(PTI) A preliminary pact for a consortium of Indian companies led by ONGC Videsh (OVL) for acquiring about 49 per cent stake in Russia’s Vankor cluster oilfields may be signed during Prime Minister Narendra Modi’s annual summit with Russian President Vladimir Putin this week. Oil Minister Dharmendra Pradhan was in Moscow last week in preparation for the Prime Minister’s visit. Modi will be the chief guest at this year’s Eastern Economic Forum in Vladivostok between September 4 and 6 and would also meet the Russian President for their annual summit. A host of agreements is expected to be signed during the visit…
Author: Amit Bhanot
(FE) Bangladesh has signed an agreement to buy 718 megawatt of electricity from Reliance Power over the next 22 years, the company said on Sunday. Reliance plans to invest about $1 billion to set up a local plant by 2022 to provide the electricity. The plant will be built at Meghnaghat in Narayanganj, over 20 km (12.4 miles) southeast of the capital Dhaka, according to a project report. The combined-cycle power plant will be fuelled by gas and regasification LNG and be fully owned by Reliance. Bangladesh agreed a deal with China last week to build renewable energy projects providing 500…
(FE) The government will prepare a road map to improve the solvency ratios of Oriental Insurance Company (OIC), National Insurance Company (NIC) and United India Insurance Company (UIIC) to at least the regulatory norm of 1.5 times (of assets over liabilities) by infusing capital, before it revives disinvestment plans in these unlisted public sector general insurers, official sources said. “A road map has to be prepared to first to bring their solvency ratio to the required level before merging the three. After the merger, if the solvency ratio meets the norm, disinvestment of merged entity will be considered,” an official…
(AU) अयोध्या की राम जन्मभूमि और बाबरी मस्जिद विवाद की उच्चतम न्यायालय में लगातार सुनवाई हो रही है। हिंदू पक्ष न्यायालय के सामने अपनी दलीलें दे चुका है। जिसके बाद आज से मुस्लिम पक्ष अपनी दलीलें पेश करेगा। अदालत ने 16 दिनों में सभी हिंदू पक्षों की सुनवाई पूरी कर ली है। जिसमें निर्मोही अखाड़ा और राम लला विराजमान शामिल हैं। राजनीतिक तौर पर संवेदनशील इस मामले पर नवंबर तक फैसला आने की उम्मीद जताई जा रही है। उच्चतम न्यायालय में छह अगस्त से मामले की सुनवाई शुरू हुई थी। यदि इस तरह से देखा जाए तो केवल 25 दिनों…
(TH) Cairn Oil and Gas, which is part of the Vedanta Group, has drawn up plans to spend over $ 1.1 billion in coming 18 months to improve the crude oil production from the Mangla, Bhagyam and Aishwarya fields in Barmer. The announcement comes at the heels of Cairn Oil and Gas completing a decade of operations at the Mangla Processing Terminal in Barmer on Thursday. “With implementation of Alkaline Surfactant Polymer (ASP) enhanced oil recovery, we aim to increase the recovery factor from 36 per cent to over 50 per cent. This means that we will be able to extract…
(ET) Oil and Natural Gas Corporation (ONGC) said it has set up a euro medium-term note (EMTN) programme of two billion dollars which will be listed on Singapore Stock Exchange. An EMTN programme is an uncommitted facility and any drawdown thereof under this document will be subject to funding requirements. ONGC is among select few corporates and India’s first oil and gas public sector integrated energy major to set it up. “This is a landmark achievement for ONGC as setting up of EMTN programme will further enhance our credit profile among global investor base,” said Chairman and Managing Director Shashi Shanker. “We have embedded structural features…
(PTI) The Supreme Court on Wednesday referred a batch of petitions challenging the changes brought in the constitutional status of Jammu and Kashmir by abrogating Article 370 to a five-judge Constitution bench. The apex court issued notices to the Centre and the Jammu and Kashmir administration on a batch of pleas challenging the presidential order by which Article 370 of the Constitution was abrogated. A bench headed by Chief Justice Ranjan Gogoi was not in agreement with the Centre that there was no need for issuance of notice in the matter as Attorney General K K Venugopal and Solicitor General Tushar…
(PTI) In only the second instance of providing funds for a gas pipeline, the government is considering shelling out about Rs 5,400 crore in viability gap funding for a proposed Northeast gas grid, officials said. The 1,656-km North-East Natural Gas Pipeline Grid will connect Guwahati in Assam to major cities in the region such as Itanagar, Dimapur, Kohima, Imphal, Aizwal, Agartala, Shillong, Silchar, Gangtok, and Numaligarh. However, in the absence of anchor customers, the 9,000 crore pipeline is not economically viable. “A viability gap funding of 60 per cent of the project cost has been sought,” an official. The oil ministry is…
(NDTV) Rahul Gandhi, in tweets today, asserted that while he disagreed with the government on many issues, he wanted to make it “absolutely clear” that Kashmir is India’s internal issue and violence in Jammu and Kashmir is instigated by Pakistan. The tweet marks a significant message after the Congress leader’s criticism of the government’s handling of Jammu and Kashmir after he was stopped from visiting Srinagar and turned away from the airport on Saturday. “I disagree with this government on many issues. But, let me make this absolutely clear: Kashmir is India’s internal issue and there is no room for Pakistan…
(LiveMint) Market regulator Securities and Exchange Board of India (Sebi) hinted on Tuesday that it may tighten existing asset valuation norms, which guide mutual fund investments to shield investors from risks of capital erosion in debt-oriented mutual funds and to protect asset management companies (AMCs) from unwarranted redemption pressure. In a meeting between Sebi and the MF industry body Association of Mutual Funds in India or Amfi, Sebi chairman Ajay Tyagi said, “Sebi has reviewed the existing valuation provisions to make them more reflective of the realizable value, to bring in uniformity and consistency in approach, increase robustness of the process and address…