•Supreme Automobiles Opp. Garware Nylons, Mumbai Pune Road, Pimpri
Tel : 27472456
•Kulkarni Automobiles Petrol Pump 554/1, Sadashiv Peth, Laxmi Road
Tel : 24452958, 24455540
•Shri Seva 1082, Ganeshkind Road,
Tel : 25655707
•Saraswati Auto Service Shankarsheth Road,
•Scooter Service Station
Near PMT Bus Stop, Pul Gate
Tel : 26363541
•Bright Star Services
12/Am Sadhu Vaswani Chowk,
Oppst. Parmar Chambers
Tel : 26129666, 26125916
•Alpha Service Station Oppt. Wakdewadi Railway Crossing, Mumbai Pune Road,
Tel : 25510981, 25512677
•Ambika Petrol Depot 26122280
•Anand Service Station 25817980
•Bharat Petrol Depot 24334267
•Bright Star Petrol Pump 26125916
•Bright Travels 26129666
•Kakade Dhananjay B. 24473978
•Kirad Service Station 26135223
•M & D Sales and Services 26351410
•N M Service Station 26124853
•Rohini Service Station 26135535
•Shri Sai Service Station 25532118
•Vidhya Petrol Pump 26874200
•Yadav Service Station 27012370
•Supreme Automobiles Opp. Garware Nylons, Mumbai Pune Road, Pimpri
Ministries clash on oil subsidy issue
EGOM meet to mull raising diesel prices on Thursday . SERIOUS differences have emerged between the petroleum ministry and the finance ministry over the manner in which the expected subsidy bill of `70,000 crore on petroleum products is to be financed during the current fiscal.While the finance ministry is willing to foot only one-third of the total subsidy bill, the petroleum ministry is of the view that the oil companies are in no position to bear the crushing two-thirds burden, which would work out to around `47,000 crore.There is a lot of heartburn among officials of the petroleum ministry and the oil companies over the finance ministry’s view that the loss estimate has been inflated with notional costs and needs to be calculated afresh.
The oil firms are also of the view that since they are listed firms there is also the issue of corporate governance that needs to be kept in mind when the price issue is settled.The oil companies have been allowed to hike petrol prices as it is still largely considered to be a rich man’s fuel. However, they are incurring heavy losses on kerosene, LPG and diesel sales.While the petroleum ministry has backed the demand of the oil firms for a rise in the prices of cooking fuels and diesel, the government’s political compulsions have come in the way of implementing the decision.A Group of Ministers headed by finance minister Pranab Mukherjee is expected to look into the issue. The government will walk a tightrope on Thursday between raising diesel prices to reduce the burden of subsidies or holding them steady to keep a lid on inflation.A panel of ministers, empowered to decide fuel prices, is expected to meet on Thursday.
Asia’s third- largest economy, which is trying to cut its deficit, has been looking for new ways to reduce subsidies paid to staterun oil retailers and reflect global crude oil market realities.The oil firms are losing around ` 280 on each LPG cylinder sold to households and around ` 6 per litre on diesel sales.Given the political compulsions and the galloping inflation that is taking a toll on its image, the government cannot increase the price of LPG by more than ` 20- 30 per cylinder. Similarly, diesel is a politically sensitive fuel since it is used in farms and public transport sectors and any price rise beyond ` 2- 3 a litre is an extremely difficult proposition, a senior official said.With the Organisation of the Petroleum Exporting Countries ( OPEC) cartel having refused to raise production to meet the increased winter demand for heating fuel in the US and Europe there seems to be no immediate respite in sight either as crude oil prices rose to around $ 94 a barrel on Tuesday.
….by….S. P. S. Pannu / Mail Today newspaper
Centre likely to increase diesel price by `2 a litre
22 Dec 2010 PETROLEUM BAZAAR
New Delhi: The empowered group of ministers (EGoM) will meet by the end of this month to consider a hike in the price of diesel and LPG in view of a surge in the prices of international crude oil.“We are hopeful of an EGoM meeting soon. Hopefully, it will meet before month end,” said the petroleum secretary, Mr S. Sundareshan. The EGoM is headed by the Union finance minister, Mr Pranab Mukherjee.
The petroleum secretary said that in view of a spurt in international crude oil prices, there was a need to review diesel and LPG prices in India. However, he refused to comment as to the quantum of price hike, which the EGoM will decide. “The agenda of the meeting will be finalised a day before the meeting,” he said.
While the loss on the sale of diesel has jumped to `6 per litre, the government is unlikely to pass the whole underrecovery to the subscribers. The government is likely to increase the price of diesel by `2 or `3 per litre.
