Media reports indicate that General Insurance Corporation of India would run a Rs 20 billion fund to support local insurers who cover refineries processing Iranian crude oil. The fund would get an annual contribution of up to Rs 20 billion from Indian insurers and the oil ministry.
The money will come from the premiums normally paid by insurers for reinsurance cover.
Tag: import
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GIC may run reinsurance fund
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IPPL unveils new terminal at Ennore
IndianOil-Petronas (IPPL), a Joint Venture between IndianOil Corporation and Petronas of Malaysia, unveiled LPG import-export terminal at Ennore, near Chennai. The terminal is said to be having an installed capacity of 600,000 tonne per annu and provision has been made to double the capacity. The new terminal would ensure not only increased LPG availability but also avoid
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OMCs reduce petrol price by 85 paise a litre
State-run Oil Marketing Companies (OMCs) reduced price of petrol twice in a span of 15 days since March 16. While they reduced petrol price by Rs 2 per litre (excluding VAT) on March 16, they again cut the price by 85 paise per litre from April 1. The OMCs also reduced the prices of non-subsidised domestic cooking gas by Rs 3 a litre. A 14.2-kg non-subs
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Govt may spare LPG from export-parity pricing
Media reports indicate that the government may spare domestic cooking gas from the trade-parity pricing methodology that it proposes to adopt for calculating under-recoveries on fuel products. Thus, the government would calculate under-recoveries incurred by state-run oil marketing companies (OMCs) based on export parity price for diese
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NMPT handles major share of LPG handling in India
New Mangalore Port Trust (NMPT) handles a major share of total liquefied petroleum gas (LPG) handling in the country. It handled around 2.08 million tonne of LPG in 2011-12, P Tamilvanan, Chairman of the port trust informed. The LPG import facility of HPCL in Mangalore contributes around 1.5 million tonne, S Roy Choudhury, Chairman and Managing Director of HPCL informed
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Tata Steel despatches rails for metro project
L&T Metro Rail Hyderabad received the first consignment of rails despatched by the French unit of Tata Steel. Tata Steel's unit in France is said to be having a proven record of supplying rails to major railway projects in the world and also to the Indian market. These rails were transported by road on 60-feet special trailers to the Metro Rail Uppal depot after they were
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NMPT may not lose cargo to airport
New Mangalore Port Trust (NMPT) does not find any threat to its business from the cargo business of Mangalore International Airport. The airport may handle high value, small size and perishable goods such as marine products, vegetables and flowers. The port, on the other hand, handles bulk carg
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Gujarat Ambuja to use NMPT for shipment of its products
Gujarat Ambuja Exports decided to use the New Mangalore Port in Karnataka for shipment of its products to Sudan in Africa. The company decided to use the port for moving its export consignments after the recent visit of Manish Kumar Gupta, Managing Director and Prashanth Pillai, DGM of the company
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EIA report says India is 4th largest energy consumer
In its latest report on energy outlook for India, the US Energy Information Administration (EIA) said India is the fourth largest energy consumer in the world after the United States, China, and Russia. But the per capita energy consumption of India remains lower than that of developed countries, says the repo
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ONGC, BPCL, Mitsui sign MoU with Mangalore Port
On March 18, ONGC, Bharat Petroleum Corp (BPCL), Mitsui of Japan and New Mangalore Port Trust entered into an agreement for setting up a liquid gas (LNG) import terminal at Mangalore. All the four parties signed a Memorandum of Understanding (MoU) for the proposed $500-750 million terminal, which will have an initial capacity of 2-3 millio