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Backlog of the LPG cylinders in the country would be over by 15th December  

Union Petroleum & Natural Gas Minister Shri Murli Deora has said that the backlog of the LPG cylinders in the country would be over by 15th December. Shri Deora held a review meeting in Mumbai with representatives of IOC, BPCL and HPCL to discuss the ways to remove the shortage of LPG in the country. Addressing a press conference, the Union Minister said the shortage is due to due to the disruption in supply in select regions, strikes and shortage of the LPG in the international markets. Additional Secretary in the Ministry Shri Sudhir Bhargava said that the shortage is because of a sudden increase in demand and relative constant domestic production of LPG. “Due to a combination of festive season, unseasonal rains in many parts of the country, and onset of winter in north India, some States are experiencing a backlog in LPG supplies, raging from 4 to 10 days, Panic-booking by customers in some parts is adding to the burden’” he added.

LPG is currently a deficit product and is being partly imported from abroad. This is because, while indigenous availability has gone up from 7.6 million tones in 2005-06 to 10.2 million tones in 2010-11, the demand has grown at a much faster pace, and is projected to reach 13.96 million tones in the current year. Accordingly, the country will be importing 3.9 million tones, or 32% of its LPG requirements, in the current year.

The oil marketing companies are going all-out to clear the backlog and restore normalcy at the earliest through a multi-pronged action plan. For improved bulk product availability, apart from additional imports, several emergency measures, such as use of very large gas carriers (VLGC), on-board-blending of propane & butane and ship-to-ship transfer, are being resorted to. Several other measures have been put in place to normalize LPG availability across the country, such as stretched utilization of LPG pipelines, additional movement of bilk product by road to deficit markets, continuous operation of bulk receipt/loading sources and bottling plants even on Sundays and holidays, etc. In addition, inventories at the plants are also being fully utilized to clear the backlog in supply of domestic cylinder, and bottling too has been maximized at the plants. Courtesy: MOPNG

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First Jatropha-based biofuel Airbus A320 flight  

TAM Airlines together with Airbus have conducted the first Jatropha-based biofuel flight in Latin America, using an Airbus A320. The biofuel, processed by UOP LLC, a Honeywell group, was a 50 percent blend of locally-sourced Brazilian Japtropha-based bio-kerosene and conventional aviation kerosene. 20 people from TAM Airlines and Airbus were on board the A320 powered by CFM56 engines which took off from GaleĆ£o Antonio Carlos Jobim International airport in Rio de Janeiro. The aircraft performed a 45 minute flight before returning to its point of origin.

“Airbus and TAM have taken an important step towards establishing an aviation biofuel solution that is both commercially viable and sustainable, with positive impact on the environment,” said Airbus’ President and CEO, Tom Enders. “This flight serves as evidence of the aviation industry’s commitment to advance on its self-imposed CO2 reduction targets: carbon neutral growth from 2020, and working towards a 50 percent net CO2 reduction by 2050.”

“This experimental flight materializes TAM’s participation in a vast project to develop a production chain for renewable biofuel, with the purpose of creating a Brazilian platform for sustainable aviation bio-kerosene,” said Libano Barroso, president of TAM Airlines.

Studies show that the use of biofuels made from Jatropha in aviation could reduce the sector’s overall carbon footprint by up to 80 percent, compared with conventional petroleum-based aviation kerosene. TAM Airlines and Airbus both support the study and assessment of the sustainability and economic viability of implementing the bio-kerosene value chain in Brazil.

The technical flight was approved by Airbus, the engine provider CFM International, and was authorized by aviation authorities in Europe (the European Aviation Safety Agency – EASA), and Brazil (National Civil Aviation Agency – ANAC).

“TAM’s young and modern Airbus fleet has one of the lowest carbon footprints in the region, leading the way for the rest of the industry to contribute to the cause,” Enders added.

As part of its ongoing commitment to ensure that air travel continues to be one of the most eco-efficient means of transportation, Airbus has developed a roadmap working towards making alternative fuel and biofuel technology a reality for aviation. In addition to its efforts with TAM Airlines, in February 2008, an Airbus A380 aircraft successfully completed the first ever flight by a commercial aircraft using Gas-to-Liquid (GTL), and in October 2009 Airbus and Qatar Airways undertook the first commercial flight of 50 percent blended GTL

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Delhi Petrol Pumps Day & Night  

Corporate World

B-495 New Friends Colony

New Delhi-110065

Phone: 011-26847053

Vijaya Service station

Gulabhi Bagh

Phone: 011-23677797

Bhasin Service station

Pusa Road

Link Road Petrol Filling Station


Phone: 011-23559666

Siddhu Service station

Subzi Mandi

Phone: 011-27234846

Anand Super Service station


Phone: 011-23913918

Aradhana Service Station .

