Energy Sector

Core Sector Growth Drops From 9.9% To 4.5% In October

The growth of six infrastructure industries fell to 4.5% in October from 9.9% in the same period of the previous year, due to decline in production of crude petroleum and petroleum refinery, an official release said.
The infrastructure index, comprising sectors such as Cement, Crude, Refining, Coal, Electricity and Steel, declined to 6.2% from 8.9% in the corresponding period of last year, it added.

The Crude oil production registered a negative growth of 0.1% in October compared to 9.3% in October 2006 while, Refinery output grew by a much slower rate of 2.8% versus 18.1% in the same month last year.

Time Technoplast acquires Bahrain-based battery firm, stock touches lifetime high

Time Technoplast Ltd has acquired 100% stake in Bahrain-based battery manufacturer Gulf Powerbeat WLL (GPW) for $10 million. The acquisition was made by the Mumbai-based company through its Hyderabad subsidiary NED Energy (NED) and the total investment will be financed through a mix of equity contribution from NED and raising debt overseas, an official release said.

GPW, Bahrain has installed capacity for telecom / automotive batteries of up to 150 mn AM with surplus capacity to produce vital battery components (grids and Lead plates) of additional 250 mn AH.

This acquisition of Gulf Powerbeat shall provide NED Energy 'ready to use' capacity which could be integrated fully with NED's operation in the next three months.

ONGC-Mittal Energy acquires 2 gas blocks in Trinidad

ONGC Mittal Energy Ltd. (OMEL), a joint venture between ONGC Videsh Ltd. (OVL) and Mittal Investment Sarl (MIS), has won an exploration block with estimated gas reserves of 2 trillion cubic feet in Trinidad and Tobago. The firm has won this exploration block, by beating United Kingdom’s Centrica Plc.

OMEL, the 51:49 JV between Mittal Energy and the overseas investment arm of state-run ONGC, made a revised financial commitment of around $204 million to win the block. Mittal Investment is owned by industrialist L.N. Mittal, who also owns Arcelor Mittal, the world’s largest steel company.

XL Telecoms reveal plans to enter Power Generation Sector, Stock up 5%

XL Telecom & Energy Ltd has announced that the Company has decided to enter into “Power Generation Sector” with initial investments in Spain, the current global destination for Grid Connected Solar Energy.

Saptashva Solar, a subsidiary of the company, will establish a series of "Solar Farms" for power generation in Spain with a 28 MW capacity target for the first year. The medium term target is to install close to 200 MW of these farms in Spain and surrounding Portugal alone, an official release said.

L&T group company wins order worth $ 190 million in Oman

Country's largest engineering and construction company, Larsen & Toubro (L&T) announced that its Oman Unit, Larsen & Toubro (Oman) LLC has won  three orders worth over USD 190 million (Rs. 748 crore) from Dhofar Power Company and Muscat Electricity Distribution Company for electrical substations and associated works  and for executing the Muscat Golf Course in Oman.

Larsen & Toubro (Oman) LLC is a joint venture of Larsen & Toubro FZE and the Zubair Corporation and has been in operations for the last 14 years.

Videocon Industries plans thermal power plants with investment of Rs 25k crore

Videocon Industries has announced that the company will enter power generation with a capacity of 5000 MW of electricity. The company has plans to invest Rs 25k crore and is already looking for land in states of West Bengal, Chhattisgarh and Gujarat.

The company plans to raise money with equity and debt to finance the projects. Videocon Industries is also looking for a global partner to step into power generation sector. Industry experts believe that Videocon may also be looking at private equity placement to some big investor.

New Delhi Government imposes environment cess on diesel

Sheila Dikshit Diesel Price HikeThe New Delhi government has finally decided to levy an environment cess of 25 paise per litre on diesel.

Mrs. Sheila Dikshit, Chief Minister of New Delhi said, “A fund called the Environment Cess Fund would be started to help introducing clean air policy.”

