 |
|
Asian oil ministers draw up action plan
ONGC ready to buy back shares from IOC, GAIL
ATF prices may go down next month
Teams up with CNPC for Syrian oilfields
Hooda leaves for Seoul today
HPCL, Total talk on Vizag project
WTO meet to focus on subsidy issue
Govt clears SEZs
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Controversy marks Jaipur SEZ
EU for hike in FDI cap in print, electronic media
New pharma policy soon: Paswan
Live trading in BSE, NSE today
|
|
Asian oil ministers draw up action plan
New Delhi, November 25 While North and Central Asian countries agreed to join to form oil and gas order in Asia, Russia today expressed keen interest to be partner in the Iran-Pakistan-India gas pipeline, which has been opposed by Washington. The first round table of oil ministers from Russia, Kazakhstan, Uzbekistan, Turkmenistan and Azerbaijan with principal Asian oil and gas consuming countries — Japan, South Korea, China, Turkey and India — here decided to pursue regional cooperation in the Asian oil and gas economy. Petroleum Minister Mani Shankar Aiyar said at the conference that “participants noted with concern the recent volatility in international oil and gas prices and agreed that stable and reasonable prices would be in the interests of producers and consumers alike to ensure, on the one hand, that the growth prospects of consuming countries are not damaged and, on the other, that investment in producing countries is promoted.” “It was agreed that practical steps be taken bilaterally and regionally, as well as globally, for networking the knowledge-base of participating countries in the development of the Asian oil and gas sector and the energy economy in general. In this context, the need to move towards the most optimal energy mix for each country and towards new and renewable energy sources was recognised as a priority for the Asian and global economy,” he said. The Indian proposal includes studying, in association with all participating countries particularly Korea, the feasibility of promoting gas and oil interconnections through LNG and through transnational pipelines within the region for integrating energy markets, Mr Aiyar said after the conclusion of the meeting. Suggestion to establish an Asian Gas Grid Institute will also be studied. Russia has expressed its interest in the transnational gas pipeline from Iran to India via Pakistan. “Gazprom (Russian energy giant) is ready to share the construction risks,” Mr Viktor Khristenko said following talks with his Indian counterpart. Mr Khristenko, who was in New Delhi for an Asian energy forum, said he hoped that Iran and Pakistan would support the idea of sharing project risks with Russia. He said Russia had vast experience in building underwater gas pipelines, including in the Black Sea, and it could be instrumental in the new IPI project. He also said Russia’s participation in the project would add stability and set up a base for new regional projects. Meanwhile, India and Korea today signed six MoUs for cooperation in hydrocarbon sector including to set up strategic underground petroleum storage facility, cooperation in gas hydrates and hydrogen and CNG-related fields. The hydrocarbon cooperation agreement was signed by Mr Aiyar and the visiting Korean Minister for Industry and Energy, Mr Hee Beom Lee. In order to establish the basis of cooperative institutional relationship and encourage and promote bilateral cooperation, both sides have decided to enter into a comprehensive hydrocarbon agreement between the two government for closer cooperation in the hydrocarbon sector.
|
|
ONGC ready to buy back shares from IOC, GAIL
New Delhi, November 25 Talking to reporters on the sidelines of an energy conference Mr Raha said, “We have already offered to IOC and GAIL to buy back ONGC shares held by them. We are still keen. The Union Cabinet had yesterday allowed offloading cross-holding of shares in each other by IndianOil Corporation, ONGC and GAIL, valued at about Rs 250 billion ($5.5 billion). Finance Minister Palaniappan Chidambaram told reporters after a late-evening Cabinet meeting that some shares would be sold in the domestic equity market and some could be swapped between the companies. IndianOil holds 9.61 per cent in ONGC, while GAIL holds 2.4 per cent stake in the exploration giant. IOC and ONGC holds 4.83 per cent stake in GAIL, While ONGC holds 9.11 per cent in Indian Oil. While IOC Chairman S. Behuria said the company wanted to sell its holding in ONGC and GAIL in tranches but the timing would be decided in consultation with the Petroleum Ministry. “It will be done in tranches, but we do not need the money now,” Mr Behuria said. Asked about the ONGC offering to buyback its holding in IOC, Mr Behuria said: “A decision on it will be taken in consultation with financial adviser.”
|
|
ATF prices may go down next month
New Delhi, November 25 “The aviation turbine fuel (ATF) prices would be cut from December 1,” Indian Oil Director (Finance) S.V. Narsimhan said today. The international crude prices are hovering around $ 55 a barrel in major overseas markets compared to over $ 60 a barrel a month ago. The possible reduction next month follows the price cuts by public sector oil firms to the tune of 18.5 per cent from November 1. Oil companies had cut ATF prices by up to Rs 745 per kl in the wake of falling international prices. The slash in ATF prices for domestic airlines ranged from Rs 650 per kl to Rs 745 per kl. For international airlines, which do not have to pay local levies on the fuel, the cut was between $ 25 to $ 26 per kl.