Lawrence Rd,

Phone: 011-27197277

Deepak Motors

Surya Nagar

Phone: 011-22164766

Allied Motors

Preet Vihar

Phone: 011-22240156

Metha Auto Mobiles


Phone: 011-22047876

Mukal Diesels

Wazirabad Road, Gokulpuri

Phone: 011-27141052

Harichandan Co

Lony Road Border

Phone: 011-22282306

R.N Motors


Phone: 011-25575115

Ganpathi Filling Station

Mangolpuri Road

Phone: 011-27922401

New Haryana Service station

Rohtak Road

Phone: 011-25181852

High Way Service Station

Rohtak Road

Phone: 011-25455040

Anand Filling Station

Baba Kharak Sing Marg

Phone: 011-23361873

Ram Service Station

Pragati Maidan

Phone: 011-23371424

Bharath Filling Station

Delhi Palam Road

Phone: 011-25692954

Vinod Service station

Palam Airport

Phone: 011-25652815

Engineering Service Station

Aurobindo Marg

Phone: 011-24634646

Auto Yards Servce Station

Mathura Road

Phone: 011-26945135

Oberoi Service Station

Green Park Extn

Phone: 011-26813910

Auto Grid

Badarpur, Mehrauli Road

Phone: 011-26943738

Mulchand Shree Pal Jain

Sindhu Border

Phone: 011-27781268

Jai Narayan and Co.

Bawana Village

Phone: 011-27752483

Bedi Saxena Serivce Station

Mayapuri Phone: 011-25144054

CM Enterprises

distt Centre, Janakapuri Phone: 011-25618762

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Petrol Price in Delhi, Mumbai, Kolkata & Chennai on 8th November 2010  


Delhi 52.91

Kolkata 56.81

Mumbai 57.35

Chennai 57.44

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Petrol Price in Indian Cities on 8th November 2010  

Applicable from: November 9, 2010 , Rs/ltr

Agartala 49.75

Ahmedabad 56.54

Aizwal 50.87

Ambala 53.02

Bengaluru 59.66

Bhopal 56.87

Bhubhaneswar 52.90

Chandigarh 53.50

Dehradun 54.92

Gangtok 52.49

Guwahati 55.66

Hyderabad 59.10

Imphal 51.84

Itanagar 52.00

Jaipur 56.10

Jammu 55.94

Jullunder 58.99

Kohima 52.45

Lucknow 56.39

Panjim 52.83

Patna 54.94

Pondicherry 51.28

Port Blair 45.76

Raipur 54.21

Ranchi 53.02

Shillong 52.28

Shimla 55.35

Srinagar 57.61

Trivandrum 55.86

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Check you IPO allotment status by Karvy  

You can check your IPO

allotment status at


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ONGC investing Rs 500 croreelopment on non-conventional energy  

ONGC to spend Rs 500 cr for renewable energy R&D

The Oil and Natural Gas Corporation (ONGC), India’s largest state-run oil exploration company, is investing Rs 500 crore on research and development in the areas of non-conventional energy sources, a top official said.

“Achieving energy security for the country was a major challenge to sustain a high growth rate. India is having only 0.5 per cent of the world’s hydrocarbon reserves and it would be difficult to meet the growing energy demand unless alternative and renewable sources were tapped and utilized to minimise our dependency on non-renewable resources like fossil fuels,” R S Sharma, chairman and managing director, ONGC said.

Addressing India Inc at the National Quality Summit 2010 organised by the Confederation of Indian Industry (CII) here, he said as part of its efforts to achieve energy security for the nation, ONGC has ventured into exploration of shale gas reserves. It is also engaged in tapping non-conventional energy sources like solar, thermal energy, LED (light emitting diode) and fuel cells, which results into less carbon emission.

Sharma said ONGC has also set up a 150 Mw wind power plant and the company’s board has recently approved setting up of another 100 Mw wind energy plant in the country. “We are looking at other natural sources to meet the growing energy needs of the country,” he added.

“As it will be difficult to meet the increasing energy demand from non-renewable resources such as hydrocarbons, there is an urgent need to shift generation and consumption patterns to renewable sources such as hydel, wind, solar and nuclear fuel,” Sharma noted.

