Reports suggest that Essar Oil plans to raise dollar loans in order to repay some of its rupee loans in order to benefit from the interest differential between these two loans. According to media reports, the company plans to swap rupee loans worth $2.2 billion or Rs 11,700 crore with dollar loans
Category: Oil & Gas
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Disinvestment secy expects Rs 270 bn from stake sale in FY13
Union Disinvestment Secretary Ravi Mathur informed reporters that the government may manage to mop up Rs 27,000 crore by offloading stakes in state-run firms in 2012-13. It may be recalled that the central government earlier set a target to raise Rs 30,000 crore through disinv
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OVL’s $1 bn acquisition plan gets CCEA nod
The proposal of ONGC Videsh (OVL) to pick up the 2.7213 per cent stake of US energy major Hess Corp in the Azerbaijan oilfield received approval from the Cabinet Committee on Economic Affairs (CCEA). According to the plan, OVL would invest $ 1.001 billion to buy 2.7213 per cent stake of the above mentioned firm in Azeri, Chirag and the deep water porti
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Govt receives strong response for OIL share offer
Data from the National Stock Exchange (NSE) shows that the government received strong response for its disinvestment in Oil India (OIL) through offer for sale (OFS). According to the data, the government received bids for more than twice the offer size, at an average price of Rs 517.99 a share. The government aimed to raise around Rs 3,100 crore by selling 60.1 million shares of the firm at a floor price of Rs 5
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CMIE expects output from refineries to rise upto 7%
Centre for Monitoring Indian Economy (CMIE) expects output of petroleum refiners to rise between 3-7 percent in the remaining three months of 2012-13. In a recent report, the research body said the refiners may process around 18.5 million tonne of crude oil in each of the remaining months of fiscal 2012-13.
For t
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Govt set to award Maharatna status to BHEL, GAIL
The high-level secretaries' panel headed by Cabinet Secretary Ajit Kumar Seth approved the proposal to award BHEL and GAIL the coveted Maharatna status. The status would give these public sector units greater financial autonomy. Agency reports indicate that the central government would issue formal orders to this e
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IOC stake sale
The government may restart the process of divesting its stake in Indian Oil Corporation following the considerable rise in the share price of oil companies in recent trading sessions. In 2010, the government deferred its plan to offload 10 percent (of its 78.92 percent) stake in Indian Oil because of poor market condition.
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LPG distribution norms
Union Petroleum Ministry received a request from the Ahmedabad based Consumer Education and Research Centre (CERC) to reconsider the decision to allow only one gas connection for one address. In a letter to the ministry, the CERC argued that the rule could hit the joint family culture in India as it will impose an additional financial burden of purchasing cooking gas at premium rates for big families that will be unable to survive on the limited quota.
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Bharti Airtel reduces GHG emissions
Bharti Airtel said that it had reduced greenhouse gas (GHG) emissions per terabyte in network infrastructure by 11 per cent in financial 2011-12. It also saved 20 million KWh of energy by consolidating its facilities and improving energy efficiency of its data centre.
As part of its initiatives to enÂsure sustainability and increase social inclusion, Airtel plans to bring digitisation to millions through its network coverage and deeper internet penetration.
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ONGC's CBM block sale
Bids invited by ONGC for picking up its stake in four coal-bed methane (CBM) blocks did not receive strong response. ONGC is said to have received bids from only three firms for the blocks. These firms are UK-listed Great Eastern Energy Corporation (GEECL), Brisbane-based Dart Energy and a consortium of Jindal Steel and Deep Industries.