Russia will significantly boost the supplies of Liquefied Natural Gas to energy-hungry India from 2016, President Dmitry Medvedev has announced. Mentioning the success of ONGC Videsh Ltd venture in Sakhalin-1 offshore oil block, Medvedev, who along with Prime Minister Manmohan Singh addressed a CEOs' forum of the top companies of the two countries in Moscow on Friday evening, also expressed Russia's interest in expanding cooperation with India in hydrocarbons.
The plant will start functioning to its fullest by the end of January 2008, after delay of one-month from previous schedule.
The Centre on Sunday moved the Delhi High Court seeking recall of its order directing supply of entire allocated oxygen of 490 metric tonnes (MT) to the national capital and warning of contempt action for failure to do so.
Supply of the much-needed gas to Dabhol is set to be delayed again. The reason: shortage of pipes required to build the Dahej-Uran pipeline which will feed the gas to the plant.
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'.
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.
Reliance Industries Ltd's legal battle over the Uttar Pradesh government's decision to impose 21 per cent value-added tax on gas is holding up supply to NTPC's two power plants and Indian Oil Corporation's Mathura refinery, despite a group of ministers making allocation to them.
The execution of the order dated December 21 stands stayed till the next date of hearing.
Mukesh Ambani-led RIL has sought to lift the sty as it claims it's ready to produce gas next month. Arguing before the court against vacation of the stay, RNRL senior counsel Mukul Rohatgi said, "There is no immediate supply of gas. Let the directorate general of hydrocarbons make a statement when the company is ready to produce the gas."
The prices of natural gas for power and fertiliser units are likely to be raised by 12.5 per cent to Rs 3,600 per thousand cubic metres in July, according to oil secretary M.S.Srinivasan.
Rebuffing petroleum ministry, Siddaramaiah launches Pradhan Mantri Ujjwala Yojana-like scheme months before state polls
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.
Watch news flow & price movements carefully. If gas prices are rationalised, there will be a genuine turnaround & these stocks could be multibaggers, says Devangshu Datta.
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.
Media giant Zee Group on Wednesday announced diversifying into the energy sector, beginning with a Rs 3,500 crore (Rs 35 billion) gas-based power plant in Haryana.
Engineering and construction major Larsen & Toubro Ltd has bagged a major order worth $30 million for upgrading facilities at the Bu Hasa project of the gas gathering and processing company GASCO at Abu Dhabi.
India will add over 7,450 km of gas pipeline network over the next 2-3 years to ramp up its supply lines to keep pace with the growing demand from the consumption centres
Russian traders have started asking for payments in ruble for their exports to India in a move that could derail trade between the two countries which gathered pace after the war in Europe. This is because Indian importers are unable to pay in ruble. The India-Russia trade gathered pace after Vladimir Putin invaded Ukraine in February this year. In the April-June quarter, India's imports from Russia were valued at $9.27 billion, up 369 per cent year on year.
Gas affected areas in Bhopal are still bereft of basic amenities.
The Petroleum Ministry has allocated additional natural gas from Reliance Industries' eastern offshore gas fields to three power plants to meet electricity deficit in northern states reeling under drought.
In a free-wheeling interview with Jyoti Mukul, Sibal makes a case for his innocence and blames the media campaign by the Anil Ambani group for the current controversy.
Reliance Infra has sent a letter to Reliance Industries on September 24 informing the of the shutdown of the 220MW power plant in Andhra Pradesh for maintenance to September 28 instead of a day earlier.
Ambani flew to Badrinath, which reopened to the public today, from Dehra Dun in a helicopter to pay obeisance to Lord Badri.
The PM urged all citizens to light diyas in their houses on January 22 so that the whole country basks in glory.
The power and fertiliser companies should be prepared to pay higher prices of natural gas as the petroleum ministry favours economic pricing of the fuel, an official said on Thursday.
The government on Saturday filed a petition before the Supreme Court seeking a direction to declare as 'null and void' the private family agreement of the Ambanis that provides for gas supply by Reliance Industries Limited to Reliance Natural Resources Limited. The government petition has named as respondents RIL led by Mukesh Ambani and RNRL headed by Anil Ambani, which have separately filed cross-petitions against the Bombay High Court's June 15 judgment.
Dilip Shanghvi's Sun Oil & Natural Gas, signed a deal for the transfer of Interlink Petroleum's interest in the Modhera and Baola fields.
Petroleum and Natural Gas Minister Ram Naik said on Wednesday that an agreement with Qatar had been finalised for supply of liquified natural gas from next year.
Mukesh Ambani-led RIL said on Friday it would not be possible to supply gas to Anil Ambani group firm RNRL without the government's nod and requested the Supreme Court not to restrain it from selling gas to others.
Stocks of Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL) have more headroom left despite the sharp run in the last few weeks, suggests a recent report from Morgan Stanley. Stocks of these oil refining and marketing companies (OMCs), it believes, are seeing multiples re-rate as investors reassess long-term growth prospects. "IOCL trades at one year forward P/BV of 1.2x, 19 per cent below +1 standard deviation (SD); BPCL trades at one year forward P/BV of 1.5x, near historical averages; HPCL trades at one year forward P/BV of 1.5x, near +1SD," Morgan Stanley said.
