Friday, April 20, 2018

India News

BP, Reliance Move Ahead in Deep Water

Photo courtesy BP

BP and Reliance Industries Limited (RIL) today announced the sanctioning of the ‘Satellite cluster’ project in Block KG D6. The companies are moving forward to develop the Block’s discovered deep-water gas fields in an integrated series of projects, bringing new gas production for India. The ‘Satellite cluster’ is the second of three projects in the Block KG D6 integrated development.

India, UK Govts Invest $711 mln in Indian Renewable Energy Fund

© srijanroyc / Adobe Stock

Lightsource BP and Indian private equity fund Everstone Group announced on Wednesday the creation of a 500 million pound ($711 million) fund to invest in renewable energy and clean technology in India. The fund, named Green Growth Equity Fund (GGEF), was launched with an initial warchest of 240 million pounds shared equally by the British and Indian governments, the two firms said in a statement.

India to offer $3-4 bln Development Plan for Giant Iran Gas Field

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India is set to offer a $3-4 billion development plan for the Farzad B gas field to Iran next week after Tehran reduced the scope of the project, two sources familiar with the matter said. Relations between the two countries, which have long held deep trade ties, were strained last year after Iran sought other investors for the field and media reports suggested Tehran would award it to Russia's Gazprom.

Siemens Gamesa Targets Bigger Markets

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Siemens Gamesa, the world's second-largest wind turbine maker, said it was seeking to bolster growth by targeting markets in Asia, Latin America and Australia."We have certain markets where we see some growth going forward and India is certainly one of those. The Asian region is an upcoming market where we still can create some market share," Chief Executive Officer Markus Tacke told Reuters in a phone interview on Thursday."Asia…

Narendra Modi Eyes Breakthrough Nuclear Pact with Japan

India is hoping to win Japanese backing for a nuclear energy pact during a visit by Prime Minister Narendra Modi, and lure investment into its $85 billion market while addressing Japan's concern about doing business with a nuclear-armed country. India has been pushing for an agreement with Japan on the lines of a 2008 deal with the United States under which India was allowed to import U.S.

GAIL to Start Importing LNG Under Gazprom Deal

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SoftBank, China's GCL Team Up for $930 mln Indian Solar Venture

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Japan's SoftBank Group Corp has agreed to launch a $930 million Indian joint solar energy venture with Chinese firm GCL System Integration Technology Co as part of its India solar investment roadmap. The venture will work on photovoltaic technology, which is used in solar panels. GCL will provide technology and SoftBank will assist in obtaining land and regulatory approvals, GCL said in a filing to the Shenzhen stock exchange dated Friday.

GAIL India to get 90 LNG Cargos from U.S. in 2018

File Image: A typical LNG Carrier at Sea (CREDIT: QGTC)

India's state-owned GAIL (India) Ltd on Friday said it would be annually receiving about 90 cargoes of liquefied natural gas (LNG) from Sabine Pass and Cove Point LNG terminals in the U.S. GAIL has long-term deals to annually buy 5.8 million tonnes U.S. LNG. GAIL would be procuring about $2 billion worth of LNG per annum from USA from the fiscal year 2018/19. GAIL on Saturday received its first consignment of LNG from the U.S.

Post-Bankruptcy, Seadrill Eyes Closer Oil Service Ties

File Image (CREDIT: AdobeStock / © xmentoys)

Offshore oil driller Seadrill aims to expand relations with Schlumberger, the world's largest oil services firm, and other suppliers to the global oil and gas industry, its chief executive told Reuters on Wednesday. Seadrill plans to emerge from Chapter 11 bankruptcy proceedings in late June or early July, following a U.S. court's approval on Tuesday of its multi-billion dollar debt restructuring plan, CEO Anton Dibowitz said.

India's Reliance Makes First Purchase of US Crude

India's Reliance Industries Ltd, owner of the world’s biggest refining complex, has bought its first ever crude oil cargoes from the United States, drawn by the oil's economics after the price spread between U.S. crude futures and Brent futures widened, three trade sources said on Tuesday. Reliance bought 1 million barrels each of West Texas Intermediate (WTI) Midland and Eagle Ford crude which are expected to arrive in November, they said.

