Energy Sector

IFC To Lend $150 Million To Petronet LNG Ltd

International Finance CorporationNew Delhi: International Finance Corporation (IFC) will provide $150 million as loan to publicly owned Petronet LNG Ltd (PLL) to construct a liquefied natural gas (LNG) import and regassification workstation in South India.

Oil Prices Slip Below $72

Oil prices dipped on Monday carrying on its downtrend since last week on US demand worries amidst troubles in the subprime mortgage area.

New York’s main futures contract, light sweet crude for next month delivery went down 15 cents to USD 71.62 per barrel.

In London, the value of Brent North Sea crude for the coming month delivery came down 16 cents to settle at USD 70.23 a barrel.

For September delivery, natural gas also closed down USD 0.026 at USD 6.794 per million BTUs.

Indian Govt. Plans To Dilute Stake In Oil India Along With Oil India IPO

Oil India LimitedThe government is making plans to offload its stake from Oil India (OIL).

Government that hold up 98% stake in the company, plans to sell 10% stake of the company to state refiners together with the company`s IPO in February 2008.

The offloading route could facilitate the government to accumulate Rs 10 to 15 billion. Automatically, government’s property in the company will jump down to about 78% after the stake sale.

Oil Slips Below $71 Over US Economy Concerns

On Friday, oil and gas futures declined below USD 71 per barrel on news of US subprime troubles and worries over the US economy.

For next month delivery, light, sweet crude descended 61 cents to USD 70.98 each barrel on the New York Mercantile Exchange (NYMEX).

On the other hand, gasoline rates for next month delivery vanished 0.3 cents to USD 1.93 per gallon.

In London, September Brent crude lost 33 cents, to USD 69.88 a barrel on the ICE Futures exchange.

Oil & Gasoline Prices Edge Downward

Oil and GasOil and gas futures fell on Wednesday after a governmental announcement displayed an unforeseen slump in refinery action and big declines in oil and gasoline stocks. Oil and gas futures jumped at once after the report’s release, and then traded volatile for the whole day.

For next monthe delivery, light, sweet crude delivery descended 27 cents to USD 72.15 per barrel on the NYMEX, and the gasoline came down 0.65 cent to USD 1.9377 each gallon.

Crude Oil Price Rise Is A Worrying Issue - Chidambaram

Finance Minister P ChidambaramNew Delhi: Yesterday, Finance Minister P Chidambaram alleged that the zoom in worldwide oil prices is a subject of serious concern and it was for the Petroleum Ministry to take a call on retail pricing of petroleum products.

“Yes, rising crude prices is a matter of grave concern... it is entirely for the Ministry of Petroleum to propose that (an increase in domestic fuel prices) and seek a view on this,” he said here.

Oil Prices at All-Time High

Oil prices came up to USD 77 per barrel, nearing an record high on July 27, on buying supported by news of faster-than-expected economic development.

But, retail gas prices fell to their lowest level since late May.

Light, sweet crude for September delivery climbed up USD 2.07 to USD 77.02 per barrel on the NYMEX.

The gasoline rates for next month delivery grew 2.58 cents to USD 2.1017 per gallon after decreasing earlier. Gasoline futures finished the week 6.26 cents, lower by 2.9%.

Petro Price Increase Looks Imminent

PetrolNew Delhi: Yesterday, the government generally suggested about a rise in petrol and diesel costs, even though it has kept retail prices unaltered.

Petroleum Minister, Murli Deora told, “We are trying very hard to see that prices are not increased, (but) I cannot say if they will never be raised.”

Castrol Heads Gainers In 'A' Group at BSE

Castrol IndiaCastrol zoomed 11.03% to Rs 280.35 and lead gainers path in BSE's ‘A’ group shares. The scrip beat up after the company declared adequate Q2 June 2007 results. The other gainers list includes Reliance Energy, Dena Bank, Jindal Stainless, Welspun Gujarat Stahl Rohren.

Castrol’s net earnings climbed up 31.05% to Rs 65.93 crore in Q2 June 2007 against Q2 June 2006. Sales climbed 13.26% to Rs 540.05 crore in Q2 June 2007 from Q2 June 2006.

Gas Prices Drop, Oil Retreats Below $76

Oil prices dangled on Monday (July 23) as exports to Angolan oil facility commenced once more and on expectancy that US gasoline demand will decrease in place with the end of peak summer demand.

On the New York Mercantile Exchange (NYMEX), light, sweet crude for next month delivery slipped 38 cents, at USD 75.41 per barrel.

On the other hand, gasoline rates came down 2.06 cents to USD 2.1440 per gallon on NYMEX. Oil price slid further.

