<p>With a view to give boost to agriculture sector, achieve import substitution, promote effective waste management and reduce environmental pollution Government has been blending ethanol in petrol. With
The Petroleum and Natural Gas Ministry has warned the Prime Minister’s Office (PMO) that unless proactive efforts are made to fasten the process of pending clearances for oil and gas blocks, the country could witness an ‘exodus’ of foreign companies and billions of dollars of investments. Foreign oil and gas giants were lured to India with a promise of conducive investment environment, it said. Non-clearance would adversely effect investment environment for the future.
New Delhi The oil ministry may seek the approval of Cabinet Committee of Economic Affairs on the long pending issue of coal bed methane (CBM) gas pricing of Reliance Industries and Essar Oil. “A committee of secretaries is finalising the CBM pricing for the two companies and once its report is approved by the oil ministry a cabinet note would be moved,” a senior oil ministry official said on condition of anonymity.
The Union Petroleum and Natural Gas Ministry is learnt to have given its favourable consent to the proposal of Andhra Pradesh Government not to suspend supply of KG-D6 gas allocation to Lanco’s Kondapalli
Oil and Natural Gas Corp (ONGC) and China National Petroleum Corp (CNPC) will renew a co-operation pact in areas such as exploration, an Indian oil ministry official said. The energy-hungry Asian nations - widely blamed for a record rise in oil prices - usually compete for stakes in foreign oil and gas projects to secure supplies. “Although we are rivals, the interests of India and China converge when it comes to hydrocarbons. With ONGC, they (CNPC) will sign an MoU (Memorandum of Understanding),” the official told reporters on Monday.
The finance ministry is not in favour of increasing excise duty on diesel vehicles as it comes at a time when most of India Inc is battling a demand slowdown. The proposal mooted by the petroleum and
New Delhi Petronet LNG, the country’s largest gas importer of liquified natural gas (LNG), is planning to raise around R4,500-5,000 crore over the period of next three years for its proposed terminal at Gangavaram Port in Andhra Pradesh. The company also intends to increase 5 million tonne additional capacity for it’s first terminal at Dahej. “The gangavaram terminal project will have a capacity of 5 million tonne and is due to start operations in 2016. We are looking to raise around R4,500- 5,000 crore and in talks with various banks and financial institutions in India and abroad.
New Delhi: British energy major BP Plc has sought a free market pricing regime for natural gas to check India’s growing dependence on imports and prevent investments in the exploration and related oilfield
Higher crude oil price was responsible for the pulling down the country’s GDP growth to 6.9 per cent last year from about eight per cent, petroleum minister Jaipal Reddy said on Wednesday. Speaking at the fifth OPEC International Seminar in Vienna on Wednesday, Reddy said, “It is estimated that a sustained 10 dollar increase in oil prices lead to a 1.5 per cent reduction in the GDP of developing countries. We have seen evidence of this in our own country. India’s GDP grew at 6.9 per cent during the last financial year down from the eight per cent plus growth rate experienced in the past few years”.
The Competition Commission of India (CCI) has questioned the coordinated pricing strategy of state-owned oil marketing companies (OMCs). It plans to write to these companies over the matter soon. “The coordinated approach of OMCs is not only impacting consumer interest, it is also likely to create entry barriers for private players in the sector. We will write to them about it soon,” a senior CCI official told Business Standard.
Writes to Pranab on the revenue being lost in not doing so, wants steep levy The government is planning to compensate the subsidy on diesel by taxing cars fuelled by it. Petroleum Minister S Jaipal Reddy has recommended a steep Rs 2,55,000 additional tax on large and medium diesel cars and Rs 1,70,000 on small diesel cars. In a letter to Finance Minister Pranab Mukherjee, he has said the government was earning Rs 12.72 less in excise duty on diesel compared to petrol, which attracts Rs 14.78 a litre in excise duty. Besides, Rs 12.53 is the under-recovery on sale of a litre of diesel.