The government has also decided to set up adequate number of centres at 19 border points to prevent the entry of polluting vehicles into the capital from neighbouring states, she added.

Gujarat NRE acquires Australian-based Elouera mine, Stock up 3%

A K Jagatramka Gujarat NRE Coke
Gujarat NRE Coke Ltd has announced that that the company has completed the acquisition of the Australian-based Elouera mine (Elouera) from world's largest resources group BHP Billiton. BHP Billiton is a part of the Illawarra Coal Business located in New South Wales, Australia.

The company stated in a release that the acquisition was made through Gujarat NRE Resources NL (Gujarat), the Australian flagship firm of the Gujarat NRE Coke group.

Suzlon Energy gets Turbines order from ONGC, Stock up 2%

Suzlon Energy ONGC Turbines OrderIndia’s leading manufacturer of Wind Turbine Generators, Suzlon Energy Ltd has received a big new order from energy major ONGC, for 51 MW of wind turbine capacity.

The company would supply 34 units of Suzlon's S82 - 1.5 mw turbines to ONGC for the project in Kutch region of Gujarat. The order also covers operation and maintenance for the project for a period of ten years, an official release said.

Get ready for price hike, says Petroleum Minister

Petrol PumpThe Indian government will hike the prices of diesel and petrol by January 2008, and this will help public oil firms to minimize loss they are incurring on selling fuel below cost, said Petroleum Minister.

M.S. Srinivasan, Union Minister of Petroleum and Natural Gas said, "We are definitely not ruling out the hike. There will be a hike, so be prepared for moderate hike in the prices of petrol and diesel.”

He further said that the increase would be minimal, and the hike has been necessitated by the increase in the global crude oil price, which is inching towards a 100-dollar per barrel mark.

Indian Oil Corporation Buy Call

As per views of technical analysts, Indian Oil Corporation is looking good for long term (7-8 months). Interested investors can buy the stock at Rs 640. If the stock market falls, buy it between Rs 605-540 levels over next few trading sessions. This is a delivery based calls and investors can buy it with strict stop loss of Rs 470 for a target of Rs 896 in short term and Rs 1408 in long term.

The stock of the company is currently trading at a P/E of 9 and offers an earning per share of Rs 71. On National Stock Exchange, the stock has touched its 52-week high of Rs 664 with a low of Rs 361.

Indian Oil Corporation Limited was formed in1964 as a result of merger between Indian Oil Company Ltd. and Indian Refineries Ltd.

Suzlon Energy Trading Call

As per view of technical analysts, Suzlon Energy can be bought at current market price with the stop loss of Rs 1932 for a target of Rs 1966 – 1991. This is an intraday call for day traders.

The stock has touched an intraday high of Rs 1,993 and a low of Rs1,960. The stock is currently trading at Rs 1977 with a gain of Rs 35.85 or 1.85%.

Suzlon Energy is the 5th largest company in the world in its segment. The company has issued zero- coupon foreign currency convertible bonds worth 10 million to fund its organic growth initiatives.

On NSE, the stock has touched a 52-week high of 2,159.80 and a low of Rs 931.
The stock is trading at a P/E of 53.90 at current market price and has an earning per share of Rs 36.77.

Helium isotopes may identify potential sources for geothermal energy

Washington, Dec 2: A new research by geologists has suggested that areas with high resource potential for geothermal energy can be identified using the ratio of helium isotopes.

Geothermal energy is an untapped alternative means of power for humans that lies deep within the Earth's surface. It is quite significant nowadays in the wake of depletion of fossil fuel sources and rise in global warming.

It has been estimated that within the continental United States, there is a sizable resource of accessible geothermal energy – about 3,000 times the current annual U.S. consumption.

Two important reasons this storehouse of energy has not been tapped is that locating the specific energy hot spots is difficult and expensive.

