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ONGC bids for $3.75 b refinery in Angola
‘Air engine’ invented, patent awaited
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Guj NRE arm buys 49 pc stake in Aussie firm
No LPG shortage, claims Aiyar
No takers for VW’s Europcar
Taxman watching evaders, says FM
British Airways links London, Bangalore
IOC outlets to sell HPMC products
JSPL announces interim dividend
Kotak Mahindra net up
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ONGC bids for $3.75 b refinery in Angola
New Delhi, October 31 The Sonaref project involves setting up a grassroot refinery of 200,000 barrels per day (10 million tonnes a year) capacity at Lobito on the Atlantic coast and is linked with equity participation in exploration of deepwater blocks 15, 17 and 18, industry sources said. The ONGC plans to participate in the Sonaref project through its subsidiaries, ONGC Videsh Ltd, for upstream exploration and Mangalore Refinery and Petrochemicals Ltd for the refinery project. The sources said the company in July held talks with Sonangol in London to finalise partners for the project and firm up structure of the partnership. Sonangol had also invited Hydro, Exxon, Sinopec, Chevron, Energem, Petrosa and the existing group of partners in blocks 15, 17 and 18 for the talks. OVL recently received a communication (from Sonangol) seeking details on updating market studies for the refinery. It is preparing the queries in association with MRPL, they said. Angola’s state-owned Sonangol would hold up to 40 per cent interest and is looking for partners to keep the minimum of 20 per cent stake. The project is estimated to cost $ 3.75 billion and is expected to be completed by 2009-10. JAIPUR: The ONGC will set up a Rs 9,000-crore refinery in Barmer district in a 50:50 joint venture with Cairn Energy with an annual refining capacity of 7.5 million tonnes. “ONGC’s subsidiary MRPL will be the implementing agency for the refinery and the new venture entailing an investment of Rs 9,000 crore will be named Rajasthan Refinery Ltd,” ONGC Chairman Subir Raha said. A proposal for the refinery has been sent to the state government and possible sites have been identified. Once the land is acquired, and environmental clearance obtained, a feasibility study will be undertaken for the new refinery, Mr Raha said on the sidelines of a ceremony for signing gas sales and purchase agreement with Rajasthan Vidyut Utpadan Nigam Ltd (RRUVL) for its upcoming gas-based combined cycle power plant at Dholpur. The project will take about 36 to 40 months for completion after the feasibility report is prepared, he added.
— PTI
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ACL strikes oil
New Delhi: Assam Company Limited (ACL) announced today that it had successfully tested oil at Amguri 5 well in Assam, where it had been carrying out exploration in association with Canoro Resources Limited from Canada.
The company claimed it had successfully completed remedial operations and testing of an oil producing zone in the suspended Amguri 5 oil well. The zones had now stabilised at a rate of 588 bbls/d of 42 degree API oil at a flowing pressure of 1,150 pounds per square inch with 0.8 mmcf/d of associated gas through a 10 millimeter choke.
— TNS
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‘Air engine’ invented, patent awaited
Rajkot, October 31 Hajibhai Amadbhai Sumra, who runs an engineering machine shop on Kalavad Road, fitted the air-engine in an Ambassador car and demonstrated before the media its power to pull a car with six passengers. Talking to reporters later, Mr Sumra claimed that he has got 90 per cent success in his endeavour and is waiting for patent. He is in correspondence with automobile manufacturing companies like General Motors and Toyota. He has christened the air-engine ‘Sumero’, the result of his knowledge and skill. “It is a mechanical device, in which plain air is pumped into an air tank at a pressure of 300 psi, connected to the engine, through a valve. Another valve connects the air tank to accelerator and clutch. As one presses the accelerator, the air enters the engine at a very high pressure and the engine rotates and the vehicle moves,” he explained.
