Energy Sector

Qatar aims to raise LNG output to 77 million tons in two years

Liquefied Natural GasNicosia, Apr 9: Qatar has aimed to raise production of Liquefied Natural Gas (LNG) from 31 million tons a year to 77 million tons a year by 2010, the country's Minister of State for Energy and Industry Affairs, Dr. Mohammed bin Saleh Al Sada, told the 16th Annual Middle East Petroleum and Gas Conference in Doha.

Qatar is already the biggest LNG exporter in the world and with a number of huge projects that will cost billions of dollars, mainly the two LNG processing trains - where gas is liquefied - it will add by the end of the year another 8 million tons to its LNG output.

Lula to visit Netherlands, Czech Republic with bio-fuels on agenda

Brazilian President Luiz Inacio Lula da SilvaBrasilia - Brazilian President Luiz Inacio Lula da Silva is set to start a four-day visit this week to the Netherlands and the Czech Republic on a tour focused on ethanol and other bio-fuels, a sector in which Brazil is a global leader.

Brazilian presidential spokesman Marcelo Baumbach said Monday that Lula will tell European leaders that bio-fuels are "a cleaner alternative that causes less harm to the environment."

ONGC to acquire 40% stake in Venezuela for US$ 450 million

India's PSU Energy Major Oil and Natural Gas Corporation (ONGC) has informed that the company’s arm will sign an agreement on April 8 to buy 40% stake in the San Cristobal oilfield in Venezuela for about $ 450 million.

Venezuela, which is the only member in the OPEC from Latin America, is one of the top four oil producing countries in the world.

The acquisition will be carried out by the company's overseas arm, ONGC Videsh Ltd (OVL), which will sign the agreement with Petroleos de Venezuela S.A. (PdVDA).

PdVDA holds remaining 60% stake in the block. The block has estimated oil and gas reserves of 250 million tonnes

OVL To Invest Around $450 Mln To Pick Up 40% Stake In Venezuelan Co

ONGC Videsh Ltd (OVL), the wholly-owned subsidiary of India’s explorationMurli Deora and production major ONGC, is eyeing 40 percent stake, for $450 million, in Petróleos de Venezuela S.A., the State oil company of Venezuela.

In order to fulfill its plan, OVL will sign up a deal with Venezuelan company by the coming week.

The Union Petroleum Minister, Mr. Murli Deora, together with oil ministry officials will leave for Venezuela on Sunday for the signing ceremony.

On the sidelines of an oil & gas seminar organized by CII, Mr. Deora said, “I am going to Venezuela tomorrow and a deal will be signed.”

Reliance Industries To Set Up Two Manufacturing Facilities

In order to ramp up company’s expansion in the technology sector, RILReliance Industries Ltd. (RIL) has submitted a proposal to the Union Government for setting up two manufacturing facilities (a semiconductor wafer fabrication plant and solar PV module unit).

The motive of this proposal under the Government’s scheme is to promote semiconductor technology with a total investment of Rs. 30,000 crore.

Other companies that have submitted their plans under the Government’s scheme include Videocon Industries, Moser Baer PV Technologies, Titan Energy System, KSK Energy Ventures, and Signet Solar

Moser Baer’s unit inks pact with China-based LDK Solar

Moser Baer India Ltd, one of leading optical storage manufacturer, has announced that its subsidiary Moser Baer Photo Voltaic Ltd (MBPV) has signed an agreement with LDK Solar for sale and delivery of high quality multicrystalline silicon wafers.

Under the terms of the agreement, LDK Solar will deliver multicrystalline solar wafers to MBPV for producing PV cells that can generate 640 MW of solar power. MBPV will make a suitable prepayment to LDK Solar reflecting the contract value. The ten-year contract is based on a blend of take-or-pay and market linked pricing mechanism.

Reliance Industries reveals 2nd gas discovery “Dhirubhai-41”; Stock gains 4%

India's largest private sector company Reliance Industries Ltd (RIL) has announced yet another discovery in exploratory block KG-OSN-2003/1 (KG-V-D3) of Krishna Basin.

