[INDIA] Hindustan Petroleum Corp-Mittal Energy Investments-Total consortium to fuel 3.5 L cr investment in petro hub
Published | 19-May-2008
Mittal Energy Investments, Total SA of France and oil refining and marketing major Hindustan Petroleum Corp (HPCL) would invest Rs 32,000 crore in the proposed petroleum, chemical and petrochemical investment region (PCPIR) which the Andhra Pradesh government has proposed in the Vishakhapatnam-East Godavari region.
The Cabinet committee on economic affairs (CCEA) is expected to consider the proposal on Thursday to give it the final go-ahead before the companies start construction work. The state government has a small administrative step to complete the process: notify the 603-sq km area as the petroleum, chemical and petrochemical hub, it is learned.
Source: India Economic Times|by Gireesh Chandra Prasad & G Ganapathy Subramaniam
INDIA: The indian government may hike petrol prices this week; duty cut unlikely
Published | 05-Feb-2008
"The proposal to the Cabinet will be for a Rs 2 per litre hike in petrol and Re 1 per litre hike in diesel prices," a Petroleum Ministry official, who wished not to be identified, told reporters here.
The decision on the quantum of increase will be taken by the Cabinet headed by Prime Minister Manmohan Singh, possibly later this week.
"Earlier, we were given an indication of a Cabinet meeting this (February 4) afternoon, but it is not happening today... hope the meeting takes place soon," he said.
"We wanted a cut in customs duty on the products as well as crude oil and also a Re one a litre reduction in excise duty on petrol and diesel. But, I don't think that is happening just now," the official said.
The state-run firms lose Rs 10.57 per litre on petrol, Rs 11.56 on diesel, Rs 19.89 on kerosene and Rs 331 on each LPG cylinder.
Last week, a Group of Ministers headed by External Affairs Minister Pranab Mukherjee had left a decision on fuel prices to the Cabinet after the panel was split right in the middle on the issue. Petroleum Minister Murli Deora insisted on a duty cut rather than price hike, while Finance Minister P Chidambaram was of the opinion that it cannot be just one way street.
Petrol and diesel prices were last raised in June 2006 when crude oil was at 67 dollars a barrel. It is at 92 dollars a barrel this year. LPG prices were last raised by Rs 20 per cylinder in November 2004 when crude was at 34 dollars a barrel. Kerosene prices have not been changed since 2002 when crude was at 23 dollars per barrel.
A Re one per litre increase in petrol price would give Rs 90 crore a month additional revenue to public sector oil companies. A similar hike in diesel would fetch Rs 360 crore a month. A Rs 10 per cylinder increase in LPG prices would result in Rs 58 crore additional revenues every month.
Going by the present formula of government oil bonds meeting 42.7 per cent of the under-realisation on petrol, diesel, LPG and kerosene and 33 per cent coming from upstream firms, Rs 17,000 crore deficit has to be bridged, the official said.
Source: India Economic Times
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ASIA: Top 250 Global Energy
Published | 14-Sep-2007
This year's Platts Top 250 includes a new classification - based on a three-year measure of compound growth. Interestingly, while oil companies may dominate the overall rankings, the "fast growers" are a much more diverse bunch. New "fastest growth" rankings show some surprises
And eight out of ten of the top ten in this category came from outside the overall top 15 rankings.
Hong Kong-based independent power producer China Resources Power Holdings rocketed into the first spot here, growing its revenues by 131% over the three-year period, making it the fourth fastest growing energy company in the world.
Indonesian coal business PT Bumi Resources came in as the second-fastest growing company in the region, up 65% in revenue terms over the measured three-year period.
Runaway successful Japanese E&P company Inpex Holdings, the largest such business in Japan, ranked third in growth terms, boosting revenues over three years by almost 52%.
Refining and marketing experts Caltex Australia was fourth, with impressive 40% growth over three years.
Thailand's PTT Exploration & Production, China's Datang Power, Sinopec, PTT the parent company, China Yangtze Power, and Thailand's Irpc secured the fifth to tenth places respectively.
The Platts Rankings also identify energy leaders based on eight sectoral classifications: Integrated oil and gas companies, Exploration and Production, Refining and Marketing, Coal and Combustible Fuels, Electric Utilities, Independent Power Producers, Gas Utilities, and Diversified Utlities.