The next month Brent crude delivery dipped 18 cents to USD 77.46 a barrel on the ICE Futures exchange in London.

NYMEX heating oil futures vanished 0.22 cents to USD 2.0922 per gallon, whereas natural gas rates fell 27.6 cents, to settle at USD 6.170 per 1,000 cubic feet.

Reliance Energy Net Rises 25% In Jun`07 Qtr

Reliance Energy LimitedReliance Energy recorded a 25.45% enhancement in net profit to Rs 2,215.60 million for the quarter ended June 2007 from Rs 1,766.10 million in the corresponding period ended June 2006.

No Decision Yet On Fuel Cost Increase - Murli Deora

New Delhi: Petroleum Minister Murli DeoraAccording to the Petroleum Minister, Murli Deora that the government has not taken any decision to raise prices of transport fuels but will shortly hold meeting with oil companies on how to undertake the situation actuated by high global crude prices.

“We really do not want to hike the petroleum prices. But we are helpless when the international price increase like this,” Deora told.

Mr. Deora was referring to worldwide crude rates hitting the $78 a barrel in recent weeks.

Crude Oil Rates Stable At Its 11-Month Peak

Crude oil prices remained firm after extending to an 11 month high on Monday (July 16). Oil prices soared on conjectures that, an augmentation in refinery demand may result in deficit of US oil reserves.

Additionally, there were suppositions that the Energy Department details that will be out tomorrow (July 18), will indicate a slump in inventories for a second week on refiners advancing operating rates.

Crude oil for next month delivery on the New York Mercantile Exchange (NYMEX) increased 1 cent, at USD 74.16 a barrel.

The contract was up 22 cents, or 0.3%, to USD 74.15 a barrel the highest close since Aug. 11.

ONGC Moves Up 33 Ranks On Fortune Listing

Oil and Natural Gas CorporationNew Delhi: Oil and Natural Gas Corporation (ONGC) lifted 33 notches to 369th position in the newly issued 2007 version of Fortune Global 500 list.

According to the company release, “After making a debut in the turnover-based annual Fortune Global club two years ago (with a rank of 459), ONGC has moved up steadily, thanks to its advancing topline.”

Refined Q1 Results Fuel CPCL Share Outlook

Chennai Petroleum Corporation Ltd.After reporting an increase of 26.93% in net profit in Q1 June 2007,  Chennai Petroleum Corporation came up 4.32% to Rs 296.95 in afternoon trading. The company declared the quarterly results during the market hours.

At the same time, the BSE 30-share Sensex was up 190.68 points, or 1.27%, to 15,099.

GAIL, Apollo Tyres Enters Pact To Use Eco-Friendly Technology

Apollo TyresNew Delhi: State-run gas utility GAIL (India) and Apollo Tyres has signed up a contract for making power from steam.

According to the company release, GAIL will supply steam from its Vaghodia Compressor Station (near Vadodara) to Apollo Tyres that would produce power for it.

Cambodian PM To Talk Oil, Defence In India On July 8-11

Phnom Penh: Cambodian Prime Minister Hun SenIn order to strengthen economic and energy ties, Cambodian Prime Minister Hun Sen left for India on Sunday.

India and Cambodia are expected to sign up various accords, including one in the area of oil and natural gas.

According to an official press release, during his visit to India, Hun Sen will meet with Indian President Abdul Kalam and also hold official discussions with his counterpart Manmohan Singh.

Govt may Hike Petrol, Diesel Rates

New Delhi: PetrolThe government is thinking over ways such as increasing petrol and diesel prices for coping with the surge in worldwide crude oil rates, which have resulted in oil companies losing Rs 170 crore a day.
According to the official sources that an increase of Rs 2 in petrol and a Re 1 in diesel prices is being mooted as Indian basket of crude oil passed over $69 a barrel mark.
Public sector oil companies are receding more than Rs 5.3 a litre on petrol and Rs 4.40 on diesel as Indian basket of crude oil has climbed 12 per cent since February 15, when petrol and diesel prices were down by Rs 2 and Re 1 a litre correspondingly.

HDFC To Reach Rs 2200 Shortly

Technical AnalystHDFC Bank, Ashwani Gujral is of the opinion that Housing Development Finance Corporation (HDFC) has aim of Rs 2200.

Gujral stated, “I think definitely financial space has a lot of strength, the PSU sector was lagging but now with inflation coming down, I think PSU banks will also catch up.”

One will see Rs 1350 shortly on HDFC Bank as it has made a fresh breakout, and HDFC is now hovering to attain a target of 2200.

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