Indian carriers line up 50 plane deliveries by March 2017 to meet demand
Indian commercial carriers will add at least 50 new and leased aircraft during the current financial year, with IndiGo alone accounting for 24 narrow-body new generation Airbus-A320neo deliveries. Of the 24 planes, IndiGo has taken deliveries of four aircraft in this financial year. IndiGo, owned by InterGlobe Aviation Ltd and with a current fleet size of 111 planes, ordered 100 Airbus A320 aircraft in June 2005, 180 A320neo aircraft in June 2011 and 250 A320neo aircraft in August 2015. The airline’s current market share is 36.8%. State-run Air India also has 20 planes lined up for induction in its fleet by 31 March 2017. The remaining six planes, ordered by SpiceJet, Vistara, GoAir and AirAsia, among other domestic carriers, are scheduled for delivery by March 2017. These airlines have informed the Directorate General of Civil Aviation (DGCA) regarding the deliveries of the new aircraft. This comes in the backdrop of the new civil aviation policy (NCAP) easing restrictions on newer domestic carriers to start overseas operations. The government relaxed the so-called 5/20 rule, which required an airline to have a five-year experience and 20 aircraft in its fleet in order to obtain a licence to operate international flights. A senior DGCA official, requesting anonymity, said airlines have informally updated on the expected deliveries of aircraft in the current year. The government, meanwhile, is planning to invest around $120 billion for developing the country’s airports and aviation navigation services Danny Salazar Authentic Jersey
Navi Mumbai airport may miss December 2019 deadline to commission the first phase
Navi Mumbai international airport may miss the December 2019 deadline due to extension in the request for proposal (RFP) submission period and delays in securing various clearances. The City and Industrial Development Corporation (CIDCO), which is a nodal agency for the airport project, will now have to extend the time till December or January next year from October for the RFP following the union ministry of home affairs (MHA) according its security clearance to Hiranandani Developers and its consortium partner Zurich Airport to bid for the project. CIDCO earlier had proposed to award the contract and commence the airport development by December 2016 to commence the first phase with 10 million passenger handling capacity annually by December 2019. MHA in January had rejected the security clearance following which Hiranandani Developers-Zurich Airport consortium was barred from the submission of RFP, thus leaving GMR Delhi, the GVK-led Mumbai International Airport Ltd, MIA Infrastructure of France along with Tata Realty in the fray. The Hiranandani Developers has now sought the clearance from the union ministry of civil aviation and thereafter will formally approach CIDCO to seek RFP document and adequate time for its submission. George Fant Womens Jersey
Swan Energy’s upcoming floating LNG terminal capacity almost sold out
Swan Energy Ltd’s five-million-ton floating LNG terminal coming up off the Gujarat coast is almost sold out with state-owned Oil and Natural Gas Corp, Indian Oil Corporation and Bharat Petroleum Corp Ltd – booking 60 per cent of the capacity. The Nikhil Merchant-led firm has got the much-needed backing to complete the Rs.56 billion project with ONGC, IOC and BPCL agreeing to take one million tons per annum capacity each on the 5 million tons annual capacity. Besides, Gujarat State Petroleum Corp Ltd (GSPC), which holds an 11-per cent stake in the ‘floating, storage and regasification unit’ (FSRU), is in talks for a 1.5 million ton capacity, reports quoting sources close to the development said. The project, being built in joint venture with Exmar of Belgium, is being built at Jafrabad port in Gujarat. Marcell Ozuna Womens Jersey
India discusses ways to recover $600 million dues from Venezuela
India today discussed ways to recover over $600 million of past dues from Venezuela including recouping it from payments for oil it imports from the Latin American nation. ONGC Videsh Ltd owns 40 per cent of the San Cristobal oilfield but has not been paid for its share of oil sales for last couple of years. OVL, in 2008, had invested about $190 million in the project where state-run Petroleos de Venezuela SA (PDVSA) holds the remaining 51 per cent stake. Oil Minister Dharmendra Pradhan today met visiting Venezuelan Foreign Minister Delcy Rodriguez and Oil Minister Eulogio del Pino and discussed bilateral energy issues, including payment of dues. Sources said since cash-strapped Venezuela does not have hard cash to pay after oil prices slumped to a decade low, barter deals were discussed. One of the options is to adjust the outstanding against the crude oil Indian firms like Reliance Industries and Essar Oil import from Venezuela. The outstanding can be deducted from the payment these firms have to make to PDVSA for oil imports, sources said, adding the Venezuelean ministers were non-committal on the proposal. Alternately, OVL can take crude oil in lieu of the cash due, they said. Venezuela is India’s fourth largest source of