In June, at the time of deregulating petrol prices, the government had said that it will be deregulating diesel prices in due course. Sources, however, said that in current situation deregulation of diesel prices is not possible.
Three state-run oil marketing companies (OMCs) IOC, BPCL and HPCL incur a loss of `275 on every domestic 14.2 kg LPG cylinder. Due to the under recoveries, OMCs are likely to lose `65,000 crore in the current fiscal. Courtesy:DECCAN CHRONICLE
NEW DELHI: State-run ONGC and Russian conglomerate Sistema have decided to merge their oil & gas businesses in Russia under a joint venture in a no-cash deal where the Indian firm will have a 25% shareholding with a say in management.
The merger of three companies, Bashneft, RussNeft and Imperial Energy, will make ONGC a shareholder in the Russian firms’ annual oil production of 25 million tonne and in the output of their refineries which have a capacity of 20 million tonnes besides discovered oil fields, Trebs and Titov.
State-run Indian Oil Corp (IOC), India’s largest refiner, will join ONGC in the venture, an oil ministry official said.
ONGC will merge its wholly-owned subsidiary Imperial Energy into the new company. ONGC Videsh, the foreign arm of the state-owned giant, India’s second-largest company by market capitalisation, had acquired Imperial in 2008 for $2.1 billion. Imperial produces about 1 million tonnes of crude oil annually and all its assets are in Russia.
Officials with direct knowledge of the matter said that ONGC would be practically managing oil and gas assets of the merged entity due to its experience. ONGC’s shares were down 0.26% at Rs 1,301.60 from the previous day’s close.
Sistema, a diversified group, had been scouting for a strategic partner with experience in oil and gas sector, ONGC’s chairman & managing director RS Sharma said in a statement. Sistema is a financial corporation that manages companies with a presence in telecommunication, high technology, energy, aerospace, banking, retail, tourism and healthcare services. The deal will be concluded by June 30, statements issued by ONGC said.
A Sistema statement said the prospective partners had agreed to jointly invest in future in “key” countries. The names of the key countries could not be ascertained.
“It is a frame-work agreement. We will soon negotiate specific terms of an agreement in this regard,” an ONGC official said. The frame-work agreement was signed on Tuesday by Sistema chairman Vladimir Evtushenkov and ONGC Videsh managing director RS Butola during Russian president Dmitry Medvedev’s India visit.
State-run oil companies are also interested in joining the consortium, the official said requesting anonymity. The proposed consortium would be led by ONGC Videsh.
The new firm will also hold Trebs and Titov, the major discovered fields estimated to have 200 million tonne recoverable reserves, equivalent to 35% of ONGC’s total crude oil reserves. The fields were awarded to Bashneft in a recent auction where ONGC had also participated but was disqualified. The deal is significant for a country like India that imports over 70% its oil and gas consumption.
Sistema has a 75% direct stake in Bashneft that produces 13 million tonnes of oil from fields in Russia. It also owns refineries with a combined capacity of 20 million tonnes. It has a 49% stake in RussNeft that producing 12 million tonnes of oil. Sistema has a presence in Indian telecom sector through Sistema Shyam TeleServices.
Oil in the veins…
Sometimes, competition — or the lack of it — can work in your favour. That’s what R K Singh, the new chairman & managing director of Bharat Petroleum Corporation (BPCL), discovered. With many of his peers — BPCL directors like S Radhakrishnan (marketing), S K Joshi (finance) and S Mohan (HR) scheduled to retire in 2011, there weren’t too many contenders for the top job.Sure, there were a couple of candidates from the oil industry, but Singh was the “most competent and serious contender”, say BPCL insiders. “He was the only internal candidate, and the only oil industry person to have exposure across three aspects of the value chain: refining, marketing and exploration,” said a BPCL official.
Singh led a team that negotiated with Encana of Canada and acquired assets in Brazil, where major oil discoveries have been announced. He was part of a core team that led BPCL’s upstream focus and acquired 27 exploration blocks (and discovered oil or gas in five of them — two in Brazil, two in Mozambique, and one in Indonesia).Analysts say BPCL’s upstream success is the reason why its stock quotes at a premium (Rs 702) to rival HPCL’s (Rs 418) -- asset-wise, four years ago both companies were at the same level. As director (refineries), Singh also played a key role in the Bharat Oman Refinery Project at Bina, which will go on stream in January.
