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The finance ministry has agreed to compensate Rs 13,000 crore to oil marketing companies, IOC, HPCL and BPCL, for the losses they incur this fiscal due to selling diesel and cooking fuel below cost, petroleum minister Murli Deora informed the Rajya Sabha in a written reply on Tuesday. OMCs incurred a loss of Rs 31,367 crore on sale of diesel and cooking fuel during the first six months of this fiscal. Of this, Rs 10,456 has already been compensated by state-owned upstream companies such as ONGC
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The proposed nuclear park in Jaitapur in Maharashtra, which will eventually house six nuclear power reactors and produce about 10,000 mw of electricity annually, has been recommended for clearance by the expert committee of the environment ministry and put up before environment minister Jairam Ramesh for his final decision. The nuclear park the first in a series of several such multiple-unit reactor complexes planned to be set up by the government is being developed by the department of atomic
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NEW DELHI (Reuters) - State-run Coal India is doing due diligence for a stake in a mine that belongs to U.S.-based Massey Energy, but has no plan to acquire the company itself, the Indian firm's chairman said on Wednesday.
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HSBC Securities raised its rating on the shares of Indian energy major Reliance Industries to neutral from underweight on Wednesday, saying it saw limited downside in the near term. But before you sign off on that cheque for more buys of teh stock, read this - there was no reason for a significant bounce back either, it said. The brokerage said the negative news flow related to the slower ramp-up of natural gas production from the KG-D6 field off India s east coast has been digested by the mark
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JSW Energy on Tuesday said it has entered into a binding agreement with CIC Energy Corp (CIC), a company incorporated in the British Virgin Islands and listed on the Toronto and Botswana stock exchanges, to acquire all of the shares of CIC Energy at a price of Canadian $7.42 per share, amounting to C$422 million. CIC is developing the Mmamabula Energy Complex at its Mmamabula Coal Field in southeastern Botswana, Africa. The Mmamabula Energy Complex is planned to develop coal mines for export, s
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Surcharge upheld Confirming the demand of additional charges/surcharges payable on delayed payment of outstanding electricity dues by PSU Nava Bharat Ferro Alloys to Transmission Corporation of AP Ltd, the Supreme Court has held that a party who fails in the final proceedings cannot benefit from the interim orders issued during the pendency of such proceedings. The apex court said that it cannot grant any relief to a defaulting consumer once the demand is upheld nor does it interfere with the p
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The government is actively considering to bring in more areas under oil palm cultivation within the country in the next few years to reduce the palm oil import bill. At present, almost 99% of the country s annual palm oil requirement is imported due to low local output. The government, at a meeting on oil palm cultivation, has decided to explore the possibility of palm plantations in non-traditional areas including Arunachal Pradesh, Bihar, Jharkhand, Patna, Pondicherry, Manipur, Meghalaya and
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India s executive director at the IMF Arvind Virmani has cautioned against any halt on the country s policy reform on oil and energy. He has urged corporate India to be prepared to handle situations that could arise from some degree of volatility in capital flows. Companies should not be taken by surprise if the inevitable fluctuations in capital flows cause exchange rate variations or restrict the availability of short-term finance. Given the global economic conditions, there could be shocks,
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In what may put upward pressure on electricity tariff in the country and pose regulatory challenges, states are increasingly demanding power at concessional rates from private developers as a condition for support on fuel linkage, land acquisition, water supply tie-up and environmental clearance. The Central Electricity Regulatory Commission (CERC) has recently written to the central government, drawing its attention to the issue. Implications of Chhattisgarh and Orissa (which are rich in coal)
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MUMBAI (Reuters) â The BSE Sensex is expected to start little changed on Wednesday and investors should remain on the backfoot on subdued Asian peers following skirmishes in the Korean peninsula.
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QUITO (Reuters) - Five oil companies operating in Ecuador agreed to new service deals on Tuesday, leaving
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MUMBAI (Reuters) - HSBC Securities raised its rating on the shares of Indian energy major Reliance Industries to neutral from underweight on Wednesday, saying it saw limited downside in the near term.
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REUTERS - Indian power producer JSW Energy Ltd agreed to buy Canada's CIC Energy Corp for C$422 million ($414.5 million), putting to end two-month long speculations on the coal explorer's future.
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BANGALORE (Reuters) - Indian power utility JSW Energy Ltd agreed to buy Canadian coal miner CIC Energy Corp for C$422 million ($414.5 million) after two months of exclusive talks as it looks to boost its coal reserves.
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LONDON (Reuters) - Oil fell towards $81 on Tuesday as the dollar gained after a major exchange of artillery fire on the Korean peninsula and as the euro fell on fears Ireland's debt crisis may lead to problems elsewhere in Europe.
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