Search Result for : Oil And Gas

The Dollar Business Bureau The Minister of Petroleum and Natural gas Dharmendra Pradhan said that his Ministry has taken up with the Government of Bangladesh for laying a pipeline carrying natural gas from Chittagong to Tripura to address the cooking gas shortage of the North East. In his response to the media in which he revealed the intentions of the Indian government, he said, “We are laying a pipeline for transportation of diesel from Siliguri in West Bengal to Parvatipur in Bangladesh. There is pipeline for carrying diesel from Numaligarh oil refinery in Assam to Siliguri. In exchange, we have given the proposal for a gas pipeline from Chittagong to Tripura. We are pursuing the matter diplomatically and I would also visit ...

The Dollar Business Bureau Mercedes Benz is planning to bring in BS VI emission compliant models into India in 2018. A press release to the media said that the company is also willing to forge partnership with oil firms for higher grade oil needed for these models. The car maker has already sought help from various ministries, including Ministry of Road Transport and Highways, which has asked them to get in touch with the oil and gas firms. "We would be ready as early as 2018. We could bring the first set of vehicles in 2018 into the country," Mercedes-Benz India Managing Director and CEO Roland Folger told PTI when asked about the company’s plans regarding launch of vehicles compliant with Bharat ...

The Dollar Business Bureau Indian-origin businessman Sanjeev Gupta is likely to bail out yet another ailing plant in Britain after he agreed to acquire the UK’s biggest producer of merchant bars that are used in shaping steel products. As per the deal, Gupta’s Liberty House Group will buy out 100% of the share capital of the Caparo Merchant Bar Plc (CMB) from its managers of Caparo Industries. The acquisition forms a part of Liberty House’s broader strategy for Britain’s steel industry, with taken over major parts of Tata Steel’s UK business and earlier acquiring a large part of Caparo’s engineering operations when the plants owned by Indian-born business magnate Lord Swraj Paul, went into management in 2015. “CMB remained solvent despite its parent, Caparo Industries Plc, ...

By Abin Daya Summer is fully and truly here, and we are burning! Mercury has breached the 40 degree mark and there is no sign of rains. Personal discomfort notwithstanding, summer also impacts an economy like India, which is still influenced by agriculture and the rains that drive cropping patterns. The reservoirs are running near to empty, particularly in South India, and with one more month to go before the normal start date of the monsoons, the pain is not over yet. Supply of drinking water and for household purposes is already affected significantly, apart from the impact on power generation and irrigation. However, East and Central India have been relatively better off, and agricultural activities in these regions have also benefited from ...

By Ranjeet Mahtani and Sweta Rajan A seven-hour long debate in the Lok Sabha, resulted in the passage of the Integrated GST, Central GST and GST Compensation Bills this week. Having been introduced as ‘money bills’ the Rajya Sabha did not have the power to amend or reject bills. Now, the Bills require presidential assent to become law. In preparation for the transition to GST, the Central Government has introduced another bill in the Lok Sabha to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Central Excise Tariff Act, 1985, the Finance Act, 2001, and the Finance Act, 2005, and to repeal certain existing enactments. These amendments are essential to modify the tax levying ...

PTI The government will on Monday sign contracts for the 31 small discovered oil and gas fields it had auctioned in the first bid round in more than six years. State-owned oil firms IOC, BPCL and HPCL had cornered a third of the fields whose award was confirmed by the Cabinet last month. “Contracts with successful bidders will be signed on March 27,” a senior official said. Touted as an auction round that would replicate the shale gas revolution of the US, half of the fields went to new and lesser known entrants like engineering company Megha Engineering & Infrastructure, KEI-RSOS Petroleum, Enquest Drilling and Nippon Power. The Cabinet Committee on Economic Affairs (CCEA) had approved award of 31 fields out of 34 that received ...

The Dollar Business Bureau  Government-owned Oil and Natural Gas Corporation Ltd (ONGC) said on Thursday that it will invest around Rs.7,327 crore for developing four projects that include the Ratna oil field which it got back from private player Essar Oil.  The Board has approved investment worth of Rs.4,104.63 crore for the development of R-Series oil fields that include reviving of an R-12 (Ratna), said ONGC in a statement.  Discovered in 1979, Ratna field had started production in the year 1983 and continued the production till 1994. The contract had been awarded by the Government in 1996 for the development of Ratna and R-Series oil fields to a consortium of companies headed by Essar Oil.  However, due to several issues, the contract could not ...

The Dollar Business Bureau  The rights to 31 oil and gas exploration blocks comprising 44 small fields, which were auctioned under the Discovered Small Field (DSF) Bid Round 2016, have finally been approved by the government on February 15, 2017.  The development of these new sites is expected to yield an additional 15,000 barrels of oil per day, contributing significantly to PM Modi's goal of reducing dependence on oil imports by 10% by 2022. Owing to this expansion, gas output is expected to increase by 2 million cubic meters per day.  The revenue over the next 15 years from these sites has been pegged at Rs.46,000 crore, of which 9,600 crore will proceed to the government.  The new fields have been awarded to a mix of new players like Sun Petrochemicals, Megha Engineering and Infrastructure, and established ...