A BTech in mechanical engineering from Banaras Hindu University, Singh had a short stint in the private sector before joining BPCL in 1978 in the refining division. In a career span of over three decades, he has held various positions, including supply & distribution, consumer sales and LPG in the marketing division, and maintenance & inspection and process and R&D in the refining division. ‘He’s a very down-to-earth person, extremely intelligent and has very good people skills,’’ says a senior executive at BPCL. A director, who has worked with him, says he’s good task-master and is able to get things done. Given his experience, Singh was also tipped for the top post at Indian Oil Corporation. IOC’s loss was BPCL’s gain when he decided to stay back in Mumbai. The challenge for Singh would be to follow his more illustrious predecessors like U Sundararajan and Ashok Sinha and keep the fires burning.
by…Ranju Sarkar in the Business Standard newspaper…
Rithwik Projects, a Hyderabad-based infrastructure company, has secured the mandate to implement a 5 MW solar power plant project in Anantapur district of Andhra Pradesh, in the Design, Build, Finance, Own and Operate (DBFOO) mode, under the National Solar Mission initiative. In a statement, the company said that the plant will be commissioned within 12 months and that it will generate about 8 million units of power annually. The company has a 25-year power purchase agreement with NTPC Vidyut Vyapar Nigam Ltd. According to the Chief Executive Officer, Mr C.S. Bansal, the company is on the brink of building a 24 MW, run-of-the-river hydel power project in Karnataka
Lanco Infratech to set up 5 MW solar photo-voltaic (PV) unit 100 MW solar thermal project in Rajasthan
Lanco Infratech Ltd has announced that it has received letters of intent from NTPC Vidyut Vyapar Nigam Ltd (NVVN) for setting up a 5 MW solar photo-voltaic (PV) unit and a 100 MW solar thermal project in Rajasthan under phase one of the National Solar Mission.
Part of the diversified Lanco group, the company had earlier set up its first 5 MW solar PV project at Patan in Gujarat, a hub for solar photo voltaic projects. It is currently developing 35 MW of solar PV capacity in Gujarat.
The Director of Business Development, Lanco Solar, Mr Sanjay Verghese, told Business Line that the company will play a role in solar power segment, as a generator, manufacturer of PV modules and turnkey EPC services provider to other solar project developers in the country.
“We expect to sign up for the power purchase agreement by January. Thereafter, we will have six months to achieve financial closure for the 5 MW project. This is likely to be operational by December 2011. However, for the 100 MW solar thermal plant, the company will have time till March 2013 for implementation,” he said.
SOLAR PV MODULE
Lanco is implementing a backward integration project for solar power generation and is establishing a 50 MW production facility for solar PV modules in the Rajnandgaon district of Chhattisgarh. This project is expected to be operational by March 2011, he said.
One of the conditions for solar PV projects is to procure modules within the country. Therefore, the Chhattisgarh module unit will be useful not just for the company's projects but can also be offered to local companies.
Moser Baer Clean Energy Limited (MBCEL), a subsidiary of Moser Baer Projects Private Limited (MBPPL) has commissioned the country’s largest and the first 5 MW solar farm at Sivaganga in Tamil Nadu. The technical expertise for commissioning was provided by the EPC (Engineering Procurement Commissioning) arm of Moser Baer Solar Limited. The International Finance Corporation and the IDBI bank has provided debt for the project.
The solar farm has been commissioned using amorphous silicon Thin Film technology which is best suited for the Indian climatic conditions and is connected to the 110 KVA local grid. The project had been awarded by the Tamil Nadu Energy Development Agency (TEDA) and is being implemented under the Generation Based Incentive scheme of the Ministry of New & Renewable Energy, Government of India. The project awarded on the basis of a global bid is the first of its kind in the solar farm category to be commissioned in India under the phase 1 of the National Solar Mission.
Speaking about this major achievement, Ratul Puri, Director, Moser Baer Projects Private Limited, said: “The successful commissioning of the first of its kind of solar farm at Sivaganga vindicates our deep rooted beliefs in our innate capabilities to commission large scale solar farms. As per official estimates, India receives solar radiation of about 5000 Trillion Kwh/Yr. This equates to 4-7 kWh/sqm/yr which is more than India’s total energy consumption (848 billion Kwhr – as projected by CEA). It is evident that India has immense potential and we need to ramp up rapidly in the right direction.”
Citing a report of CIBC Oppenheimer (a leading investment bank in Canada) Ratul stressed that around 85% of India's aggregate economic demand is domestically driven and to power this requirement many more large solar farms have to be commissioned on fast track. The panels installed at Sivaganga Project were procured from Moser Baer Solar Limited, which is today one of the top players in the global solar market. These panels were used as they are best suited in ramping up grid connected solar farms in high ambient temperature region like India.
