Search Result for : Cairn India

The Dollar Business Bureau  The Petroleum and Natural Gas Minister Dharmendra Pradhan said on Friday that there will a huge investment in the oil and gas sector worth $25 billion is on the anvil.  Pradhan expressed great optimism about the opportunities for investment in the sector. There will soon be “investment worth $25 billion in the petroleum sector in which oil and gas exploration companies like Cairn India will play a big role,” he told reporters in Dehradun.  In a reply to the question on volatile global oil prices, he said that the firms reposition themselves in line with the fluctuating prices of crude oil in the global market.  Pradhan further said he doesn’t think that fluctuating prices of crude oil should be of ...

PTI UK-based Vedanta group company, Cairn India Ltd's plea for permission to export excess crude from its oil field in Rajasthan was dismissed by the Delhi High Court on Tuesday.Justice Manmohan said that under the production sharing contract (PSC) between Cairn and the central government, the company would get a right to seek permission to export its share of the crude oil only after India attains self-sufficiency.The court said in the absence of a notice from the Centre saying India has attained self-sufficiency, Cairn "can only claim compensation" from the government under the dispute- resolution mechanism provided under the PSC."Writ petition and applications being bereft of merits are dismissed with liberty to invoke the dispute resolution mechanism in the production sharing contract," ...

The Dollar Business Bureau Oil energy explorer Cairn has asked India to pay about $6 billion by as compensation for affecting its business through a tax dispute. Scotland-based Cairn said the company is seeking taxes related to transactions carried out to identify the company's structure for Cairn India’s stock market flotation in 2007. Last year, India had asked Cairn to pay $1.6 billion for the 2007 listing of the company’s India operation. Cairn had taken the case to the international arbitration court in The Hague. Cairn had sold its Cairn India’s majority stake to Vedanta Resources in 2011. It said the tax department's investigation had postponed the sale of its outstanding holding in its Indian venture. The investigation, which began in 2011, was worth ...

The Dollar Business Bureau Keeping in view the fact that 85% of crude oil is imported in India, the Centre expressed to the Delhi High Court that crude exports from the country cannot be allowed as it would harm the country’s interests. While opposing UK-based Vedanta group’s Cairn India’s plea seeking permit to export excess crude from its Rajasthan oil fields, the government reiterated that it would not allow crude exports till the country attains ‘self-sufficiency.’ The Additional Solicitor General Tushar Mehta, who represented the Ministry of Petroleum and Natural Gas, said that the decision was a part of the policies formed by the government. Mehta further stated that the natural resources are not just vested in the hands of the Government ...

The Dollar Business Bureau The government, in a submission to the Delhi High Court, stated that Cairn India cannot export crude oil from its Rajasthan oil field until India attains ‘self-sufficiency.’ The Centre claimed that their stand of not allowing export of crude until India becomes self-sufficient was clear and in accordance with the national policy. The submission by the Ministry of Petroleum and Natural Gas was made to a bench comprising Justice Manmohan,  after Cairn India the subsidiary of UK-based Vedanta group, sought permission for exports of crude. Additional Solicitor General Tushar Mehta stated that as the petitioner was bound by a Production Sharing Contract, he is prohibited to export crude till India becomes self-sufficient. At the time when India is dependent on imports ...

Source: PTI    British oil firm Cairn Energy plc on Tuesday said it will seek from India over $600 million in damages for loss it suffered in value of its holding from a Rs.10,247-crore tax demand raised on its eight-year-old internal business recognition. The Income Tax Department using a retrospective legislation had in January 2014 issued a draft tax assessment order on Cairn Energy over its 2006 internal business reorganisation and barred it from selling its 9.8% stake in Cairn India. In a statement, Cairn said it had initiated arbitration challenging levy of tax under UK-India Investment Treaty. “International arbitration proceedings to resolve the retrospective tax issue in India have now formally commenced following the agreement between Cairn and the Government of ...

The Dollar Business Bureau The Petroleum Ministry on Tuesday rejected a proposal from Cairn India seeking export of crude oil from Barmer block of Rajasthan. Cairn India, one of the largest oil and gas exploration companies had sought permission for exporting crude oil from India’s largest onshore field, citing that exports would result in additional revenue for the state and central governments in terms of taxes and royalty. However, the Petroleum Ministry, reports said, shot down the proposal stating that the company’s production sharing contract (PSC) with the Centre didn’t provide for sales abroad. The company had also proposed a swap mechanism in its proposal to the Ministry, where it expressed readiness to source crude oil at cheaper prices from ...

 The Dollar Business Bureau In order to boost energy trade with Latin America, Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhan is on tour Mexico and Columbia from today for mutual cooperation in the area of hydrocarbons and to seek long-term linkages for the nation’s energy security. The Oil Minister is accompanied by a high level delegation which includes B. Ashok (Chairman, Indian Oil), Narendra Kumar Verma (Managing Director, ONGC Videsh Ltd) and other senior ministry officials. Apart from PSUs, Atul Laul (President, Reliance Industries), Mayank Ashar (CEO, Cairn India) and Rajeev Sharma (CEO, Adani Gas CEO) have also joined the 15-member delegation. He is also expected to meet the energy ministers of Mexico ...