In order to immunize the finances of Indian Railways from the diesel price hike, industry body Assocham asked government to allow the public sector undertaking to import and refine its own crude oil. By importing and refining crude oil by itself, the Indian Railways can avoid paying about 20-25 percent sales and other local taxes on diesel. The Railways, run as a
Category: Oil & Gas
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Oil minister does not favour change in formula
Union Petroleum Minister M Veerappa Moily warned against the move by the Finance Ministry to change the subsidy calculation formula for state-run oil marketing companies (OMCs). The finance ministry has proposed to shift from trade parity pricing of petroleum products to export parity pricing (for the sake of computing under-recoveries
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Centre assures Rs 1 bn for CNG project in Kerala
Petroleum Minister M Veerappa Moily assured to invest Rs 100 crore for setting up CNG plants in Kerala. Moily said that this amount would be transferred to Kerala State Road Transport Corporation (KSRTC). The move is a great help and it would save the struggling public transport sector," Kerala Chief Minister Oommen Chandy told reporters after meeting Moily. The stat
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BBMP’s nod sought for road cutting to lay gas pipeline
The Gas Authority of India (GAIL) has sought permission from the Bruhat Bangalore Mahanagara Palike (BBMP) for digging roads in the City limits. Classified as one of the navaratnas among the public sector units of India, GAIL has drawn a pipeline from Dabhol to Bangalore to supply liquified natural gas (LNG) to Toyota Kirloskar, and has started working on supplying gas to each household in the City.
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Budget may have mixed impact on oil and gas sector
Industry watchers feel that the budget 2013-14 was a mixed bag for the oil and gas sector. While the Finance Minister announced that his government would soon release shale gas policy and review the pricing of natural gas, industry players are cautious. They feel that one has to wait and watch how the
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Budget may have mixed impact on oil and gas sector
Industry watchers feel that the budget 2013-14 was a mixed bag for the oil and gas sector. While the Finance Minister announced that his government would soon release shale gas policy and review the pricing of natural gas, industry players are cautious. They feel that one has to wait and watch how the
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Survey suggests govt to take steps to boost gas output
Economic Survey 2012-13 suggested government to take measures to boost natural gas output in the country. It may be noted that the average natural gas production in 2011-12 declined 1 percent to 130 million metric standard cubic metre per day from the previous year
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Share of imported gas may rise
Reports suggest that the share of import in total natural gas consumption in the country may rise from the current level of 40 percent as domestic production fails to keep pace with growth in demand. Recently, the country's biggest liquid gas importer Petronet LNG has notched up a world record by offloading its 1,000th shipload at its Dahej terminal. This is the first for a
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Demand for oil may improve in 2013
Brokerage firm Nirmal Bang expects demand for crude oil to improve slightly in 2013 following lower growth in 2012 on account of muted economic recovery. Demand is expected to grow by 1 mpbd or 0.9 percent approximately on a year-on-year (y-o-y) basis in 2013 compared to a fall of 0.4 percent last year. Dem
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Experts suggest import parity pricing for gas
Experts suggest government to introduce import parity pricing for natural gas as it is a cleaner fuel and leaves a far smaller environmental footprint. Presently, crude oil produced in the country is given import parity price. This is however denied for gas. If the same well produces oil and gas, then the former receives impor