According to Rajya Ghei, Country Head of MBCEL, “This successful commissioning by MBCEL reaffirms its position as the leading solar farm developer in the country. We have used our global experience to meet the local requirements according to the global standards.”
LPG cylinder may get costlier by up to Rs 100
New Delhi . The oil ministry plans to raise cooking gas prices by Rs 50-100 per cylinder as the international price of liquefied petroleum gas has jumped by almost 66% since August. The rise in global prices is hurting state-run oil firms as India imports 3 million tonnes of LPG a year. The government will, however, take a decision on Wednesday only after weighing the political implications of a hike against the need to shore up the finances of companies such as Indian Oil Corp , which plans to raise Rs 20,000 crore from a public issue in 2011. International price of LPG has soared due to winter demand, and consequently the subsidy on every cylinder is set to jump to Rs 367 per refill from January 1, which is more than the retail price of Rs 345.35 in the Capital, two officials with direct knowledge of the matter said. The oil ministry will seek the approval of the empowered group of ministers (EGoM), which is also expected to consider higher diesel rates, when it meets on Wednesday, officials said.
“We can’t tell the quantum of price hikes (of cooking gas and diesel) as the EGoM is the deciding authority. We will merely place facts before it,” an oil ministry official said. The decisions of the EGoM are final and do not require the cabinet’s nod. India, the largest consumer of LPG in Southeast Asia, meets its domestic demand by importing about 3 million tonnes of cooking gas. The Petroleum Planning & Analysis Cell , an arm of the oil ministry, estimates domestic LPG demand at 14 million tonnes in 2010-11. The country’s dependence on LPG imports is increasing due to a 5-8% annual growth in consumption. State-run oil companies are selling cooking gas at Rs 345.35 per cylinder in New Delhi. Their losses on its sale, compared with international rates, will jump to about Rs 367 per cylinder from January 1 as the import price of LPG for the next month has soared, officials said. State-run oil companies declined to provide rates at which they are importing LPG cargoes next month, terming it a commercial secret. Global LPG price, which was less than $600 a tonne in August, has touched around $1,000 a tonne and is still rising, an expert at a state-owned oil firm said, requesting anonymity.
Oilcos losing Rs 5/litre on diesel
LPG is a mixture of propane and butane. The mixture is predominantly propane in winter and butane in summer. As per reports, Algerian firm Sonatrach’s December selling price for propane was $925 per tonne, while it was selling butane for $985 per tonne. Sonatrach is the world’s third-largest LPG exporter. Oil firms raised petrol prices by about Rs 3 per litre last week, but they do not have the freedom to raise prices of diesel, cooking gas and kerosene. State-run firms IOC, BPCL and HPCL are losing about Rs 5 on every litre of diesel.
…by….Rajeev Jayaswal / The Economic Times…newspaper.
The Economic Times
One-day conference on natural gas
CII Andhra Pradesh, in partnership with the Government of Andhra Pradesh, is organizing a one-day conference with the theme ‘Andhra Pradesh - Hub of Natural Gas in India' on December 22. The conference aims to deliberate on global trends in production and utilization of natural gas, future trends in the natural gas market, district gas distribution and pricing policies, besides others.
A greater focus will be on regulatory issues and users' perspective. The conference will have the participation of senior Government officials, representatives from across a cross section of the natural gas industry sector, consumers, distributors, logistics service providers and solution providers besides others. Mr N. Kiran Kumar Reddy, Chief Minister of Andhra Pradesh, and Mr L. Mansingh, Chairman, Petroleum & Natural Gas Regulatory Board, Government of India, are expected to take part in the event. The conference will have participants from some of the leading companies.
News & Views TODAY (20th December 2010)
Whose wreck is it anyway?
Remember Black Rose, the Mongolian flag carrying cargo vessel that sank off Paradip port September last year, killing its chief engineer? The wreck has not been salvaged. Fortunately, it is not blocking the navigable channel of the port. But there were lots of problems. There was no insurance coverage for the vessel and the documents filed in this regard were found to be improper.
The vessel's owner could not be traced first. When traced, he declined to shoulder the responsibility of the salvaging operation, which entails huge cost. The shipping agent too filed a petition in Calcutta High Court pleading that it should not be pressurized to share the cost of salvaging. It was, therefore, presumed that the burden would ultimately fall on the port authorities.
