bench headed by chief justice K G Balakrishnan said the two parties could arrive at a 'suitable arrangement' through arbitration, as the Bombay high court that approved the Reliance empire's demerger cannot spell what is the ideal arrangement.
Reliance Industries Chairman and MD Mukesh Ambani, in an address to RIL's shareholders, said RIL would continue to follow its successful strategy and focus on improving its portfolio, increasing efficiency, product innovation and expanding its businesses in order to get closer to key markets.
The Principal Secretary of Planning Commission also requested the people of Jammu and Kashmir on behalf of the central government to maintain peace.
Tripura Asset of ONGC has set a target of 60 lakh cubic metres of gas production per day which would be completed by three phases and Rs 1,946.22 crore (Rs 19.46 billion) has already been sanctioned by ONGC board for the first phase to be completed by 2011-12, the officials said.
The crux of the ongoing court case between Reliance Industries (RIL) and Reliance Natural Resources (RNRL) on Monday was pricing of the gas produced from the Krishna-Godavari (KG) basin.
State-run NTPC, Essar Power and Torrent are among the firms identified by the Union power ministry for buying natural gas from Reliance Industries' eastern offshore D6 block.
The company is pursuing the early scheduling of gas with the Centre to restart generation.
Re-instatement of 5% custom duty on crude imports will help.
A number of private companies have contributed to the development of ISRO's Chandrayaan-3 spacecraft which successfully landed near the south pole of the Moon on Wednesday evening.
Policy air bubbles and implementation snags could block plans to connect India's cities to a clean fuel grid.
Last week, RIL moved the apex court challenging the Bombay high court order that asked it to supply 28 mmscmd of gas to RNRL at $2.34 per mmbtu.
An empowered group of ministers headed by Defence Minister A K Antony is to consider an Oil Ministry proposal of abolishing the priority ranking later in the day, according to which natural gas is first given to urea manufacturing fertiliser plants, then to LPG units, followed by power plants, city gas, steel and refineries.
Indian Oil Corporation's Raxaul depot resumed supplies after the obstruction by protesters was removed from the main 'Maitreyi' (Friendship) Bridge connecting the two countries.
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