Here new leaders have emerged in three of the eight categories.
In the #1 in Asia by Industry chart there are 3 new industry leaders: Tokyo Electric Power Co. takes the top slot among electric utilities.
The Tokyo Gas Company rockets into first place among Gas Utilities, while China Shenhua Energy take pole position in the coal sector.
Via|PlattsSeven Indian Energy Firms, inside
In the annual rankings of Platts Top 250 Global Energy, ONGC and Reliance Industries have made into the top 50 with rankings of 23 and 39 respectively. ONGC has also been named as the third best performing energy company in Asia.
The ranking is published every year by Platts, a division of The McGraw-Hill Companies and a global energy and metals information provider.
Global oil and gas leaders have consolidated their energy businesses with the ranking led by Texas-based ExxonMobil Corp, followed by the UK's BP Plc and Royal Dutch Shell Plc, Platts said.
Other Indian firms on the list include Indian Oil Corp (52), NTPC (103), GAIL (135), Bharat Petroleum Corp (203) and Hindustan Petroleum Corp (233).
According to Platts, China and India have dominated the sector leadership position. While ONGC has been named as the top Asian firm in the exploration and production (E&P), Mukesh Ambani-promoted Reliance Industries has topped the refining and marketing (R&M) list and NTPC has emerged as the top player in the independent power producers (IPP) category.
Both India and China have seven companies each on the list. However, China is represented by just Petrochina in the top 50 compared to two from India.
INDIA: Oil Firms, demand hike in petrol, diesel prices
Published | 06-Sep-2007"The public sector oil marketing companies (Indian Oil, Bharat Petroleum and Hindustan Petroleum) have sought increase in the prices of sensitive petroleum products namely petrol, diesel, PDS kerosene and domestic LPG," Petroleum Minister Murli Deora told Lok Sabha on Thursday
The average price of Indian basket of crude oil during 2007-08 (upto August) has increased to 68.34 dollars per barrel as compared to 62.46 dollars a barrel during 2006-07.
The oil companies, he said, have sought an increase of Rs 2.90 per litre in petrol prices, Rs 4.68 a litre in diesel, Rs 15.47 per litre in PDS kerosene and Rs 174.75 per cylinder in domestic LPG.
"Government has been taking all possible measures to ensure that there is no hardship to the common man," Deora said, but did not clearly state if fuel prices would not be raised at all.
The burden of increase in international oil prices would be shared equitably amongst three stakeholders - government, state-run oil companies and the consumers - "to protect the interest of common man and vulnerable sections of the society," he said.
Government would issue oil bonds to oil companies to compensate them for one-third of their losses on fuel sale, while upstream firms like ONGC would sell crude oil at a discount to cover for an equivalent revenue loss.
"The government is closely monitoring the international oil prices and will continue to protect the interests of consumers," he said.
INDIA: Oil ministry plans bonds
Published | 05-Jul-2007It wants to compensate state-owned oil marketing companies — Indian Oil, Bharat Petroleum and Hindustan Petroleum — for revenue losses because of subsidised sales.
The ministry aims to lessen the total under-recovery on the sale of petrol, diesel, domestic LPG and kerosene, which is expected to be above Rs 55,000 crore this fiscal. The revenue loss stood at Rs 49,387 crore last year.
“Petroleum minister Murli Deora will meet finance minister P. Chidambaram on July 13 to make a case for the issue of the bonds,” said petroleum secretary M. S. Srinivasan.
Before finalising the compensation package for the oil companies during this fiscal, the petroleum ministry wants to have an idea about the extent of support from the finance ministry.
Srinivasan said the upstream PSUs — The Oil and Natural Gas Corporation, Oil India Limited and GAIL — would contribute around Rs 19,000 crore towards compensating the oil retailers.
In 2006-07, the government had issued oil bonds worth Rs 24,121 crore to the oil companies for partially compensating them for their revenue loss.
The upstream companies paid another Rs 20,000 crore in the previous financial year.
Public sector oil firms are losing about Rs 170 crore per day because the government has not allowed them to raise fuel prices in step with the rise in the price of crude.
The Indian basket of crude has risen more than 12 per cent since February, when petrol and diesel prices were cut by Rs 2 and Re 1 per litre, respectively.