State-run Oil and Natural Gas Corporation (ONGC) has unveiled a Rs.34,000 crore ($5 billion) long-delayed investment plan to develop its KG Basin fields. This will help boost ONGC's oil and gas output by a fifth in about four years.
Tag: Crude Oil
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IL&FS Engineering bags Rs.52.4-cr GAIL contract
IL&FS Engineering and Construction Company Ltd has received the Letter of Acceptance (LoA) from Gas Authority of India Ltd (GAIL) for laying and construction of a pipeline along with associated works for a pipeline replacement project in Gujarat.
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Foreign fleet owners may gain
An Indian cabinet decision to decentralise shipping arrangements for import of cargo owned or controlled by government departments and state-owned firms will remove an assured business opportunity for local fleet owners.
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Piping hot
During the Eleventh Plan period (2007-2012), domestic players exceeded the planned capital expenditure outlay. They invested Rs 2,751.6 billion, 120 per cent of the planned target of Rs 2,289.9 billion.
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Gazing into the Big Budget
The industry estimates that falling crude oil prices, lower fuel subsidies along with recent diesel tax hikes could together add almost Rs 1.1 trillion to the Union Budget. And with the government planning to spend about $8 billion of that on infrastructure and manufacturing activities, the infrastructure sector is looking at a brighter year ahead.
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Slow, Stable & Steady
The continuous fall in crude oil prices have come as a major relief for the Indian economy. Oil cartel OPEC´s decision to not cut production despite the dip in oil prices coupled with a slowdown in a few major economies have meant that crude will continue to come under pressure in the first half of 2015.
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Duty hike on petrol, diesel to fetch Rs.10,500 crore
The government will get an additional Rs 10,500 crore in the current fiscal from hike in excise duty on petrol and diesel.
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Need for speedy reforms
A holistic development model is required to push the sluggish growth in the ports sector. Looking at the bigger picture, from coal for power & steel plants to crude oil for refineries, ports provide a gateway for the majority of Indian trade.
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India to deepen oil ties with Saudi Arabia
India has invited Saudi Arabia to invest in strategic crude oil storages and downstream facilities.
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Iran keen to sell more crude oil to India
Iran on December 4 sought India the resolution of payment issues over sale of crude oil. Iran is keen to sell more crude oil to India and promote trade between the two nations, said Iran's Industry Minister Mohammad Reza Nematzadeh in Bali at the ongoing WTO Ministerial Conference.