— PTI
|
|
Teams up with CNPC for Syrian oilfields
Singapore: The flagship state energy firms of China and India, normally arch-rivals in the race for overseas oilfields, are teaming up for the first time to bid for a $1 billion package of assets in Syria.
China National Petroleum Corp and India’s Oil and Natural Gas Corp. (ONGC) are bidding for Petro-Canada’s interest in a major Syrian oil and gas joint-venture with Royal Dutch Shell, a person close to the situation told Reuters on Friday. There are other bidders for the assets, the source said, without elaborating. A CNPC spokesman was not available for comment. ONGC Chairman Subir Raha declined to comment. It is the first time the Chinese and Indian oil firms have joined forces in their efforts to secure reserves to feed their booming economies, which require ever-increasing supplies of imported oil, raising the prospects of an Asian giant rivalling Western majors in a world of shrinking opportunities.
— Reuters
|
|
Hooda leaves for Seoul today
Chandigarh, November 25 The delegation includes the Industries Minister, Mr Lachhman Dass Arora, senior officers of the state government and some prominent industrialists of Haryana. The delegation will reach Seoul on November 27 and the same day, the Chief Minister would meet the Korean Ministers of Foreign Affairs, Commerce and Industry. Next day, the delegation would hold an investment promotion meet with the Korean International Trade Association, followed by a tour of Samsung Electronics. The delegation will hold meetings with prominent Korean companies, namely, LG Dcosan Heavy Industry and Kia Motors. The delegation will arrive at Tokyo on December 1 and an investors’ meet has been planned the same day by the Indian Embassy in Tokyo in collaboration with a Japanese business association. It would be addressed by the Chief Minister and senior members of the delegation. The Chief Minister will visit the corporate headquarters of Honda Motor Company in the evening and also have meetings with Japanese companies interested in investing in Haryana. Prominent amongst these are Mitsui Kinzoku Components,
YKK, NTN and Mitsui and Co. A factory visit has also been arranged by the Japanese automotive components major, Denso Corporation. The delegation will return on December 5.
|
|
HPCL, Total talk on Vizag project
France’s Total SA is in talks with Hindustan Petroleum Corp Ltd (HPCL) for acquiring up to 26 per cent stake in the Indian state-owned firm’s new-cum-petrochemical complex at Visakhapatnam in Andhra Pradesh.
HPCL plans to invest Rs 16,000 crore in building a new export oriented refinery near its existing 7.5 million tones Visakhapatnam refinery and is seeking equity partners for the project. “We have not yet decided the amount of stake to be offered, but have a comfortable relationship with Total,” HPCL Chairman and Managing Director M.B. Lal told reporters . HPCL and Total are expected to own 26 per cent stake each in the Vizag project, while the remaining 48 per cent will be offered to public through an IPO.
— PTI
|
|
WTO meet to focus on subsidy issue
New Delhi, November 25 Officially, Union Commerce and Agricultural Minister Kamal Nath is positioning himself as a champion of the rights of the developing countries, but farmer unions and NGOs are sceptical about the talks “behind the doors.” The Bharti Kisan Union has warned the government not to make any compromise at Hong Kong without taking commitment from the developed world for the relaxation of visa rules. “India should stress on keeping the issue of agricultural subsidy out of the WTO discussions till the developed countries agree to do away with the direct and indirect agricultural subsidies,” said Mr Ajmer Singh Lakhowal, President of the Punjab BKU. Notably, like other countries, more than 55 organisations have come together under the umbrella of People’s Caravan to press upon the government not to make any compromise over the concerns of people. “If developing countries succumb to pressure of rich countries, common people would have to pay a heavy price for services like water, electricity and agricultural commodities,” said Mr Devdendra Kumar of Bal Vikas Dhara, an NGO participating in the campaign. India is emphasising that the most profound structural distortions in international trade are occurring in agriculture through huge domestic support and export subsidies that protect farmers in developed countries, even though agriculture accounts for less than 5 per cent of output and employment in the USA and the EU. In contrast, two-thirds of all poor people in developing countries depend on agriculture for their livelihood. In India, some 650 million persons are dependent on agriculture. More than 90 per cent of the cultivators are small and marginal with an average holding size of less than two hectares. According to Mr Kamal Nath, “in the forthcoming WTO Ministerial Conference India will not compromise on the issue of agricultural subsidies as it feels that it is a stand- alone issue and that no trade-off on this issue will ever be acceptable to India.” India would forcefully demand the substantial reduction in agricultural subsidies given to farmers in the developed economies of USA, EU and Japan and would certainly not compromise on market access for developed economies for agriculture produce as the issue concerns over 300 million farmers and their agriculture produce, said Commerce Secretary S. N. Menon while speaking at seminar on WTO, organised by Assocham today. Said Dr. Veena Jha, Head, UNCTAD India, “India should demand the withdrawal of subsidies on agricultural items from the developed world during the forthcoming Hong Kong Conference, since farmers of the USA and the EU and even Japan have been getting so much of subsidies that the share of Indian farmers agriculture produce in items like rice, corn, coffee and tea in the world market has significantly fallen down.”