The deepwater block KG-DWN-2003/1 of NELP-V is situated 45 Kms away from the coast and covers an area of 3288 Sq. Km.

This is the second gas discovery in this block and has been named as ‘Dhirubhai-41’. The company holds a 90 percent participating interest in the block, while Hardy Exploration & Production India holds a 10 percent stake.

L&T secures order worth Rs 576 crore from HPCL

L&T secures order worth Rs 576 crore from HPCLLarsen & Toubro Ltd (L&T), India’s largest engineering conglomerate, has informed that the company has secured order worth Rs 576 crore from Hindustan Petroleum Corporation Ltd (HPCL).

HPCL has awarded L&T a large project order of 200,000 tonnes per annum Lube Oil Base Stock (LOBS) Plant consisting of Raffinate Hydrotreating Unit (RHT), Mobil Selective Dewaxing Unit (MSDW) & Hydro Finishing Unit (HF).

Bharat Oman Refineries files DRHP with SEBI; plans to raise Rs 2400 crore

Bharat Oman Refineries Limited (BORL), an equal joint venture between state-owned Bharat Petroleum Corporation (BPCL) and Oman Oil Company (OMCL), plans to raise Rs 2,400 crore through an initial public offer and other placements.

The company has filed the draft red herring prospectus with SEBI for the proposed IPO on Friday.

The company plans to sell a total of about 48% through the public offer and a pre-IPO placement to raise up to Rs 2400 crore.

The present issued and paid-up equity share capital of BORL is Rs 151 crore, which primarily comprises equity shares held by, inter-alia, BPCL and Oman Oil Company S.A.O.C.

Post the IPO, Oman Oil’s stake in the company is likely to reduce to 5 per cent.

PM to lay foundation stone for 1500 MW power plant in Capital today

Bawana (New Delhi), Prime Minister Dr. Manmohan SinghMar 24: Prime Minister Dr. Manmohan Singh will lay the foundation stone for 1500 MW gas-based power plant “Pragati Phase-III Power Project”, to come up at an estimated cost of Rs 4,500 crore in West Delhi, today.

Union Power Minister Sushil Kumar Shinde and Petroleum Minister Murli Deora will also be present on the occasion.

The proposed project (phase-III) has received clearance from Union Ministry of Environment and Forests.

CALS signs MoU to set refinery project worth Rs 20000 crore in Haldia

CALS Refineries Limited, a North India-based company, has signed a MoU with the West Bengal Industrial Development Corporation and the Haldia Development Authority for a Rs 20,000 crore refinery project in Haldia.

The 20K crore project has been scheduled to be completed in three phases. The first phase will attract an investment of Rs 4000 crore for a 5 million tons capacity project.

The second phase will create employment for 1,500 people and will be commissioned by the end of 2010.

In third phase the company will set up a greenfield project at Nayachar with the investment of Rs 1200 crore. The final phase will be commissioned in 2013.

Signet Solar reveals its first manufacturing facility in India, to invest Rs 8000 crore

California-based Signet Solar, manufacturer of solar modules for power generation, plans to invest up to Rs 8000 crore (US$2 billion) in India in the next 5-7 years.

The company on Thursday has introduced its first manufacturing facility in India.

The proposed facility, located near Chennai will initially manufacture silicon thin film photovoltaic modules for 60 MW only. But once it become fully operational, it will cater to a capacity of up to 300 MW.

The first unit of 60 MW will be operational by 2009 and thereafter two units of 60 MW will be added each year till the plant reaches 300 MW. The facility will soak in an investment of Rs 2,000 crore.

GAIL Keen To Buy ADBs 5.2% Stake In Petronet LNG

State gas firm GAIL India is eyeing to acquire Asian Development Bank’s U D Choubey 5.2% stake, which it likely to offload by 2008 end, in Petronet LNG, India’s largest liquefied natural gas (LNG) importer

GAIL, ONGC, Indian Oil and Bharat Petroleum, which hold 12.5% equity stake each in Petronet, have the initial right of refusal in case the multilateral agency (ADB) was to exit the company.