Though India was about 70 per cent self-sufficient in exploring hydrocarbons and energy fuels during the mid-seventies, the phenomenal demand growth since then has resulted in the country importing a whopping 80 per cent of its energy needs as domestic production has declined to 20 per cent of the total demand, he observed.

He said India’s ability to sustain high growth rate would be determined by the pace of infrastructure development and stability in the country.

“Infrastructure development pace and social-political stability in the country will be key to sustain the high growth rate,” Sharma said.

If the country’s gross domestic product (GDP) had to grow over nine per cent per annum, infrastructure bottlenecks should be removed forthwith.

“Our infrastructure growth has been tardy and rumbling on for years. Like an elephant, it can stumble also. Unless we fix the inherent problems such as land acquisition and time-consuming procedures, early execution of various projects will remain a challenge,” Sharma said in his address at the opening plenary of the three-day annual Quality Summit.

In this context, he recalled the negative publicity India had across the world over the inordinate delays in completing the infrastructure facilities for the 19th Commonwealth Games (CWG 2010) in New Delhi last month.

“Similarly, the Taj Expressway between New Delhi and Dehradun where our company is headquartered, is congested all the time, taking seven hours to travel 250km by road,” Sharma lamented.

Referring to the theme of the session: ‘India: An emerging brand in the world’, the ONGC chairman said though India emerged as an economy, a lot had to be done for the nation to emerge as a developed country in the world.

“As US President Barack Obama recently said, India has indeed emerged during the past decade to be a part of the G20, an expanded form of the G-8 and to have a greater say in the International Monetary Fund (IMF) as the world’s fourth largest economy with about $300 billion in foreign exchange and gold reserves,” Sharma asserted.
BS Reporter / Bangalore November 18, 2010, 14:08 IST

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IndianOil to make Rs 2,500-crore capital expenditure for marketing and distribution expansion  

IOC to spend Rs 2,500 cr on marketing, distribution

IndianOil has lined up a Rs 2,500-crore capital expenditure (capex) for its marketing and distribution expansion in the current fiscal, a top company official said.

IOC plans to use the funds to step-up its marketing initiatives, scale-up its distribution network by setting up new gas stations and expand its bottling capacity, its Director (Marketing), Mr. G. C. Daga, today said.

The company plans to add about 900 more new outlets in the current fiscal, of which 450 gas stations have already been installed, he said, adding that in this fiscal, the focus would be mainly on expanding rural network.

The Hindu Business Line, Mumbai, November 15, 2010

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HPCL to invest Rs13,000 crore in Vizag oil refinery  

NEW DELHI: State-owned Hindustan Petroleum Corp Ltd (HPCL) plans to invest Rs13,000 crore to almost double the capacity of its Vizag oil refinery in Andhra Pradesh to 15 million tonnes a year by 2013-14.

"We have asked for a detailed feasibility report (DFR) for raising capacity at the Vizag refinery," HPCL Chairman and managing director Subir Roychowdhary said here.

The decision to expand the Vizag refinery follows steel tycoon Lakshmi Mittal group and French oil firm Total SA walking out of a proposed USD 4 billion project to build a 15 million tonnes per annum refinery and a 2.5 million tonnes per annum petrochemicals plant near HPCL's 8.3 million tonnes per annum refinery at Visakhapatnam.

"That project is on freeze (since 2007 when Mittal walked out). We are now looking at raising our Vizag refinery capacity," he said.

The other partners in the five-way consortium were state-run explorer Oil India Ltd and state gas utility GAIL India Ltd.

HPCL does not intend to bring a partner onboard for the refinery expansion.

It may add a new 180,000 barrels per day (9 million tonnes per annum) crude distillation unit (CDU) and scrap the old 36,000 bpd (1.8 million tonnes per annum) unit at the Vizag refinery.

"We already have acquired land for the project," he said. "The project will take 3 years to complete."

HPCL currently operates three CDUs at the 8.3 million tonnes a year (166,000 bpd) Vizag refinery. It also runs a 6.5 million tonnes a year refinery in Mumbai.

Roychowdhary said HPCL and Mittal Energy, owned by billionaire Lakshmi Mittal, will mechanically complete the 9 million tonnes a year refinery at Bhatinda, in Punjab, by March, 2011, and the unit will be fully operational by September.

HPCL is also looking at investing Rs30,000 crore to set up an 18 million tonnes a year refinery.

The new refinery, to be set up in Maharashtra, was conceptualised to make up for space constraints at HPCL's existing Mumbai Refinery.

