In a move that may enable setting up of new industries and power plants, Bihar government cleared a plan to source natural gas from the proposed Jagdishpur-Haldia gas pipeline. The state cabinet approved the plan to sign a Memorandum of Understanding (MoU) with Gas Authority of India (GAIL) for sourcing gas from the pipeline, which will pass through four districts of Bihar: Gaya
Category: Oil & Gas
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Phase I of Rs 220 bn refinery project seen in 2014
Minister for Industries of Tamil Nadu government P Thangamani informed the state assembly that the 6 million tonne first phase of the petroleum refinery project by Nagarjuna Oil Corporation would be operationalised by 2014. Nagarjuna Oil Corporation proposed to set up a 12 million tonne a year refinery project in Cuddalore for abou
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RBI liberalises overseas investment norms for state-run oil firms
Reserve Bank of India (RBI) allowed state-run oil explorers to invest in their incorporated overseas entities without any limits under the automatic route. It may be recalled that earlier, the navratna public sector undertakings (PSUs) like OVL and OIL were allowed to invest in overseas unincorporated entities only. But the central bank liberalised the existing norms to enable these firms to invest in the incorporated JV/WOS in oil se
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RIL may invest Rs 1.5 trillion in core businesses
Media reports indicate that the various businesses of Reliance Industries (RIL) may get Rs 179,000 crore investment in the next five years. Of the total amount, the firm may invest about Rs 151,000 crore towards core oil, gas, refining and petrochemical sectors in the next five years; the rest would go towards the t
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Luxembourg ready to support ArcelorMittal on investments
Luxembourg's Ambassador Gaston Stronck has stated that the company is open to lend support to ArcelorMittal for taking forward its plans in India. Luxembourg is ready to support if ArcelorMital wishes and seeks help, Stronck said. Arcelor Mittal, which had shifted its headquarters to Luxembourg, had approached the authorities for related licences and tariff for market access to India, said Stronck, who was speaking on the sidelines of a CII event Kolkata.
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CCI approves operation in 25 oil, gas blocks
The Cabinet Committee on Investment (CCI) approved 25 blocks for continued exploration of oil and gas in its latest meeting. These blocks involve a total of over $4.6 billion of investment. Of this, $2.71 billion of investment has already been made and further investment to the extent of $1.9 billion
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Cairn India awaits govt nod for Rs 50 bn investment plan
Cairn India is awaiting government approval for an over-arching integrated block development plan which envisages investment of Rs 5,000 crore on its Rajasthan oil fields between 2013-2016. The company is also awaiting government decision on extending the Production Sharing Contract (PSC) of the R
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Govt asks NTPC to focus less on gas-based projects
In the context of the severe shortage of natural gas in the country, NTPC has been asked by the union power ministry to focus less on adding gas-based power generation capacity. The state-run power producer has a current gas-based capacity of above 4,000 mw. The country faces acute shortage of natural gas because of the sharp fall in the production of the fuel from the KG-D6 block of Reliance Industries. Paucity of gas
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Govt plans to liberalise pricing regime in oil and gas sector
Union Finance Minister P Chidambaram informed foreign investors that the union government plans to liberalise pricing regime in the oil and gas sector in order to attract more investment into the sector. The government is considering a cabinet note on how to move from a production sharing model to revenue sharing model for oil and gas explored and excavated by com
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Net profit of RIL rises 6% in FY13
The standalone net profit of Reliance Industries (RIL) rose 6 percent in 2012-13 on a year-on-year (y-o-y) basis to Rs 21,003 crore, while its revenue rose 9.2 percent to Rs 3.71 trillion. The company attributed the growth in earnings largely to strong and improved refining margins during the year