Recently, Orissa High Court, responding to a PIL, ruled that the district administration will be the receiver of the wreck and will engage the salvage company. But the port authorities and the shipping ministry too must cooperate. This means the shipping ministry might be required to cough up funds.
News & Views TODAY (20th December 2010)
No timeline for IOC FPO yet: Govt
NEW DELHI: The government has not yet fixed any timeline for the public offering of Indian Oil Corp (IOC), even as the share sale of Oil and Natural Gas Corp (ONGC) is likely by March 2011, Oil Secretary S Sundareshan said today. "There is no question of deferring or postponing (of the follow-on public offer of IOC) as no decision on timing of the FPO had ever been taken," he said. IOC had last month appointed six merchant bankers for the sale of 10 per cent equity shares in the FPO that its Chairman BM Bansal said was planned for 3rd or 4th week of January. "Approval for IOC divestment are not yet in place. The Cabinet has not yet approved the sale. Only after that can timing etc can be fixed," Sundareshan said. The timing of the IOC FPO would be decided in consultation with the Department of Disinvestment, he said.
IOC is planning a fresh equity issue of 10 per cent of existing paid-up capital to mop up Rs 9,000 crore for its expansion projects. Along with this, the government will sell 10 per cent of the pre-issue equity capital through follow-on or further public offers (FPO) in the domestic market. Industry sources said IOC public offering may have been pushed behind ONGC as rising global oil prices have made the nation's largest oil firm less attractive to investors. IOC sells diesel, domestic LPG and kerosene at government control rates, which are way lower than market price. The Cabinet, on December 1, had approved sale of government's 5 per cent stake in ONGC, the nation's highest profit earning firm, to raise up to Rs 13,000 crore. The FPO of ONGC is planned for mid-February or early March, a month earlier than previously planned.
"Merchant bankers for the ONGC FPO will be appointed by January," a source said. Post offer, the government shareholding in ONGC would come down to 69.14 per cent from current 74.14 per cent.
Ahead of the share sale, ONGC is doing a share split, bonus share and issuing of special dividend. ONGC will split equity shares with a face value of Rs 10 each into two shares of Rs 5 each. It will also issue a 1:1 bonus share -- one new share for every existing equity held by shareholders -- and will pay a special dividend out of its cash reserves of around Rs 15,000 crore. After the share split and bonus issue, the market value of ONGC's shares will dip to around Rs 335, as against today's closing price of Rs 1,344.45 on the Bombay Stock Exchange and it is expected this will be an attractive level for retail investors to subscribe to the company. The government plans to raise Rs 40,000 crore through disinvestment of its minority stake in public sector units in the current fiscal, up from around Rs 25,000 crore in 2009-10.
…report by Press Trust of India / Financial Chronicle newspaper.
The Union ministry of new and renewable energy’s (MNRE) recent decision of 20% financial incentive on ex-factory price of electric cars and scooters sold in India will enable manufacturers to lower the prices and boost sales of green vehicles in India.
Higher incentives from the government in the form of free insurance, registration cost, 0% duty on import of components, rebate and subsidy to OEMs will boost penetration of electrical vehicles (EVs) in India, said Frost & Sullivan.
An executive analysis of the two-wheeler and four-wheeler EVs forecasts the market for electric passenger vehicles to reach 20,400 units by 2014-5 from a miniscule market of 810 units in 2009-10.
Similarly, the two-wheeler EVs market will grow from 1.4 lakh units in 2009-10 to 4.5 lakh units in 2015-16. Energy diversification, security and emission norms getting stringent would be the key drivers for the growth of EVs. However, infrastructure availability, component...
Jet fuel prices hiked by 3.6%
Oil PSUs has also hiked jet fuel prices by a huge 3.6 per cent to Rs 46,876.58 per kl in the midst of rising petrol prices. This time hike in jet fules marks the fifth straight increase in rates since October when international crude oil prices started climbing. Aviation Turbine Fuel (ATF) rates in Delhi have been raised by Rs 1,636.58 per kilolitre, or 3.6 per cent, with effect from 17th December, an official of Indian Oil Corp (IOC) said. The latest hike caused due to the 1.4 per cent raise on December 1 and a massive 5.5 per cent increase effected on November 16, in sync with the rise in global rates.
ONGC Tripura Power Co a unit of state owned Oil and Natural Gas Corp has signed an MoU with Dhaka to open up a new transport corridor through Bangladesh for transporting heavy equipment for its power plant at Tripura.
The MoU was signed by OPTC Director RK Madan and Azizur Rahman, Chief Engineer, Roads and Highways Dept, representing the Government of Bangladesh.
