India Awards 31 Oil & Gas Blocks
India has approved the award of operating licences for 31 small oil and gas fields, Finance Minister Arun Jaitley told reporters on Wednesday. The world's third biggest oil consumer had received bids for 34 of 46 oil and gas fields that were auctioned in May in India's push to tap its energy resources. Reporting by Nidhi Verma
Indian LNG Import Tax Halved
India, the world’s fourth-largest buyer of liquefied natural gas (LNG), has announced plans to halve its basic customs duty on imports of the chilled fuel. Indian Finance Minister Arun Jaitley presenting the Budget for 2017-18 in Parliament halved the import duty on LNG to 2.5 per cent, a move that will help cut cost of power and fertiliser production. "Considering the wide range of use of LNG as fuel as well as feed stock for petro-chemicals sector…
India Looks at Creating Oil Giant to Take on Global Rivals
India plans to create a giant oil company by combining state-owned firms, finance minister Arun Jaitley said on Wednesday, as the world's third largest oil consumer looks to better compete with global majors in acquiring foreign assets. New Delhi is struggling to raise local oil production and imports about 80 percent of its oil. Prime Minister Narendra Modi in 2015 set a goal of cutting that to 67 percent by 2020.
India’s NUSI Warns of Oil Exploration Training Shortage
Indian shipping trade union the National Union of Seafarers of India (NUSI) has asked the Indian Ministry of Shipping for financial help toward the training of maritime workforce in oil exploration activities. The union’s General Secretary, Abdulgani Serang, said NUSI has requested financial aid and incentives from the Ministry through National Shipping Board for training the maritime workforce at NUSI Offshore Training Institute (NOTI), currently operated by NUSI-ITF Trust.
India to Phase Out Corporate Tax Exemptions
India has unveiled details of its plan to phase out some tax exemptions for companies as the government looks to simplify tax laws and make them transparent before it lowers the tax rate. Over four years, the government plans to lower the corporate tax rate to 25 percent from 30 percent, Finance Minister Arun Jaitley said in his budget speech in February. During that period, exemptions and deductions will be phased out.
In India, Utility Debts threaten Modi's Power-for-all Drive
With a three-year government rescue package coming to a close, the highly indebted northern Indian state of Rajasthan is getting tough - it's demanding farmers start paying for their electricity. In a country where rural communities have become used to free power by hook or by crook, the state that is home to some 70 million is tasking private firms with running power distribution in its big cities as it tries to recoup what it's owed.
India May delay Oil Company Share Sales
India hopes for about $3.5 billion from stake sale in ONGC, IOC. India is likely to delay share sales in state-run oil firms ONGC and Indian Oil Corp by up to six months as low crude oil prices have hit their value, denting the chances of raising about $11 billion from such sales this financial year, two government sources said. The government hopes to sell shares in these companies to raise nearly $3.5 billion…
India Finmin Announces Plan for "ultra mega" Power Projects
India's Finance Minister Arun Jaitley has proposed building five "ultra mega" power projects of 4,000 megawatts each, when presenting the government's full-year budget on Saturday. For highlights of India's budget: (Reporting by New Delhi bureau)
Falling Oil Prices Pull India's Budget Out of the Fire
Falling oil prices have been a major windfall for India: Just weeks ago it faced failing to meet fiscal deficit targets, but can now expect a budget that not only hits its targets, but also provides extra cash to support reform. The coming budget for fiscal 2015/16 (April-March), which will be unveiled on Feb. 28, is widely seen as a test of Prime Minister Narendra Modi's ability to lead economic reform. Fortunately for Modi…
Obama, Modi Aim High on India Trip
In a fresh bid to make India an enduring strategic partner, U.S. President Barack Obama lands in New Delhi on Sunday for a highly symbolic parade and to nurture friendship with a prime minister who until last year was persona non grata in Washington. Obama will be the first U.S. president to attend India's Republic Day parade, a show of military might long associated with the anti-Americanism of the Cold War, and will host a radio show with Prime Minister Narendra Modi.
India Closer to Selling ONGC Stake
Top Indian official meets bankers to discuss stake sale; India looks to raise $3 bln from sale of 5 pct stake in ONGC. Time right for divestment, says finance ministry official. India moved a step closer to selling a stake in state-run oil company ONGC on Monday, keeping up Prime Minister Narendra Modi's momentum on economic reform after bringing prices of diesel and natural gas closer in line with the market.
India Frees up Diesel Prices
India announced on Saturday that it would life controls on diesel pricing with immediate effect, leading to an immediate fall in pump prices of nearly 6 percent and easing the subsidy burden on Prime Minister Narendra Modi's government. "Henceforth, like petrol, pricing of diesel will be market determined," Finance Minister Arun Jaitley said after a cabinet meeting. The 3.37 Indian rupees ($0.05) a litre cut in prices of gasoil…
Citi, HSBC Among Banks to Manage $3b ONGC Share Sale
Citigroup and HSBC are among five banks chosen to manage India's planned sale of a stake in state oil company Oil and Natural Gas Corp (ONGC), three sources with direct knowledge of the development said on Monday. UBS and Indian investment banks Kotak Investment Banking and ICICI Securities have also been mandated by the Indian finance ministry's disinvestment department, the sources told Reuters, speaking on condition of anonymity.
India Invites Banks' Bids for ONGC Share Sale
The Indian government on Wednesday invited bids from investment banks to manage the sale of a 5 percent stake in state oil firm Oil and Natural Gas Corp , a deal that could raise as much as $3 billion. The government, which has a 68.94 percent stake in ONGC, is considering divesting about 427.8 million shares through an auction, the finance ministry's divestment department said in a notice on its website. Prime Minister Narendra Modi's government will decide next month on the sale…
