Energy Sector

Centre asks oil PSUs to increase LPG supply

New Delhi, Feb 6 : Indian Natural Gas & Petrolium Minister M S SrinivasanIn its attempt to ease shortages of liquefied petroleum gas (LPG) cylinders, the Central Government has asked the public sector oil companies to increase its supply.

“We are taking all steps and you will see the situation will ease in next few days,” Petroleum Minister Murli Deora told reporters.

Union Cabinet meet on fuel price hike deferred

Union Cabinet meet on fuel price hike deferredNew Delhi, Feb 4: The meeting of the Union Cabinet scheduled for today to take final decision on increasing petrol and diesel prices, in view of spurt in international oil prices, has been postponed.

"It will meet shortly," a government official said.

The meeting was indicated to be held this afternoon to consider raising petrol price by Rs 2 a litre and diesel by Re 1 a litre together with some cut in excise duty on the two fuel.

Pak,Indian petroleum ministers to visit Iran for pipeline talks

Tehran, Feb.3: Petroleum ministers of India and Pakistan will visit Tehran later this month to discuss the next steps to be taken to activate a multi-billion dollar tripartite gas pipeline project to transport Iranian gas to India via Pakistan.

"We have invited the Indian Petroleum Minister (Murli Deora) with the Pakistanis to come here ... and they have accepted," Oil Minister Gholam Hossein Nozari told reporters here on Saturday.

"We are making efforts to make it a tripartite deal or it will become a bilateral one," he said.

The talks are to be held between February 14 and 16.

New solar powered cars tested in the Australian outback

New solar powered cars tested in the Australian outbackWashington, Jan 26: New solar powered cars, which show off an improvement in elecric vehicle design, have been tested at the World Solar Challenge in Australia.

This event was an important eco-race, where 38 teams comprising of university students and hobbyist-engineers, raced their cutting-edge solar cars for five days across the Australian outback.

The region has some of the world’s most grueling terrains to race on.

Kuwait to lend funds for Egyptian power plant

Kuwait to lend funds for Egyptian power plantNicosia, Jan 26: The Kuwait Fund for Arab Economic Development has announced that it will lend 200 million dollars to the West Delta Electricity Company of Egypt for the construction of a new 1,300 mw power plant at Abu Qir near Alexandria.

The agreement for the first instalment of the loan amounting to 100 million dollars was signed by Marwan al-Ghanem, the Fund’s Regional Manager for Arab countries, and a representative of the Egyptian Ministry of Electricity and Energy.

Reliance Energy Consortium bags “Airport Metro Express Line Project”

Reliance Energy LtdReliance Energy Ltd in consortium with CAF of Spain has been awarded the Airport Metro Express Line (AMEL), Project on BOOT basis for a concession period of 30 years.

The project has been awarded by Delhi Metro Rail Corporation Ltd (DMRC) through an International Competitive bidding process. The estimated project cost is about Rs 2,500 crore.

The proposed 22.7 km of high speed metro rail line shall connect New Delhi Railway Station and New Delhi International Airport through Cannaught Place.

NTPC reveals plans to generate 1000 MW power under renewable energy mode in Tamil Nadu

Power generation major, National Thermal Power Corporation is planning to generate around 600 MW of electricity using renewable energy resources in Tamil Nadu.

“The PSU was aiming at generating 1000 MW power under renewable energy mode and a major portion of it will be in Tamil Nadu,” T Sankaralingam, Chairman, NTPC said.

The projects would include wind mills and bio-mass units. It is believed that a blue print would be ready soon for a joint venture with Tamil Nadu Electricity Board (TNEB).

NTPC already has entered into a joint venture with TNEB for setting up Rs 7,500 crore thermal power plant at Ennore, with a projected capacity of 1,500 MW. The project was expected to be commissioned by 2010-2011.

