Search Result for : Oil

The Revenue Department said nil customs duty will apply to goods imported for petroleum operations under the Marginal Field Policy (MFP) Source:PTI The Union Cabinet had on September 2 last year approved MFP to bring idle fields of ONGC and OIL to production at the earliest so as to augment domestic production of oil and gas   The government has waived customs duty on import of goods for producing oil and gas from 69 idle fields of state-owned ONGC and Oil India Ltd that will be auctioned this year. In a notification, the Revenue Department said nil customs duty will apply to goods imported in connection with petroleum operations undertaken under specified contracts under the Marginal Field Policy (MFP). The Union Cabinet had on September ...

Dated October 15th, 2015 | Copy of | Circular No.25/2015 | F.No.467/34/2006-Cus.V Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi All Principal Chief Commissioners All Chief Commissioners of Customs, All Chief Commissioners of Customs & Central Excise, All Directorate-Generals, Chief Departmental Representative, All Principal Commissioners of Customs, All Principal Commissioners of Customs & Central Excise All Commissioners of Customs All Commissioners of Customs & Central & Excise Sir, Subiect: Valuation of second hand machinery -reaardina The Board has received representations from other Ministries, trade bodies and traders regarding issues arising from the interpretation of Board's circular no. 4/2008 — Cus dated 12th February 2008. The circular requires that field formations rely upon a chartered engineer's inspection report ...

Source: PIB, Government of India Finance Minister Arun Jaitley emphasized that the International Monetary Fund (IMF) plays a very important role in the global economy, especially in the current context. In his lead intervention in the plenary session of the International Monetary and Finance Committee (IMFC) of the International Monetary Fund (IMF) in Lima, Peru on Friday, the Finance Minister said that the IMF would be constrained in meeting its obligations if the IMF Quota and governance reforms are not implemented. He expressed concern at the unprecedented delay in implementation of the 14th General Review of Quotas. Speaking about the economic situation back home, the minister emphasized that the government of India is committed to a path of fiscal consolidation. The ...

Source: PTI Union Finance Minister Arun Jaitley said despite a global slowdown and its impact on countries, India remains insulated from the economic fallout and stands out as a “brighter spot”. “India is not a part of the Chinese production chain, significantly. In fact, the two segments commodities and oil that been adversely affected certainly don't adversely impact India (which is) a net importer,” Jaitley said on Friday night at The Singapore Summit 2015. “Therefore, the more we see a low price regime, the more India continues to benefit. Notwithstanding the slowdown globally, we do stand out as one of the brighter spots,” he was quoted as saying by The Straits Times. Allaying concerns about the pace of the ...

Source: PTI India will in next few days pay Iran $700 million to clear more than one-tenth of the outstanding oil dues, ahead of the expected lifting of sanctions against Tehran. The Reserve Bank of India will make payments of $6.5 billion in past oil dues to Iran “in a calibrated manner so that there is no pressure on exchange rate”, a senior finance ministry official said on Monday. The first tranche will go out “sometime this month,” he said. Another official said the first tranche of $700 million will go out in "next few days". “Modalities are being worked out and it will be paid in next few days,” he said. US Treasury's Office of Foreign Assets Control last month approved ...

The Dollar Business Bureau India’s largest international oil and gas exploration and production company ONGC Videsh  on Fridaysaid that it will acquire 15% interest in Vankor oil field located in East Siberia of the Russian Federation. ONGC Videsh Limited signed definitive agreements to acquire up to 15% share in CSJC Vankorneft which is the owner of Vankor field and North Vankor licences, ONGC said in a statement. Rosneft Oil Company holds 100% share in Vankorneft. “The acquisition is subject to relevant board, government and regulatory approvals and is expected to close by mid of 2016,” the statement said. The agreement was signed between ONGC Videsh’s CEO & Managing Director Narendra K Verma and Rosneft’s Chairman Board of Directors Igor Sechin during ...

Source: PIB, Government of India The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its approval to the Marginal Fields Policy (MFP), for development of hydrocarbon discoveries made by national oil companies; Oil & Natural Gas Corporation Ltd. (ONGC) and Oil India Ltd. (OIL). These discoveries could not be monetized for many years due to various reasons such as isolated locations, small size of reserves, high development costs, technological constraints, fiscal regime etc. Under the new policy, 69 oil fields which have been held by ONGC and OIL for many years, but have not been exploited, will be opened for competitive bidding. Under this policy, exploration companies will be able to submit bids for exploiting these oil fields. These ...

The Dollar Business Bureau India and Nepal have agreed to construct a 41-km long petroleum pipeline for the supply of petroleum products including diesel, petrol, and air turbine fuel (ATF) to the land-locked Himalayan nation. The pipeline will ensure smooth flow of petroleum products from Raxaul in Bihar to Amlekhgunj in Nepal. The fuel is currently supplied in containers through highway. India’s Petroleum & Natural Gas Minister Dharmendra Pradhan, who along with senior government officials and representatives from oil companies is on a two-day visit to Kathmandu, has signed an Memorandum of Understanding (MoU) with Nepalese minister for commerce and supplies Sunil Thapa for the construction of pipeline. “Pradhan is visiting Kathmandu, Nepal on August 23-25, 2015. During the official visit he will ...