"We have been told that 1,800 acres of land is available with MIDC (Maharashtra Industrial Development Corp). We have asked for 1,000 acres more land," he said.

State-owned Engineers India has been engaged to carry out a feasibility study on the proposed refinery. The options under consideration are a single 18 million tonnes per annum unit or two units of 9 million tonnes per annum capacity each.

The DFR will be ready by December, Roychowdhary said. The land earmarked for the refinery is located between Ratnagiri and Raigad and the unit, called Maharashtra Refinery, would be completed within 48 months from the date of receipt of all approvals.

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Check Power Grid allotment status online  

Power Grid FPO subscribed 3.85 times, allotment by 24th

shares of Power Grid have been issued according to a 1:4 ratio.

 Retail Portion subscription of Power Grid FPO had exceeded by 3.85 Times. This is indicative of the fact that the investors who need a minimum of 65 Power Grid Corporation shares will receive a maximum of 18 shares.

Check the online allotment status of your application,

The investors might get their Power Grid shares credited to the demat accounts within 24th November.

The orders for refunding through electronic transfer will take place on 25th November.

The banks with NEFT or RTGS enabled accounts can be credited through e-transfer and the remaining will get through cheque sent to the given addresses.

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Latest updates on ONGC FPO  

Ahead of offer, ONGC shortlists three new independent directors

New Delhi: Gearing up for its follow-on public offer (FPO), state-run ONGC has commenced the process for appointing the requisite number of independent directors (IDs) as stipulated by market regulator Sebi's listing agreement. “We have appointed a search committee for selection of independent directors and it has shortlisted three new IDs and the process will be complete by February. Then the road will be clear for the company,” ONGC CMD RS Sharma told FE. “The ONGC's FPO aims to raise around Rs 10,000 crore from the capital market,” he added. The company has already appointed global consultants for the third-party certification of ONGC's reserves. DeGolyer & MacNaughton (D&M) and Gaffney, Cline & Associates (GCA) are the two auditors appointed for the purpose.

As per Sebi norms, 50% of directors on the board of a company wanting to list should be independent, if the chairman is a functional director. ONGC has only four independent directors out of the board of 12 members. Chances are that the government would defer the ONGC FPO to early next fiscal, as mega offers of the other two Maharatna companies, IOC and SAIL, would precede it.Apart from ONGC, the other companies that are not compliant include Manganese Ore (India) and SAIL. The government plans to sell 5% of its shares in ONGC through FPO. The company will ask the two reserve auditors to certify reserves in 15 key oil and gas fields out of about 150 discoveries it had made in the country. The company is going for a third party estimation of reserves about two years before it is due to arrive at correct valuation of the company before the follow-on public offer. ONGC normally goes for such estimation once in five years.Third-party reserve estimation is also a requirement before a public offer of any exploration and production (E&P) company.

ONGC has also urged the government for a stock-split prior to the proposed FPO. A Rs10 share (face value) could be split into two, especially since the market price is way above Rs1,300.The ONGC board will also consider a proposal for a bonus issue to the existing shareholders. The oil major had come out with a 1:2 bonus issue in 2006. Similarly, when it had come out with an IPO in 2004, the company had offered a 5% discount to retail investors. ONGC aims to make the FPO attractive for retail investors and employees by offering discounts.

Ronojoy Banerjee, Rajat Guha / The Financial Express

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IOC reports Q2 net profit of Rs 5,294 crore  

Higher refining margin and the payment of reimbursement helped state-owned Indian Oil Corporation (IOC), the country's largest oil marketing company, report a net profit of Rs 5,294 crore for the quarter ended September 30, up manifold from Rs 284 crore in the corresponding period a year ago.

IOC beats Reliance to become nation's No.1 refiner

During the quarter, IOC received compensation of Rs 7,220 crore from the government for selling diesel, cooking gas and kerosene at government-controlled prices. The money was meant for the first half of 2010-11, but came all in the second quarter. Net sales for the quarter rose 14.72 per cent to Rs 69,746 crore.

IOC Chairman BM Bansal said the company incurred gross under-recovery (for selling diesel, cooking gas and kerosene at government-controlled prices; petrol prices were decontrolled on June 25) of Rs 6,407 crore during the quarter. The figure for the first quarter was Rs 11,014 crore. Currently, IOC incurs a loss of Rs 2.62 on every litre of diesel, Rs 15.71 on every litre of kerosene and Rs 210 on every cylinder of cooking gas.

