The total investment for establishment of the chemical complex in Gujarat's Mundra is estimated to be up to $4 billion (about Rs 28,400 crore), the companies said in a statement, but did not state which firm will hold how much stake.
The Modi govt wants to turn India into a gasbased economy and is encouraging massive investments in gas production, transportation and import terminals to have increased countrywide access to the fossil fuel.
Consumption of fuel has touched its lowest since July 2017 indicating that the economy is in the throes of a slowdown. Diesel, which is mostly used in commercial vehicles and farms, saw a drop in consumption of more than 3 per cent in September.
ONGC Videsh struck an oilfield in Colombia and a major natural gas discovery in the deep offshore exploration in Brazil thereby strengthening its reserves in Latin America. Earlier in 2017 and 2018, OVL had discovered Mariposa-1 and Indico-1.
Opec has said that it will do whatever is possible to ensure that stability in oil production is sustained. India is a key consumer and has urged Opec members to avoid output cuts. Oil prices have come down $10 per barrel from a month ago.
US based Tellurian Inc has agreed to deliver liquefied natural gas to India at $6 per unit, which is significantly lower than the ceiling. Tellurian says that its price will still be competitive with its production cost ranging around $2/mmbtu.
Air India owes IOC about Rs 2,700 crore in unpaid fuel bills. This includes Rs 450 crore of interest. It's outstanding towards the three oil firms is about Rs 5,000 crore including interest.
The Indian government is looking at selling its 53.29 per cent stake in BPCL to a strategic investor.
RIL, which was forced to cap crude imports from Venezuela following pressure from the United States, can now resume crude imports under the barter system.
Given its huge energy appetite and growth potential, India will be the key driver of global energy demand in the coming decades, the minister said.
To resolve the conflict arising out of the same entity owning the two jobs, splitting GAIL is being considered.
Indian Oil is the second-biggest gas marketer in the country. It operates an LNG terminal at Ennore on the east coast.
BP group chief executive Bob Dudley had said that it won’t violate the terms of production sharing contract with govt.
Pradhan was upbeat about fresh investments flowing into India’s energy sector.
The government is looking at selling its 53.29 per cent stake in BPCL to a strategic investor in the biggest privatisation bid in the history of India.
BP in partnership with Reliance Industries is investing about USD 5 billion to bring about 1 billion cubic feet a day of new domestic gas onstream beginning mid-2020, he said.
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