— UNI
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Guj NRE arm buys 49 pc stake in Aussie firm
New Delhi, October 31 FCGL has made an initial investment of Aus $50,000 besides investing Rs 122 crore for setting up 20 wind turbine generators (WTG) for wind farms in Gujarat’s Kutch. “Funds invested would be directed to working capital needs, specifically to evaluate and secure various exploration licences and exploratory work in New South Wales, targeting gold, copper, iron ore and possibly uranium amongst another minerals”, “We shall decide on further investment as and when the need arises,” he said. The investment entitles GNCL to the first right of refusal on any marketing or agency agreements for any products or participation in future equity funding of any project undertaken by Plouton Resources. FCGL had acquired coal-mining leases comprising the whole of old Avondale Colliery and part of Huntley Colliery in the Southern Coalfields of Australia’s New Present investment would further strengthen the hold of the company in the Australian mining sector, the GNCL president said. In September last, the GNCL had entered into an agreement to acquire 5 per cent stake in Australia major coking coal producer, Resource Pacific Holdings Limited, Mr Khetan said and recalled that his company has acquired 30 per cent stake in Zinico Resources at Tasmania in New South Wales, besides acquiring 20 per cent stake in Rey Resources also of Australia. “The Board of the company has approved investment of Rs 122 crore for generation of 25 MW of green power. The power to be generated from the 22 WTGs will be dedicated to captive use,” he said. “With a life of 20 years, proposed generation 25 MW would add to its present capacity of 2.5 MW being produced from two wind firms in the same state,” he said, adding the company aimed to save Rs 24 crore annually in energy cost and benefit from the carbon credit under Kyoto Protocol Agreement. Mr Khetan said the investment would be made for the next five years till the plant was commissioned in the same period. “The power generated would entirely be for captive use and we have no intention to sell power to others for commercial use,” he said. The GNCL president said company’s proposed mini steel plant in Gujarat, which will be commissioned by early 2006, would also benefit from the investment.
— PTI
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No LPG shortage, claims Aiyar
New Delhi, October 31 In a special message on the eve of Divali, the
minister said that the availability of LPG was being monitored on a day-to-day basis by his ministry and oil companies with a view to taking immediate corrective action. He also underlined the necessity for LPG distributors and state governments to act in concert in order to cap, reduce and eliminate the diversion of subsidised domestic LPG for unauthorized and dangerous use in vehicles. When the shortage of domestic LPG surfaced early this month, the minister had announced that the shortage would end by Divali.
— UNI
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No takers for VW’s Europcar
Frankfurt, October 31 VW said in September that it was reviewing “all options, ranging from strategic expansion to an initial public offering (IPO) or sale, with regard to the wholly owned subsidiaries Gedas and Europcar.” A number of potential buyers had been found for the IT services unit Gedas — notably Deutsche Telekom’s T-Systems, and US information technology specialists ACS and EDS, FT Deutschland said. But the situation was looking more complicated for Europcar, with rivals Sixt and Budget both ruling out a takeover, the newspaper said.
— AFP
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Taxman watching evaders, says FM
Chennai, October 31 “Paying income tax is a matter of pride. You could hold your head high. It is a badge of respect and honour,” he told reporters, after filing his IT returns at the Income Tax Office ‘Aaykar Bhavan’ here. Mr Chidambaram said many top filers of income tax in the past have stopped filing IT returns. “They have been top filers of income tax for a few years,” he said, adding that these individuals (mistakenly) think that they could “get away” as they were top filers of IT in the past. There were also a large number of people, who have not been filing returns at all. “These stop-filers and non-filers are under the scrutiny of the IT Department,” he said. Mr Chidambaram also expressed confidence that the direct tax collections as a percentage of GDP would cross 5 per cent at the end of this financial year, in line with the budget forecast. “Last year, the direct tax to GDP ratio stood at 4 per cent,” he pointed out. The Finance Minister said a combination of factors such as economic growth, better corporate results, higher salaries, more information about the tax assessees, tighter administration and Annual Information Report (AIR) have contributed to this optimism. Commenting on the high FII (Foreign Institutional Investments) outflows, Mr Chidambaram said: “Inflows and outflows are part of the capital market”, adding a large amount of money from Tokyo, Singapore, Hong Kong and West Asia, were waiting to enter India. Stating that the country gets a “large dose” of FII investments, Mr Chidambaram said: “India’s story is well established.” “FIIs and FDI (foreign direct investments) are here to stay,” he added. Replying to a question on high volatility in the stock markets due to the FII outflows, the minister said: “Orderly movement is what we are looking at.” On the income tax front, Mr Chidambaram said the IT Department had information about 1,27,511 parties or individuals who have made cash withdrawals of more than Rs 10 lakh during the year.” Another 3,23,563 credit card payments of over Rs 2 lakh and 4,00,966 mutual fund purchases of over Rs 2 lakh, were also being looked into by the IT Department, he said, adding: “I am happy that you are prosperous. But, you should also file the returns”. “Not filing the return raises suspicions. We will find out through non-intrusive means, whether they have filed the IT returns or not,” he said. Replying to a question on suggestions that salaried class be spared from filing IT returns, Mr Chidambaram said the country was headed in that direction. He, however, said it would take some more time before this was implemented.