IOC to speed up summer games dates ruling

Gross refining margin for the quarter was $6.63 per barrel, up over 83 per cent from $3.62 in the same quarter last year.

On the company's follow-on public offer that is expected to happen in the last quarter of 2010-11, Bansal said 18 merchant bankers are in the fray. The company is expected to draw up the final list of up to six merchant bankers by November 20. IOC will sell 10 per cent of its expanded equity to mobilise about Rs 9,000 crore from the market. Simultaneously, the government will also sell 10 per cent in the company. Bansal said the government was expected to bring clarity on compensation mechanism before the stake sale.


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Solar LED Lanterns launched in Chhattisgarh  

Solar LED Lanterns launched in Chhattisgarh

Solar LED lanterns, manufactured by Moser Baer India Ltd., were launched in association with IndianOil in Chhattisgarh on November 10, 2010.

Solar LED lanterns will be marketed all across Chhattisgarh through IndianOil's retail network of rural and urban Retail Outlets, which will have the technical support of Moser Baer India Ltd. This lantern has remarkable features like 360 degree coverage area, illumination by LED lights, which has 10 times higher life than any ordinary illuminating device, charging

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IOC surpassed Reliance to be India's biggest refiner  

IOC becomes No 1 refiner; beats RIL

Government-owned IndianOil (IOC) has surpassed Reliance Industries to regain its position as nation's biggest refiner after it completed expansion of its Panipat unit.

"We have this week completed expansion of our Panipat refinery (in Haryana) to 15 million tonnes (from 12 million tonnes)," IOC director (refineries) B N Bankapur said on Thursday.

Before the expansion, IOC's eight refineries had a total crude oil refining capacity of 51.2 million tonnes a year and together with its subsidiary Chennai Petroleum (CPCL), it had a combined refining capacity of 62.7 million tonnes.

After Panipat expansion, IOC group's refining capacity has increased to 65.7 million tonnes, ahead of 62 million tonnes of refining capacity that Reliance Industries has at Jamnagar in Gujarat.

IOC was the largest oil refiner in the country before Reliance started its 29 million tonnes a year only-forexports unit adjacent to its 33 million tonnes a year plant at Jamnagar. "This year have raised Haldia refinery capacity by 1.5 million tonnes to 7.5 million tonnes," Bankapur said. IOC is mulling raising the capacity of its Koyali refinery in Gujarat to 16 or 18 million tonnes a year from current 13.7 million tonnes a year.

The Financial Chronicle, New Delhi, November 12, 2010

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government may sell ONG shares in April  

India’s government may sell shares in the nation’s biggest explorer in April, Press Trust of India reported, citing V.P. Gupta, deputy secretary in the department of disinvestment. The shares rose 0.8 percent to 1,348.05 rupees on 11th nov 2010.

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Offshore wind power generation  

With land acquisition and environmental clearances proving increasingly difficult for wind power projects, India is exploring the potential for offshore wind power generation.

Deepak Gupta, secretary, ministry of new and renewable energy, told FE that a study is being undertaken with the help of Chennai-based Centre for Wind Energy Technology (C-WET) to ascertain the feasibility of setting up wind farms in India’s offshore areas.”We expect to complete the study in 2-3 years,” he said.

Apart from hurdles in acquiring 4-5 acres to generate one mega watt of wind power, environmental clearances are not easy to come by. Offshore wind power projects are in vogue in many countries, especially in Europe. Recently, offshore wind farms have cropped up in the US and China as well.

“Unit size is high for offshore wind projects. Offshore wind is the next big thing for India’s renewable energy. However, we need to map our wind intensity scientifically,” said Charu Datta Palekar, principal consultant, energy advisory services, PWC.

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Latest Updates on PowerGrid FPO  

power grid fpo, power grid share price, power grid fpo rating, power grid share price today, power grid corporation of india

The Rs 7,028-7,442 crore follow-on public offer (FPO) of state-run Power Grid Corporation of India was sold out on Tuesday, Day One of the issue, with institutions bidding for the shares. The issue was subscribed 1.08 times, according to the National Stock Exchange (NSE) website though the retail and the HNI quotas saw less than 10 per cent subscription.

This is the best response any FPO has received on the first day in this calendar year. The REC FPO had received 29 per cent subscription on Day One, while NTPC was subscribed to the extent of 77 per cent and NMDC received was subscribed by 17 per cent. Engineers India didn’t receive too much of a response on the first day. “The response received on the first day is an indication that the issue will do well,” said S Vishvanathan, MD and CEO, SBI Capital Markets.

