A committee headed by C Rangarajan, Chairman of the Prime MinisterÂ’s Economic Advisory Council (PMEAC), suggested an annual revision in the price of natural gas produced in the country. The revision should be based on monthly moving average of net back price for producers of Indian LNG and the other volume weighted price of USÂ’s Henry Hub, UKÂ’s
Tag: production
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Panel suggests production-linked deals
In order to overcome problems associated with the cost-recovery contracts in oil and gas exploration sector, a high level panel recommended the government to adopt production-linked contracts wherein companies would be chosen based on the amount of output they are willing to share with the government. The committee, under the PM's Economic Advisory Council ( PMEAC) Chairman C Rangarajan, proposed a mod
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Land, green clearance hit steel projects
Some industry observers feel that governmentÂ’s policy affected many steel projects in the country. According to one estimate, at least 35-40 million tonne of capacity has been cancelled or postponed over the past few years, putting a question mark over the steel ministryÂ’s dream of taking the installed capacity to 200 million tonne from 90 million tonne now
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Sales of RINL rises 5% in Nov
According to a company statement, sales of Rashtriya Ispat Nigam (RINL) grew 5 per cent to Rs 1,085 crore in November from Rs 1,028 crore in the year-ago month. During the month, sales of iron and steel registered a growth of six per cent, while pig iron sales expanded 48 per cent.According to the statement, the company is increasing its prese
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Ministry not in favour of coal linkage to UMSPs
In a letter to steel ministry, coal ministry has reportedly denied grant of special status to the proposed Ultra Mega Steel Plants (UMSPs) for priority allocation of coal linkages. Indian steel firms meet upto 70 percent of their demand for coking coal, used as a raw material in steel-making, through imports. The steel industry consumed 43 mn t coking coal last fiscal. By 2017, reports suggest that demand from steel plants may
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INSDAG warns of ore shortage
Sushim Banerjee, Director General of Institute for Steel Development and Growth (INSDAG) cautioned that the Indian steel industry may face severe iron ore shortage in the coming years. Expressing his views in a leading media, he said the bigger issue facing the industry is iron ore shortage. This is going to hit the industry hard. He argued that Indian steel firms did not pay adequate atte
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Coking coal import set to rise
Somdeb Banerjee, a top official of Tata Steel for South Africa expects India's steel production capacity to rise threefold between 2010 and 2020 to 179 million ton a year. The increase in capacity may raise India's import of coal coal to at least 37 million ton in 2012-13 from 31.8 million ton in 2011-12, reports suggest. Reports also indicate that domestic coking coal ou
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Steel demand may grow 5.5% in 2012
According to a recent study by World Steel Association (WSA), IndiaÂ’s steel demand growth may decline to 5.5 per cent in 2012 and five per cent in 2013 owing to unfavourable domestic and economic conditions. Earlier, the association projected 7.9 per cent growth in demand for 2012. The study also shows that growth in crude steel prod
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Steel demand may grow 5.5% in 2012
According to a recent study by World Steel Association (WSA), IndiaÂ’s steel demand growth may decline to 5.5 per cent in 2012 and five per cent in 2013 owing to unfavourable domestic and economic conditions. Earlier, the association projected 7.9 per cent growth in demand for 2012. The study also shows that growth in crude steel prod
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NMDC allegedly produces less than allowed output
Steel and sponge iron makers of Karnataka alleged that NMDC was not producing iron ore at the permitted levels of 12 million tonne per annum and it was operating at less than half the threshold. Sponge iron and steel companies are facing severe shortage of iron ore because of ban on iron ore mining in Karnataka. These companies largely stayed away from the two recen