ONGC Videsh wins two exploration blocks in Brazil

New Delhi, Nov 28: Oil and Natural Gas Corporation Limited’s wholly-owned subsidiary ONGC Videsh has bagged two blocks in Brazil, namely deepwater Block 470 in the highly prospective Espirito Santo basin and shallow water Block 1413 in another highly prospective Santos basin, amid stiff competition from International companies.

Earlier, Agência Nacional do Petróleo (ANP), the regulatory agency of Brazil, had announced the opening of Brazil Round 9, in which, 271 blocks, distributed among nine basins, totalling almost 73,000 km² in deepwater, shallow water and onshore were on offer.

India allots 2.6 billion USD for developing renewable sources of energy

New Delhi, Nov 24 : The Indian government has allotted rupees 10,460 crores (2.6 billion USD) for the development of new and renewable sources of energy in the country during the 11th five-year plan.

The Centre has yet to accept the recommendations of an expert committee report titled Integrated Energy Policy Report (IEPR), which has projected that renewable sources of energy may account for 5 to 6 per cent of country's energy mix by the year 2031.

The Centre has been investing in such projects and during the period 2004 to 2007, it allotted rupees 135.59 crores (34 million USD) for development of small hydro power projects.

Gas De France acquires stake in block in Western Desert in Egypt

Nicosia, Nov 18 : Gaz de France, which is a major energy player in Europe, has acquired 45 per cent stake in the Alam El Shawish West licence in Egypt from Greek company Vegas Oil and Gas.

Covering 1,075, this licence is located at the Abu Gharadig Basin in the Western Desert, south-west of Alexandria. Several significant discoveries have already been made there and an exploration program has been under way. Oil production is expected to begin very shortly, followed by natural gas production in the years to come. Vegas Oil and Gas will remain the operator for the licence.

Reliance Power set to bag 4,000 mega watt UMPP at Krishnapatnam in AP

Reliance Power UMPP Andhra Pradesh, Anil Ambani
Reliance Power Ltd emerged as the lowest bidder in Krishnapatnam Ultra Mega Power project. Reliance Power quoted a price of Rs 2.33 per unit. Reliance Power has recently won Ultra Mega Power Project (UMPP) in Madhya Pradesh. Anil Ambani’s Reliance Power will set up UMPP with capacity of 4,000 mega watt at Krishnapatnam in Andhra Pradesh. The project cost is estimated at Rs 16,000 crore.

Decision Over Fuel Prices By Next Week

Indian_Oil_Minister_Murli_DeoraIndian Oil Minister Murli Deora told on Wednesday that the government would take a decision on whether to raise prices of petroleum products next week.

"Government is very much alive to the problems faced by our PSUs. We are trying our best so that we find a solution soon," he said.

The petroleum ministry has planned to take to the Cabinet this week a proposal to either marginally raise petrol and diesel prices or cut duties to offset the impact of raising international oil prices, but the proposal is not being pursued this week

Iran says it will rethink its cooperation with international oil companies

Nicosia, Nov.3: Iran has threatened international oil companies which have shown reluctance to implement development projects in the country that it would re-examine and redefine its cooperation with them.

Noghrehkar-Shirazi, the Deputy Minister of Petroleum, said that scores of companies "were on standby to replace international oil companies which were thinking of abandoning their development projects in the Islamic Republic."

Earlier, the Pars Oil and Gas Company announced that it had set a deadline for Total and Shell until June next year to make their final investment decisions on linked upstream/liquefied natural gas exports projects with Iran.

No Crude Price Hike For Now, Says Sonia Gandhi

Sonia_Gandhi_UPA_ChairpersonNew Delhi: Sonia Gandhi, UPA Chairperson has demanded the administration to shun hiking fuel rates at the moment, even though state-run oil companies are under great stress with global crude prices surging close to $100 per barrel.

Murli Deora, Indian Petroleum Minister met Ms Gandhi and Manmohan Singh on Friday to talk about measures to provide relief to the oil companies that are suffering loss by selling fuel at low costs.

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