Indian Strategic Petroleum Reserves (ISPRL) is setting up 12.5 million tonne strategic crude oil storage capacity in Bikaner, Rajkot, Chandikhol and Padur. This is part of the phase-II project, Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Parliament. In the first phase, ISPRL is setting up storage facilities of 5.
Category: Oil & Gas
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Govt may help firms insuring oil import from Iran
Media reports indicate that the union finance ministry plans to cover half of a proposed Rs 40 billion fund for underwriting the import of crude oil from Iran. It may be recalled that the union oil ministry and local insurers decided to contribute Rs 10 billion each to the proposed fund
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Net profit of Gujarat Gas rises 91%
Net profit of Gujarat Gas rose 91.2 percent to Rs 101.13 crore during Apr-Jun 2013 compared to Rs 52.88 crore in the year-ago period. Gujarat Gas is a subsidiary of GSPC Distribution Network (GNDL), which recently acquired 73.70 percent stake in the firm. Consolidated profit after tax (PAT) of the firm during the quarter stood at Rs 100.6 crore as against Rs 59.50 crore in the preceding quarter. It may be recalled that this is the first time the firm is reporting the consolidated profit afte
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RIL borrows $487 mn via ECB in June
Reliance Industries (RIL) raised $487 million through external commercial borrowings (ECB), the highest amount among 81 companies which went for ECBs in June. RIL borrowed the amount for a tenure of 13 years and five months for import of capital goods. Besides, RIL, Uttam Galva Steels borrowed $180 million, the second largest amount, for refinancing of rupe
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Brahmaputra Cracker incurs cost overrun on Assam project
Brahmaputra Cracker and Polymer incurred a cost overrun of more than Rs 3,400 crore on its Assam Gas Cracker Project (AGCP) because of inefficient pre-project planning, the government the Comptroller and Auditor General (CAG) of India said. The CAG said this in a report tabled in Parliament. Brahmaputra Cracker and Polymer is a joint venture between GAIL (India), Numaligarh Refinery, Oil India, and the
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House panel suggests cap on gas pricing
A Parliamentary committee suggested the government to impose a cap on natural gas price once it is linked to the formula proposed by the Rangarajan panel from April 2014. The Parliamentary committee suggested the cap in order to avoid the potential for unlimited gains to local producers owing to an upswing in
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CAG finds fault with ONGC’s hiring of rig
A report by the Comptroller and Auditor General of India (CAG) found fault with ONGC for hiring a rig from Reliance Industries (RIL) in 2009 for six months at a cost of Rs 146.7 crore without bidding. While ONGC hired it in 2009 on grounds that it needed the equipment to drill three wells urgently, the CAG report suggests the rig was not necessary going by the
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State-run oil firms pay Rs 150 bn as subsidy for June quarter
The three state-run oil companies have paid Rs 15,000 crore as subsidy to public sector oil marketing companies (OMCs) for the Apr-Jun 2013 quarter. Of the Rs 15,000 crore, Oil and Natural Gas Corporation (ONGC) paid around Rs 12,300 crore, Oil India Rs 2,000 crore, and GAIL Rs 700 crore. It may be recalled that of the total under-recovery incurred by state-run OMCs, 40 percent is shared by the gov
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Govt must pursue investor friendly policies in oil and gas sector
Some analysts attribute the abandoning of 15 oil and gas blocks by BP and Reliance Industries (RIL) to unfriendly investor policy of the government. But BP termed the relinquishment of blocks as a routine "portfolio management" exercise. These 15 blocks are part of the 21 blocks for which BP struck a $7.2-billion deal. According to industry observers, the development does not augur well for the dom
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Govt conducts feasibility study for storage project
The Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Rajya Sabha in a written reply that in order to further increase the Strategic crude oil storage capacity, the government, through Indian Strategic Petroleum reserves (ISPRL), has undertaken a detailed feasibility study for construction of additional 12.5 Million Metric Tonne (mn mt) of crude oil storages in Phase-II a