The government is taking steps to ascertain whether Reliance Industries (RIL) hoarded natural gas produced from KG-D6 field in anticipation of higher prices. In this regard, the government plans to appoint a reputed independent consultant. If the consultant feels that RIL hoarded gas in anticipation of higher prices, it wou
Tag: RIL
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Lack of gas supply renders power plants idle
Power Minister Jyotiraditya Scindia said 12 power projects, with a total generation capacity of 2,978.62 mw, are lying idle because they don't receive natural gas from Reliance Industries' KG-D6. During first and second quarter of 2013 (till August 19, 2013), these projects, which are solely dependent on gas supply from KG-D6, did not
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IOC, ONGC to bid for stake in HPL
West Bengal government may invite joint bidding by Indian Oil Corporation and Oil & Natural Gas Corporation (ONGC) for selling its about 40 per cent stake in Haldia Petrochemicals (HPL). It is learnt that besides IOC, and ONGC, RIL, Cairn India, and GAIL are also eyeing the stake. The state government rejected Reliance IndustriesÂ’ (RIL) plea for an open auction for stake sale as it already announced it woul
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Firms look to raise funds from abroad
Media reports indicate that several companies, including Reliance Industries (RIL) are taking efforts to raise debt in dollar. Other firms who want to raise dollar funds include Essar Steel, Adani Enterprises and JSW Steel, reports indic
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RIL borrows $487 mn via ECB in June
Reliance Industries (RIL) raised $487 million through external commercial borrowings (ECB), the highest amount among 81 companies which went for ECBs in June. RIL borrowed the amount for a tenure of 13 years and five months for import of capital goods. Besides, RIL, Uttam Galva Steels borrowed $180 million, the second largest amount, for refinancing of rupe
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CAG finds fault with ONGC’s hiring of rig
A report by the Comptroller and Auditor General of India (CAG) found fault with ONGC for hiring a rig from Reliance Industries (RIL) in 2009 for six months at a cost of Rs 146.7 crore without bidding. While ONGC hired it in 2009 on grounds that it needed the equipment to drill three wells urgently, the CAG report suggests the rig was not necessary going by the
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Govt must pursue investor friendly policies in oil and gas sector
Some analysts attribute the abandoning of 15 oil and gas blocks by BP and Reliance Industries (RIL) to unfriendly investor policy of the government. But BP termed the relinquishment of blocks as a routine "portfolio management" exercise. These 15 blocks are part of the 21 blocks for which BP struck a $7.2-billion deal. According to industry observers, the development does not augur well for the dom
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Import of natural gas to operate power plants
The decline in the supply of natural gas from Reliance Industries' (RIL) KG D6 basin to gas-based power plants may prompt these units to import costly
R-LNG to operate their facilities. Anticipating sufficient gas availability, power producers set up a substantial amount of gas-based power capacity in recent
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Ministry examines proposal on pricing of KG D6 gas
Union petroleum ministry is examining the proposal of the Finance Ministry to ask Reliance Industries (RIL) to sell natural gas at lower rates ($4.2 a unit) for the supplies it still owes. In a recent letter to the petroleum ministry, the finance ministry suggested that the government must subject gas producers to closer regulation, especially on the
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RIL to ramp up gas output from $6.5 bn investment
By 2019-20, Reliance Industries (RIL) aims to ramp up natural gas production from its KG-D6 fields to 60 mmscmd and to achieve this the firm plans to invest $6.5 billion. Owing to water and sand ingress in some of the wells, gas output from the fields declined to around 14 mmscmd recently from a peak of 69.43 mmscmd in March 2010