Category: Gas and Oil

January 6, 2016

Petronas Lubricants India, an arm of the Malaysian oil major Petronas said it hopes to more than treble its market share in the 2-billion liters per annum domestic lubes market to 5 per cent by 2019. Petronas Lubricants India chief executive MP Singh, while launching co branded lubes with Tata Motors said, currently its market share is a low 1.5 per cent in the almost Rs 40,000-crore lubes market. He added that under the partnership, the company will sell genuine Oil to Tata Motors for the diesel vehicles and gradually will also launch lubes for petrol vehicles. Petronas Lubes last month announced investment of USD 60 million to set up a 110 million liter lubes plant at Patalganga near here. The plant will be commissioned by the fourth quarter of the next fiscal year.

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January 6, 2016

According to an official release, the Gujarat government announced reduction of Rs 5 per cubic meter of PNG (Piped Natural Gas) being supplied to over 2,800 small and medium enterprises in the state. The reduction in PNG price by state-run Gujarat Gas Ltd will come into effect in two phases.In the first phase, reduction of Rs 3 in current price has been implemented with effect from January 1. In the second phase, a reduction of Rs 2 per cubic meter will come into effect from April 1. The release added that with this reduction in price, small and medium industries will save Rs 623 crore on their PNG consumption bill every year.

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January 6, 2016

According to  transport Minister Nitin Gadkari, Indian refiners need to invest $4.5 billion to produce Euro VI complaint fuel .India has advanced the date for country-wide implementation of Euro VI compliant fuels by four years to April 1, 2020, in an effort to curb pollution. According to a  WHO study in 2014 said New Delhi had the worst air quality out of the 1,600 cities surveyed worldwide.

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January 6, 2016

( ) According to Mr. Nitin Gadkari, Roads and Transport Minister, India will move to environment-friendly BS VI fuel emission standards from the current BS IV by 2020.The move could significantly cut down on vehicular pollution, which has made the air of India’s cities among the most contaminated in the world.He tweeted ??”BS VI fuel standards to be implemented from 2020.” “Me & my colleagues PrakashJavdekar, Anant Geete, dpradhanbjp has taken a unanimous decision to leap-frog to BS VI directly from 01/04/2020,”The ministry has asked automobile manufacturers to move from BS IV to BS VI in its bid to reduce emissions. The Supreme Court had already asked the government to implement BS VI as soon as possible.
 

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January 5, 2016

Petronet LNG, in a notification to the Bombay Stock Exchange announced its plans to start consultancy services and training in human resource capability related to the industry . The company informed that its board has approved amendment to its ‘Object Cause in Memorandum of Association’. The new clause inserted says, “To promote, organize or carry on business of consultancy services and training including consultancy and training in human resource capability building or any field of activity in which the company is engaged in or connected therewith either on its own or through collaboration or joint venture.”

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January 5, 2016

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According to an official statement , Prime Minister Narendra Modi had discussions  with global oil and gas experts including BP Group CEO Bob Dudley and International Energy Agency ( IEA) Executive Director Fatih Birol to discuss ways of boosting investments in times of low oil prices. The interaction lasted over two hours and  included Union Ministers Arun Jaitley, Piyush Goyal and Dharmendra Pradhan, Vice-Chairman of NITI Aayog ,Arvind Panagariya, besides top officials from the Government and NITI Aayog.”The Prime Minister emphasised his vision for a fresh look at the sector, to bring in investment, technological upgradation and development of human resource.The statement added that the  discussions focused on “subjects such as increasing the share of gas in India’s energy mix, fresh investment in oil and gas exploration in India, regulatory frameworks, international acquisition of oil and gas assets, emerging areas such as shale gas and coal-bed methane, and the oil and gas sector related possibilities of Make in India. Modi emphasised on the need for taking a fresh look at the sector, to bring in investment, technological upgradation, and development of human resource. Others invited for the meeting included Royal Dutch Shell’s Director (Projects & Technology) Harry Bre