|
|
Govt clears SEZs
New Delhi, November 25 Adidas’ proposal for a footwear SEZ at an investment of Rs 300 crore in an area of 100 hectare in Tamil Nadu
has been given in-principle nod. SRM Infrastructure’s multiproduct SEZ in Mewat, Haryana received in-principle approval along with Tamil Nadu Industrial Development Corporation proposal for multiproduct SEZ in Krishnagiri in Tamil Nadu. Divi Labs’ Rs 300
crore pharma SEZ has been accorded in-principle approval by the Board. — PTI
|
|
Controversy marks Jaipur SEZ
Jaipur, November 25 The resentment of the two ministerial colleagues basically flowed from the fact that the decision was taken by the Chief Minister without the approval of the Cabinet. The SEZ is to be created on the outskirts of the pink city in about 4,000 acres out of which 1,000 acres is proposed to be allotted by the Jaipur Development Authority while the major chunk of 3,000 acres, falling in the constituency of Mr Ghanshyam Tiwari, is to be acquired from small farmers. An MoU has already been signed to this effect between the Rajasthan Industrial and Investment Corporation (RIICO) and Mahindra & Mahindra. Following uproar within the government and the party, the matter reached the central leadership of the BJP which advised the Chief Minister to take all major decisions with the consent of the Cabinet. Ms. Raje was persuaded to refer the SEZ to the Cabinet for its approval. It was after this rapprochement that Ms Raje chose to hold a Cabinet meeting on November 17 which was attended by only seven members, with Mr Tewari and Mr Rajvi being absent, the former being abroad and the latter in Bikaner because of bereavement in the family. Having obtained a nod of the Cabinet, Ms. Raje announced the appointment of a five-member subcommittee to monitor the implementation of the project under the chairmanship of Home Minister Gulab Chand Kataria. Mr Tewari and Mr Rajvi both are included in the subcommittee.
|
|
EU for hike in FDI cap in print, electronic media
New Delhi, November 25 “I am going to raise this issue (of raising foreign equity cap) in print and audio visual media with the Indian government...Many companies from EU have expressed their keenness to enter into joint ventures with Indian print and broadcast groups... the less and less are the barriers, trading relations will be better”, Ms Viviane Reding, Commissioner for Information Society and Media, EU, said at a CII meet here. At present, New Delhi allows 26 per cent FDI in news and current affairs of both print and
television media. As much as 20 per cent FDI is allowed in FM radio and in direct-to-home venture, while foreign investment up to 100 per cent is allowed in Indian entities publishing scientific/technical and speciality magazines/periodicals/journals. On the thorny issue of EU visas to Indian IT professionals, she said: “We are discussing the visa issue among the EU states. We have to lead first at home. There are some sovereign questions and there needs to be coordination among EU states on this issue.”
— PTI
|
|
New pharma policy soon: Paswan
New Delhi, November 25 In a written reply to a question in the Rajya Sabha, Union Chemicals and Fertilisers Minister Ram Vilas Paswan said the government was “in consultation with various stakeholders examining the recommendations of the task force”. “Based on this a new pharmaceutical policy is likely to be announced shortly,” he said. Mr Paswan said amongst the recommendations of the task force was price controls on drugs imposed based on ‘essentiality’ of the drug and not on the turnover and it should be applied only to formulations and not on the bulk drugs.
— PTI
|
|
Live trading in BSE, NSE today
Mumbai, November 25 During the special trading the market will open at 10.30 am and close at 1.30 p.m. the exchanges said.
— PTI
|
bb
Inflation at 4.20 pc Gold attains new high Surina Narula is Asian of the Year 31 Infotech acquires SDG Airtel has 3 lakh subscribers in HP HP Civil Supplies Corp earns profit |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
