Loss-making Assam Petrochemicals (APL) is in the process of de-listing the company from the Bombay Stock Exchange (BSE) amidst the proposal of Oil India to buy stake in the firm. State-run OIL is in talks with Assam government, which is holding 88.2 per cent stake in APL, for buying 49 per cent equity in the company. Domestic institutions and others hold the remaining stake in
Category: Oil & Gas
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Hyderabad faces shortage of CNG
Some parts of Hyderabad are facing shortage of
Compressed Natural Gas (CNG) as oil companies are allegedly not supplying the fuel in required quantity at the 12 CNG outlets in the city and its surroundings. Each outlet requires 1,500 to 1,800 kg of CNG every day but oil companies do not supply the required quantity. They hardly supply about 1,000 kg to each outlet, said Rajiv Amaram, Joint Secretary (South), Conf
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Renovation of Hubli bus terminus faces deadlock
In Hubli, renovation of the decades-old City Bus Terminus (CBT) at Bandiwad Agasi is in pending despite the government sanctioned funds and released work orders. When the government came under public pressure, the North West Karnataka Road Transport Corporation decided to give a facelift to the CBT and called for tender for the construction of a five-storey building at the terminus.
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Cairn India seeks extension of contract for Barmer block
Cairn India, which plans to invest $3 billion over three years to improve reserves and increase production, primarily in Rajasthan, wants government to extend contract on Barmer oil block by 10 years. The company would invest this amount after considering the remaining economic life of the field. Therefore, the firm seeks extension of the contract perio
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RIL to invest Rs 1.5 trillion in 3 yrs
At its 39th annual general meeting (AGM) in Mumbai, Mukesh Ambani, Chairman of Reliance Industries (RIL) informed that the firm plans to invest Rs 1.5 lakh crore over the next three years. He remarked that the firm is investing the largest capital in India by any enterprise public or private, Indian or foreign and this is an expression of the faith of Relia
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Kelkar panel may submit report by Sept
Kelkar committee is likely to submit its report
on the natural gas pricing formula to the government by September 2013, media reports indicate. Under the Chairmanship of Vijay Kelkar, a committee was formed by the union oil Minister Veerappa Moily in March 2013 to suggest steps for enhancing domestic oil and gas production. Later, its scope was expanded to sugg
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Dart Energy to acquire stake in ONGC block
Brisbane-based Dart Energy may pick up 10 to 25 percent stake of Oil and Natural Gas Corp (ONGC) in the latter's four coal-bed methane (CBM) blocks. CBM is natural gas trapped within coal formations, which is extracted by drilling holes into the seams. In order to fast-track gas production with the help of priva
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ONGC rules out funding constraint for stake acquisition
Reports indicate that Oil and Natural Gas Corp (ONGC) does not face any constraint in funding the acquisition of a 20 percent stake in the Rovuma basin gas block in Mozambique. Therefore, the company does not intend to rope in a global player to share the cost of acquisition of the stake in the block, which holds up to 60 trillion cubic feet (tcf) of gas.
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BPCL to export naptha
Bharat Petroleum Corp (BPCL) intends to export 35,000 tonne of low aromatic naphtha for July 5-8 loading from Kochi. For this purpose, the state-run oil marketing company (OMC) has issued tender and invited bids from traders till June 11. Meanwhile, the firm is in the process of importing gasoline
from
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Fitch affirms ratings for RIL
Fitch Rating affirmed Reliance Industries' (RIL) long-term foreign currency issuer default rating at 'BBB-' and LT local currency IDR at 'BBB'. In a statement, the agency said the outlook on the foreign currency issues default rating is stable while the same for local currency IDR is positive