The oil secretary will directly monitor marketing operations of state firms every week to ensure smooth transition to the proposed cash transfer of fuel subsidies.
The US’ Export-Import (Ex-Im) Bank has extended $2.1 billion credit to Reliance Industries.
Reliance Industries (RIL) has sold out its entire stake in an exploration block in Yemen to PT Medco Energi Internasional of Indonesia for about $90 million and has concluded the transaction, which was announced in January.
This is the first time the government has given a formal time-frame for the Oil India's offer for sale that aims to raise Rs 2,500 crore.
Reliance Industries to drill more wells; install compressor to increase gas recovery: Panabaaka Lakshmi
The oil ministry has directed Reliance Industries (RIL) to drill more wells in the producing gas fields of KG-D6 block to reverse declining output.
Civil Aviation Minister Ajit Singh has raised doubts about pricing of jet fuel by state oil marketing firms and urged Oil Minister Veerappa Moily to bring transparency in fixing its rates.
Oil ministry set to approve RIL's investment plans for KG-D6 block, co to develop gas fields by '15-16
According to industry experts, approval of the work plan for current financial year would help in boosting sagging output of the gas field.
CAG has told the oil ministry that it will also scrutinise CBM blocks awarded to firms such as RIL, Essar Oil, Reliance Power and Great Eastern Energy.
Moily’s aides say that the minister is keen to take quick decisions and does not want pending issues to linger.
The proposal will help remove malpractices in the oil industry and save the exchequer Rs 15,000 crore a year.
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