You may soon get home delivery of petrol, diesel at your doorstep
India is considering a plan for home delivery of petroleum products to consumers if they make a pre-booking to cut long queues at fuel stations, the oil ministry tweeted on Friday. About 350 million people come to fuel stations every day, it said. Annually Rs 2,500 crore ($387.00 million) worth of transactions takes place at fuel stations. India, the world’s third biggest oil consumer, will be introducing daily price revision of petrol and diesel in five cities from May 1, ahead of a nation-wide roll out of the plan. Kemba Walker Authentic Jersey
Solar power presents huge refinancing opportunity: India Ratings
India Ratings and Research (Ind-Ra) estimates a possible refinancing opportunity for more than Rs 56000 crore out of the total debt of Rs 1.73 lakh crore across various infra sub-sectors in its portfolio till FY19. Of this, solar is expected to be in the forefront in terms of the number of deals with refinancing to the tune of 33%, followed by 27% in the highway sector. Also, there could be a shift in the type of instruments issued for the purpose of raising capital in the sector, largely to the capital market instruments, namely bonds, from the conventional term loans. Ind-Ra believes that the renewable energy sector, especially solar energy, would reduce its borrowing costs further by at least 100bp through bond issuances or bank loans. Around 45% of the potential refinancing candidates in Ind-Ra’s portfolio are from the renewables space. The sector is also likely to be benefited from the government’s thrust on the development of the second phase of 20GW solar energy and evolving payment security mechanisms. However, the limited improvement in the current issues such as grid curtailments, receivable days, plant load factor volatility could hinder the refinancing prospects for renewables. Ind-Ra estimates that around Rs 6000 crore could be refinanced by the first four infrastructure investment trusts (InvITs) which are likely to hit the primary markets in FY18. InvITs would enable infrastructure developers to deleverage their balance sheets and refinance remaining debt at lower costs. Deleveraging would provide a fillip to the coverage metrics of solar modules housed under InvIT structures and refinancing will further improve credit profiles. James Develin Womens Jersey
Adani commissions multimodal logistics park in Punjab
Adani Logistics Ltd, a subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ) and part of Adani Group, on Thursday said it has commissioned and commenced commercial operations at its multimodal logistics park at Kila Raipur, Ludhiana in Punjab. The latest terminal was dedicated to the nation by Railway Minister Suresh Prabhu, the company said here in a statement. The logistics infrastructure facility, spread across 77 acres, is strategically located on the dedicated freight corridor feeder route and will facilitate double-stack train services to Mundra Port in Gujarat. ”With the commissioning of this multimodal logistics park, our third inland container depot (ICD), we are a step closer to attaining leadership in the logistics sector,” said Karan Adani, CEO, APSEZ. The multimodal park, with a newly constructed warehouse and two railway handling lines, is now open for domestic cargo and domestic container handling, he added. Riley Nash Authentic Jersey
UP govt seeks fresh technical evaluation for airport in Jewar
The newly appointed BJP government in Uttar Pradesh has approached the Centre seeking technical evaluation for an airport in Jewar, the Minister of State for Civil Aviation, Jayant Sinha, said today at a press conference here. The State cabinet cleared the proposal for Jewar airport recently. Currently, the rules do not allow a new airport to come up within 150 km of an existing airport and the Jewar proposal could get stuck under this clause as it will fall within 150 km of Delhi airport. Sinha added that the State government has sought a fresh technical evaluation of the Jewar airport project as the earlier one was done some time ago. “In the next 4-8 years the capacity at Delhi airport is likely to be saturated. It will be necessary to have another airport in the National Capital Region at that time,” the Minister added. Meanwhile, he said that a discussion has also been held with all the stakeholders on how to enhance the capacity of Delhi airport from 67 aircraft movements an hour to 95 movements in the next three years. Close coordination The Minister pointed out that given that Delhi has three runways this should not be difficult and will require close coordination between the various stakeholders, including the Air Traffic Controllers, airlines and others. The Delhi airport currently handles 60 million passengers a year. Sinha also announced that a flight operation committee has been set up which will meet every month to assess capacity enhancement at the Delhi airport. Dion Lewis Womens Jersey
