During April, overseas direct investment by Indian companies trebled to $7.64 billion, from $1.89 billion in March. As many as 499 deals were carried out by the Indian companies during the first month of the current fiscal to carry out the outward foreign direct investment, data from the Reserve Bank showed on June 13. Bharti Airtel, ONGC Videsh, Suzlon Energy, GMR Infrastructure, Amtek Auto and Tractors and Farm Equipment were among the major companies that invested in their overseas arms durin
Category: Oil & Gas
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Law ministry gives opinion on gas pricing
Government must adopt a single pricing, five-year stable regime for natural gas instead of a phased regime proposed by the petroleum ministry, union law and justice ministry said in its opinion. The petroleum ministry sought the suggestion of the law ministry on the proposal to shift to market-based pricing for domestically produced natural
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Gujarat Gas may face low gas volume
Some analysts feel that the gas volume of Gujarat Gas Co. may be muted in the coming months because of falling domestic output of natural gas. The company may hesitate to import regassified liquefied natural gas (RLNG) as it is costlier than domestically produced gas. Also, most of Gujarat Gas consumers are from the industrial segment and this limits the companyÂ’s ability to increase costs, some analy
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Ministry may float fresh tender for procuring ethanol
Media reports suggest that the union petroleum ministry may float fresh tender to attract domestic suppliers of ethanol for blending with petrol. The ministry decided to float a fresh tender because the earlier tender, which invited global suppliers, could not be successful as the bidders were demanding exorbitant rates for the biofuel
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Minister wants to reduce crude oil import
Union Petroleum Minister Veerappa Moily said he wants to reduce the amount of crude oil imported in the country 50 percent by 2020, 75 percent by 2025. By 2030, he wants India to achieve self-sufficiency and energy independence, Moily said while addressing the International Energy Forum conference held recently
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Finance ministry to decide on oil ministry’s proposal
Union finance ministry will decide on the proposal of petroleum ministry to use Rs 1,000 crore from the the Oil Industry Development Board (OIDB) fund for setting up a proposed insurance fund. The oil ministry proposed to set up a fund to provide insurance to local refining companies that use Iranian crude oil as re-insurance companies from West
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Proposal to revise gas price on quarterly basis
Union oil ministry is in favour of revising the price of natural gas on a quarterly basis as against the monthly revision suggested by the Rangarajan Committee. The ministry feels that the government may have to rely on limited sources for computation of the price if it is notified every month. This is because the ministry has to accommodate and reconcile price data from multi
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OMCs raise petrol price 2nd time in June
Considering the weakening of the Indian currency against the dollar, state-run oil marketing companies (OMCs) raised the price of petrol by Rs 2 a litre recently. This is the second increase in the price of the auto fuel this month as the cost of crude oil import has risen following the depreciation of rupee. On June 1, OMCs raised price of petrol by 75 paisa, excluding VAT
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Analysts divided on Cairn India’s demand for relinquished block
Industry analysts are divided on the issue of whether the government must allow Cairn India to explore the to re-explore an area of Barmer block that it had earlier relinquished. Some experts feel that the government should not give back the area to Cairn India and instead put the asset for auction and allow the company to bid for it along with other players
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Minister alleges opposition of lobbies for proposed gas pricing
Import lobby is opposing the proposal to link the domestic price of natural gas to the market price and thereby liberalise the pricing of the fuel, Petroleum minister M Veerappa Moily said recently. However, he said he was clueless about whether the opposition is from the crude oil import lobby or the liquid gas import lobby