Indian Oil Corporation (IOC) roped in Dubai-based engineering firm Essar Projects to implement process safety related improvements at its terminals and depots across the country. According to the contract, Essar Projects is responsible for basic and detailed design and project management relating to implementation of various HSE requirements in 109 POL terminals or depots of IOC acro
Category: Oil & Gas
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Petronet considering GAIL proposal to renegotiate deal
Petronet LNG is said to be considering the proposal to renegotiate the Sale Purchase Agreement for natural gas it decided to source from Gorgon in Australia. GAIL India recently suggested Petronet to renegotiate the contract the latter entered into in August 2009 with Australia on grounds that the scenario changed worldwide since then
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Vedanta Group chief welcomes gas price hike
Anil Agarwal, Chairman of Vedanta Group told a leading media that the government's decision to hike the price of domestic natural gas would boost growth the sector. On June 27, the Cabinet Committee on Economic Affairs cleared the pricing of all domestic gas through Rangarajan formula from April 1, 2014. The price of gas as per the formula is likely to be about $8.4 per million British thermal unit as opposed to $4.2 currently
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OMCs to buy dollar from state-run banks
In order to contain volatility in rupee exchange rate, state-run oil marketing companies (OMCs) agreed to buy dollars for importing crude oil from a single public sector bank. This follows the direction by Reserve Bank of India (RBI) to these companies to use a special window for buying dollars
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IOC eyes stake in Canadian shale asset
Indian Oil Corp (IOC) may buy 10 percent stake in Canadian shale gas assets from Malaysia's Petronas, reports indicate. Both the firms are said to be holding discussion on this matter. It is learnt that both the firms are yet to work out the terms of a potential deal. Last year, state-run Petronas acquired Canada's Progress Energy Resources Corp in a C$5.2 billion ($4.92 billion) deal that gave it shale gas properties in north
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RBI may take steps to arrest rupee weakness
Some market analysts expect Reserve Bank of India (RBI) to take steps to arrest further depreciation of rupee against the dollar. In order to meet the demand for dollar to import crude oil by oil marketing companies (OMCs), RBI may look at opening a special window from where these firms could buy dollars. A large part of demand for dollar comes from OMCs and if this demand is eliminated from the m
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RINL JV to revisit Rs 2 bn ferroy alloy project
A joint venture company set up by Rashritya Ispat Nigam (RINL) and MOIL in July, 2007 is revisiting the Rs 200-crore ferro alloy plant project and plans to set it up at an alternative location in Vizag, agency reports indicate. RINL-MOIL Ferro Alloys Pvt Ltd, in which both firms have equal stake, was formed to set up the plant at Vizianagaram in Andhra Pradesh in 2007. However, the project was found to be unviable at this
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India keen to source LNG from Iraq
Union minister M Veerappa Moily held discussion with Iraqi Prime Minister Nouri Al-Maliki on partnership between both the countries on oil and gas sector. Moily visited Baghdad to attend a two-day meeting of the India-Iraq Joint Commission. According to a government statement, India will be interested in natural gas-based projects and importing liquefied natural gas (LNG) from Iraq
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S&P expects improvement in EBITDA of ONGC
Andrew Wong, Credit Analyst at Standard & Poor's expects ONGC's EBITDA to improve by at least $2.0 billion each year on average from fiscal 2014-15 once India implements natural gas price increase. Therefore, the state-run energy explorer may strengthen its cash flow and profitability from the next fiscal year, exceeding the earlier expectations, he
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Ministry trying to rope in firm for TAPI project
Union petroleum ministry continues to look out for a global company that can lead a consortium for implementing the 1,680-km TAPI pipeline project. The proposed pipeline will start from the South Yolotan-Osman field in Turkmenistan, passing through the troubled Herat, Helmand and Kandahar regions in Afghanistan via Quetta and Multan in Pakistan and finally ending at Fazilka (Punjab) in