The Ministry of Shipping has sought the government’s approval for setting up a maritime development fund that will meet the financing needs of the entire maritime sector, including shipbuilding.
The Essar group on Monday announced completing the sale of Essar Oil to a Rosneft-led consortium for $12.9 billion. With the consortium taking over $5 billion as debt and working capital, banks can expect better debt servicing and repayment from Essar Oil.
State-owned Indian Oil Corp (IOC) will invest about Rs 52,000 crore in expanding Paradip refinery and setting up petrochemical complex after the Odisha government agreed to restore part of tax incentives, a top source said.
Adani Ports and Special Economic Zone (APSEZ), part of the $12 billion Adani Group and the leading private ports operator in the country that handles about 15 per cent of India’s export-import cargo is working on diversifying its cargo mix to reduce dependence on individual commodities.
Nearly 53 per cent of the 586 train accidents in the last five years were due to derailments with the Utkal Express derailment being the latest.
India’s state oil refiners – long focused on churning out transport and cooking fuels – are planning a $35 billion push into petrochemicals to meet an expected surge in demand for goods ranging from plastics to paints and adhesives.
The government has tweaked the terms of sale of its 51.11 per cent stake in HPCL to ONGC by including phrases that will help avoid triggering an open offer, an official said.
Crude futures fell for a third day on Wednesday despite a bigger than expected fall in U.S. oil inventories reported by an industry group, with doubts lingering over OPEC’s ability to restrain supply as promised.
Malaysia’s national oil company Petronas plans to look for equity partnerships in the liquified natural gas (LNG) infrastructure segment in India. To expand its presence in the country, the company is also looking to secure long term LNG supply contracts.
To clear the extra rush of passengers,Southern Railway will operate special trains between Kochuveli-Mangaluru and Ernakulam-Yeswantpur from August 11 to October one.