IOC-led consortium to buy 23.9% stake in Vankor field
The Dollar Business Bureau Indian Oil Corporation (IOC)-led consortium of oil companies including BPCL, IOC and OIL has signed a Sale Purchase Agreement on Friday to buy 23.9 percent stake in Russia’s Vankor field. The agreement between Oil India, IOC, and Bharat PetroResources, an arm of Bharat Petroleum Corp and state-run Rosneft was signed in St. Petersburg. The deal is for $2.1 billion, IOC said in a statement. The deal was signed during the visit of Dharmendra Pradhan, Petroleum Minister of State at the St. Petersburg International Economic Forum (SPIEF), held on June 16-17. SPIEF is an economic event of Russia where global companies, political leaders and some of the largest companies participate. Recently, ONGC Videsh Ltd has acquired 15 percent share in the ...
Fortum to aid Indias solar projs with 400m
The Dollar Business Bureau Fortum, the Finnish utility firm announced that it would invest 200 to 400 million Euros in solar power projects in India. The company in a statement said, “Fortum seeks to allocate, of its planned growth capital, in the range of 200-400 million euros in solar projects in India.” The Indian government has plans of boosting up the generation of solar power to 100 gigawatts, by 2022. Currently the solar generation in the country is only 5.25 gigawatts. Fortum’s spokesman opined that, “India offers one of the best solar resources and a sound government support for the development of solar sector. The country provides a good platform for Fortum to further develop its business in solar also elsewhere.” The companies normally win ...
India and Bangladesh enter into a new trade petroleum agreement
The Dollar Business Bureau India and Bangladesh has entered into a new age of petroleum trade, when a train loaded with High Speed Diesel is making its way to Bangladesh starting Thursday. The 42 wagon train is carrying around 2500 metric tons of High Speed Diesel. It was inaugurated by Indian Minister of State for Petroleum and Natural Gas, Dharmendra Pradhan on Thursday at Siliguri Marketing Terminal of Numaligarh Refineries Limited (NRL) in West Bengal. The rail shipment will travel over 516 km from Siliguri to Parbitipur in Bangladesh, which would be received by H V Shringla, High Commissioner of India to Bangladesh and Hamid, Hon'ble Minister of Power, Energy and Mineral Resources, Government of Bangladesh. Pradhan said, “This consignment is a symbolic gesture ...