India shows the path for cheaper solar energy: World Bank
It is better to move towards solar energy than to continue to build coal plants, World Bank President Jim Young Kim said today, citing India’s massive efforts in solar energy which has made it “cost effective” and “quite competitive”. “There’s some really good news. We’ve our IFC (International Finance Corporation), our private sector group, has been working in India and as recently as a year and a half, two years ago, the price of solar was still around 10, 11 cents per kilowatt hour. “And so coal was still much cheaper than solar. But the latest option that we’ve been involved in got that price down to 4.4 cents a kilowatt hour. So now solar is quite competitive with coal,” Kim told reporters. He said there was need to keep doing that as the options around the world, even in emerging markets, have gone down below three cents a kilowatt hour at which point it “becomes cost effective”. “The incentives are clear that moving towards solar is better than continuing with the building of coal plants. So we need to find ways of accelerating that process. We hope to come out of these spring meetings with a platform like that in place,” Kim told reporters at the news conference held at the start of the annual Spring meeting of the International Monetary Fund and the World Bank. He said climate change issue continued to be a priority for the Bank. “We are thinking about how we can bring together the private sector, the public sector, philanthropists, environmental organisations, governments, to try to really create momentum around financing for climate change,” he said. On coal, he identified six countries – China, India, the Philippines, Indonesia, Pakistan and Vietnam which are putting most of the coal-based carbon in the air. “So if we can change the incentives, and change the way that financing for energy works in those six countries, we could potentially have a huge impact on how much carbon we put in the air,” Kim said. “We call this our following the carbon initiative in that we have to make progress in these six countries of moving them much more quickly to renewable source. All right, so now the good news is that renewable source are getting cheaper,” he said referring to the low price of solar. “I’m told that storage technology is getting better very quickly, and that within a few years, we may have some major transformations in the ability to store energy from intermittent sources. So, with all that happening, we think that a major issue is going to be cost to finance, the cost of capital,” Kim said. However, he rued that a grant of hundred billion was promised, but is not coming. “I mean the Green Climate Fund is still right around 7.5 billion after two or three years. The estimation was that there would be many more billions of dollars than that. So we’re using this meeting to bring all of the leaders together to come up with a new plan,” he said. Kim said the bank was going to put on the table a different kind of platform where all the different groups that are trying to have an impact on climate can work together to put the financing tools together. “The bottom line is this, that the science of climate change didn’t change with any particular election. And I don’t see that it will,” he asserted. Peja Stojakovic Jersey
Clear dues forthwith or supply will be shut off, NTPC warns Tangedco
Power giant NTPC has issued notices to Tangedco as well as discoms in Karnataka and Telangana for not paying dues of 1,379.77 crore. Power generated by three units of 500MW each by NTPC-Tangedco joint venture NTPC TN Energy Company at Vallur has provided power to these discoms but since November last year the companies have not paid dues to NTPC. Tangedco has the highest due of 1,156.05 crore. The joint venture company has warned that supply would be cut if the money is not paid forthwith. “As per terms of the power purchase agreement (PPA), payments for energy bills are to be made by the due date. However, Tangedco has not been making the payments as agreed,” said NTECL chief executive officer M Siva Rama Krishnan in a notice addressed to Tangedco on Tuesday. The company has threatened to shut off power to Tangedco from April 26 if the dues are not settled. Similarly, the joint venture company sent notices to the Hubli Electricity Supply Company, the Gulbarga Electricity Supply Company and Transmission Corporation of Telangana. The two discoms of Karnataka owe 89.57 crore and Telangana 134.15 crore. Nearly 70% of the power generated by the three units is being purchased by Tangedco at 5.51 per unit. “We have a 60-day credit facility with NTECL. Around 400 crore is overdue. We will clear the amount at the earliest. We have also invested 250 crore in the equity of the joint venture company,” a senior Tangedco official told TOI. The Tamil Nadu discom has stopped purchase of power from NTECL as the cost of power is pretty high. It is also upset that unlike other power companies, NTECL does not offer any discount in the per unit price of power. Enos Slaughter Authentic Jersey
