The prime minister is scheduled to review the financial health of oil PSUs at a meeting with finance minister Pranab Mukherjee and petroleum minister Murli Deora on Wednesday evening.
In Bihar, where a bandh had been called, a railway station and a police vehicle were torched, an ambulance attacked and security personnel injured in stone-pelting incidents on the fourth consecutive day of the agitation, while protesters vandalised Ludhiana railway station in Punjab and blocked roads and rail tracks in West Bengal, Haryana, Rajasthan, Maharashtra, Odisha and Uttar Pradesh.
NTPC has taken RIL to court seeking performance of a bid by the Mukesh Ambani firm to supply 12 million standard cubic meters per day of gas to its Kawas and Gandhar expansion projects at $2.34 per mmBtu. However, the oil ministry has opposed the same price in case of supplies to be made to Anil Ambani Group firm RNRL on the basis of a private family agreement.
Currently, OMCs provide A-I a two-month credit. "There was a request from the committee of secretaries to extend the credit on ATF to three months from the existing two months to help Air India.
In a tribute to GVR, former Sebi chairman C B Bhave says, a brilliant mind, he delighted in hard work and meticulous preparation.
Rebuffing petroleum ministry, Siddaramaiah launches Pradhan Mantri Ujjwala Yojana-like scheme months before state polls
India, the world's third-biggest oil consumer, has conveyed to OPEC countries its concern over high oil prices that are threatening to impact the nascent economic recovery after the devastating pandemic. New Oil Minister Hardeep Singh Puri has made phone calls to key OPEC nations to convey the desire for an affordable price for consumers. After calling his counterparts in Qatar and the UAE, he called Organization of the Petroleum Exporting Countries (OPEC) kingpin Saudi Arabia on Thursday evening.
The government allowed sugar companies and distilleries to make hand sanitizers using ethanol. Sugar companies supply ethanol to oil marketing companies for blending with petrol.
The government is unlikely to take up the issue of reducing petrol, diesel and domestic LPG prices on Thursday as consultations on petroleum ministry's simultaneous proposal for freeing auto fuel pricing were not complete.
Petroleum Ministry is considering cutting down the number of independent directors on board in an oil PSU to 33%.
Mukesh Ambani's Reliance Industries (RIL) might be denied a higher gas price from its D1 and D3 fields until the arbitration process with the government is over and a third-party expert report on the fall in output at the KG-D6 block is out.
The finance ministry, in the explanatory memorandum to the Finance Bill 2008-09, proposes to withdraw the tax holiday which has been a window the petroleum ministry has been using to market the oil and gas exploration blocks under the New Exploration and Licensing Policy (Nelp) since 1999. The commitment to give a 7-year tax holiday to companies producing gas from Nelp blocks was finalised by the Union Cabinet after consultation with the finance ministry.
Questioning the idea of market-determined prices for natural gas favoured by the petroleum ministry, the Planning Commission said on Tuesday that given the shortage of the fuel, the government had a role to play.
Could get $8.4 per mmBtu from April 2014 by furnishing bank guarantee that would be encashed if D1, D3 gas hoarding proved
The petroleum ministry has told ONGC to give away 60%stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC chairman and managing director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. This is the second time since April that Nath, who is part of the ONGC management as the longest-serving government nominee director on its board and often considered a potential candidate to replace Kumar next year, has written an official letter, painting a poor picture of the company's performance.
The petroleum ministry's call for an immediate Re 1 cut in excise duty on diesel has been rejected by Finance Minister P Chidambaram.
The petroleum ministry has projected a strong year for the oil marketing companies though the largest exploration company, Oil and Natural Gas Corporation, is projected to post a moderate gain in its bottomline.
Violation of the provisions entails a punishment of a jail term up to five years or with fine up to Rs 1 crore or with both, the ordinance released by the Ministry of Law and Justice on Thursday said.
The Oil and Natural Gas Corporation may face delisting from stock exchanges as a petroleum ministry directive appointing additional government directors on company board has violated its listing agreement.
The pipeline deal could be signed by this yearend.
Replacing Iran, which is India's third largest oil supplier behind Iraq and Saudi Arabia, will not be a problem but margins will be hit as Tehran offers the best commercial terms
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
Indian Oil Corporation has approached the petroleum ministry with a proposal to raise oil prices by Rs 5.29 a litre and diesel by 4.54 a litre in line with the price band formula worked out by the government.\n\n
According to data shared with the Lok Sabha, 19 road projects awarded after May 2014 were facing delays
#GiveItUp but no matching LPG connections for BPL
The Cabinet Committee on Economic Affairs deferred on Thursday a decision on sharing royalty earned from oil output with states.\n\n
Ministry may seek to retain control even after underrecovery becomes zero.
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