Several Gulf-based oil producers are considering a proposal from the Indian government to invest in creating large crude oil storage facilities along the country’s coastline.
The decline in the core sector performance underscores the need to put infrastructure on the top of the new government's to-do list.
Oil ministry officials say the decontrol of pump prices of petrol and diesel remains on the government agenda.
Govt is contemplating penal action against RIL for committing 28 mn standard cubic meters of gas per day from its KG basin.
Budget 2009-10, that is expected to flag off some of UPA government’s big ticket reform programmes, may include a roadmap for decontrolling fuel prices in the country.
Oil and gas producers could be forced to pay royalties to the government on the basis of sale prices in the future rather than the present system of ‘wellhead value’, threatening profits of oil companies such as ONGC, Reliance Industries and Cairn India.
Oil and gas producers could be forced to pay royalties to the government on the basis of sale price in the future rather than the present system of “well-head value”, threatening profits of oil companies, such as ONGC, Reliance Industries and Cairn India.
The $4-billion refinery project at Bathinda which is co-owned by steel tycoon LN Mittal and state-owned oil giant HPCL, may go public by the year end to raise around Rs 2,000 crore, according to two people close to the matter.
The government may not increase pump prices of petrol and diesel until the average price of crude oil for domestic consumption breaches the $70-a-barrel mark, a senior government official said.
State-run GAIL (India) Ltd and Reliance Gas Transportation Infrastructure Ltd (RGTIL) have been threatened with punitive action in the case of a delay in execution of projects.
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