With government taking initiative to de-bottleneck the energy sector growth and boost country´s economy, oil and gas majors are busy addressing risk factors and multitasking to integrate their business model in order to ensure future growth, says Pradeep Pandey.
Tag: M Veerappa Moily
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India to become energy self-sufficient by 2030: Moily
Union Minister of Petroleum and Natural Gas M Veerappa Moily has said that achieving energy self-sufficiency is an important step towards securing true 'economic freedom.'
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Govt to expand sale of 5 KG LPG cylinders
The Union Minister of Petroleum and Natural Gas M Veerappa Moily has approved a proposal to extend the scope of the Scheme for sale of non-subsidised 5 KG LPG cylinders from Petrol Stations(Petrol Pumps/Retail Outlets) of Oil Marketing PSUs (OMCs) in other parts of the country subject to the Election Code of Conduct.
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Oil Min can save fuel
The Union Petroleum Minister M Veerappa Moily said that his ministry alone can save about 600 litre of petrol and diesel worth over Rs 40,000 by travelling by public transport. Fuel conservation is a necessity, it is an attitude and this is the message the Minister wanted to give to people. The minister had announced last month that he would travel by bus or metro every Wednesday starting October 9 and all officials will follow the suit.
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LNG terminal in Mangalore
Union Minister for Petroleum and Natural Gas M Veerappa Moily has stated that work on the new LNG import terminal at Mangalore will begin in next November. A feasibility study on the terminal is being carried out by a consortium of ONGC, BPCL, Mitsui and New Mangalore Port Trust (NMPT). The planned LNG terminal is with a capacity of 2-3 million tonne per annum.
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India to build its 1st oil storage facility soon
To insulate itself from oil supply disruptions, India will build its first strategic oil storage facility by January,
Union Oil Minister M Veerappa Moily has said on September 28. India, which is 79 per cent dependent on imports to meet its crude oil needs, is building underground storages at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka to store about 5.33 million tonne of crude oil, the Minister said.
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India to build its first oil storage facility soon
ndia will build its first strategic oil storage facility by January, Union Oil Minister M Veerappa Moily said. India, which is 79 per cent dependent on imports to meet its crude oil needs, is building underground storages at Visakhapatnam in Andhra Pradesh
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Govt hikes fuel prices, but Moily seeks more hikes
The Union government has hiked petrol prices by Rs 2.35 a litre and diesel by 50 paise a litre (excluding State levies) on the evening of August 31. A further raise could be on the way as per the indication of the Union Petroleum Minister M Veerappa Moily. Though he did not indicate the quantum of hike, the wide expectation is that the companies are pitching for an increase of almost Rs 3-5 a litre for diesel, PDS kerosene Rs 2/litre and domestic LPG Rs 50/cylinder.
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Govt plans oil import from Iran to cut oil bill, CAD
To reduce the current account deficit (CAD), the Union Oil Ministry has worked out a plan, which can save $22 billion in the oil import bill from Iran, said the Union Petroleum Minister M Veerappa Moily. The Minister said that import of oil is one of the components responsible for CAD. The Prime Minister Manmohan Singh has told the Ministry to save $25 billion in the import bill. And accordingly, the Ministry has prepared a plan to save $22 billion in import bill, Moily said.
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Centre may hike diesel prices after Parliament session
Citing the depreciating rupee, as a matter of concern, the Union government is likely to increase diesel prices at least by Rs 3 a litre after the end of monsoon session of Parliament next week. UNion Oil Minister M Veerappa Moily said though there was no proposal to hike diesel prices for now depreciating rupee threatens to widen the government's fuel subsidy bill
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