Pursuant to this MoU, the Bangladesh authorities will for the first time allow the use of the Ashuganj port on the mighty Meghna River and the connecting road network between Ashuganj-Sultanpur-Akhaura check post (around 48 km) for transportation of project equipment to the OTPC project at Palatana, in Tripura.
It said that "This will facilitate the transportation of two gas turbines, two steam turbines and about hundred ODC (Over Dimensional Cargo) items required for the OTPC's ambitious 726.”
(Sourced from Indian Express)
IOC, Punj Lloyd among 37 cos chosen for solar power projects
Indian Oil Corporation, Mahindra Solar, Maharashtra Seamless, Lanco Infratech, Punj Lloyd Infrastructure, and Reliance Power's Rajasthan Sun Tenchnique are among the 37 companies selected to develop 620 MW of solar power projects under the Phase-1 of the National Solar Mission.
NTPC Vidyut Vyapar Nigam (NVVN), which has been designated as a nodal agency to procure solar power from the developers under the Mission, has issued letters of intent (LoI) to 37 project developers.
“The LoIs were issued on December 11. We have asked the project developers to sign the power purchase agreements (PPAs) on January 10, 2011,” a senior NVVN official told Business Line.
The other winners include Welspun Solar AP Pvt Ltd, CCCL Infrastructure Ltd, Oswal Woollen Mills Ltd, Godawari Power and Ispat Ltd, Corporate Ispat Alloys Ltd, Karnataka Power Corporation, KVK Energy Ventures and Azure Power.
NVVN had invited bids for developing 150 MW of solar PV projects with a capacity of 5 MW each and 470 MW of solar thermal projects with a capacity minimum of 5 MW and maximum of 100 MW each.
The companies offering the best discount on Central Electricity Regulatory Commission's (CERC) notified tariff were selected.
The CERC rates for 2010-11 are Rs 17.91 (normal rate of depreciation)/ Rs 14.96 (accelerated rate of depreciation) per unit for PV and Rs 15.31 a unit for solar-thermal.
The average discount offered on CERC tariff for PV was Rs 5.75 a unit and Rs 3.82 a unit for thermal.
In solar PV, 21 projects with a total capacity of 105 MW will be developed in Rajasthan, three projects with a total capacity of 15 MW in Andhra Pradesh, and two projects having a total capacity of 10 MW in Karnataka. While Maharashtra, Uttar Pradesh, Tamil Nadu, and Orissa have got one project each having a capacity of 5 MW.
For solar thermal Rajasthan has got five projects - three for 100 MW and two of 50 MW each - totalling 400 MW. Andhra Pradesh has got one project for 50 MW, Gujarat one for 20 MW capacity.
According to the Ministry of New and Renewable Energy (MNRE) guidelines the letter of intents were expected to be issued end-December, but NVVN has completed the task ahead of schedule. Appreciating the work done by NVVN, the Secretary MNRE, Mr Deepak Gupta, said, "We expect all the selected developers to sign the PPA's before completion of a year (January 11) since the Mission was launched."
Refiners get the jitters as Indian Oil follow-on offer is put off
Fear delay in compensation package for fuel losses.
From the oil major's viewpoint, this is a big blow since it would have helped finance its ambitious Paradip refinery scheduled for commissioning soon.
With Indian Oil Corporation's follow-on public offering (FPO) unlikely to go through this fiscal, its refining counterparts are now worried about getting a timely compensation package from the Centre for fuel losses.
Officials of Hindustan Petroleum Corporation and Bharat Petroleum Corporation told Business Line that it is now a ‘virtual certainty' that no money will come in till May when they are due to wrap up their accounts for this fiscal.
No clear-cut formula
“The delay in IOC's FPO sends a clear signal that the Government does not have a clue about either a compensation formula or a fuel price hike. In the process, our liquidity position will only get costlier and tighter,” an oil sector executive said.This lack of clarity has prompted the Centre to defer the IOC exercise instead of risking investor apathy to the Rs 20,000-crore issue. From the oil major's viewpoint, this is a big blow since it would have helped finance its ambitious Paradip refinery scheduled for commissioning soon. “It is not the most pleasant situation for a company whose turnover is Rs 3 lakh crore but still has to scrounge for money,” sources said.
The absence of a clear-cut compensation formula should also be an area of concern to Oil and Natural Gas Corporation whose FPO is going as scheduled in the fourth quarter of this fiscal. Though ONGC is perceived to be better off (since it gets international prices for its crude oil), it still ends up bearing a third of the refiners' subsidy burden. And with higher crude oil prices, the company will cough up more as in 2008-09 when its outgo was nearly Rs 30,000 crore.
