Owing to the sharp depreciation of rupee against the dollar, Oil marketing companies (OMCs) may hike the price of petrol Rs 1.5-2 per litre, industry sources informed. In recent trading sessions, the Indian currency declined to a record low of 58.96 against the dollar because of global financial market developments. The weakening of rupee in the last four weeks caused Rs 20,000 crore of under-recoveries for state-run OMCs, medi
Author: admin (Infratructure Today)
Post
Post
GSPC completes stake buy in GGCL
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
Post
OIL hopes to form overseas arm by year end
By the end of 2013, public sector oil and gas exploration company Oil India (OIL) plans to form an overseas subsidiary for operating its foreign assets. It is learnt that OIL wants to set up an overseas subsidiary on the lines of ONGC Videsh (OVL), which is the foreign unit of state-run energy explorer ONGC
Post
APL in the process of delisting its shares
Loss-making Assam Petrochemicals (APL) is in the process of de-listing the company from the Bombay Stock Exchange (BSE) amidst the proposal of Oil India to buy stake in the firm. State-run OIL is in talks with Assam government, which is holding 88.2 per cent stake in APL, for buying 49 per cent equity in the company. Domestic institutions and others hold the remaining stake in
Post
Minister highlights potential of technology in upstream sector
Union Petroleum Minister M Veerappa Moily said technology and capital intensive interventions have the potential to give new lease of life to the matured fields and improving recovery factor. He said this while making the inaugural address at the third IEF NOC-IOC Forum. Even from producing fields, India's recovery factor is in the range of 25-33 percent whereas fields in North Sea or in Gulf of Mexico of same vintage have recovery fact
Post
Gujarat has half of completed PPP projects in ports sector
A study conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) shows Gujarat has 12 completed public private partnership (PPP) projects worth over Rs 12,400 crore in the port sector as of April 30, 2013. In terms of value, this is around 50 percent of all the PPP projects completed across the country in the port sector as of the above date. Across the country, 31 P
Post
Bangladesh govt refuses access to Chittagong port
Bangladesh government refused to allow India to access Chittagong port unless the latter resolves Teesta river issue. Giving access to Chittagong would benefit trade and development in IndiaĂâs northeast region, as well as to Bangladesh. India had been asking for access to this port for over a decade. An agreement to this effect was supposed to be signed during Prime Minister Manmohan SinghĂâs visit to the country in September. But this could not happen because West
Post
Panel probes charges against Krishnapatnam port
A Supreme Court-appointed committee is probing the alleged violation of environment permissions and encroachment of assigned land by Krishnapatnam port in Andhra Pradesh. The Central Empowered Committee (CEC) appointed by the apex court visited the port to inquire into the allegations against Nellore district administration and the port
Post
Kollam port fails to attract cargo vessels
Kollam Port, which was set up at a cost of Rs 50 crore some years ago, failed to attract cargo ships so far. Some reports attribute the poor traffic at the port to lack of proper road connectivity and local resistance to any development programme. Kerala government set up Kollam port within the Tangasseri breakwater complex and inaugurated it in 2007
Post
Plea for capital dredging in Kolkata, Haldia ports
Environmentalist Subhas Datta filed a a public interest litigation petition with the Calcutta High Court against the central government's move to stop subsidy for the dredging projects in Kolkata and Haldia ports. Kolkata port was one of the oldest and the only riverine port in the country and it is prone to heavy deposit of silt. Datta expressed concern over the neglect of the Kolkata and Haldia ports and he wants the court to direct gove