Fortum Contracted to Raise Finland's Solar Power Capacity

Photo: Fortum

Finland's Fortum, a majority state-owned utility company, won a tender to increase Finland's total solar production capacity by nearly 30 percent, the firm said on Monday. Fortum will install a solar electricity system on rooftops of about 40 commercial buildings across Finland. Even though their combined output will be of only 10 megawatts (MW), the project will be the biggest ever of its kind in the Nordics.

Queensland 2015 Coal Exports at Record Levels

Coal exports from Australia's Queensland state hit record levels for the second year in 2015, with shipments to India up sharply despite stalled attempts by Indian conglomerates to win approvals to dig new outback mines, data showed on Monday. The state's exports rose 2 percent to 220 million tonnes in 2015 from the previous record of 216 million tonnes in 2014, and continue to grow, according to the Queensland Resources Council lobby group.

Iron Ore Cleared to Transport from Goa

Photo: Vedanta Resources

Vedanta Resources, controlled by billionaire Anil Agarwal, and other miners can transport already mined iron ore from Goa on which royalties have been paid, India's top court ruled on Wednesday, providing relief to the state's miners. India's Supreme Court in February quashed all iron ore mining permits in the southwestern state of Goa, one of the top producing states for the steel making raw material.

Fraud Case Against Former Vestas CFO Dropped

Former CFO will not face criminal charges over Indian deals. The former chief financial officer with Vestas will not face criminal charges over transactions in India, a Danish state prosecutor said on Wednesday. Wind turbine maker Vestas has claimed that former CFO Henrik Norremark made two agreements in India in the autumn of 2011, which neither the board nor then chief executive Ditlev Engel knew about…

Alstom Wins Multiple Power Contracts

French electrical engineering group Alstom has won contracts with a total value of 800 million euros to build high-voltage direct current power transmission lines in India, South Korea and Canada, the firm said. Half of this amount was booked in the first quarter of its April 2014-March 2015 fiscal year and the other half will be booked in the second quarter, the company said in a statement.

Greka Bags Essar Drilling Deal

Essar is a leading producer of coal bed methane in India

Greka Drilling Limited, the largest independent and specialised unconventional oil & gas driller in Asia, has secured a new contract to provide drilling services to Essar Oil Limited ("Essar") on the Raniganj East Block in West Bengal, India. Essar had previously engaged Greka Drilling in late 2013 to provide drilling services on Raniganj East and this contract was concluded in 2015 with a total of 16 wells being drilled.

Indian Oil Debt to Iran to be Soon Cleared

Indian refiners owe around 6 billion euros; Iran expects funds to be cleared soon. Indian oil refiners will clear around 6 billion euros ($6.7 billion) of outstanding debt to Iran through Turkey's Halkbank soon, a senior Iranian economy official said on Wednesday. India is one of the biggest buyers of Iranian crude and built up a payments backlog when Iran was under Western sanctions, with its refiners owing about $6.5 billion to Iran.

Vietnam Renews India Oil Deal In Tense South China Sea

Vietnam has extended an Indian oil concession in the South China Sea and begun drilling in another area it disputes with China in moves that could heighten tensions over who owns what in the vital maritime region. The moves come at a delicate time in Beijing's relations with Vietnam, which claims parts of the sea, and India, which recently sent warships to monitor the Malacca Straits…

India's ONGC says Venezuela's PDVSA to Supply Oil

Venezuela's national oil company Petroleos de Venezuela has agreed to supply oil on a monthly basis to India to help settle dues which Venezuela owes to India's Oil and Natural Gas Corp. Ltd, ONGC Chairman D K Sarraf said on Thursday. He said the agreement with PDVSA would be signed shortly. ONGC Videsh Ltd, the overseas subsidiary of ONGC, invested $190 million in 2009-10 in the San Cristobal project in Venezuela.

BP Sells Partial Stake in Castrol India

Image Castrol India

BP today announced that its wholly-owned subsidiary, Castrol Limited, has been successful in selling part of the shareholding it holds in Castrol India. Castrol Limited today sold approximately 11.5% from the 71% stake it held in Castrol India to a range of domestic and international investors. Castrol India is listed on the Mumbai Stock Exchange (BSE: CSTRL IB EQUITY) and the National Stock Exchange (NSE: CSTRL IS EQUITY)…