ConocoPhillips says keen to tap proposed trans-Australia gas pipe
ConocoPhillips will consider diverting natural gas from fields in northern Australia along a proposed transcontinental pipeline that would link directly to markets in the southeast, a senior executive told Reuters on Thursday. The U.S. oil major is also leaning towards developing the Barossa gas field offshore northern Australia, with a final decision due in early 2019, Kayleen Ewin, the company’s vice president for sustainability, communications and external affairs, said in an interview. Ewin said the proposed transcontinental pipe would open Australia’s domestic market for northern producers. The system would carry natural gas from the Northern Territory to Moomba in South Australia, the hub for gas to the country’s main southeastern markets. Australia’s government said last month it would study and possibly contribute to building the pipeline. That offers another opportunity for developing gas resources in a region where Royal Dutch Shell, Malaysia’s Petronas, Italy’s ENI SpA, and Australia’s Santos and Origin Energy have undeveloped interests. “Really our only route to market at the moment is LNG (liquefied natural gas) for northern Australia gas, and we always welcome anything that opens up another route to market,” Ewin said. “We’d definitely look into it … southeast Australia for LNG has historically been and will be in future a big market for us. Proximity to market just means there is a cost advantage in terms of competing.” A looming gas shortage for Australia’s populous east has seen prices spike and the government search for solutions, including calling a crisis meeting this week with producers, some of whom have drawn gas from the domestic market to meet export contracts. Another pipeline linking central Australia with the east is delayed. ConocoPhillips announced on Wednesday it is also considering adding a second production unit, or train, at its Darwin LNG plant and possibly processing gas from rivals’ undeveloped fields. ConocoPhilips is also in the final stages of picking a new gas field to fill the plant’s existing train, when supply from its current gas source, the Bayu-Undan field, runs out around 2022. “Barossa looks to be the lowest cost development,” Ewin said, adding its proximity and the ease of extraction means the company is leaning toward preferring it over the larger Poseidon field. The project is expected to cost up to A$10 billion ($7.5 billion). The company had said in February a final decision was due late in 2018 at the earliest. T. J. Logan Jersey
BP oil spill did $17.2 billion of damage to natural resources, claims study
The 2010 BP oil spill caused damages worth $17.2 billion to the natural resources in the Gulf of Mexico, according to a new study released on the seventh anniversary of the largest oil spill in US history. This is the first comprehensive appraisal of the financial value of the natural resources damaged by the 134- million-gallon Deepwater Horizon oil spill disaster on April 20, 2010 that killed 11 people. “This is proof that our natural resources have an immense monetary value to citizens of the US who visit the Gulf and to those who simply care that this valuable resource is not damaged,” said Kevin Boyle, professor in the Virginia Tech College of Agriculture and Life Science in the US. The scientists developed a survey to put a dollar value on the natural resources damaged by the BP Deepwater spill by determining household willingness to pay for measures that would prevent similar damages should a spill of the same magnitude happen in the future. Survey information included descriptions of damaged beaches, marshes, animals, fish, and coral. On top of estimating the impact of the spill, the $17.2 billion represents the benefits to the public to protect against damages that could result from a future oil spill in the Gulf of a similar magnitude. In May 2010, one month after the spill, the US National Oceanic and Atmospheric Administration commissioned a group of 18 researchers to put a dollar value on the natural resources damaged by the BP Deepwater spill. To estimate Gulf Coast resource values, researchers created a scenario in which people were told that they could have a role in mitigating future damages by effectively paying for a prevention programme. Final analysis showed that the average household was willing to pay $153 for a prevention programme. This rate was then multiplied by the number of households sampled to get the final valuation of $17.2 billion. Last year, the oil and gas firm BP agreed to pay over $20 billion to the American government