Process Plant and Machinery Association of India (PPMAI) wants government to abolish import duty on on stainless steel and special steels which are used by the manufacturers of Process Plant machineries. Specifically, the industry demands removal of import duties on import of stainless steel hot rolled sheets, coils and cold rolled products. The association seeks removal of duty because of the steep depreciation of rupee against the dollar and also because of the fact that some of the steel prod
Author: admin (Infratructure Today)
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NMDC to decide on subscribing Legacy’s rights issue
Media reports indicate that National Mineral Development Corporation (NMDC) would decide on whether to participate in the rights issue to be offered by Legacy Iron Ore, in which the former holds 49.6 per cent stake. Legacy Iron Ore is the Australian arm of NMDC, which is the largest shareholder in the former. Some reports indicate that NMDC would acquire rights equivalent to its 49.6 per cent stake in Legacy Iron Ore by s
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RINL, APMDC to ink pact on steel plant
AP Choudhary, Chairman and Managing Director of Rashtriya Ispat Nigam (RINL) said the firm would enter into an agreement with the AP Mineral Development Corporation (APMDC) to set up an iron ore and steel plant at Bayyaram in Khammam. He informed reporters that the firm almost completed formalities with regard to the agreement. Meanwhile, Kudremukh Iron Ore Company (KIOCL) would invest about Rs 1,000 to Rs 1,500 crore to set up beneficiation and pellitization plants of 1.2 million tonne per annu
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IOC expects Paradip project to be over by October
M Vijaywargiya, Executive Director of Indian Oil Corporation's (IOC) Paradip refinery project informed reporters that 93.2 per cent work on the Rs 29,777-crore project has already done. He said the Rs 29,777-crore project is scheduled to be commissioned in Sepetmber-October this year. More than 500 engineers and officers of IOC are toiling round the clock at the project site, he said adding the refinery would be the most modern export-orientated processing unit and IOC'
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Method for computing competitive gas price
Recently, the Cabinet Committee on Economic Affairs (CCEA) cleared the fixation of price of domestic natural gas according to the recommendations of the committee constituted under the Chairmanship of C Rangarajan on Production Sharing Contract (PSC) mechanism in the petroleum industry. The approved policy derives from global trade transactions of gas, the competitive price of gas at the global level by combining two
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Indian oil and gas firms acquire assets abroad
India ventured into acquiring oil and gas assets abroad at the beginning of 10th Plan (2002-07) to strengthen its energy sector and reduce its dependence on import. Public sector companies that have presence abroad include ONGC Videsh , Oil India , Indian Oil Corporation, GAIL India, Hindustan Petroleum Corporation, Gujarat State Petroleum Corporation and Bharat Petro Resources, a sub
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Industry players welcome price revision
Finance Minister P Chidambaram expressed hope that the government's move to raise natural gas price would encourage investment and production in the natural gas sector. Recently, the Cabinet Committee on Economic Affairs (CCEA) almost doubled natural gas prices to $8.4 per million British thermal unit (mBtu) with effect from April 2014 and applicable for the next five years with a price
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Bottomline of oil firms set to rise
Media reports indicate that the recent hike in the price of natural gas by the government would boost the bottomline of oil and gas companies in the country. For example, the $8.4 an mBtu price approved by the CCEA, would raise the net profit of ONGC by another Rs 8,500 crore, while it would add another Rs 1,050 crore to the bottom line of Oil India (OIL), reports indicate
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IOC to lay pipeline for city gas distribution
Indian Oil Corporation (IOC) would lay pipeline from Rajpura in Punjab to Chandigarh to transport cooking gas to city homes. Besides Chandigarh, the pipeline would also be laid across Ambala in Haryana and the piped gas line will cater to Mohali, Panchkula, Baddi, Parwanoo and Nalagarh. The administration will facilitate in execution of the plan to ensure that general public does not face inconvenience during its
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Recoverable gas reserves set to rise
According to a research note by Macquarie Research, the hike in the natural gas price could boost India's recoverable gas reserves manifold. The note quoted global consultants IHS-CERA to say that the nation's producible gas resources will rise to 80 Tcf at $8 gas price. Meanwhile, union petroleum Minister M Veerappa Moily said over 3 Tcf of gas discoveries are lying to be exploited. These have not been declared commercial by our