Diesel, biggest concern
Diesel is the biggest worry for the refining trio with losses amounting to nearly Rs 4.80 a litre on the fuel. What is even more alarming is that its use extends to a whole lot of non-automotive applications. “Diesel consumption has been on the rise and every extra litre sold is pushing us even deeper into the red,” an oil industry official said.It now remains to be seen if the Centre will have the courage to hike diesel prices even marginally given its potential to stoke inflation. There is really no alternative now unless the Finance Ministry squares up a large chunk of the fuel losses, something that it is loathe contemplating.
IOC, HPCL and BPCL are losing nearly Rs 2 on petrol too which has been deemed a deregulated fuel. Despite this, they still have not initiated a price hike when logic demands that this is the need of the hour. “By the end of the day, we still need to get the go-ahead from the Government and have to grin and bear it till then,” the official added.
Murali Gopalan...from THE HINDU BUSINESS LINE newspser.
Delhites will have to cough up Rs 55.87 for every litre of petrol while their other metropolitan counterparts i.e. Mumbaites will have to pay Rs 60.27per litre, Rs 59.77 per litre in Kolkata and Rs 60.40 in Chennai.
But the Silicon City Bangalore will see the maximum price rise as the city dwellers have to now pay the steepest amount of Rs 62.62 per litre of petrol.
Read more: http://www.ganpatinews.com/2010/12/14/petrol-dearer-rs296-litre-77394#ixzz186t0FtFo
BPCL, the second largest fuel retailer in the country, took the lead to raise petrol prices by Rs 2.96 a litre to Rs 55.87 per litre in Delhi, sources
Read more: BPCL hikes petrol prices by Rs 2.96 per litre from midnight -
The Times of India http://timesofindia.indiatimes.com/business/india-business/BPCL-hikes-petrol-prices-by-Rs-296-per-litre-from-midnight/articleshow/7100204.cms#ixzz186rZ5A91
PSU Oil companies in India will hike petrol prices by Rs 2.96/litre. The fuel price hike will come into effect from Tuesday midnight.
While Bharat Petroleum Corporation Limited (BPCL) will hike prices from Tuesday midnight, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL) are expected to hike fuel prices from Thursday, according to sources.
The current trading price of international crude oil is around $90, which is one of the reasons for the fuel
Reliance Industries has been ranked second, followed by the State Bank of India, Bharat Petroleum and Hindustan Petroleum -- all of which along with Oil and Natural Gas Corp, Tata Steel and Tata Motors and also figure in Fortune 500 list of global corporations.
"The total revenue of the Fortune India 500 companies stands at Rs.38,16,239.40 crore (nearly $850 billion). That's more than 60 percent of India's total gross domestic product (GDP)," the magazine said.
The magazine also reveals that the largest company on the list is 266 times the size of the smallest -- much the same as in China, where the top company is 382 times the size of the 500th. The disparity in the US list is lower: The largest being 100 times bigger.
The rankings are based on the total revenues of the organisation. Other individual data points include year-on-year change in revenues, net operating income, profit, assets, net worth, dividend and total salaries.
The issue also ranks top players in 42 sectors including airlines, automobiles, banking, cement, consumer durables, pharmaceuticals, consumer goods, infrastructure, media, oil and gas, power, real estate, retail and telecommunications.
The follwing are the top 20 rankings of the Fortune 500 India list:
1. Indian Oil Corporation, 2. Reliance Industries, 3. State Bank of India, 4. Bharat Petroleum, 5. Hindustan Petroleum, 6. Oil and Natural Gas Corp
7. Tata Steel, 8. Tata Motors, 9. Hindalco Industries, 10. ICICI Bank, 11. Coal India, 12. NTPC, 13. Larsen & Toubro, 14. Bharti Airtel, 15. SAIL,
16. Essar OiL, 17. Bharat Heavy Electricals, 18. Mangalore Refinery, 19. Mahindra & Mahindra, 20. Bharat Sanchar Nigam.
The Directorate Of Technical Education has declared the Tamilnadu Diploma result 2010 for examination held in October. The TNDTE Diploma Results are now available online for download on the official website of the Directorate and a direct link to download the same in PDF format is provided below.
To download the TNDTE Diploma Results 2010: Click Here (PDF) http://www.tndte.com/resultsoct2010.pdf
The result has been published by the Tamilnadu Directorate Of Technical Education at www.tndte.com. Students are advised to visit the same for all other updates and result related notification.
