A newly formed joint venture of state refiner Indian Oil Corp and Adani Energy may take 50 per cent stake in a Rs 4,000-crore liquefied natural gas (LNG) import terminal planned by Gujarat State Petroleum Corp (GSPC) at Mundra in Gujarat. GSPC will hold the remaining 50 per cent stake in the ...

Acme Energy Solutions, a renewable energy company of Gurgaon has decided to develop India's first 100MW solar thermal power plant. According to the executive vice president of the company, N. Venkataraman, Acme has not yet decided over the location of the plant but will be probably set up either in ...

Atomic Energy Commission (AEC) chairman Anil Kakodkar has said that the private sector companies can pick up a minority stake in Nuclear Power Corporation of India Limited (NPCL) to understand the possibilities and hindrances that appear during the nuclear power generation in Indian ...

In order to set up the first supercritical thermal power project in Tamil Nadu state-run Bharat Heavy Electricals and state Electricity Board have formed a joint venture (JV) company. Land for the project has been identified at Udangudi in Tuticorin district.
According to a senior official, BHEL ...

The executives of the Indian Oil Corporation, HPCL, EIL have decided not to join the indefinite strike called by the Oil Sector Officers Association from December 2 to push for higher wages.
  
Despite Delhi High Court's November 17 restrain, urging the OSOA not to go on strike till ...

The Cabinet Committee on Economic Affairs (CCEA) on Thursday (November 20) gave its nod for a set of 44 hydrocarbon blocks to be awarded to bidders in the latest round of auction, with contracts to share production with state-run oil companies expected to be signed within a month.
The approval for ...

BG Group of Australia would buy Australian coal seam gas firm Queensland Gas Co for $3.1 billion, the details of the deal are awaited. Reportedly, energy utility firm AGL Energy has agreed to sell its 24.9 percent stake to BG Group. AGL Energy is the same firm which could not get majority stake in ...

The Power Grid Corporation of India has received the approval of 400 million US dollar loan from the World Bank. This loan from International Bank for Reconstruction and Development (IBRD) has a 30-year maturity which includes a four-year grace period.  The money will be utilized by ...

SAIL (Steel Authority of India) and L&T (Larsen and Toubro) have signed a MoU (Memorandum of Understanding) for Joint Venture to develop, manage and own captive and independent power plants. The JV firm will develop a 1,600 mw (2 X 800 mw) Greenfield coal- based power plant. There would be use ...

Videocon Industries and BPCL consortium has won an oil exploration contract in Brazil worth $283 million. The amount includes $118 million reimbursement to the Canadian firms’ expenses. Rest of the amount will be paid to the owner of acquisitioned firm. The consortium of Videocon and Bharat ...

GSPC (Gujarat State Petroleum Corporation) is mulling a plan to come up wit its IPO (Initial Public Offering) for 10-20 per cent of its equity shares by the end of the year to raise about $1 billion. An official from the company said that there has already been order for the moderators. And, DSP ...

GMR Energy thinking of entering into a nuclear power production will invest over Rs 10,000 crore in a 2,000-3,000 MW nuclear power plant in the country. The plant according to a company executive would come in next 5-7 years. Avinash R Shah, Executive Vice-President for GMR Energy said that the ...

The Financial Times has reported that Anglo-Dutch oil company Royal Dutch Shell has entered into a joint venture with Iraq government to produce gas worth $4 billion. Shell in its official communication said that it is delighted with the government's decision and look forward to signing the ...

Turkmenistan is reportedly charging three times higher price than what India has committed to Iran and if India agrees to it then India-Iran pipeline project would be in jeopardy.Indian news agency PTI has reported that India has made a counter proposal of $200-$230 per thousand cubic meters in ...

RIL has scrapped its plan to transfer 80% of its participatory interest in the Krishna Godavari basin gas field to its subsidiaries. According to company source, RIL has raised the requisite financial resources and is no longer pursuing the application for assignment of participating Interest (PI) ...

The Jindal Steel and Power Ltd (JSPL) owned by Naveen Jindal is awaiting the government’s approval to open up atomic energy to the private sector as it is contemplating setting up nuclear power plants. The JSPL is involved in mining ore and coal and producing steel and electricity. ...

Public sector power generation company NTPC in its official communication has announced that it will enter into renewable power generation through a joint venture (JV) with foreign power and financial firms. According to the company source, the JV Company will primarily focus on wind energy, mini ...

It was announced by the Gujarat State Petroleum Corporation (GSPC) that it will spend US $ one billion to bring its newly discovered eastern offshore Krishna Godavari (KG) basin gas field to production by 2011. The GSPC stated that it may go in for an initial public offering in order to collect ...

Mangalore Refinery and Petrochemicals Ltd (MRPL) has launched its retail outlets of petrol and diesel. These would be named HiQ Value and Oval-XL in the market. These would be in operation in coming ten days said a company source. The company already has its outlets at Maddur on Bangalore-Mysore ...

Indian oil firms ONGC Videsh (OVL), Indian Oil Corporation (IOC) and Oil India (OIL) have proposed to invest $3 billion to develop a gas field in Iran’s Farsi block. One of the company source only revealed that the block holds estimated recoverable gas reserves of 12.8 trillion cubic feet. ...

Keeping in mind the sky rocketing fuel prices, the government has decided to put additional excise duty on large cars including sports utility vehicle and multi-utility vehicles. Now for these fuel guzzlers one will have to pay additional excise duty ranging between Rs15,000 to Rs20,000. The new ...

The Sri Lanka’s Petroleum Minister A. H. M. Fowzie informed on Saturday, June 7 that the country, for the very first time, has offered contract to explore oil in its northwestern seas to an Indian company. Mr Fowzie thereafter informed that the oil exploration will initiate in the Mannar Seas ...

According to the Chairman of Videocon Group Venugopal Dhoot his company is going to invest 80 billion rupees ($1.4 billion) in a 1,000-megawatt hydro power project in north India.  He further disclosed that the group was in talks with potential partners in the United States. More details are ...

State run Oil marketing companies have told the Oil Ministry that they would not issue new LPG connections, owing to revenue loss on sales this year. The new move has been implemented since Thursday, May 15, 2008 and will limit the number of refills for existing connections to avoid further losses. ...

In order to meet its energy requirements, India has finally decided to join the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project. Petroleum and Natural Gas Minister of India, Murli Deora, before leaving for Pakistan on Tuesday afternoon, told reporters that the Indian delegation ...

During Indian President Pratibha Devisingh Patil’s ongoing visit to Brazil, India will sign a memorandum of understanding (Mou) in oil and natural gas with Brazil. The agreement will serve to enhance links between the two countries in the energy segment. Once the Mou is signed between India ...

Discussion on the proposed USD seven (7) billon Iran-Pakistan-India (IPI) gas pipeline project will be held between India and Pakistan at Islamabad on 25 April. The Indian delegation for the talks will be led by Murli Deora, the Petroleum and Natural Gas Minister. The Indian minister indicated that ...