Infrastructure, manufacturing and telecom are understood to be among the focus sectors
Bowing to party pressure, the government on Thursday raised the quota of subsidised LPG to 12 cylinders per household in a year from nine at present and also put on hold paying users the subsidy into bank accounts using Aadhaar platform.
If the quota is raised to 12, about 97 per cent of the LPG consumers would be covered by subsidised LPG.
While previously selling of the marketing business, possibly to another state-owned firm, was being considered, the government is now mulling on hiving off the pipelines into a separate entity and selling off a majority stake in it.
The fields have reserves of about 89 million tonnes
Strongly refuting allegations of favouring Reliance Industries, Oil Minister M Veerappa Moily on Friday said the proposed revision in natural gas price will apply to all companies including state-owned ONGC.
India on Tuesday pitched for a stake in vast oil and gas fields as well as LNG terminals in the frozen Artic of Far East Russia as it looked to import more oil from the former Soviet republic as part of a strategy to diversify its energy basket.
Opposition Bharatiya Janata Party and Left parties on Friday slammed Oil Minister M Veerappa Moily for claiming to be under threat from oil import lobby, saying that the minister was concocting a story to help private firms gain from his proposal to raise natural gas prices.
Talks on the Iran-Pakistan-India gas pipeline project are in the final stage where the technical aspects are being looked into, according to Iranian Deputy Oil Minister Reza Kasai'i Zadeh.
With CAG alleging that Mukesh Ambani-run Reliance Industries was delaying furnishing of records for audit, Oil Minister M Veerappa Moily on Friday said there was no problem and "everybody" was cooperating.
Internal fight within the Congress for chief ministership gained full speed Thursday as contenders sought to vigorously push their claim in behind-the-scene action, with Siddaramaiah and M Mallikarjuna Kharge still seen as front-runners.
Oil Minister M Veerappa Moily on Friday said petroleum ministers are "threatened" by import lobbies not to take decisions that will cut India's $160 billion oil imports.
The delegation led by Qasemi arrived on Sunday with the aim of persuading New Delhi to step up both oil imports and investment in the OPEC-member's oil and gas sector.
Power plants, involving investments of Rs 100,000 crore, facing closure.
The ruling United Progressive Alliance's political leadership is holding consultations on options like raising diesel and LPG prices to cut an unprecedented Rs 160,000 crore (Rs 1,600 billion) revenue loss expected from selling auto and cooking fuel below cost this fiscal.
The Election Commission on Wednesday strongly disapproved Oil Minister Veerappa Moily's announcement of raising subsidised LPG quota ahead of Gujarat elections and asked him to be circumspect in future.
The scheme was to be rolled out in 20 districts initially but the launch in Mysore in Karnataka and Mandi in Himachal Pradesh has been put off by a month due to assembly and Parliamentary bypolls, official sources said.
'Anti-incumbency against sitting MPs and the government is a big issue here. We will win all seats in Mumbai'
OPEC agrees to keep pumping as oil glut fears persist.
Refuting allegation of misusing position to get corporate funding for his family-run NGO, Oil Minister M Veerappa Moily on Wednesday said he had at no point extended any help or favour to any company for seeking aid.
The blaze erupted around 7 am in the gas processing plant of the ONGC located in Uran area of neighbouring Navi Mumbai, an official said.
A day after Election Commission rap, Oil Minister M Veerappa Moily on Wednesday said the government has not yet taken any decision on raising cap on supply of subsidised LPG cylinders and the EC would have been informed before announcing any decision.
Diesel is currently sold at a loss of over Rs 10.80 per litre.
The expert group was tasked to suggest a methodology for pricing of diesel and cooking fuel.
India's policy to subsidise retail prices of fuels such as diesel, which accounts for about 40 per cent of refined fuel consumption, is a major drain on the budget.
There will be no change in LPG and kerosene rates, Oil Minister M Veerappa Moily told reporters in New Delhi after the meeting on Cabinet Committee on Political Affairs. "I am happy to inform the Cabinet Committee on Political Affairs has decided to raise the cap on subsidised LPG to nine cylinders per household in a year from existing six cylinders," he said.
The Oil Ministry, which had been sitting on the proposal for over a year, wrote to the Directorate General of Hydrocarbons earlier this week saying that it has been decided to permit exploration in already producing oil and gas fields, sources privy to the development said.
BP Plc, Europe's second biggest oil company, and Reliance Industries will invest $5 billion in developing untapped gas reserves in the KG-D6 block as the partners attempt to reverse the fall in gas production.
Pakistan was ready to buy petroleum products from India if these were offered at "right prices", the country's minister of Petroleum and Natural Resources Asim Hussain said.
Civil Aviation Minister Ajit Singh on Tuesday ruled out any move to regulate airfares saying the government only wants the system to be made transparent.
Defence Ministry has declared 7 blocks including RIL's KG-D6 which has been in production since September 2008 and its gas discovery block NEC-25 for reasons like overlapping with proposed Naval base or being close to missile launching and Air Force exercise area.
The government is looking into demands for raising the cap on supply of subsidised cooking gas (LPG) cylinders per households, Oil Minister M Veerappa Moily said.
On the eve of the much-hyped Chintan Shivir in the pink city, economic issues are back with a bang on the agenda with Union Oil Minister Veerapa Moily choosing to deregulate the price of diesel and allowing oil companies to affect increase in the price of diesel, in the same manner as had happened with petrol. Renu Mittal reports.
In January, India allowed fuel retailers to raise the price of subsidised diesel every month and asked bulk buyers to pay market rates.
Mukherjee presented the Union Budget in the Parliament on Friday.
In a much relief to the common man, Oil Minister Veerppa Moily said that the cap on subsidised liquefied petroleum cylinders is to go up to 9 in a year.
The government on Tuesday ruled out any further increase in diesel and cooking fuel prices even though the current retail rates are lower than their cost of production.
The Oil Ministry will raise the cap on supply of subsidised cooking gas (LPG) to 9 cylinders per household in a year provided the Finance Ministry agrees to give an additional Rs 3,000 crore in 2012-13.
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