Union Oil Minister M Veerappa Moily informed that the draft note on raising the price of natural gas is under circulation before all the ministries. He also said that his ministry would send the proposal to the cabinet after the consultation of various ministries. The draft note proposes to raise the price of gas produced by state-owned ONGC and OIL from 2013 itself and that for Reliance Industries in 2014
Category: Oil & Gas
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Ministers study draft note on gas pricing
Union Oil Minister M Veerappa Moily informed that the draft note on raising the price of natural gas is under circulation before all the ministries. He also said that his ministry would send the proposal to the cabinet after the consultation of various ministries. The draft note proposes to raise the price of gas produced by state-owned ONGC and OIL from 2013 itself and that for Reliance Industries in 2014
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CAG, RIL differ on audit of KG D6 block
Media reports suggest that the Comptroller and Auditor General (CAG) of India and Reliance Industries (RIL) are sparring over the scope of the audit for the KG-D6 natural gas fields. On January 17, the CAG has reportedly wrote to the oil ministry saying that RIL was not co-operating with the auditors due to differences over the scope of the audit
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CAG, RIL differ on audit of KG D6 block
Media reports suggest that the Comptroller and Auditor General (CAG) of India and Reliance Industries (RIL) are sparring over the scope of the audit for the KG-D6 natural gas fields. On January 17, the CAG has reportedly wrote to the oil ministry saying that RIL was not co-operating with the auditors due to differences over the scope of the audit
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Essar Oil set to replace rupee loan with dollar ones
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
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Essar Oil set to replace rupee loan with dollar ones
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
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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.
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