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China's Yingde Gases to set up Indian subsidiary NovaAir

Backed by Asia's largest alternative investment fund PAG, Yingde plans to invest more than $1 billion in India over the next five years to pursue organic and inorganic opportunities, a senior official said. It will invest $3 billion in India and China during that period. In the shorter term, Yingde will invest another $100 million in India, officials said.

Asset strip, two-phased share sale proposed to make BPCL attractive

The govt is planning to strip some assets from the parent entity while splitting the share sale plan into 2 phases.

IOC, other PSUs not to bid for BPCL, hints Oil Minister Dharmendra Pradhan

The Cabinet on Wednesday decided to sell the government's entire stake in the country's second-largest state refiner BPCL and India's largest shipping company Shipping Corporation of India (SCI). It also approved privatisation of Container Corporation of India while also giving nod to paring stake below 51% in select PSUs but without losing control.

RIL pips BP Plc to become 6th largest energy company

The stock — which has risen 36% so far this year — is trading at 21 times FY20 estimated earnings and 3.5 times book value. The RIL stock ended up 2.47% at Rs 1,547 on the BSE Wednesday. RIL chairman Mukesh Ambani, with a net worth of $58 billion, remains the richest Asian.

GAIL, regulator at odds over Rs 1.5K crore pipeline

PNGRB said on November 6 that it had cancelled the bid process for Langtala-Jodhpur-Bhilwara pipeline “as the tariff quoted by GAIL (India) Ltd was found to be excessively high, impacting the viability of the gas itself.” That very day, the board also invited bids for laying a new gas pipeline on altered route from Langtala to Pali via Jodhpur.

Apart from this, stubble will also be used in thermal plants. About 50 to 55 lakh tonne of stubble is produced in the State every year. For its disposal, several ambitious projects are being started in the State, in which about 40 lakh tonne of stubble will be consumed, Power and New and Renewable Energy Minister, Ranjit Singh said.

IOC, GAIL to pay Adani 5% more charge than their own LNG terminal: Dharmendra Pradhan

India's largest oil firm IOC, which recently commissioned a 5 million tonne liquefied natural gas (LNG) import terminal at Ennore in Tamil Nadu, as well as gas utility GAIL have "both technical and financial capability to develop their own LNG terminal," he told the Lok Sabha. The two firms have, however, hired capacity in Adani's under-construction LNG import terminal at Dhamra.

Essar, GSPC bag most of RIL-auctioned natural gas

Essar Steel and Gujarat State Petroleum Corporation have won two-thirds of the natural gas Reliance Industries offered in an auction. Essar Steel, which has been in news lately for its bankruptcy, is learnt to have won 2.25 mmscmd, while GSPC got 1.2 mmscmd. RIL-BP sold all the gas offered.

Essar Steel, Adani, GAIL, HPCL buy bulk of Reliance gas

Essar Steel picked up 2.25 million standard cubic meters per day or about half of the available volumes in the day long auction conducted on November 15. Gujarat State Petroleum Corp (GSPC) picked up 1.2 mmscmd while Adani Group, Mahanagar Gas Ltd and GAIL bought 0.3 mmscmd each, sources said. Hindustan Petroleum Corp Ltd (HPCL) bought 0.35 mmscmd.

Petrol prices rise for third consecutive day

The price of petrol rose by 14 paise per litre in Delhi, Kolkata and Mumbai, while by 15 paise/litre in Chennai. The fuel has become costlier by 47 paise in Delhi, Kolkata and Mumbai, and 50 paise in Chennai, in three days.

Diesel demand falls 7.4% in October partly due to economic slowdown

Diesel demand falls 7.4% in October partly due to economic slowdown

Accounting for a share of 40% of the country's total oil requirement, demand for diesel has reported to plunge 7.4% in October from a year ago which is the biggest monthly fall in three years. Economic slump, extended monsoon, auto sector slowdown, preference for petrol vehicles are some factors behind the downfall in demand for diesel.

ONGC seeks buyers for KG Basin gas

ONGC seeks buyers for KG Basin gas

It has set a reserve price of $5.61 per million metric British thermal unit (mmBtu) and the minimum bid quantity at 0.05 MMSCMD. Bidders will have to quote the number of days they would need to offtake gas after being awarded—with preference for the bidder with fewer days in case of a price tie. Bidders will make a single bid electronically.

ONGC wants to take Opal out of SEZ as domestic demand grows

ONGC wants to take Opal out of SEZ as domestic demand grows

ONGC Petro additions (OPaL), a JV between ONGC, Gujarat State Petroleum Corporation and Gail at the Dahej SEZ, is working towards getting the domestic tariff area (DTA) access to gain from the lower tax regime now. A DTA setup enables a company to set up manufacturing units that cater to the domestic market, while an SEZ unit is meant only for exports.

India to invite foreign firms to invest in state-owned oil companies

India to invite foreign firms to invest in state-owned oil companies

International energy firms will be invited to participate in India's privatisation of state-owned oil companies.

ONGC auction gets tepid response

ONGC auction gets tepid response

In June, ONGC had sought private contractors for the 64 producing small fields, organised in 17 onshore contract areas and with a reserve of 300 million metric tonnes of oil equivalent, and is currently engaged in pre-bid talks. But some potential bidders feel that just a share in incremental revenue may not make these fields lucrative enough.

Dharmendra Pradhan woos foreign firms to invest in India's oil & gas sector

Dharmendra Pradhan woos foreign firms to invest in India's oil & gas sector

Oil Minister Dharmendra Pradhan, who is on a two-day visit to the United Arab Emirates, showcased investment opportunities, promising political and fiscal stability, predictable policies and a huge diverse market.

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