DE Shaw Group invests $15 million in Soham Renewable Energy

The D. E. Shaw group, a global investment and technology development firm, has made an equity investment of US$ 15 million in Soham Renewable Energy India Private Ltd. to fund its expansion plan over the next five years, a company official said.  

Incorporated in 2000, Soham is focused on generating power from all the segments of the renewable power sector, including hydro, solar, and wind power. The company has also obtained carbon credits under the Certified Emission

Reduction (CER) program for this project and has sold the credits to one of the largest power utilities in Japan.
Soham recently commissioned a 22 MW hydro project in the state of Karnataka to supply exclusive power to a large multinational corporation.

MRPL announces rise in refinery expansion cost

Mangalore Refinery and Petrochemicals (MRPL), has announced that the cost of expanding its refinery capacity to 15 million ton is likely to jump to over Rs 11,000 crore due to the recent rise in input cost. The earlier estimates were around Rs 8000 crore for the expansion plans.

RS Sharma, Chairman, MRPL said, “The expansion of Mangalore refinery capacity from 9.69 million ton to 15 million ton was budgeted at Rs 8,000 crore in 2006 but is now being estimated to cross Rs 11,000 crore.”
Mumbai-based company is engages in refining crude oil in India. The firm is a subsidiary of Oil & Natural Gas Corporation Limited.

PTC India raises 1200 crore via QIP; Stock up 5%

PTC India has announced that the company has raised Rs 1,200 crore through the qualified institutional placement (QIP) route. After the issue, company’s paid-up capital has increased to Rs 227.41 crore from Rs 150 crore earlier.

The company has allotted 7.41 crore equity shares of Rs 10 each at an issue price of Rs 155 per share aggregating Rs 1,199.94 crore in favor of qualified institutional buyers (QIBs), an official release stated.

Essar Oil arm acquires 50% stake in Kenyan Refinery

India's petroleum major, Essar Oil Ltd has announced that Essar Energy Overseas Ltd, a subsidiary of the Company has entered into an agreement to acquire 50% stake in Kenya Petroleum Refineries Ltd. ("KPRL"). KPRL operates in Mombasa, Kenya with a capacity of 4 million metric tonnes per annum (MMTPA). The Government of Kenya holds the remaining 50% stake of KPRL.

However, the company has not revealed the cost of the acquisition.

The refinery in Mombasa, previously half-owned by Chevron, BP and Royal Dutch Shell, is the only one in eastern Africa. It currently produces LPG, gasoline, diesel, kerosene and fuel oil. The refinery is planned to be upgraded by adding secondary units at a project cost of USD 400-450 million, an official release said.

HPCL raises Rs. 170 crore; DCW plans to issue equity shares

Hindustan Petroleum Corp Ltd has announced that the company has raised Rs 170 crore through the sale of oil bonds issued to the company by the government.

Hindustan Petroleum Corporation Limited (HPCL) operates as an integrated oil refining and marketing company in India. It offers petrol, diesel, kerosene, liquefied petroleum gas (LPG), aviation turbine fuel, naphtha, bitumen, low sulfur heavy stock, solvents, unleaded petrol and low sulphur diesel, and approximately 300 brands of lubricants.

HPCL had originally planned to raise Rs 300 crore via the 2012 bonds and Rs 185 crore through 2024 bonds. These bonds were issued by the government to compensate for selling fuel below market rates.    

Reliance Industries reveals gas discovery, Stock touches lifetime high

India's largest Reliance Industriesprivate-sector company, Reliance Industries (RIL), has announced yet another gas discovery in block KG OSN-2001/1 in the Krishna basin on the east coast of India.

This is the third gas discovery in the KG-OSN-2001/1 (KG-III-5) block, the company said, adding that the discovery has been named 'Dhirubhai-38'.

