Energy Sector

Power Grid To Set Up Base In Dubai

New Delhi: Power Grid Corporation Limited (PGCIL) has announced publicly that it would set up base in Dubai, and is also considering 20 percent stake in Philippines National Transmission Company for $800 million.

While discussing the growing prospects and added plans, R.P. Singh, PGCIL Chairman and Managing Director stated that the scheme to build up a base in Dubai was to target West Asian projects that are liked to consultancy and infrastructure.

Additionally, Mr. Singh said that the company was looking at Saudi Arabia and Africa, comprising South Africa for running system operations and handling transmission and distribution projects.

Qatar assures India to consider supplying additional LNG

New Delhi, Oct 29: Qatar Emir Sheikh Hamad Bin Khalifa Al-Thani today assured Union Petroleum Minister Murli Deora to consider Indian proposal for supplying additional quantities of Liquefied Natural Gas (LNG).

At a meeting in Doha earlier this morning, Al-Thani and Abdullah Bin Hamad Al-Attiyah, Deputy Premier and Minister of Energy and Industry, emphasised the need for greater cooperation between India and Qatar in the hydrocarbon sector.

Deora evinced interest of Indian companies to participate, including equity stake, in the various opportunities and projects in the hydrocarbon sector in Qatar. He said that the Indian gas market was emerging as a mature market.

ONGC Targets Rs 122,000 Cr Investment In 11th Five Year Plan

RS_Sharma_ONGC_CMDMumbai: State-owned oil and gas major ONGC has decided to invest around Rs 1,22,000 crore to expand its activities in the existing five-year (11th) plan period. This will also include Rs 20,000 crore investment in the country’s east coast.

Director R S Sharma, ONGC Chairman and Managing Director, said, “We have plans to invest Rs 76,000 crore domestically and Rs 46,000 crore overseas during the current five-year plan period ending 2012.”

Crude oil pipeline route in Turkey changes from Samsun to Unye

Nicosia, Oct 23, Iaonnis Solomou : The Trans Anatolian Pipeline Company (TAPCO) has announced that it will change the route of the company's planned crude oil pipeline from the Black Sea port of Samsun to the Mediterranean port of Ceyhan.

The new route will run from Unye to Yumurtalik and will allow the flow of crude from Russia and the Caspian region to the Mediterranean Sea, without passing the heavily congested Bosphorus Straits.

The previous route, which was 550 kilometres long, will now be shorter by some 100 kilometres. Furthermore, Unye will allow larger offshore facilities than what could be build at Samsun.

Mittal Group signs MOU with 4 Oil companies to set up Petrochemical Plant at Vizag

Mittal Investments has signed a Memorandum of Understanding (MOU) with HPCL, Oil India, GAIL and France’s Total S.A. to develop a refinery and petrochemical plant in Visakhapatnam. LN Mittal group will also be working with HPCL to set up a refinery in Bhatinda, Punjab. The Bhatinda refinery project has been delayed for many years due to political issues and Mittal Group was successful in picking up 49% stake in the project.

In the statement issued, HPCL CMD Mr. Arun Balakrishnan said, "We have signed a memorandum of understanding to study the feasibility of a refinery and a petrochemical complex. We expect to receive the report by March."

Crude Oil On All-Time Peak

Crude oil has climbed up to new all-time peaks in the Asian markets.

Currently, the crude oil is trading at $86.33 per barrel amid growing worry between Turkey and Kurdish rebels across the Iraq border.

In early trading, New York’s main oil futures contract, light sweet crude for next month (November) delivery, was 20 cents higher than the $86.13, which was achieved in late New York trades on yesterday.

Brent North Sea crude for next month delivery was 10 cents higher at a new record of $82.85 per barrel, after spiking $2.20 to $82.75 per barrel in London yesterday.

Brent’s earlier high of $81.05 was accomplished late last month, whereas New York crude has now exceeded its previous record peak of $84.10 reached during intra-day trade during last month.

Govt. in No Mood to Hike Petrol, Diesel Prices

New Delhi: Allaying the hearsay regarding increase in the kerosene and domestic Liquefied Petroleum Gas (LPG) costs, together with that of petrol and diesel in the recent year (2007), the Union Government on Thursday has sanctioned a financial package, comprising issuing of Rs. 23,457-crore worth oil bonds and branching out the funding plan on LPG and kerosene for the next three years.

ONGC To Use Up $1.4 Bln On Field Redevelopment

ONGCMumbai: Indian state-run explorer Oil and Natural Gas (ONGC) will expend Rs 5713 crore on the second development phase of a key field off India’s west coast.

In a declaration, the company said that the renovation would aid ONGC’s Mumbai High South field to fabricate 22 million tonnes of incremental oil.

“At current crude prices, the additional produce is valued at 530 billion rupees,” the company said.

Reliance Power Follows IPO Path

Reliance_EnergyMumbai: Reliance Power is thinking over an initial public offering (IPO) to bring up around Rs 11,000 crore to finance the ultra mega power projects in Sasan and Rosa.

The sources said the company will file a draft red herring prospectus shortly.

Paswan to release National Policy on Petrochemicals today

New Delhi, Sept. 28 : Minister of Fertilizers and Chemicals and Steel Ram Vilas Paswan will release the National Policy on Petrochemicals here today.
The policy is aimed at promoting investment in upstream in downstream industries, increase production and consumption, create infrastructure and promote research and development of plastic and synthetic fibres.

