Crude oil, fertiliser and cement recorded negative growth
Duty changes in the Budget make refining unviable.
Hindustan Petroleum Corporation's upcoming Bathinda refinery in Punjab has forced Indian Oil Corporation to reconsider its plans to expand its refinery at Panipat to 21 mtpa.
In a curious move, Reliance Industries' (RIL) executive director and Mukesh Ambani's trusted aide PMS Prasad pledged 600,000 shares of the company last month, which is 93.75 per cent of the total shares he owns in RIL. Prasad owned a total of 640,000 RIL shares and his compensation stood at Rs 11.15 crore in FY20.
Governments encouraged motorists to switch to diesel in the belief that its superior fuel economy would outweigh the higher pollutants per litre burned.
On Tuesday, Petroleum Minister Dharmendra Pradhan met Russian oil giant Rosneft's chief executive officer Igor Sechin and discussed raising crude imports from that country, in addition to talks about going for more acquisitions.
The output had expanded by 4 per cent in March 2014.
The refinery will roll out petroleum products including diesel and some amount of naptha initially. The refinery will initially produce 31 kilo tonne per day of diesel and 5.7 ktpd of naptha among other products, sources added. The unit can also produce 25 ktpd of petrol, however, it might not sell it initially in the market, sources added.
Villager are treating the project as a 'golden goose' and are demanding huge compensation for their land.
The eight core industries -- fertilisers, cement, steel, electricity, crude oil, coal, petroleum refinery products and natural gas -- have a combined weight of about 38 per cent in the Index of Industrial Production.
Days after a number of families were evicted from 'encroached land' in three districts of Assam, Chief Minister Himanta Biswa Sarma on Thursday urged the minority community to adopt a 'decent family planning policy' for population control to reduce poverty.
The growth of six infrastructure industries slowed to 2.5 per cent in September, pulled down by contraction in output of coal and petroleum refinery.
A large part of this investment, about Rs 5,000 crore (Rs 50 billion), would go to the Paradip refinery
State-run BHEL on Wednesday said it has commissioned a captive gas-based power station at a refinery in Oman.
In 2007, Essar had said it would set up a $1.8-bn unit in Minnesota, but scaled down from a full-scale taconite steel mill project to pellet plant after the 2008 financial crisis
"Those who ruled for decades since Independence believed Dispur was too distant from Delhi. 'Dilli ab door nahi aapke darwaaze par hai' (Delhi is not far now, it stands at your doorstep," he told a massive gathering.
Prime Minister Manmohan Singh on Monday pushed for phased rationalisation of energy prices to bring them in line with international prices to meet the targeted rapid inclusive and sustainable growth.
Privatisation-bound Bharat Petroleum Corporation (BPCL) may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies, sources said. BPCL holds 12.5 per cent of shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by Department of Investment and Public Asset Management (DIPAM) - the department running the process for sale of government's entire 52.98 per cent stake in BPCL - the acquirer of BPCL will have to make an open offer to the minority shareholders of Petronet and IGL for acquisition of 26 per cent shares, three sources with knowledge of the matter said.
India, the world's third largest energy consumer, has enough petrol, diesel and cooking gas (LPG) in stock to last way beyond the three-week nationwide lockdown, as all plants and supply locations are fully operational, Indian Oil Corp (IOC) chairman Sanjiv Singh said.an Singh, who continued to oversee the mammoth operations of ensuring that fuel reaches every nook and corner despite the loss of his father on the day the 21-day lockdown was declared, said there was no shortage of any fuel in the country and customers should not resort to panic booking of LPG refills.
HR Guru Mayank Rautela offers practical advice.
India's harsh lockdown has left companies grappling with temporary closure, chaotic supply chains and depressed demand. Consequently, business plans have been modified.
Faced with high-speed wind and swelling sea, the ill-fated barge Pappa-305, with 261 crew onboard, lost anchors and smashed into an unmanned platform before sinking in the Arabian Sea after its captain ignored weather warnings and chose not to move the vessel away from the path of severe cyclonic storm Tauktae, a survivor recounted.
'BPCL has always been spoken about as a multinational company though it is State-run... this sets our work culture also apart.'
Mittal plans to set up refineries in Congo and Nigeria and is seeking a partnership with HPCL
India has witnessed a spectacular growth in the refining sector over the years. Today, there are 14 refineries in the country, 13 in the public sector and one in the joint sector, with an install capacity of 60.4 million tonnes per annum. Presently India is undergoing major economic and industrial reforms for integrating its economy with the global economy. In the liberalised scenario, the hydrocarbon sector has been identified as one of the main areas of the focus.
There is little that Andreas Schmid, the Swiss-born chairman of Flughafen Zurich AG (Zurich Airport International AG), and Yogi Adityanath, chief minister of Uttar Pradesh (UP), could have in common. But Schmid, whose company is building the Noida airport in partnership with the UP government, finds himself on the same footing as the firebrand Hindutva leader who rules the state. Both hope the Rs 30,000-crore ($4 billion) project, hanging fire for 20 years, shows some progress when UP goes to the polls in 2022.
If you are running a sweetmeat shop, will you manage a dairy for milk supply or buy milk from the market? Banks are running a dairy (which has its cost for processing milk), while NBFCs are buying milk from the market, observes Tamal Bandyopadhyay.
The divestment process, however, will not be an easy affair as there are multiple stakeholders, including the employee unions, whose concerns will have to be addressed.
UBS said RIL's $10 billion petchem capex by 2016 will drive 12 per cent volume CAGR.
Seven workers were on Monday injured after Central Industrial Security Force personnel opened fire to prevent labourers without valid passes from entering an oil refinery at Paradip in Odisha.
VAL, a unit of London-listed Vedanta Resources, has about 550 employees. It closed down the 1-million-tonne per year refinery exactly two weeks ago due to a shortage of bauxite, the key raw material used to produce alumina.
LN Mittal is getting a senior bureaucrat from the ministry of petroleum and natural gas to run his first-ever venture in the refining business, the Rs 18,919 crore (Rs 189.19 billion) Bhatinda refinery.
Only 400 grams have been deposited so far.
Driven by coal and petroleum refinery, eight core sector industries registered eight-month high growth of 6.5 per cent in October, a trend that is in contrast to fall in country's overall economic growth in July-September period.
The long-delayed Bhatinda refinery project of Hindustan Petroleum Corporation Limited crossed another significant milestone on Wednesday, with the award of the project management consultancy contract to Engineers India Ltd.
The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals.
The growth of six core infrastructure industries eased to 1.8 per cent in July, the lowest this fiscal, as petroleum refinery acted as a drag on the sector.
Moily had last week rejected Vedanta's proposal to mine the Niyamgiri hills after 12 village councils of Dongriya Kondh tribal groups opposed the project in their forests.
Annual growth in the eight core sector industries more than doubled to seven-month high of 5.1 per cent in September on good production in coal, cement and petroleum refinery sectors.
Domestic oil companies have been invited by countries like Yemen, Nigeria and Saudi Arabia to pick up stake in existing refineries and also set up greenfield units.
