In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
Government has set $4.20-per million British thermal unit as the selling price for D6 gas, but the Bombay high court last month asked RIL to supply gas to firms run by Anil Ambani Group at $2.34 per mmBtu, 44 per cent lower than the price fixed by the government.
'The universe of PSU stocks is huge and diverse.' 'Investors should bet on specific sectors and stocks from the basket as most of them may continue to consolidate after years of outperformance.'
Two years after it was first constituted, the Petroleum and Natural Gas Regulatory Board continues to move ahead in a patchy manner -- it is inviting bids for 2,800 km of cross-country pipelines and 1,200 km of spurlines next week; it is in the process of fixing tariffs for the Mukesh Ambani-owned Reliance Gas Transportation India Limited pipeline. Its chairman L Mansingh spoke at length on several of these issues to Sunil Jain.
Board would start selling the bid documents on November 22.
Reliance Industries and British Gas have initiated legal proceedings against state-run GAIL (India) to recover about $150 million for gas supplied during June 2004 to March 31, 2005.
'...he keeps his campaign promises, does what he said he will do which led to his huge victory.'
Iran and Pakistan have signed a deal in Turkey paving the way for constructing the much- delayed natural gas pipeline that was originally envisaged to extend up to India.
In a written reply to a question, he said commercial production of oil from Reliance KG-DWN-98/3 block or KG-D6 commenced in September at the rate of 10,000 barrels of oil per day. Reliance and its Canadian partner Niko Resources has established 570 million tons of oil and oil equivalent gas reserves in the block.
The gas pricing formula no weight to cost of gas production. It takes into account prices in global hubs and the price of gas being imported.
Natural gas produced from C-Series fields is sold to GAIL which further markets it to end users.
According to a source close to the development, the government is set to come out with a notification in this regard by the end of this week.
The wholesale inflation rose for the third consecutive month in May at 2.61 per cent on account of rise in prices of food articles, especially vegetables, and manufactured items. The wholesale price index (WPI) based inflation was 1.26 per cent in the previous month. It was (-) 3.61 per cent in May 2023. "Positive rate of inflation in May, 2024 is primarily due to increase in prices of food articles, manufacture of food products, crude petroleum & natural gas, mineral oils, other manufacturing etc," the ministry of commerce & industry said in a statement on Friday.
Essential and strategic items such as pharmaceuticals, semiconductors, copper, and energy products like oil, gas, coal and LNG are exempted from the 27 per cent import duty announced by the US on Wednesday, according to think tank GTRI.
Reason behind for the change in his stance: gas price increase.
Stunning landscapes, natural beauty, clean beaches, cultural wealth, mouth-watering food, shopping options, safety for solo travellers, warm hospitality, easy visas, and connectivity make Vietnam a must-visit destination, discovers Ramesh Menon.
A close examination of the government's decision-making process shows there were four specific reasons that influenced the Union Cabinet's Wednesday move to defer a decision on gas prices by three months, to September 30.
The government cannot exercise its sovereign rights twice over.
Earlier this week, the ministry had come out with a clarification, saying domestic gas producers had to stick to the earlier price of $4.2 a unit until a further notification from the new government.
Fertiliser, power plants plan expansion in anticipation
Gail India has protested Petroleum Minister Mani Shankar Aiyar's plans to open up laying of natural gas pipelines to the private sector, saying competition cannot protect consumer interest.
Natural gas output from KG-D6 in the week ended June 24 dropped to 30.82 mscmd from 31.57 mmcmd in the beginning of the month, according to a status report filed by the company with the Oil Ministry.
The case was registered following a complaint filed by KP Sumesh, a local Communist Party of India leader, seeking legal action against Gopi for allegedly misusing an ambulance to reach the Pooram venue flouting police restrictions.
Gujarat Chief Minister Narendra Modi claims to have made India's largest-ever gas discovery but his Canadian partner firm GeoGlobal Resources downplayed the find saying it was premature to quantify reserves.
The production growth of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 19.3 per cent in May 2022, the data showed. In June, the output of coal, refinery products, fertiliser, cement and electricity rose by 31.1 per cent, 15.1 per cent, 8.2 per cent, 19.4 per cent, and 15.5 per cent, respectively.
RIL had said at that time the allegations were baseless and devoid of any merit.
Reliance Industries Ltd (RIL) has opposed the proposal of a new pipeline from Kakinada to Srikakulam floated by Andhra Pradesh Gas Infrastructure Corporation (APGIC). RIL has argued that gas availability for the pipeline is uncertain and will not contribute to the development of a national gas grid.
RIL gets $4.2 per million British thermal unit for the gas produced from its KG-D6 fields in the Bay of Bengal.
The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided that some more technicalities needed to be ironed out and tasked the GoM for further deliberations.
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.
India's biggest oil producer Oil and Natural Gas Corp on Friday restored 70 per cent of gas supplies from Bombay High fields, which had earlier dropped to 20 per cent after a key oil facility was gutted in a fire two-days ago.
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.
RFRL Group President A N Sethuraman on September 3 filed three separate applications with the Petroleum and Natural Gas Regulatory Board for licences to sell CNG to automobiles and piped gas to households in Mumbai, Delhi, Gurgaon, Faridabad etc.
The growth of eight key infrastructure sectors slowed down to 4.3 per cent in May 2023 due to a decline in the production of crude oil, natural gas and electricity, according to the data released by the government on Friday. The core sector growth was 19.3 per cent in May 2022, while in April 2023, the key infra sectors recorded a growth rate of 4.3 per cent. During April-May this fiscal, the output growth of these eight sectors slowed down to 4.3 per cent against 14.3 per cent in the year-ago period, the data showed.
The supplies to Anil Ambani Group's power plants including the one proposed at Dadri near Delhi, will be subject to government approving the allocation of the fuel, Mukesh Ambani said.
The growth of eight key infrastructure sectors rose to a 14-month high of 12.1 per cent in August 2023 against 4.2 per cent a year ago, mainly due to expansion in production of coal, crude oil, and natural gas, according to the official data released on Friday. The expansion in August is the highest since June 2022, when it was 13.2 per cent. The production of refinery products, steel, cement and electricity also grew in August, the data showed.
The International Finance Corporation is the private sector arm of the World Bank GSPC Gas, which is in the business of distributing natural gas to households and vehicles in Gujarat, has lined up an initial investment of $140 million for laying new pipelines for gas and building the infrastructure needed for gas distribution in cities. It may use the IFC fund to partly finance this expenditure.
India's top oil and gas producer ONGC on Friday reported a tripling of net profit in the June quarter as it earned record prices before the government slapped a tax on windfall profits arising from a global rally in energy rates. Oil and Natural Gas Corporation's (ONGC) standalone net profit at Rs 15,205.85 crore, or Rs 12.09 per share, in April-June, compared to Rs 4,334.75 crore, or Rs 3.45 a share, in the same period a year back, according to a stock exchange filing by the company. Sequentially, the profit was higher than the Rs 8,859.54 crore net profit of January-March.
State-run Oil and Natural Gas Corporation will see its pre-tax profit growing by over Rs 1,822 crore (Rs 18.22 billion) on a 12 per cent increase in natural gas prices as recommended by the group of ministers.
In a new twist to the gas dispute between Ambani brothers, the fertiliser ministry on Monday said private family agreements cannot over-ride national priorities.
