Indian prices stable amid strong demand, import offers high
The Dollar Business Bureau The Indian petcoke demand offers have been on a high without any sign of imminent downward correction. Though there have been import offers from US and Saudi Arabia, Indian importers have strongly resisted them as most were not ready to pay more than $86/MT on cost and freight rates in India. Saudi Arabia is likely to decrease its supply as Yashref, a major refiner in the region, has planned for maintenance shut-down of its 400,000 barrels per day refinery in the Yanbu Industrial City from Nov’16 to the Dec’16. The refinery processes low cost Arabian crude oil, and produces Petcoke, among other by-products, for export. Reliance Industries Limited (RIL), India's largest producer of pet coke in the country revised ...
Govt to cut gas price for producers by 20% in October
The Dollar Business Bureau The price of natural gas paid to the producers such as Oil and Natural Gas Corporation Ltd (ONGC) and Reliance Industries Ltd (RIL) is expected to decline 20 percent to $2.45 in the month of October.This price drop will be the fourth in the last one and a half year, after the pricing formula cleared in October 2014 by the government. The given rate is based on the gross calorific value (GCV).The price of gas produced from prevailing fields of RIL and ONGC is expected to decline to $2.45 per mmBtu (million British thermal units), effective from October 1, against the present rate of $3.06, according to a senior official.Earlier, the price of natural gas was reduced on April 1 ...
Reliance to sell its entire share in GAPCO to Total
The Dollar Business Bureau Reliance Industries Ltd’s (RIL) indirectly fully-owned arm, Reliance Exploration & Production DMCC (REPDMCC), has signed an agreement to sell its entire interest of 76 percent in the Mauritius-incorporated GAPCO to Total Marketing and Services. REPDMCC has signed agreement with Total on May 30, 2016 for the sale of its entire 76 percent interest held by it in the GAPCO (Gulf Africa Petroleum Corporation), RIL said in a BSE filing on Tuesday. The proposed deal is subjected to approvals from regulatory bodies and other conditions that are applicable for such transactions, it added. GAPCO, a holding company, has operating arms in Kenya, Tanzania and Uganda, which are majorly involved in the imports of petroleum products. The company is also ...
56 Indian firms feature in Forbes Global 2000 list
The Dollar Business Bureau Reliance Industries Ltd (RIL), the Mukesh Ambani-led conglomerate, leads the tally of 56 Indian companies which are featured in the annual list of Forbes’s 2,000 largest and most powerful public companies in the world. The US is leading the list with 586 companies. The Forbes list of ‘Global 2000’ in 2016, a comprehensive list of the largest and biggest companies of the world, highlights the dominance of US and China in the present world business scenario. The companies, based in the US and China, take over the top 10 positions with only Toyota Motor Corp from Japan standing at the 10th position. India’s 56th position in the list remains the same as the previous year while RIL maintains its position of ...
RIL raises $225 million through overseas bond issue
The Dollar Business Bureau Reliance Industries Ltd (RIL) has raised $225 million through a 10-year-term overseas bond issue guaranteed by the Export-Import Bank of the United States. The Mukesh Ambani-led company has issued the debt bond with a fixed interest rate of 2.512%, which will be matured in January 2026. “The Notes will bear a fixed interest rate of 2.512% per annum, with interest payable semi-annually. The principal amount of the Notes will be payable in consecutive semi-annual installments commencing on July 15, 2016 up to the maturity on January 15, 2026,” the company said in a statement on Thursday. According to RIL, this is the first time the US Ex-Im Bank has guaranteed the issuance of Notes by a private ...
India aims to diversify Mexican oil imports, strengthen energy ties
The Dollar Business Bureau India will diversify its crude oil imports from Mexico as part of its efforts to strengthen energy cooperation with Latin American countries. Petroleum minister Dharmendra Pradhan who led a business delegation to Mexico on May 18-19, said that India is trying to diversify its import sources of energy and more than 20% of crude import of India is presently sourced from Latin America. “Mexico figures high on the priority of India to enhance bilateral energy ties,” the minister said after his meeting with Pedro Joaquín Caldwell, Minister of Energy, Mexico. Pradhan also met Minister of Economy Ildefonso Guajardo Villareal and CEO of national oil company of Mexico PEMEX Emilio Lozoya Austin. During these meetings Pradhan stressed ...