Files return personally
As a demonstrative act, the Finance Minister today filed his income tax returns, personally turning up for the first time to do so. “I’ve been filing my IT returns for several decades,” Mr Chidambaram told reporters at the “Ayakar Bhavan” here, adding his chartered accountant had so far filed the returns on his behalf. The Finance Minister said he chose to file the returns himself this time as he wanted to “demonstrate” the importance of filing tax returns. “Paying income tax is a matter of pride. You could hold your head high.” Asked why he chose the last day to file the returns, Chidambaram said “I came to Chennai only yesterday”. The last date of October 31 was an extended deadline from the earlier of July 31, 2005.
— PTI
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British Airways links London, Bangalore
New Delhi, October 31 The premier British airline also claimed to have become the first to offer direct connectivity between London Heathrow and five Indian cities of Delhi, Mumbai, Chennai, Kolkata and Bangalore, the airline said here. BA has also signed an MoU with Air Sahara, making it a preferred partner and to leverage its extensive domestic network.
— PTI
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IOC outlets to sell HPMC products
Shimla, October 31 State Horticulture Minister Singhi Ram said a contract had been signed with the Indian Oil Corporation (IOC) to begin with.
He said 25 of the 98 petrol pumps would commence the sale of HPMC products soon. Later, HPMC Managing Director C.R.B. Lalit said negotiations were in progress with Hindustan Petroleum and other oil companies to open such outlets at their petrol stations also. Such outlets would also be opened at the HP petrol pumps About the modalities of the agreement with the IOC, Mr Lalit said 20 to 25 per cent commission would be allowed to the contractor running the outlet and 5 per cent commission would be paid to the IOC for shelf-use of its premises. The contractor would set up the shelf for marketing HPMC products and the IOC and other companies would provide space for the purpose. No extra cost would be paid by the HPMC to the IOC, he added. Mr Lalit said this move was likely to increase the HPMC revenue by 20 to 25 per cent in the next few years. Mr Lalit said isolated petrol pumps would not be selected for such outlets as the sales at these stations would not be financially viable. The HPMC would soon invite proposals from the private sector to establish such outlets on petrol
pumps. — UNI
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JSPL announces interim dividend
New Delhi, October 31 The total income went up by 24 per cent to Rs 621.26 crore compared to Rs 501.74 crore in the same period last year. The shareholders will be get Rs 5 as an interim dividend per share of the face value of Rs 5.
VIP Industries
VIP Industries Ltd has posted a quantum leap in its net profit for the second quarter ended September 30, 2005 at Rs 82 lakh as compared to Rs 4 lakh in the corresponding quarter previous fiscal. Net sales during the reporting quarter increased to Rs 70.72 crore as compared to Rs 63.32 crore in the corresponding quarter of the previous fiscal, the company said in a press
note. — PTI
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CPI-IW at 542 United Phos Stake acquired Venkat Pharma RIL responds Properties sold Gulf Air |
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