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The Dollar Business Bureau Oil Minister Dharmendra Pradhan said on Monday that India might raise its imports of liquefied natural gas (LNG) from the US at the right prices, even though various other importers in the country are trying to do away with the costly oil supplies from the US. State-owned company Gas Authority of India Ltd (GAIL) entered into a swap agreement with the trading company Gunvor to supply some of its LNG from the US as the company is trying to reduce costs for price-sensitive buyers following a steep decline in the Asian spot prices that made its US LNG unattractive, reported a leading media agency citing sources. GAIL Ltd has signed a deal for most of its capacity from ...

The Dollar Business Bureau  Petroleum and Natural Gas Minister Dharmendra Pradhan said on Friday that key oil public sector units (PSUs) are planning to do investments of more than Rs.1.43 lakh crore in Andhra Pradesh in the next few years which would generate thousands of jobs in the state. The Minister said that investment will begin from the financial year 2017-18 and the entire investment will be finished by 2021-22.  Andhra Pradesh has huge potential in hydrocarbons and in the coming years the state is going to become the main petrochemical and petroleum hub, Pradhan stressed at the Partnership Summit organised by CII.  “Our oil PSUs are partnering with Andhra Pradesh to build new synergies in the hydrocarbon sector. The oil PSUs have invested more than ...

The Dollar Business Bureau India has offered to work with Sri Lanka in developing gas infrastructure and building oil and gas pipeline networks in the country.  Several Indian companies have already engaged consultants for evaluating LNG demand and are currently developing related infrastructure in Sri Lanka. On Wednesday, the Indian Petroleum & Natural Gas Minister Dharmendra Pradhan met his Sri Lankan counterpart Chandima Weerakkody in New Delhi to discuss various Indian proposals, including joint development of Upper Tank Farm by Lanka IOC (LIOC) in Trincomalee; setting up of LNG terminal at Kerawalapitiya near Colombo by Petronet LNG Ltd; setting up of City Gas Distribution network by GAIL and using CNG in the automotive sector of Sri Lanka.    Welcoming India’s cooperation, Weerakkody said though ...

The Dollar Business Bureau The Cabinet Committee on Economic Affairs (CCEA) has approved Rs.5,176 crore as capital grant to Gas Authority of India Ltd (GAIL) for the development of gas infrastructure in the Eastern region of the country. “Chaired by Prime Minister Narendra Modi, the CCEA has approved viability gap funding/partial capital grant at 40 percent (Rs. 5,176 crore) of the estimated capital cost of Rs. 12,940 crore to GAIL for development of 2539 km long Jagdishpur-Haidia and Bokaro-Dhamra Gas Pipeline (JHBDPL) project,” said an official statement. The JHBDPL project will link the country’s eastern part with the National Gas Grid, it added. The project will also make sure the availability of eco-friendly and clean fuel to various sectors such as ...

The Dollar Business Bureau Coal India Limited announced that it has entered into an agreement with state-run power company NTPC Ltd. for revival of its two fertilizer plants. According to the deal, the 50-50 joint venture between Coal India and NTPC will establish and operate new fertiliser (ammonia urea) complex at Gorakhpur in Uttar Pradesh and Sindri in Jharkhand units of the Fertiliser Corporation of India Limited (FCIL). The joint venture will also market FCIL’s products. "The Ministries of Coal and Power directed CIL and NTPC to enter into joint venture for revival of these projects and hence a JV agreement was signed between the two companies," CIL said in an announcement. During the meeting held at the Prime Minister’s office, both Coal and ...

The Dollar Business Bureau Gas importers from India are benefiting from the easing of Liquefied Natural Gas (LNG) prices with expectations of good profits in the next few months, states a report by Nomura Holdings, a Japanese financial holding company. India’s largest government-owned natural gas processing company Gas Authority of India Limited (GAIL) is all set to have a strong comeback after the weakest performance in the last year, Nomura said in its international market research report. According to it, GAIL is benefiting from lower LNG price in the local market as well as the imports. The strengthening of the petrochemical product price is also benefiting this natural gas transportation company. It has benefited from 60% dip in the new LNG contract prices ...

The Dollar Business Bureau In an effort to revive two gas-based fertilizer plants, Coal India Ltd, the giant of coal mining, and NTPC, largest power producer in India, have inked a joint venture agreement. According to the agreement inked by the two state owned firms, the works at the plants of Fertilizer Corporation of India at Jharkhand and Gorakhpur will resume soon. Earlier, the Centre tried to rope in private partners to revive the ailing fertilizer plants. However, the apathetic response compelled the government to turn back to financially stable public sector companies. The Centre sought cash-rich PSUs like Coal India, NTPC and Oil & Natural Gas Corporation to adopt one shut urea plant by each, to help in the revival process. An official from ...

Source: PTI  Foreign institutional investors have reduced their holdings in 19 blue chip firms that are part of the 30-share benchmark Sensex during July-September quarter as they recast their portfolio on account of several domestic and global factors. They have raised their holdings in 11 companies, as per the data available for the 3-month period ended September 30. In the April-June quarter, FIIs had trimmed exposure in 20 blue-chip companies. Market experts said that a slew of global and domestic factors including concerns over economic slowdown in China and weak GDP numbers in India prompted FIIs to reduce their holdings. Moreover, foreign investors have pulled out more than Rs.18,000 crore from the stock markets during the July-September quarter, higher than over ...