The government has approved a 10 per cent stake sale in Indian Oil Corporation to ONGC and OIL, which will fetch about Rs 5,300 crore to the exchequer. The share sale price has been fixed at Rs 220, while the scrip was trading at Rs 248.45. The sale of 10 per cent stake or 24.27 crore shares will be through an off market transaction, with ONGC and OIL buying 5 per cent stake each.
Category: Oil & Gas
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New Director-Exploration at OVL
Anil Bhandari has taken over as Director (Exploration) of ONGC Videsh (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC). An M Tech in Applied Geology and a PhD from the Department of Geology of Rajasthan University, Bhandari has 34 years of experience in geosciences, management and R&D. Prior to joining the board of OVL, he led the operations in Sudan as Executive Director and Country Manager.
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New Director-Exploration at OVL
Anil Bhandari has taken over as Director (Exploration) of ONGC Videsh (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC). An M Tech in Applied Geology and a PhD from the Department of Geology of Rajasthan University, Bhandari has 34 years of experience in geosciences, management and R&D. Prior to joining the board of OVL, he led the operations in Sudan as Executive Director and Country Manager.
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Diesel price hike put on hold
The Oil Ministry has put on hold further diesel price increases.The oil firms said there was no need to increase rates because an expert committee headed by Kirit Parikh had suggested that the government should provide a subsidy of Rs 6 a litre on diesel.
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Diesel price hike put on hold
The Oil Ministry has put on hold further diesel price increases.The oil firms said there was no need to increase rates because an expert committee headed by Kirit Parikh had suggested that the government should provide a subsidy of Rs 6 a litre on diesel.
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ICRA sees subdued outlook for oil refining sector
Rating agency ICRA reported a subdued outlook for oil refiners in the near term due to global capacity additions outstripping demand growth. The agency expects oil marketing companies to close the current fiscal year with high gross under-recoveries on account of high crude prices and a weakness in the rupee against dollar in the earlier part of FY14.
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ONGC sees 25-30 mscmd from east coast gas block
Oil and Natural Gas Corporation (ONGC) expects peak gas output of 25-30 million standard cubic metre per day (mscmd) from its block off the country's east coast, Exploration Director NK Verma said. Gas production from the deep water block in the Krishna Godavari (KG) basin will begin in 2017. The northern part of the block holds over 2 trillion cubic feet (tcf) of gas, Verma said.
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OVL joins hands with foreign banks to raise $2.5 billion
ONGC Videsh Ltd (OVL) has signed separate agreements with consortia of international banks for raising $2.5 billion offshore borrowings to fund the acquisition of a minority stake in an offshore gas field in Mozambique. The first agreement is signed with a consortium of international banks, including ANZ, Bank of Nova Scotia.
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LNG floating storage unit off TN coast
A Rs 3,500-crore LNG Floating Storage and Re-gasification Unit (FSRU), related port infrastructure and a power plant are to be established in the southern coast of Tamil Nadu. According to sources, Eurostar Kirtilals will soon enter into an agreement with Tamil Nadu Industrial Development Corporation (Tidco) for a joint venture to set up the project in Nagapattinam.
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NMPT cargo volume up
The increase in the handling of crude oil and coal cargoes at New Mangalore Port has helped it to register a 6.4 per cent growth in traffic handling during the first 11 months of the present fiscal year. The port handled 35.76 million tonne (mt) of cargo from April 2013 to February 2014 as against 33.61 mt in the corresponding period of the last financial year.