State-run oil marketing company (OMC) BPCL laid 33 km underground pipeline from its Kochi refinery to the local airport to ensure smooth supply of aviation turbine fuel (ATF) at an investment of Rs 41 crore. Earlier, aircrafts in the airport used to get jet fuel from the refinery by tanker trucks. The company set up the pipeline considering that transport of ATF by pipeline is safer than tanker lorry delivery

Petronet LNG is said to be considering the proposal to renegotiate the Sale Purchase Agreement for natural gas it decided to source from Gorgon in Australia. GAIL India recently suggested Petronet to renegotiate the contract the latter entered into in August 2009 with Australia on grounds that the scenario changed worldwide since then

In order to contain volatility in rupee exchange rate, state-run oil marketing companies (OMCs) agreed to buy dollars for importing crude oil from a single public sector bank. This follows the direction by Reserve Bank of India (RBI) to these companies to use a special window for buying dollars

IDFC Private Equity, IL&FS Investment Managers and the Asian Development Bank (ADB) sold their cumulative 50 percent stake in Kanpur-based Central UP Gas (CUGL) to Indraprastha Gas for about Rs 70 crore. These three organisations invested Rs 30 crore in CUGL in 2006. While IDFC Private Equity and IL&FS Investment Managers held 15 percent stake each, ADB held 20 percent stake

L&T Ramboll has submitted the draft Detailed Project Report (DPR) for the proposed Rs 2,000 crore marine terminal for liquid cargoes at the Jawaharlal Nehru port near Mumbai. The port has twin berth liquid cargo terminal of BPCL and IOC with a capacity of 5.5 million tonne per annum. It will enhance this quantity to 30 million tonne per annum. The proposed terminal would cater to liquid cargo

GSPC is learnt to have completed the acquisition of 65.12 per cent stake in Gujarat Gas Co (GGCL) for about Rs 2,460 crore from London-based BG Group. Reserve Bank of India (RBI) and the Competition Commission of India (CCI) have already approved the transaction between BG Group and GSPC. Gujarat Gas Co (GGCL) is the largest private natural gas distributor in India. In October 2012, BG Group entered into a binding agreement for the sale of the s

Bharat Petroleum Corp (BPCL) intends to export 35,000 tonne of low aromatic naphtha for July 5-8 loading from Kochi. For this purpose, the state-run oil marketing company (OMC) has issued tender and invited bids from traders till June 11. Meanwhile, the firm is in the process of importing gasoline from

GAIL India plans to commission its Kochi liquefied natural gas (LNG) terminal in July. Initially, the terminal was about 2.5 million tonne (mt) capacity and the pipelines were to be laid within Kerala only,

Union finance ministry agreed to pay Rs 45,000 crore to state-run oil marketing companies (OMCs) for incurring losses on sale of diesel, kerosene and cooking gas at below market price. The Rs 45,000 crore is in addition to the Rs 55,000 crore already paid to the OMCs as compensation for under-recoveries. Thus, for the financial year 2012-13 as a whole, the government will pay Rs 100,000 crore to stat