General Electric Co (GE.N) scaled back expectations for its full-year revenue and profit on Friday, overshadowing third-quarter profit that beat analyst forecasts and sending its shares lower.
Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) announced a 23% fall in its net profit at Rs 7,206 crore for the second quarter ended September 30, 2016 as against Rs 9,345 crore in the same period a year ago. The last year Q2 profit was higher on the back of income from sale of RIL’s US shale gas assets.
The Centre currently has a dedicated team of over 80 scientists. The centre is recognized by The Department of Scientific and Industrial Research (DSIR) and has collaborations with research institutes in India and abroad.
Union Minister of State (I/C) for petroleum and natural gas Dharmendra Pradhan dedicated the new Green R&D Centre of state-owned HPCL in Devengunthi, Bengaluru to the nation on 14th October, 2016.
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.
Players and coaches, who participated in the Rio Olympics, and are employees of Public Sector Oil and Gas Companies, were felicitated in a ceremony at New Delhi on October 6th.
The Minister of State (I/C) for Petroleum and Natural Gas Dharmendra Pradhan gave awards to all the 28 Rio Participants from the Petroleum family. Some other eminent sports persons, who have gained repute earlier, and belong to the PSUs were also honoured.
Adani Transmission Ltd. Completes the Acquisition of Operational Transmission Assets of GMR Energy Ltd
Just two days back, ATL announced the signing of Binding Term Sheet with Anil Ambani's Reliance Infrastructure Ltd. (RInfra) to acquire the latter's mega inter-state operational transmission assets. The acquisition includes picking of 100% of Reliance Infra's stake in Western Region Strengthening System Scheme B (WRSSS B) of around 2089 ckt kms, 100% stake of Western Region Strengthening System Scheme C (WRSSS of around 974 ckt kms and 74% shares of R-Infra in Parbati Koldam Transmission Company Limited (PKTCL).
Continuing with its drive to own a big chunk of India’s power transmission network, Adani Transmission Ltd (ATL) announced the completion of yet another acquisition on Thursday. Close on the heels of its announcement on 1st July, 2016, ATL said it has completed its acquisition of 74% shares of Maru Transmission Service Company Limited (MTSCL) and 49% shares of Aravali Transmission Service Company Limited (ATSCL).
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).