Indian Oil Corporation (IOC) raised $500 mn through issue of 10 year dollar denominated bonds at a coupon of 5.75 percent. The state-run oil marketing company (OMC) roped in Deutsche Bank, HSBC and Standard Chartered Bank as the joint book-runners for the bond sale. Around 400 investors across the globe offered bids worth about $3.5 bn for subscribing to the bonds. The bidd
Category: Oil & Gas
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Ministry examines proposal on pricing of KG D6 gas
Union petroleum ministry is examining the proposal of the Finance Ministry to ask Reliance Industries (RIL) to sell natural gas at lower rates ($4.2 a unit) for the supplies it still owes. In a recent letter to the petroleum ministry, the finance ministry suggested that the government must subject gas producers to closer regulation, especially on the
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Great Eastern to buy gas carrier
Great Eastern (GE) Shipping, which has a fleet size of 28 ships comprising 20 tankers and 8 dry bulk carriers, decided to buy a very large gas carrier of about 49,300 dry weight tonnage (73,800 cbm). The gas carrier, once bought, would become the 29th ship of the firm. GE Shipping Company entered into a cont
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Indian Oil issues $500 mn worth 10-year bonds
Indian Oil Corporation on July 29 said that it has issued $500 million worth bonds for a tenor of 10 years. This is the public sector firmÂ’s fourth international bond issue in the past three-and-a-half years. Last month, the Federal Open Market Committee indicated that US Fed would moderate the asset purchase based on improvement in the US economy. These indications were not taken favourably and markets went into sell off mode.
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HPCL may choose Pachpadara site for refinery project
Media reports indicate that Hindustan Petroleum Corporation (HPCL) may prefer Pachpadara over Leelala for setting up the proposed refinery in a joint venture with Rajasthan government. It may be recalled that Engineers India (EIL) recommended HPCL to choose Pachpadara for the project. Also, the state Task Force approved the setting up of the refinery at Pachpadara over Leelala. The nine milli
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Net profit of GAIL declines on lower gas volume
Net profit of GAIL India declined 28.7 per cent to Rs 808 crore during April-June quarter from Rs 1,134 crore in the year-ago period. The country's largest gas transmission and marketing company witnessed 16 per cent growth in sales to Rs 12,856 crore during the quarter. The state-run utility witnessed fall in net profit as it transported less gas and its LPG margins declined on dryin
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Govt to benefit from natural gas price hike
In a report, Goldman Sachs said the government would stand to gain Rs 14,900 crore by way of royalties and taxes from the incremental gas price accruing to state-owned producers ONGC and Oil India in 2014-15 fiscal. The report said, "We note about 65 percent of incremental gas revenue from a price hike would flow back to the central and state governments as royalties, VAT,
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BMTC to run fleet on CNG once GAIL project takes off
Bangalore Metropolitan Transport Corporation (BMTC) would be able to run its fleet on CNG (compressed natural gas) once GAIL India sets up filling stations in the city. GAIL India, along with Karnataka government is in the process of setting up 25 CNG filling stations across Bangalore city to supply gas to BMTC. To undertake distribution of clean natural fuel for transport and other sec
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RIL to ramp up gas output from $6.5 bn investment
By 2019-20, Reliance Industries (RIL) aims to ramp up natural gas production from its KG-D6 fields to 60 mmscmd and to achieve this the firm plans to invest $6.5 billion. Owing to water and sand ingress in some of the wells, gas output from the fields declined to around 14 mmscmd recently from a peak of 69.43 mmscmd in March 2010
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ONGC to double its output in 17 years
Oil and Natural Gas Corporation's (ONGC) Assam asset has set in motion a multi-disciplinary approach to complete projects on time so as to double its production by 2030 from the current level of 1.21 million tonne per year. ONGC's ED-asset manager of Assam Asset, BK Baruah, said in Jorhat that more wells need to be drilled with the latest technology, emphasis has to be laid on opening up new horizons by strengthening exploration activities, a multi-disciplinary approach should be adopted to ensu