Around Rs 40,000 crore (Rs 400 billion) investment in the power sector is in limbo for want of government decision on allocation of natural gas to the proposed electricity stations.
Floods in Gujarat continued to disrupt half of India's natural gas production for the second day on Wednesday, threatening power generation in north and CNG supplies to automobiles in the national capital.
In her petition seeking a writ of habeas corpus directing her production before the high court as well as an order to 'set her at liberty', Azad said not allowing her to consult a lawyer of her choice amounted to violation of her fundamental right guaranteed under the Constitution, making the remand order unlawful.
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
The government on Friday said allocation of natural gas to companies like Anil Ambani Group's RNRL will depend on availability of the fuel after supplying to already designated users.
India was to host a meeting of experts in 2008 but it was postponed.
The Election Commission asked the government to defer announcement of the new price till completion of the polls and so RIL was asked to continue selling the gas at old rates.
The total requirement of regassified-LNG for operation of Block number 2 and 3 at base load is 5.7 million standard cubic meters per day. However from December 14, suppliers of RLNG -- GAIL, Indian Oil, Bharat Petroleum -- are supplying only 4.506 mmscmd.
Educational technology company Byju's chief financial officer Ajay Goel has quit after completing the audit process for the financial year 2022 and will return to Vedanta, the company said in a statement. The edtech major has roped in industry veteran Pradip Kanakia as senior advisor, and president (finance) Nitin Golani has been given additional responsibility as India chief finance officer (CFO) to handle the finance function of the company.
Deora is believed to have explained the oil ministry's position on gas pricing and utilisation.
The latest Ambani-sibling fight has now become a political battle.
Oil and Natural Gas Corporation hopes to resume gas processing at its Hazira plant, whose closure due to floods had reduced the country's gas supplies by half, by August 14 or 15 as water has started receding from the facility.
The tussle between Mukesh Ambani-led Reliance Industries and his brother Anil's Reliance Natural Resources over gas supply came to the fore in Bombay High Court on Thursday with RIL alleging that RNRL wanted to trade the fuel.
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.
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
The apex court also heard a plea for bringing back black money stashed in tax havens abroad.
Reliance Industries Ltd plans to invest over Rs 5,000 crore in setting up City Gas Distribution projects in eight cities in Maharashtra and Andhra Pradesh for supply of natural gas to households, industries and automobiles.
When Rajiv Chawla bought his flat at Worli's Campa Cola compound 23 years ago, he didn't know it was illegal.
In a sharp retort to a notice of gas supply suspension to one of its power plant, Anil Ambani group firm Reliance Infra on Wednesday questioned the legality of Mukesh Ambani-led RIL's warning for not paying an "illegal" marketing margin.
International oil prices surged close to $100 a barrel on Tuesday after Russian President Vladimir Putin sent troops into Ukraine, but petrol and diesel prices in India continue to be on freeze and are expected to rise once assembly elections in states like Uttar Pradesh end. Amid fears of supplies being disrupted because of Russian aggression, the price of futures contract for Brent crude oil with April delivery on London's ICE rose by 4.18 per cent to $99.38 per barrel on Tuesday morning, before paring some gains to settle just above $98. The last time Brent exceeded $99 per barrel was in September 2014. Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production.
The execution of the order dated December 21 stands stayed till the next date of hearing.
Israeli Prime Minister Benjamin Netanyahu termed it the 'largest cooperation project in our history', one that would 'change the face of the Middle East, Israel, and impact the entire world'.
Since March 2020, when the Nifty50 plummeted to 7,511 following the announcement of a nationwide lockdown, the stock market has been on an upward trajectory. Over the next four years, the major market index has delivered a remarkable compounded annual growth rate (CAGR) of over 31.5 per cent. In the past year alone, the Nifty50 has gained by 27 per cent, hitting a succession of record highs.
Mumbai sources all of its gas requirement from domestic fields and as such there will be no cut in rates in the city.
The government has asked Reliance Industries to supply natural gas from the company's eastern offshore D6 fields to the beleaguered Dabhol power plant, a segment that gets top preference for gas allocation along with fertiliser units.
Bus and auto fares in the national capital are likely to go up after Indraprastha Gas Ltd announced a hike in the price of compressed natural gas for transport vehicles from July 1.\n\n
The medium-term scenario for oil marketing companies (OMCs) is high risk due to the surging crude and gas prices. Apart from OPEC-plus cutting production, the Hamas-Israel conflict has caused fears of supply disruption. The July-September quarter of 2023-24 (Q2FY24) saw positive surprises for OMCs. Strong gross refining margins (GRMs) more than offset weak marketing margins.
Oil and Natural Gas Corp, said on Monday it had signed an agreement to supply crude oil to refiner Bharat Petroleum Corp Ltd for two years ending March 2004.\n\n\n\n
Ras Laffan Liquefied Natural Gas Co Ltd (RasGas) of Qatar has pulled out of state-run National Thermal Power Corporation's tender for supply of 3 million tonnes of LNG for its power plants.
State-owned Indian Oil Corporation has begun stockpiling 15 days' supply of domestic cooking gas to meet contingencies like disruption in crude oil supplies in the event of war in Iraq.\n\n\n\n
In a development that could deliver a setback to Reliance Industries, the Bombay high court on Monday allowed power PSU NTPC to amend its petition, seeking implementation of a gas supply agreement.
Govt expects to save Rs 10,000 crore through this move.
An empowered group of ministers on April 9 decided to give any unutilised KG-D6 gas to steel plants who are currently not being supplied their full share of administered price fuel, official sources said. After gas-based steel plants, allocations would also be made to existing gas-fired power plants and to other power plants, including captive power plants depending upon the availability of the unutilised gas.
After Moily took over as oil minister, the central government agreed to link prices with global indices.
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