•American Auto Supply Co.
Opposite Rustum Baug,
Junction of S V Road,
Mumbai - 400050
•IOSC COCO IV
Mumbai - 400058
292, Comrade Harbansial Marg,
Mumbai - 400022
•National Highway Truking Centre
Ghatkopar Mahul Road,
Mumbai - 400071
•Shree Siddhivinayak Station
Veer Savarkar Marg.,
Mumbai - 400025
•Vashi Fuel Centre
Plot No. 2/2, Sector 14,
Mumbai - 400703
SHIL AUTO SERVICE & PETROLEUM
MUMBAI PUNE NATIONAL HIGHWAY4,NEAR SHILPHATA,
VASHI FUEL CENTRE
PLOT NO 2/2, SECTOR 14,
VASHI, NAVI MUMBAI-603.
AMERICAN AUTO SUPPLY CO.
VICTORIA RD, MILLERS TIMBER COMP.,
AUTOCARE CENTRE PETROLS
JUNCTION OF S.V RD AND TURNER RD,
BANDRA (W), MUMBAI-50.
CAR CARE CENTRE
45, NEPEANSEA ROAD,
SION BUS DEPOT,
IOSC COCO IV
OSHIWARA PETROL PUMP,
NATIONAL HIGHWAY TRUCKING CENT.
GHATKOPAR MAHUL ROAD,
ROYAL AUTO SERVICES
KURLA ANDHERI ROAD,
SERVO PETRO CARE CENTRE
VEER SAVARKAR MARG,
Contact: 4221902, 4221984
icc rankings, icc player rankings, icc, icc team rankings, icc cricket rankings
4 Dec 2010
Team Matches Points Rating
Australia 36 4595 128
India 37 4428 120
Sri Lanka 33 3892 118
South Africa 25 2873 115
England 28 3147 112
Pakistan 27 2704 100
New Zealand 27 2511 93
West Indies 18 1207 67
Bangladesh 30 1944 65
Zimbabwe 32 1241 39
Ireland 11 425 39
Netherlands 6 103 17
Kenya 8 1 0
Now you can check your application status for new issues here
2 sites to Check your MOIL IPO Allotment Status
MOIL is a Mini – Ratna engaged in mining Manganese ore which is used for desulphurization and strengthening of steel, thus making it closely tied with the steel industry.
Of the total land based manganese ores in the world – South Africa accounts for a whopping 75% followed by Ukraine which has 10%, and then Australia and India which have 3% each.
The Indian manganese reserves are estimated at 378.6 million tonnes and Orissa has the bulk of them with 40% of the reserves, and Karnataka comes second at 22%.
MOIL IPO (Manganese Ore India Ltd) will be getting listed on NSE and BSE on 10th December, 2010. For those of you who have applied for MOIL and are curious to know how many you got, you can check MOIL IPO Allotment Status here http://mis.karvycomputershare.com/ipo/
Oil firms hike ATF prices by 1.4 pc
01 Dec 2010 PETROLEUM BAZAAR
NEW DELHI: State-owned oil firms today hiked jet fuel prices by 1.4 per cent, the fourth increase in rates in two months. Aviation Turbine Fuel (ATF) rates in Delhi have been hiked by Rs 636.46 per kilolitre, or 1.4 per cent, to Rs 45,240 per kl with effect from midnight tonight, an official of Indian Oil Corp (IOC), the nation's largest fuel retailer, said.
The latest hike comes on the back of a massive 5.5 per cent increase in ATF prices effected on November 16, in sync with the rise in global rates.
With this hike, IOC and sister public sector retailers Bharat Petroleum and Hindustan Petroleum have raised prices of jet fuel, or ATF, on four occasions since October. The ATF price in Delhi on October 1 was Rs 40,728.52 per kl. The rates were increased by over 11 per cent in four hikes since then, in tandem with a surge in global oil prices past the USD 80 per barrel mark.
Jet fuel, will cost Rs 45,379.62 per kl in Mumbai, home to the nation's busiest airport, from tomorrow, as against Rs 44,716.65 per kl currently. No comment could be immediately obtained from airline companies on the impact of the latest price increase. The three state-owned oil retailers revise jet fuel prices on the 1st and 16th of every month, based on the average international price in the preceding fortnight.
In Kolkata, the ATF price has been hiked by Rs 649 to Rs 52,452.14 per kl, while in Chennai, it will cost Rs 48,496.70 per kl as against Rs 47,812.51 per kl currently. Courtesy: ET
01 Dec 2010 PETROLEUM BAZAAR
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