IOC Draws Rs 43,250 Cr 5-Yr Plan For Capacity Expansion

Indian Oil
Mumbai: In order to promote its subsisting refineries, Indian Oil Corp. Ltd (IOC) has decided to invest Rs 43,250 crore by 2011-12.

The India’s biggest public sector oil marketer will utilize funds primarily to increase annual refining capacity to around 80 million tonnes by the next five years.

IOC will also establish refineries and petrochemical plants, and explore for acquirements out of the country in the next five years.

India to sign production sharing pact for 3 deep water exploration blocks in Myanmar

New Delhi, Sept 22 : ONGC Videsh Ltd (OVL) will sign Production Sharing Contracts (PSCs) for three deep water exploration blocks with the Myanmar Oil and Gas Enterprise (MOGE), a Myanmar government's undertaking.

Petroleum Minister Murli Deora, who is leaving on Sunday for a two-day visit to Myanmar, will also attend the signing of the contract.

Deora will be accompanied by Petroleum Secretary M S Srinivasan and OVL MD R S Butola.

Rapeseed biofuel ‘produces more greenhouse gas than oil or petrol’

Washington, Sept.22 : A renewable energy source designed to reduce greenhouse gas emissions is contributing more to global warming than fossil fuels, a study has suggested.

Measurements of emissions from the burning of biofuels derived from rapeseed and maize have been found to produce more greenhouse gas emissions than they save. Other biofuels, especially those likely to see greater use over the next decade, performed better than fossil fuels but the study raises serious questions about some of the most commonly produced varieties.

BPCL Looking For Increase In Petrol And Diesel Rates

Mumbai: State-owned oil major BPCL has sought an increase in petrol rates by Rs 4 and diesel by Rs 2 per litre in proportion to the climbing crude oil costs in the worldwide markets.

While addressing the news persons after its 54th AGM on Thursday, Ashok Sinha, BPCL Chairman and Managing Director said, “We are hoping the price of petrol and diesel would be raised by Rs 4 and Rs 2 respectively.”

“The three oil companies are losing Rs 150 crore per day and BPCL's share is 25 per cent of that,” Mr. Sinha commented.

ONGC To Commence Production From KG Basin By 2012-13

New Delhi: Oil and Natural Gas Corp (ONGC) on Wednesday said that it will commence production from its ultra deep sea gas discovery in the Krishna-Godavari basin off the east coast by 2012-13.

R.S. Sharma, ONGC Chairman, said, “The company is firming up an appraisal plan for integrated development of the discoveries in shallow to deepwater (northern) part of the KG-DWN-98/2 block along with other fields in adjoining nomination acreages, which is projected to yield 12-15 million cubic meters per day gas by 2012-13.”

ONGC requests Government to Increase Gas Prices

ONGC seeks an increase in the Gas prices and has requested the Congress Government to re-think on gas pricing. ONGC has requested an increase of nearly 50 per cent from the current price finalised by the Government. ONGC expects to get the market value of Gas and doesn't want Government to offer any subsidy on Natural Gas.

ONGC Chairman Mr. R S Sharma said, “We are hoping price of Administered Price Mechanism (APM) gas will be raised to Rs 4.5 per cubic metre or $ 2.5 per million British thermal unit (mBtu) from Rs 3.2 per cubic metre or $ 1.97 per mBtu.”

Citadel awards 1.9 billion dollars contract for hydro-cracking facilities near Cairo

Nicosia, Sept.19: Citadel Capital, an Egyptian private equity firm with investments in energy and cement, has awarded a 1.9 billion dollar contract to Japanese company Mitsui and South Korea’s GS Engineering.

The project, which represents one of the biggest engineering, procurement and construction projects ever signed in Egypt, provides for the creation of new hydrocracking facilities outside Cairo near the Musturud refinery, which is owned by the Cairo Oil Refining Company.

Oil Sets New Records!

Oil prices jumped to all-time high, and other energy futures also accompanied suit on Monday, on the back of anticipations that the Fed Reserve will slash the benchmark federal funds rate.

The rate cut will back up the stock markets and guarantee demand for oil and gasoline in the upcoming days.

For next month delivery, light, sweet, crude ascended $1.47 to $80.57 per barrel on the NYMEX. It also touched a peak of $80.70 on Monday (September 17).

“Power Will Be Made Available To All In The Country By 2012” – The Union Power Minister

Deepanjalinagar (Visakhapatnam DT.) – The Union Power Minister, Sushil Kumar Shinde, who was here to lay the foundation for stage II of NTPC Simhadri Super Thermal Power Project involving an investment of Rs.5,038 crore, on Sunday promised that ‘power will be made available to all in the country by 2012’.

New Coal Sale Policy Likely To Be Uncovered Within A Week

Kolkata: A CIL top functionary stated that the coal ministry has nailed down the new coal distribution plan that would be brought out by next week with a few modifications in the e-auction method.

Partha S Bhattacharya, Coal India Ltd chairman said that the administration is scheduled to reveal the fresh coal sale policy within a week.

This will reinstate e-auction of coal after it was banished since December 2006 accompanying exploitation and emergency of coal for core segments. At present, e-booking is followed up to sell coal in the open market by CIL.

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