Oil prices sky rocket, OPEC not to increase production

Algerian Energy Minister Chakib KhelilVienna, Mar 04 : Organisation of Petroleum Exporting Countries (OPEC) ministers in a meeting in Vienna decided today that the cartel would not increase oil production, as the price of crude struck a record high of almost 104 dollars.

The 13- member cartel produces 40 percent of world oil. Kuwait's acting oil minister, Mohammad al-Olaim also supported the views of OPEC's president, Algerian Energy Minister Chakib Khelil that they would not consider an output hike.

8th Gas Discovery helps Reliance Industries in today's trade

Reliance Industries Gas DiscoveryReliance Industries informed on Tuesday that the company has discovered more gas in an exploration block located in east coast of India. This is the eighth major gas discovery for the company in the block allotted to the company under the New Exploration and Licensing Policy (NELP-I) in 1999.

The company expects to produce 35-40 million cubic metres per day of gas from the block.  The company has named the latest gas discovery in Mahanadi shallow water Dhirubhai-40.  The company has notified Directorate General of Hydrocarbons regarding the new gas discovery.

Bahrain expects to conclude gas deal with Iran

Nicosia, Feb 21: Oil and GasThe Bahraini Oil and Gas Affairs Minister Abd al-Husain Mirza has said that he expects discussions between his country and Iran on the supply of natural gas to the island to be concluded before the end of the current year.

In the course of a visit by Iranian President Mahmoud Ahmadinejad in 2007 to Bahrain, the two countries signed a memorandum of understanding on the supply of one million cubic feet of Iranian natural gas a day to Bahrain.

Greek and Italian companies sign letters of intent to establish the Poseidon pipeline

Nicosia, Feb 20:Gas Pipeline The Public Gas Corporation of Greece (DEPA) and the Italian Edison company at the end of January signed a letter of intent which will establish next month the Poseidon SA, the company that will own and operate the Poseidon sub-sea gas pipeline.

The 212-km- long pipeline will carry natural gas from the Caspian Sea and Iran to Western Europe when it is completed, at the end of

DEPA and Edison each have a 50 per cent share in the Poseidon pipeline which will be running from the Greek port of Stavrolimenas in northwest Greece, to Otranto in southeast Italy.

NMDC eyes international iron ore price hike by 50%

Hyderabad-based, National Mineral Development Corporation (NMDC) anticipates that international price for iron ore may increase by 40-50% by April this year.

The price hikes in the international markets are determined mainly by Australian, Brazilian and Japanese iron ore positions, said V K Jain, director (production), NMDC.

The company is also eyeing acquisitions of iron ore mines in Canada and West Africa.

NMDC Limited engages in the exploration and production of a range of mineral products in India. The company has produced 20.1 million tonnes of iron ore during April-December 2007, recording a 12.5 per cent growth over the same period last year.

Global energy growth rates exceed expectations

GLOBAL ENERGYNicosia, Feb 12: A record 20,000 MW of wind power were installed world-wide last year, with the United States, Spain and China providing the biggest annual increases, the Global Energy Council (GWEC) said.

World-wide wind power installed capacity stands at a record ,94,112 MW.

Steve Sawyer, Secretary General of the Brussels-based Global Energy Council, in a statement issued on February 6, said that the growth rates in wind energy continue to exceed the Council's most optimistic expectations.

India adopting delaying tactics on IPI project: Pak

Islamabad, Feb 8: Iran-Pakistan-India (IPI) gas pipelineSources in Pakistan's Ministry of Law have accused India of adopting delaying tactics in signing the landmark tripartite Gas Sales Purchase Agreement (GSPA), involving Iran, Pakistan and India.

Pakistan claims that it has been inviting India to hold the talks for settling the issues of the transit fee for gas transportation, but says the latter has never responded.

Sources further said Pakistan had offered to talk about the transit fee on February 7 in Islamabad, but India neither declined nor accepted the offer.

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