Majority of PLL's long-term deals are linked to crude, which faces price challenge from other fuels. Spot LNG is moving away from this linkage, which puts a question mark on crude linked contracts.
Interestingly, the allegations against Indian arm of the world's largest pharma maker also relates to its acquisition of the Indian subsidiary of Parke Davis by Pfizer in 2000.
French gas major Gaz de France will hedge the risk of India's first liquefied natural gas importer Petronet LNG Ltd against market uncertainties.
The capacity of the proposed facility, part of Indian Oil's Rs 56,000-cr investment plan during the 12th Plan, will be five mt a year.
The Asian Development Bank will invest $75 million in Petronet LNG Ltd for taking 5.2 per cent equity stake even as ExxonMobil-promoted RasGas of Qatar desired to pick 10 per cent stake in India's first liquefied natural gas importer.
Petronet LNG Ltd, India's first liquefied natural gas importer, will file a draft prospectus on Tuesday for an initial public offering of 271 million equity shares, representing 35 per cent of equity, to raise around Rs 400 crore.
There was a time when gas was offered to India at a cheaper price but we could not close those deals.
The multilateral lending agency holds 3.9 crore (Rs 39 million) shares in Petronet LNG, which at today's trading price of Rs 114.85 is worth Rs 448 crore (Rs 4.48 billion).
The initial cost of the project, including land, is Rs 125 crore (Rs 1.25 billion) and the development cost is nearly Rs 1,400 crore (Rs 14 billion). The company is planning to fund the project through debt and draw more funds from Lehman if required, sources said. Recently, PLL and Lehman tied up to invest in the realty projects of Peninsula. In the Rs 700-crore (Rs 7 billion) joint venture, Lehman invested Rs 500 crore (Rs 5 billion).
Petronet LNG Ltd, India's largest liquefied natural gas importer, will raise $100 million through foreign currency convertible bonds in June-July, which would result in its promoters ONGC, GAIL IOC and BPCL shareholding falling by 7.5 per cent.
"Getting straight to business. PM @narendramodi just concluded a fruitful interaction with top energy sector CEOs at a Roundtable meeting in #Houston. Discussion focussed on working together for energy security and expanding mutual investment opportunities between India & US," MEA Spokesperson Raveesh Kumar said in a tweet.
A government missive to Petronet LNG Ltd on appointment of the company's new managing director and chief executive officer may trigger Securities and Exchange Board of India's takeover code
Gas Authority of India Ltd on Monday said strong winds of over 40 knots caused an accident at Petronet LNG Ltd's R-LNG terminal at Dahej, when the tug boats of LNG carrier 'Disha' hit the dolphin piles of the jetty on September 17.
Petronet LNG Ltd, India's largest liquefied natural gas importer, expects to sign a contract by the end of July for import of 2.5 million tonnes of LNG from Chevron Corp's Gorgon project in Australia.
Petronet LNG Ltd, which completed construction of India's first LNG import terminal at Dahej in Gujarat, announced on Monday that it will float an initial public offering of 26.10 crore
Petronet LNG Ltd will sell India's first liquefied natural gas from January next at around $3.6 per million BTU (British Thermal Unit), almost the same price as that of the private domestic natural gas producers.
The initial public offering of India's first liquefied natural gas importer Petronet LNG Ltd may be postponed by a week as differences between promoters and merchant bankers delayed fixation of price band for the issue of 261 million equity shares.
Petronet LNG Ltd will float an initial public offering of 261 million shares, representing 34.8 per cent of the total equity of the company, around mid-February, P Dasgupta, director (finance), PLL, said in New Delhi on Friday.
India's first liquefied natural gas importer Petronet LNG Ltd will debut on the stock markets on March 26 when 260 million equity shares will be listed on the Bombay and the National stock exchanges.
The bidding for Petronet LNG Ltd's initial public offering has received a good response with subscription of 2.42 times the offered shares at the end of the bidding process on Tuesday.
Petronet LNG is likely to first allot shares to qualified institutional bidders -- bidding at Rs 15 a share in the event of the offer price being fixed at the lower end of the Rs 13-15 price band.
Petronet LNG Ltd on Tuesday said the offer price of its initial public offering of 261 million shares, which will be floated around mid-February, will be decided through book building.
Petronet LNG Ltd, which will become India's first LNG importer when Qatari RasGas' cargo lands at its Dahej import terminal in January next, has planned an initial public offering of equity shares in the same month.
Asian Development Bank and ExxonMobil-promoted RasGas of Qatar have taken 10 per cent equity each in Petronet LNG Ltd, the public sector joint venture firm which will begin importing liquefied natural gas from January next year.
RasGas of Qatar is likely to sell liquefied natural gas to public sector Petronet LNG at a fixed price instead of a price indexed to crude oil.
Public sector Petronet LNG Ltd will deliver liquefied natural gas imported from Qatar at $3.6-37 per million BTU, matching the prevailing price of domestic natural gas.\n\n
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