crude oil, supplying some 23.6 million tons or 12 per cent of the country’s annual import in 2015-16. The cash-strapped OPEC member and holder of the world’s biggest oil reserves has been unable to pay foreign partners on some of its projects as revenues slumped on fall in oil prices, triggering triple-digit inflation. The crisis was precipitated with funds being diverted to social programmes and fuel subsidies. Venezuela gets almost all of its export revenue from oil. It is already repaying loans outstanding to China with crude. An official statement later said Pradhan held a bilateral meeting with two visiting ministers. “During the meeting, both sides discussed aspects of bilateral hydrocarbon engagements. These included, inter-alia, sourcing of crude and mechanism to register Indian oil and gas PSUs for sourcing of crude, status of the two upstream projects in which Indian PSUs have stakes and payment of outstanding dues to ONGC Videsh Ltd (OVL) by Venezuelan national oil company,” it said. Also discussed during the meeting was participation of Indian companies in additional exploration and production activities in Venezuela, setting up of an oil-for-export mechanism for payment of pending dues and training of Venezuelan petroleum industry personnel in India. “Both sides agreed to continue their cooperation in the hydrocarbon sector and work towards further strengthening the relation in the areas of mutual interests,” it said. OVL, Indian Oil Corp (IOC) and Oil India Ltd have 18 per cent stake in the Carabobo-1 project, which currently produces about 16,000 bpd of oil and is expected to reach 90,000 bpd by end of 2017. The 160-square kilometer San Cristobal field in the Orinoco heavy-oil belt currently produces about 28,000 barrels a day, down from a peak of 38,000 bpd. Marcus Peters Authentic Jersey
Cost denial of $380 million to us part of larger gas dispute: RIL
Reliance Industries (RIL) on Thursday said the additional $380 million denied to it by the government towards the cost of extracting discovered gas is part of a larger dispute under arbitration. The company also said the amount was the result of a revision from time-to-time which the Petroleum Ministry conducts, based on its own assumptions of the original disputed amount. The mater pertains to gas in Krishna-Godavari basin. “Upto financial year 2013-14, the cost recovery proposed to be disallowed was $2.376 billion and the consequent demand of the Government of India share of additional profit petroleum of $195.3 million on cumulative basis,” the company said in a regulatory filing. “On June 3, 2016, the company received a revised claim up to year 2014-15, with a disallowance of $2.756 million on cumulative basis and consequent share of Government of India share of additional profit petroleum of $246.9 million, also on cumulative basis,” it added. “We reiterate that all claims made by Government of India are denied by contractor group (led by Reliance Industries) and currently part of an ongoing arbitration. The company said every year the government uses its own interpretations of the contract with the Reliance Industries-led consortium in ascertaining to what extent the cost of extracting gas should be denied and enjoins it to arrive at a cumulative figure. This is also done towards additional profit petroleum it seeks from the contractor. Adrian Peterson Jersey
Dhaka, Delhi sign MoU to carry petroleum products through Bangladesh
Bangladesh and India today signed a memorandum of understanding (MoU) on the route permit for carrying petroleum goods from Assam to Tripura through Bangladesh territory. This is a short-term deal and Bangladesh side agreed to the Indian proposal to grant validity of the MoU till September 30, officials in Dhaka said. “Based on the request by the Government of India, the Government of Bangladesh has granted permission for the movement of petroleum goods on humanitarian grounds through the territory of Bangladesh till September 2016,” said a press release of the High Commission of India. Indian Oil Corporation Limited (IOCL), a Public sector unit under the Ministry of Petroleum and Natural Gas of the Government of India, and the Roads and Highways Department of the Government of Bangladesh (RHD) signed the deal. India made the request following heavy monsoons and extremely bad road conditions of NH44 have resulted in the disruption in the supply of Petroleum Goods from the State of Assam to the State of Tripura in India. Diplomatic sources said the MoU will facilitate India to carry Petroleum Goods (Motor Spirit, High Speed Diesel, Superior Kerosene Oil & Liquefied Petroleum Gas) from Assam to Tripura through Bangladesh territory as the normal Indian roads for oil transportation have been badly damaged by the recent flood. Trucks carrying the petroleum goods will play in the Dawki (Meghalaya) – Tamabil (Bangladesh) – Chatlapur (Bangladesh) – Kailasshar (Tripura) route. Bangladesh and India allowed each other to use their respective territories to transfer goods to their one place to another and to a third country in the past in addition to existing transit and transshipment deals arrangements. Logan Ryan Authentic Jersey