Calling Essar Oil’s Vadinar refinery as one of the most sophisticated refinery in the Asia-Pacific region, possessing a complex infrastructure, Rosneft said acquisition of the stake will enable Rosneft to enter the high-opportunity Indian market and boost the positions of the trading arm of the Company in the Asia Pacific region.
Soon after inking an agreement to acquire Essar Oil’s 20 mtpa Vadinar refinery along with a consortium of international investors, Russian oil major Rosneft said it would use Venezuelan crude to supply to the refinery.
PetroFed, an apex society of entities in the Hydrocarbon sector, today signed a Memorandum of Understanding (MoU) with TERI to undertake study on “Climate Change Risks: Preparedness for Oil and Gas Sector”.
In a first time ever, the Cabinet Committee on Economic Affairs approved Capital Grant of 40%, amounting to Rs. 5,176 Crores over 5 years, for the pipeline project, to be implemented by GAIL at an estimated capital outlay of Rs. 12,940 Crores. This is the first time ever that Central Government has approved capital Grant for a Natural Gas pipeline project.
In a major step towards the construction of the Jagadishpur-Haldia-Bokaro-Dhamra Natural Gas Pipeline (JHBDPL), GAIL (India) Ltd has approved placement of orders for pipeline laying work of 345 km from Phulpur to Dobhi under Phase-IB at an estimated cost of Rs 306 crore. The order is for two sections to be executed simultaneously by JSIW Infrastructure Pvt. Ltd. and IL&FS Engineering & Construction Co. Ltd Laying works under phase-IB shall commence by the end of October, 2016 and targeted to be completed by December, 2018.
In line with the Modi government’s initiative — ‘Start-up India, the country’s leading public sector oil companies including the Oil and Natural Gas Corporation (ONGC), Indian Oil and Oil India Ltd (OIL) have announced start-up funds, the combined corpus of which has already reached Rs 180 crore.
Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) have been asked to work out a mechanism in which the small hydro power projects (presently lying stressed and stalled in the country) can be resolved and identify those which are viable for being re-started.
Union Minister Piyush Goyal said that “by and large a consensus has been made with the states that hydro power should be declared as renewable power and a seperate renewable purchase obligation (RPO) for hydro should be set up. A new proposal will be worked out for the Cabinet with required amendments to India’s long term renewable energy goals.
OVL will be paying an amount of US $ 930 million for acquiring 11% stake in Vankorneft. The acquisition of stake in Vankorneft will provide 3.2 Million Metric Ton of Oil Equivalent (MMTOE) to OVL by 2017. It will also provide an opportunity to Indian public sector Oil and Gas companies to acquire new technologies from Rosneft.
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi on Wednesday gave its approval to an acquisition by ONGC Videsh Limited (OVL) for 11% stake in JSC Vankorneft from M/s Rosneft Oil Company (Rosneft).
Oil Minister Pradhan discussed various Indian proposals, including utilisation of Upper Tank Farm by Lanka IOC (LIOC) in Trincomalee, setting up of LNG terminal at Kerawalapitiya, near Colombo by Petronet LNG Ltd, setting up of City Gas Distribution network by GAIL and use of CNG in the automotive sector in Sri Lanka, with Ceylon Petroleum Corporation as local partner. Government of Sri Lanka is working towards promoting the use of clean fuel in Sri Lanka, including for power generation.
Minister of State (I/C) for Petroleum & Natural Gas, Dharmendra Pradhan on Wednesday called on Sri Lankan Prime Minister Ranil Wickremesinghe who is visiting India to participate in Indian Economic Summit.
Both Ministers discussed the status of various Indian proposals that have been shared with the Bangladeshi side, including the setting up of LPG import terminal at Chittagong by Indian Oil and its onward transportation by road to Tripura bottling plant and onshore LNG Terminal by Petronet LNG in Kutubdia Island near Chittagong. PLL is finalising an MoU with Petrobangla on setting up of the LNG terminal.
Both Sides also discussed the possibility of supplying gas through a pipeline from Dhamra LNG Terminal which is under construction to Bangladesh via Duttapulia in West Bengal.
Minister of State (I/C) for Petroleum & Natural Gas Dharmendra Pradhan on Wednesday met his Bangladesh counterpart Nasrul Hamid, Minister of State for Power, Energy and Mineral Resources, who is on an official visit to Delhi as a follow up to Pradhan’s visit to Bangladesh in April this year. Pradhan discussed with his Bangladesh counterpart the issue of supply of High Speed Diesel (HSD) from Siliguri terminal of Numaligarh Refineries Ltd (NRL) to Parbatipur depot of Bangladesh Petroleum Corporation (BPC).
PETROTECH-2016, the 12th International Oil and Gas Conference and Exhibition will be organised by the Ministry of Petroleum and Natural Gas at New Delhi from 05th to 07th December, 2016.
With steady economic growth and being the third largest energy consumer, India is today brightest spot for investors, traders and industrialists. With India looking to expand its energy portfolio and with 100 per cent FDI in Petroleum & Natural Gas sectors, organising such an event to showcase India’s Hydrocarbon industries to the world becomes all the more important.
PM Modi in his address on 27th March 2015 had made an appeal to well-to-do families to give up their subsidy on LPG connections so that the money thus saved can be utilized for giving connections to less privileged homes. Taking the appeal forward, MOP&NG launched the ‘Give It Up’ campaign and in little over an year’s time more than 1 crore people across the country from all walks of life, including those from middle class have come forward to support this initiative bringing smiles to a million homes.
Under Pradhan Mantri Ujjawala Yojana (PMUY), nearly 400 LPG connections were distributed to the women from BPL families from the Mirzapur village area by Dharmendra Pradhan, Union Minister of State (I/C), Ministry of Petroleum and Natural Gas and Dr. Mahesh Sharma, Minister of State (I/C) Ministry of Culture & Tourism, Bhola Singh, Member of Parliament, senior officials from MoPNG, Oil Industry and State Government were also present during the occassion.