Govt is planning to issue a unique identification (ID) to every citizen from December 2009, which would help it in better governance, including targeting kerosene, cooking gas, food, fertiliser, education and electricity subsidies.
Fuel users may soon get to pay less at the pump, as the government looks to cut petrol prices by up to around Rs 2 a litre to drum up support with voters ahead of key state elections later this month.
India is unwilling to pay for the Iranian gas transported through the proposed $7.6 billion Iran-Pakistan-India (IPI) gas pipeline unless it is delivered at the India-Pakistan border.
For the first-time ever, navratna refining majors - IndiaOil (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) - are set to slip into the red in the second quarter.
The oilcos, declaring their results on October 30, may not be able to get the upside of the bailout as there is only one working day left for the formal notification from the government to come in.
The government is working on a proposal to make it mandatory for Reliance Industries’ (RIL) Jamnagar refinery - an export oriented unit (EoU) - to first meet domestic demand of petroleum products (mainly diesel) before exporting them.
Concerned over the court battle between the Ambanis over gas and the delay in output, the empowered group of ministers has billed it as one of the interim solutions.
Oil cos may end up slipping into the red yet again in the second quarter as they take a huge hit on account of the depreciating rupee.
The petroleum ministry has informed the PMO that it is considering imposition of a special oil tax, windfall gains tax, on E&P firms.
ONGC-Mittal Energy (OMEL) — a joint venture between oil major ONGC and L N Mittal group — is planning to set up its first refinery in Nigeria with an investment of around $4 billion.
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