(ET) ONGC VideshLtd (OVL), the overseas subsidiary of India’s state-owned petroleum explorer Oil and Natural Gas Corporation (ONGC) today announced it has completed the acquisition of 30 per cent interest in an oil block in Namibia from Tullow Oil. OVL did not disclose the value of the deal. The company said in a statement it “has completed the acquisition of 30 per cent PI in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements, Offshore Namibia from Tullow Namibia Limited, a wholly-owned subsidiary of Tullow Oil plc.” Tullow, with the remaining 35 per cent Participating Interest, will continue to remain…
Author: Aruna Sharma
(TOI) Oil minister Dharmendra Pradhan on Wednesday said that petroleum ministry has urged the states to slash VAT (Value Added Tax) on petrol and diesel by 5 per cent, a day after the central government cut excise duty+ on fuel to protect retail consumers from high global crude oil prices. “States are the biggest beneficiary. They get all of the VAT collection plus they also get 42 per cent of the central excise collections. The amount remaining with the Centre is used to finance centrally sponsored schemes in states,” Pradhan said. He further added that finance minister Arun Jaitley will write to the chief…
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the renaming of Kandla Port as Deendayal Port. Ports in India are generally named after the city or town in which these are situated. However, the Government, in special cases, after due consideration, have renamed the Ports after great leaders in the past. By renaming Kandla Port as “Deendayal Port, Kandla”, a grateful nation would be remembering the invaluable contributions made by one of the greatest sons of India, Pandit Deendayal Upadhyay. This will inspire the People of Gujarat, particularly the Youth,…
In order to protect the rich aquatic biodiversity of river Ganga from escalating anthropogenic pressures, development of a Turtle sanctuary in Allahabad along with a River Biodiversity Park at Sangam have been approved under Namami Gange programme. The project at an estimated cost of Rs 1.34 crore would include development of River Biodiversity Park at Sangam (confluence of Ganga, Yamuna and mythical Sarasvati), establishment of a Turtle Rearing Centre (Permanent nursery at Triveni Pushp and makeshift annual hatcheries) and awareness about the importance of river Ganga and imperativeness of its conservation has been approved. This project will provide much needed…
(NDTV) Liquor baron Vijay Mallya was arrested in London today before being released on bail for the second time this year, in a case of money laundering filed by Indian authorities through UK’s state prosecutor. The 61-year-old tycoon, who has been staying in the UK for over a year now, is accused of defaulting on loans worth thousands of crores in India. He slipped out of the country in March last year, amid attempts by a group of banks to recover more than Rs. 9,000 crore loaned to him for his now-collapsed Kingfisher Airlines. India made an extradition request in February to Britain to send back…
(AU) पाकिस्तान ने आरोप लगाया है कि भारत उसे संघर्ष के लिए उकसाने की खातिर नियंत्रण रेखा(एलओसी) के पार सर्जिकल स्ट्राइक किए जाने का ‘झूठा दावा’ कर रहा है। संयुक्त राष्ट्र महासभामें एक चर्चा के दौरान पाक की स्थायी प्रतिनिधि मलीहा लोधी ने यह बात कही। उन्होंने गीदड़भभकी देते हुए कहा, ‘भारत की ओर से किसी भी प्रकार की आक्रामकता का समुचित और प्रभावी जवाब दिया जाएगा।’ संरा के काम पर महासचिव की एक रिपोर्ट पर बहस के दौरान लोधी ने कहा, सर्जिकल स्ट्राइक का दावा और भारत की ओर से एलओसी के पार इस तरह के कार्रवाई फिर करने की धमकी दिया जाना संयुक्त राष्ट्र चार्टर की…
(LiveMint) Reliance Industries Ltd (RIL), owner of the world’s biggest refining complex, has bought its first ever crude oil cargoes from the US, drawn by the oil’s economics after the price spread between US crude futures and Brent futures widened, three trade sources said on Tuesday. Reliance bought 1 million barrels each of West Texas Intermediate (WTI) Midland and Eagle Ford crude, which are expected to arrive in November, they said.
(BS) Oil and Natural Gas Corporation (ONGC) is likely to take a short-term bridge loan for about one year to fund the acquisition of the government’s stake in Hindustan Petroleum Corporation (HPCL). ONGC has already lined up plans to sell its stake in Indian Oil Corporation (IOC) and GAIL (India) and has also got approvals from shareholders to borrow up to Rs 25,000 crore from the market. “We are looking into all options. As we have to look at favourable market conditions for selling stake in the two companies, we are looking into the option of a bridge loan or any short-term loan for…
(AU) केंद्रीय वित्त मंत्री अरुण जेटली मंगलवार को तीन दिवसीय बांग्लादेश के दौरे पर पहुंचे। बांग्लादेश के विनिर्माण और सामाजिक क्षेत्र के विकास के लिए बुधवार को दोनों देशों के मध्य 4.5 अरब अमेरिकी डॉलर का तीसरा ऋण व्यवस्था (लाइन ऑफ क्रेडिट) समझौता होने की तैयारी हो गई है। बांग्लादेश के वित्त मंत्रालय के प्रवक्ता ने कहा कि प्रधानमंत्री शेख हसीना के 2017 के भारत दौरे के दौरान घोषित किए गए 4.5 अरब अमेरिकी डॉलर के ऋण व्यवस्था पर उनके दौरे के दौरान हस्ताक्षर होंगे। उन्होंने कहा कि इस दौरान एक अन्य सौदे के संबंध में दोनों देशों के मध्य निवेश…
(FE) Coming down hard on petrol pump operators, state-run oil marketing companies (OMC) on Tuesday amended the Marketing Discipline Guidelines (MDG) enhancing punishment for those found indulging in short delivery of fuels, running automated pumps on manual mode or not providing clean toilet facility. The penalty in case of short delivery “beyond permissible limit” in the first instance has been raised to Rs 25,000 per faulty nozzle from previous penalty of a simple warning. Second slip within a year would attract a fine of Rs 50,000 and suspension of sale/supply for 15 days. Earlier, this attracted a fine of Rs…