The five-way joint venture that also includes Hindustan Petroleum, Oil India Ltd and GAIL India, which had in October 2007 inked a preliminary MoU for the project, are looking at 4-5 year horizon from the zero date for commissioning the project. To start with, it will be an export refinery but in long-term some products will cater to Indian market.
The certified copies of the orders of the Gujarat and Bombay high court, sanctioning the scheme of amalgamation of IPCL with Reliance Industries, were filed with the respective registrar of companies on Wednesday.
The Rs 31,000-crore refinery and petrochemical plant being planned by Oil and Natural Gas Corporation in Kakinada in Andhra Pradesh is likely to have a new partner -- the Bangalore-based GMR group. GMR is the latest to join the long line of suitors, including the Hinduja group, Reliance Industries and Essar Oil, for the refinery.
CRISIL upgrades ratings for IPCL debt plan.
Mumbai-based Pratibha Shipping Company, which owns six tanker vessels, has secured a contract from Mangalore Refinery & Petrochemicals, a subsidiary of ONGC, for transporting fuel to Mauritius for three years.
Reliance Industries, India's most valued company, and state-run gas firm GAIL India have identified 10 countries including Qatar, Australia and Russia for setting up a multi-billion-dollar petrochemical plant.
BPCL and ONGC raised $4.9 billion in 2016-17 against $1.65 billion raised by Reliance
In a bonanza to shareholders, GAIL India on Thursday approved a bonus share in the ratio of one additional share for two shares held.
The Vinod- and Pramod Mittal-controlled Ispat Group is all set to invest around $3 billion (Rs 12,000 crore) in Bangladesh in a gamut of sectors, including gas exploration and production, power, petrochemicals and coal mining.
Taking Indo-Chinese co-operation in the oil sector a step forward, the country's biggest oil refiner and retailer, Indian Oil Corporation, has signed a memorandum of understanding with integrated Chinese national oil company Sinopec.
The government had relaxed the foreign direct investment norms from the existing 26 per cent to 49 per cent, as a one-off case, to allow Mittal to take a share in the Bathinda refinery.
Minister for Chemicals and Fertilizers and Steel Ram Vilas Paswan on Tuesday released a new policy on Petroleum, Chemicals and Petrochemical Investment Regions.
ONGC holds 26 per cent stake in ONGC Petro-additions Ltd, while state run GAIL has 19 per cent and GSPC has five per cent.
Executives from private companies such as Shell and Blackstone are likely to be invited for interviews for the post of chairman and managing director of state-run Oil and Natural Gas Corporation.
On March 10, the boards of directors of RIL and IPCL had approved the scheme merger. RIL's associate companies hold 47.3 per cent of IPCL's equity share capital.
Indian Petrochemicals Corporation Ltd employees affiliated to three separate unions in Vadodra will go on a mass protest on Tuesday against the proposed transfer of some of them to Reliance Industries' SEZ in Jamnagar.
Rs 35,000 crore investment to increase capacity by 75%.
The fertiliser plant would use natural gas from the company's prolific gas field off in Krishna Godavari basin off the Andhra coast as feedstock.
The Fortune 500 company -- it recently improved its rank to 135 -- has identified forward integration into petrochemicals as its next big business opportunity.
In a bid to enter India's booming petroleum sector, the Hinduja group has entered into a joint venture agreement with Oil and Natural Gas Corporation
Oil and Natural Gas Corporation (ONGC), the country's leading public sector company, is planning an initial public offer of ONGC Petro-additions Limited (OPaL), the special purpose vehicle formed for the Rs 13,500 crore (Rs 135 billion) petrochemical complex at Dahej in Gujarat.
The first of the gigantic petroleum, chemicals and petrochemical investment regions - each of which is projected to attract investment of Rs 70,000 crore
Reliance Retail, the subsidiary of petrochemicals giant Reliance Industries, will soon launch its own label of consumer electronics goods to complement its retail appliance stores.
Reliance Industries Chairman Mukesh Ambani has said that the company will use the polymer futures platform to hedge its risk because of price volatility in oil.
Hundreds of Jokatte villagers adjacent to MRPL refinery near Mangalore have complained of air, noise, water pollution from plant.
Kazakhstan will give ONGC Videsh Ltd an oil block in the Caspian Sea.\n\n
Dow Chemicals, the US-based petrochem giant, may announce its intent of floating a joint venture with Reliance Industries this week.
Words of advice from Atul Chauhan, Chancellor, Amity University.
Lenders have thrown their hat into the Haldia Petrochemicals Limited case with Industrial Development Bank of India moving the Calcutta high court against the Company Law Board order on share transfer to the TCG firm.
Ending months of speculation, Reliance Industries today said it is considering merging group firm Indian Petrochemicals Corporation Ltd with itself.
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.
The Reliance juggernaut is back in action with a $20-billion-plus investment plan.
Five global engineering and power equipment construction majors are in the race to bag the Rs 8,000 crore
The oil and gas major ONGC is likely to offload 34 per cent equity in its special purpose vehicle ONGC Petro-additions formed for the upcoming Rs 13,500-crore
Prime Minister on Friday said his government has unshackled several stalled projects across the country.
Investment banking sources said Reliance had made its desire clear to be a global petrochemicals major.
Mangalore Refinery and Petrochemicals Ltd, a subsidiary of Oil and Natural Gas Corporation, is considering plans to increase sales of aviation turbine fuel in the domestic market and cut down on exports gradually.
Cooperation in civil nuclear energy and comprehensive economic engagement will be high on Prime Minister Manmohan Singh's agenda as he embarks on a four-day trip to Japan from Wednesday.
Indian Oil Corporation on Friday offered a stake to Kuwaiti companies in its upcoming petrochemical plant at Panipat and the proposed refinery at Paradip.