RIL is the sole operator of this block, which is spread over an area 1,100 square kilometers. The project was awarded to RIL during the third round of NELP

IOC and Calik Energy get green light to build refinery at Ceyhan

Nicosia, Jan. 10: Indian Oil CorporationThe Turkish government has given Calik Energy and the Indian Oil Corporation (IOC) the green light to build a
300,000 barrels a day (b/d) refinery at the Mediterranean port of Ceyhan.

The joint venture expected to cost about $4.9 billion has received all the necessary licences for the refinery, which may at a later stage include a petrochemical unit.

Italian energy firm Eni and Kazakhstan's oil and gas company KazMunaiGaz will also participate in the project, which will be the fourth refinery planned to operate in the Mediterranean port of Ceyhan.

Crude Oil Prices May Reach $150 Per Barrel By Next 2-3 Yrs, Says Srinivasan

M.S. SrinivasanWhile addressing the delegates at the New Exploration Licensing Policy-VII roadshow in Mumbai, Mr. M.S. Srinivasan, Union Secretary for Petroleum and Natural Gas stated that crude oil prices could reach $150 per barrel by the next two to three years.

Under the recent NELP, a total of 57 blocks are on offer to national as well as international oil companies.

Of the total blocks, 29 are onland and 19 deep water blocks. The number of shallow water blocks on offer this year is 9.

Mr. Srinivasan added that the bids for NELP-VII would close on April 11, 2008.

Sterlite Technologies bags contract worth Rs. 1.4 billion from RVPN

Sterlite TechnologiesSterlite Technologies Ltd has announced that the company has won a contract worth Rs. 1.4 billion ($ 35 million) from Rajasthan Rajya Vidyut Prasaran Nigam Ltd (RVPN) India for manufacture and supply of ACSR Moose Power Transmission Conductors.

The company is a leading global provider of optical fibers, power transmission conductors, and telecommunication cables.

Cairn India Intraday Call

Cairn IndiaCairn India is looking good for intraday trading. The stock is hovering around its 52-week high and can make a new high in today’s trading session.

Cairn India can be bought around Rs 254 – 257. For intraday, the first target is Rs 262 which should be easily met if the markets open positive. The second target is Rs 267 for the stock. The stock could make can new 52-week high today as Cairn India was among major gainers on Nifty yesterday.

Day Traders should keep a strict stop loss of Rs 251 for the stock. Other stocks from the sector, which look good for investment, include RNRL, GAIL, ONGC and Aban Offshore.

Reliance Power IPO To Debut On January 15

Anil AmbaniReliance Power, a subsidiary of Reliance Energy, has finally fixed the price range for its IPO at Rs 405 - 450 per share.

The issue will open on January 15, 2008 and close on January 18, 2008, an official release said.

The IPO estimated to raise between Rs 10,500 crore to Rs 11,700 crore with the sale of 26 crores shares in the public offer, making it the biggest ever IPO proceeds in India.

Fuel Prices To Be Hiked By Next Month, Says Srinivasan

M.S. Srinivasan The Petroleum Secretary, M.S. Srinivasan said on Wednesday that India is all set to increase retail fuel prices by next month (Feb 2008).

Mr. Srinivasan also said that a moderate increase in prices was likely that could speed up inflation.

India did not increase domestic fuel prices during last year (2007) even though the world fuel prices rose by more than half.

Mr. Srinivasan told, “The GoM (Group of Ministers) on food is meeting on eighth (January) and very soon after that there will be a meeting on fuel prices.”

GAIL signs MoU with OIL India

GAIL India Oil India MOUState-run gas firm, GAIL (India) and Oil India Limited (OIL) have signed a memorandum of understanding (MoU) for joint cooperation in various business areas.

The agreement was signed by GAIL Chairman and Managing Director U. D. Choubey and OIL Chairman and Managing Director M. R. Pasrija.

GAIL (India) Limited, is India's flagship Natural Gas company, integrating all aspects of the Natural Gas value chain (including Exploration & Production, Processing, Transmission, Distribution and Marketing) and its related services.




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