Essar Oil, a fully integrated oil and gas company of international scale, reported a net loss of Rs 863 crore in Q1 June 2013, lower than net loss of Rs 1,518 crore in Q1 June 2012. Revenue rose 12 per cent to Rs 24,721 crore in Q1 June 2013 over Q1 June 2012, on the back of 15 per cent improvement of throughput, which stood at 5.14 million metric tonne (mmt) in Q1 June 2013, against 4.48 mmt in Q1 June 2012.
Category: Oil & Gas
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MRPL to open 120 fuel retail shops in Karnataka
Mangalore Refinery and Petrochemicals Limited (MRPL), subsidiary of the government-owned Oil and Natural Gas Corporation (ONGC) is ready with a blueprint for 120 retail outlets to be rolled out in Karnataka. MRPL entered the fuel retail segment in 2008. Karnataka is MRPL's base-state. MRPL has approval to set up 500 retail outlets and its parent company ONGC has an approval to set up 1,100 retail outlets. Setting up an outlet costs MRPL Rs 5 crore.
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Reliance to invest $3.18 bn in KG block gas field
Reliance Industries, the operator of Krishna Godavari-D6 (KG-D6) block with 60 per cent interest, plans to invest $3.18 billion in R-Series gas field in the KG-D6 block as it looks to reverse the decline in output by quickly bringing in new fields on production. The company estimates that output from KG-D6 can reach up to 60 mmscmd by 2019 when all of the satellite fields are put into production.
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IGS to supply gas to India
Global oil and gas major BP plans to sell some of the US Freeport liquefied natural gas (LNG) in India through its joint venture firm Indian Gas Solutions (IGS). It may be recalled that IGS is a joint venture between BP and Mukesh Ambani-promoted Reliance Industries,. BP earlier agreed to buy 4.4 mn tpa of liquefaction tollin
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Indian Oil Corp to raise $500 mn loan
Indian government-owned and the country's largest refiner Indian Oil Corp (IOC) will raise $500 million loan by the end of August, sources in the company said on August 13. The company stated that the loan is to be used for working capital requirements.
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Petronet gets its maiden cargo at Kochi port
India's largest importer of liquid gas, Petronet LNG has received the maiden cargo liquefied natural gas or LNG at its just constructed Kochi import terminal in Kerala but the ship hasn't been able to dock at the port because of dredging issues. Petronet on August 12 received a ship carrying LNG from Qatar but the ship could not dock at the port. The ship needs a particular level of clear water depth to navigate and dock at the port.
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GSPC JV to rope in strategic investor for LNG terminal project
Gujarat State Petronet Corporation (GSPC) and Adani Enterprises (AEL) are jointly setting up a liquefied natural gas (LNG) terminal at Mundra in GujaratÂ’s Kutch district. The joint venture is in the process of roping in a strategic investor for 25 per cent stake in the project. It is learnt that eight firms, including India Gas Solutions, the joint
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ISPRL setting up 12.5 mn t oil storage capacity
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.
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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