Search Result for : Oil Imports

By Abin Daya The first round of returns filing for GST has happened, and businesses are slowly getting a hang of the processes, and are also understanding the tax better. Much work still needs to be done, and it will take at least two quarters, if not more before we can say that we have become comfortable with it, and it is business as usual again! In the meantime, though, despite a good monsoon, aggregate acreage under cultivation is falling, particularly for food-grains. While the bumper harvest of last year should provide some relief, we will need to do much more to meet our ever-growing demand. The kharif acreage is one of the topics that we deal with this week. Under the same ...

The Dollar Business Bureau India plans to double its natural gas pipeline network to around 30,000 km in the coming 3-4 years as part of the strategy to move to a gas-based economy in order to reduce greenhouse emissions and the dependence on imports for oil, said Petroleum and Natural Gas Minister Dharmendra Pradhan. Also, the country plans to bring in more reforms in the sector and will create a gas trading hub to support better prices for both domestic and imported fuel, said Pradhan. “We are completing a 30,000 km national gas grid in coming years. We can proudly claim that we have not only brought in policy reforms, but also implemented them,” he said while speaking at a session at the ...

The Dollar Business Bureau In an apparent rebuff to the Indian government for cutting down oil imports from its country, Iran has decided to sign a pact with Russia’s Gazprom for developing the ONGC discovered Farzad B gas field. The Farzad B Iranian natural gas field was discovered by ONGC in 2012. Commencing production in 2013, the total in-place reserves of the gas field are around, 21.7 trillion cubic feet of which around 60% is recoverable while production is slated to be around 1.1 billion cubic feet/day. Since Iran kept delaying in awarding the rights to develop to ONGC, India decided to cut down the oil imports by a fifth or 190,000 barrels per day from 240,000 bpd, in 2017-18. In return, Iran ...

The Dollar Business Bureau  India's exports surged up almost 20% during April this year, continuing recovery for the eighth straight month, on the back of good performance by petroleum, textiles and engineering sectors. However, the trade deficit also recorded a three-fold rise to $13.2 billion, majorly due to a sharp increase in the imports of gold and crude oil during April. Exports increased by 19.77% to $24.63 billion during the month compared to $20.56 billion during April 2016, as per the data released by the Ministry of Commerce and Industry on Monday. “In continuation with the double-digit growth exhibited by exports during March 2017, exports during April 2017 have shown growth of 19.77% in dollar terms valued at $24.6 billion as compared ...

The Dollar Business Bureau Due to massive oil production cuts being enforced by OPEC nations, major oil importing countries, especially India, are diversifying their supplier regions. India, for the first time in years, saw its Ural oil imports from Russia drastically surge, as a result of cuts in supplies from its two main oil suppliers – Saudi Arabia and Iraq. While India's crude imports from Russia have never crossed 500,000 tonnes annually, 2017 has already witnessed over 1 million tonnes of Ural import.  ONGC, India's oil and gas major, keen on securing India's energy future, intends to invest over $3 billion in Iran's newly discovered Farzad-B natural gas field. Due to disagreements with Iran's authorities over the development rights to this gas field, India has slashed quantities of oil import from ...

The Dollar Business Bureau Overriding its tapering domestic economy, Japan's foreign trade in the month of March boosted the overall performance of the world's third largest economy. The Japanese administration announced that exports grew more than the expected 12% while imports jumped 16% year on year during March 2017. A revival of stability in Chinese economy supplemented by a gradually normalising global demand has given Japan much reason to cheer. A trade surplus of $5.6 billion was registered in the month of March as exports grossed $66 billion approximately while imports rose to about $60 billion. Japanese exports to China reached $11 billion, showing a whopping 16.4% growth from the same month in the previous year, although the double digit growth is mostly because of a one-month shift in the Lunar New ...

Abin Daya the author of 'Basics of Trade: An India Perspective' is a FEMA expert, a career transaction banker, with close to 15 years of experience in corporate and transaction banking, in India. By Abin Daya Well, the effect of that abysmal performance of the core sector had to have some effect on the IIP. IIP numbers have come in at the lowest in 4 months with -1.2% growth. However, the coming months might give us some respite considering the improvement in economic activity during the month of March. And speaking of March, we have got a second consecutive month of double digit export growth during the month, and that has helped us pull off a positive growth in annual export figures after ...

The Dollar Business Bureau JSW Steel on Thursday said the company is planning to spend up to $1 billion (about Rs.6,500 crore) a year on its capacity expansion and acquisitions.  Sajjan Jindal-led company is also looking to bid for two iron ore mines in Odisha and coking coal mines in Jharkhand in the upcoming auctions, JSW Steel Joint MD and Group CFO Seshagiri Rao said: “We are capable of spending up to $1 billion per annum without increasing debt on capacity expansion and acquisitions.”   Rao confirmed that the company is working at its expansion plans, by bidding aggressively for iron ore mines and coal mine auctions later this year. Replying to a query on whether JSW Steel would bid for all the five coking ...