as damages over the oil spill. “The results were eye-opening in that we could tell how much people really value marine resources and ecosystems,” said Boyle. “And even more meaningful because we did additional analysis that proved the legitimacy of oft-criticised values for environmental resources,” he said. The project team administered surveys to a large random sample of American adults nation-wide after three years of survey development. The first round of surveys was administered face-to-face with trained interviewers while the remaining surveys were completed via mail. Survey participants were informed of pre- and post-spill conditions in the Gulf of Mexico and what caused the oil spill. They were then told about a prevention programme, which can be viewed as 100 per cent effective insurance against future spill damages, and that another spill would occur in the next 15 years. With this information, participants were asked to vote for or against the programme, which would impose a one-time tax on their household. “Our estimate can guide policy makers and the oil industry in determining not only how much should be spent on restoration efforts for the Deepwater spill, but also how much should be invested to protect against damages that could result from future oil spills,” said Boyle. Kendall Langford Authentic Jersey
Jayant Sinha conducts aerial survey of Navi Mumbai International Airport site
Union Minsiter of State for Civil Aviation Jayant Sinha conducted an aerial survey of the Navi Mumbai International Airport (NMIA) site Wednesday during his visit to Mumbai. During his tour, he reviewed the progress of work and promised speedy redressal on issues delaying the project. On Wednesday, Sinha visited TajSATS office — the catering service of the national carrier Air India — for a review. Later, he conducted a heli-survey of the NMIA site followed by a tour of the City Industrial Development Corporation (CIDCO), the nodal agency for the airport project. “Sinha conducted a helicopter survey of the airport to identify obstacles around the area. He later reviewed the status of works and got an update on clearances required for completing the work at the central level. He guaranteed quick redressal of the problems,” a senior CIDCO official said. The airport awaits a stage II environmental clearance from the Ministry of Environment and Forests (MoEF), which would allow the agency to begin work on the construction. Other technical clearances for constructing high voltage line and making steel overbridges are also awaited. Shaq Mason Authentic Jersey
In a country of VIP worshippers, Air India shows some spine
“Every Indian is special,” said prime minister Narendra Modi on April 19, as his government banned the use of red beacons on official cars. “Every Indian is a VIP,” Modi insisted, perhaps signalling an appetite to crack down on India’s pervasive VIP (very important person) culture. For long, most Indians have been familiar with the unwritten rule that in the world’s largest democracy some are more equal than others, especially if they are law-makers. So, most instances of misbehaviour by the powerful are simply brushed under the carpet. However, in recent weeks, and even before Modi’s assertion, there’s been staunch defiance of such high-handedness from an unexpected quarter: Air India. India’s flag carrier has reportedly written to the Delhi police, asking why no action has been taken against Shiv Sena member of parliament (MP) Ravindra Gaikwad, who physically assaulted an airline staffer on March 23. “The airline is understood to have said that the morale of the employees is being impacted as no action has been initiated against the MP despite nearly a month after the incident,” the Press Trust of India reported. The airline has reasons to be aggrieved. Gaikwad first beat up an Air India staffer for no reason, then shamelessly bragged about it, and finally just refused to apologise. For all the prime minister’s recent insistence on the common man’s importance, there was barely a reprimand from the government—even after other Shiv Sena MPs behaved indecorously towards aviation minister Ashok Gajapathi Raju in parliament. Instead, it was Air India, the perennially beleaguered national carrier, that showed much-needed spine, and provided a playbook of sorts to deal with bratty politicians. Without delay, the assaulted staffer went straight to the cops and filed a first information report (FIR) against Gaikwad. Alongside, Air India launched its principal act of protest (not likely without the government’s tacit support), which was to simply not let Gaikwad fly on its aircraft. The Federation of Indian Airlines, which represents all major private carriers, also enforced an embargo, effectively grounding the MP. Gaikwad tried and tried to book a ticket, especially on Air India, but nothing came of it. Colton Parayko Authentic Jersey