The price of the Power Grid stock, after declining about 4 per cent on Monday, gained 5 per cent on Tuesday to close at Rs 103.25 on the NSE. Interestingly, the counter clocked huge volumes around of 21 million shares (55 per cent of which was market for delivery) compared with the daily average volume of 2.6 million seen in the past one month.

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India signedn MoU with US for cooperation in shale gas  

India signs shale gas MoU with US

The Times of India, New Delhi, November 09, 2010

In line with efforts to expand ties with Washington into areas of unconventional and frontier technologies, India has signed an MoU with the US for cooperation in identifying and tapping gas trapped in layers of sedimentary rocks, commonly known as shale gas.

The two countries also sealed a deal on clean energy with an agreement on establishing a bilateral energy cooperation programme to promote clean and energy efficient businesses.

Oil minister Murli Deora called shale gas as the future mantra of the hydrocarbons industry. “We are trying to usher in a shale gas era. The MoU will help India identify shale gas resource in the country and frame policy regime for exploitation of the resource,” he said.

His ministry plans to include shale gas acreages in its auction of exploration blocks in 2011. The US is considered a pioneer in the area and has the only commercially viable market for the fuel. India is waking up to the prospect of the unconventional energy source, with Mukesh Ambani’s RIL recently buying stakes in companies in the US. Even ONGC has initiated a pilot project and started drilling in a Bengal village. But lack of technology and know-how remains a hurdle which the US will help overcome. Petroleum secretary S Sundareshan said the US Geological Survey will carry out studies on shale gas resources and will provide a report. Since shale gas production is a difficult process, a new fiscal regime would be needed and exploration laws changed.

The MoU was signed by Sudhir Bhargava, additional secretary in the oil ministry, and David Goldwyn, coordinator of international energy affairs in the US State Department.

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Hike in petrol prices by Rs 0.32 a litre  

IOC hikes petrol prices by 32 paise per litre

The Financial Express, New Delhi, November 09, 2010

State-owned IndianOil (IOC), the nation’s largest-fuel retailer, on Monday hiked petrol prices by Rs 0.32 a litre with effect from Monday midnight in line with rise in cost of crude.

IOC follows sister concern, Hindustan Petroleum (HPCL), which has raised petrol price by Rs 0.31 a litre already effective from Monday. This is the fourth increase in petrol prices since June 25, when the government gave oil firms freedom to price the fuel in step with cost. “We are increasing petrol price because of sharp rise in price of crude oil,” IOC chairman BM Bansal told reporters here.

Petrol in Delhi currently costs Rs 52.59 a litre and will cost Rs 52.91 a litre from Monday midnight. In the previous three increases on September 8, September 21 and October 17, IOC had raised petrol price by a total of Rs 1.16 per litre.

“Monday’s hike is less than the Rs 1.1 per litre that we currently lose on selling petrol,” another company official said. “We are moderating the increase.” International crude oil, the raw material for petrol, have climbed to $87 per barrel from $81-82 a barrel at the time of last revision in October.

Petrol in Mumbai will cost Rs 57.35 per litre as against Rs 57.01 currently while in Kolkata rates have been increased by Rs 0.34 to Rs 56.81 a litre. In Chennai, the rates have been increased to Rs 57.44 per litre from Rs 57.09. Bharat Petroleum, the third state-owned firm, will also increase petrol price by an almost equal quantum from Monday midnight.

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Coal India- experts recommend booking profits after mind-boggling debut  

Mumbai: Coal India shares surged as much as 39% in their $3.43 billion IPO debut on Thursday as investors snapped up a stock that is a proxy for surging growth and energy demand in Asia’s third-largest economy.

An attractive IPO valuation for India’s dominant coal miner spurred demand from investors who applied for more than 15 times the number of shares on offer in the country’s largest-ever IPO.

The rousing response to the state-controlled firm’s offer sets an upbeat tone for future share sales by a government looking to shed stakes in some 60 companies over the next few years. It also puts pressure on New Delhi to price future offerings at discounts to peers.

“Coal India is a bit expensive now. But, it is drawing a huge premium as it is a likely index candidate,” said Deven Choksey, managing director and CEO of KR Choksey Shares, who said the stock remains attractive for long-term investors.

Coal India shares opened at Rs. 295.70 on the Bombay Stock Exchange (BSE), compared with a Reuters poll forecast for the shares to rise to about Rs. 287 on their first day of trade. The stock rose as high as Rs. 340 for a gain of 38.8% and accounted for more than half the volume traded on India’s two main bourses.

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