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January 4, 2016

( ) According to a Icra report, the proposed extension of the direct benefit transfer (DBT) scheme to kerosene could result in an estimated savings of up to 40 per cent on under-recoveries if implemented nationally.It also said the under-recovery from kerosene is likely to fall from Rs 24,800 crore in 2014-15 to Rs 12,500 crore in 2015-16 on falling crude prices and increasing penetration of cooking gas.The report, however, warns that the implementation is a major challenge as kerosene distribution is done through PDS outlets handled by the states, unlike LPG, which is directly sold by the central government-owned oil marketing companies.On January 1, the government said it would roll out LPG-like DBT scheme for kerosene from April 1 wherein the users will buy the cooking fuel at market rate but will get financial support directly in their bank accounts.The cash subsidy to be paid to users will be equivalent to the difference between current PDS price of about Rs 12 and market rate of Rs 43 per litre. .On the impact of the scheme on oil marketers, the report said if the average crude prices remains at USD 60 a barrel and the Rupee trades around 66.50 to the dollar, the under-recovery burden on kerosene could be Rs 9/litre, while the total burden will be Rs 21/litre.According to Govt. sources,The scheme will be rolled out from April 1 in Raipur, D

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January 4, 2016

Oil and gas industry body PetroFed has asked the government to allow natural gas pricing freedom to existing fields like KG-D6.Responding to the Oil Ministry’s consultation paper on new fiscal and contractual regime that allows pricing and marketing freedom for gas produced from fields awarded in future, it said a capped price equivalent to the imported cost should be allowed to existing fields as well.It said “The existing Production Sharing Contract provisions regarding gas pricing should be followed in letter and spirit and the gas pricing should be determined on arm’s length basis by competitive market forces.”The PSC for blocks like KG-D6 of RIL and KG-DWN-98/2 of ONGC provides for pricing of natural gas on arms-length basis through competitive bid route. It added that while the ministry has proposed for free gas pricing for future fields, the same is not been provided for existing fields like KG-D6 which continue to be governed by October 2014 pricing guidelines according to which rates currently are $4.24 per million British thermal unit. The current price is widely considered inadequate for economically producing from existing discoveries. This price compares to USD 6-7 per mmBtu rate at which gas (LNG) is imported from spot or current market.PetroFed said providing the pricing and marketing freedom will “help build confidence of the investors on the future implementati

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January 3, 2016

( ) Oasis Group is planning to invest Rs 500 crore for establishing a wheat-based ethanol plant with capacity of 5 lakh litres per day at Ferozepur in Punjab.At present, mostly sugar mills are producing ethanol in the country, which is being sold to the petroleum companies. 
According to Oasis Group Chairman and Managing Director Deep Malhotra, “Oasis Group is planning to set up an ethanol plant with the total investment of Rs 500 crore. The plant will be established at its current unit, Malbros International, at Zira in District Ferozepur in Punjab.In the first phase of manufacturing, the production capacity would be 2.5 lakh liters per day and in the final phase, it would be taken to five lakh liters per day. The ethanol will be produced using wheat, which is unfit for human consumption??The Centre has fixed the target of mixing up to 10 per cent ethanol in petrol, but so far it has achieved only 2.5 per cent blending. 

 

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January 1, 2016

( ) LNG Bharat, which is building an LNG terminal at Krishnapatnam Port in Andhra Pradesh along with related pipeline infrastructure, may offer stakes in two project-specific companies it has floated to global equipment suppliers.According to LNG Bharat Managing Director Murthy Jasti, the joint venture between oil and gas exploration firm KEIRSOS Petroleum and Apollo Hospitals co-promoter Shobana Kamineni and husband Anil may sell up to a 49% stake.Mr.Murthy said “The management would like to confine to divesting marginal stakes in these two SPVs for the time being and look at divesting up to 49% each subsequently, based on the progress of the project to fetch better valuations.” 
Some of the equipment suppliers for the projects, including Mitsui of Japan for the special purpose vehicle executing the floating LNG terminal and China Petroleum Pipeline for the SPV developing the pipeline, are keen on picking up a stake.LNG Bharat is building the five-million-tonne floating LNG terminal at Krishnapatnam with an investment of Rs 1,400 crore and Jasti claims it to be the first on India’s eastern coast with its own associated natural gas pipeline infrastructure. Its part owner, the KEI-RSOS group, operates five marginal gas fields in the KG Basin and markets the gas produced from there to industries in the East Godavari district of AP. Jas

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