During Apr-June 2013, New Mangalore Port handled a total of 9.66 million tonne of cargo and this is 12.2 percent higher than 8.61 million tonne handled during the year-ago period. The growth in the cargo volume is led by crude oil and coal, media reports suggest. The port traditionally handles crude oil and petroleum products of Mangalore Refinery and Petrochemicals (MRPL). Also, it handles a considerable amo
Tag: Petroleum
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New location found for Rs 372 bn project of HPCL
A 15-member task force identified new location about 6 km away from Pachpadra in Barmer district of Rajasthan for the proposed Rs 37,230 crore refinery cum petro-chemical complex to be set up by Hindustan Petroleum Corporation. The new location is found to be qualitatively better than Leelala which was proposed earlier and the former is most suitable as per HPCL's Techno Commercial, Tech
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Minister urges OMCs to expedite delivery of ethanol
The Minister of Petroleum & Natural Gas M Veerappa Moily directed PSU Oil Marketing Companies (OMCs), at a meeting of CMDs and Directors (Mktg) of OMCs and ISMA here today, to make all efforts for expediting delivery of already procured quantity of ethanol. He also asked them to procure expeditiously additional quantity of ethanol through fresh tenders to meet the requirement of 5 per cent mandatory Ethanol Blen
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Govt to release shale gas policy soon
With the government initiating pricing reform in the natural gas sector, it plans to release the shale gas policy shortly and auction blocks for producing the unconventional fuel, media reports indicate. Also, the government will launch tenth bidding round for oil and gas blocks under new policy, media reports suggest. As part of its overall economic reform initiative, the government the government recently raised the price of domestic natural gas to $8.4 per unit from the present price
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Recoverable gas reserves set to rise
According to a research note by Macquarie Research, the hike in the natural gas price could boost India's recoverable gas reserves manifold. The note quoted global consultants IHS-CERA to say that the nation's producible gas resources will rise to 80 Tcf at $8 gas price. Meanwhile, union petroleum Minister M Veerappa Moily said over 3 Tcf of gas discoveries are lying to be exploited. These have not been declared commercial by our
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CCEA clears proposal to hike gas price to $8.4 per unit
On the basis of the suggestions made by the Rangarajan committee, the Cabinet Committee on Economic Affairs (CCEA) decided to raise the price of domestic natural gas, from $4.2 to $8.4 a million British thermal unit (mBtu), from April 2014. Once the new price is adopted, it would be revised on a quarterly basis for a period of five years, reports indicate
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Impact of gas price hike on other sectors
According to some estimate, an increase in the price of natural gas by $1 would result in fertiliser plants taking a hit of Rs 3,155 crore per annum for producing 23 million tonne (mn t) of urea in 2013-14 and Rs 4,144 crore a year for 32 mn t from 2017-18. As for the power sector, the the impact of every dollar increase in the price of natural gas would be about Rs 10,040 crore per annum for generating 28,000 mega watts power
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Ministry may float fresh tender for procuring ethanol
Media reports suggest that the union petroleum ministry may float fresh tender to attract domestic suppliers of ethanol for blending with petrol. The ministry decided to float a fresh tender because the earlier tender, which invited global suppliers, could not be successful as the bidders were demanding exorbitant rates for the biofuel
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Minister wants to reduce crude oil import
Union Petroleum Minister Veerappa Moily said he wants to reduce the amount of crude oil imported in the country 50 percent by 2020, 75 percent by 2025. By 2030, he wants India to achieve self-sufficiency and energy independence, Moily said while addressing the International Energy Forum conference held recently
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Proposal to revise gas price on quarterly basis
Union oil ministry is in favour of revising the price of natural gas on a quarterly basis as against the monthly revision suggested by the Rangarajan Committee. The ministry feels that the government may have to rely on limited sources for computation of the price if it is notified every month. This is because the ministry has to accommodate and reconcile price data from multi