IOC, BPC and HPC sign joint venture agreement for West Coast Refinery Project
India’s emergence as a global refining hub received a big boost with the three downstream PSU oil majors, Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, joining hands to build one of the world’s largest integrated Refinery-cum-Petrochemicals complexes in Ratnagiri district of Maharashtra. The joint venture agreement for the West Coast Refinery Project was signed here today in the presence of Mr. Dharmendra Pradhan, Minister of State (Independent Charge), Petroleum & Natural Gas; and Mr. KD Tripathi, Secretary, Petroleum; by Mr. Sanjiv Singh, Chairman, IndianOil; Mr. D Rajkumar, CMD, Bharat Petroleum; and Mr. MK Surana, Chairman, Hindustan Petroleum. The 60 million metric tonnes per annum (MMTPA) west coast refinery-cum-petrochemicals complex will be a state-of-the-art unit built at an estimated cost of US$ 40 Billion, and is expected to be commissioned by the year 2022. It will be a green refinery comprising 50 units designed to operate at the highest level of efficiency, and will be self-sufficient in power and utilities requirements, besides creating a benchmark in environment management. Designed to produce Euro-VI and above grade transportation fuels, the refinery will have in-built flexibility for processing a wide spectrum of light and heavy crude oil grades, utilising various blending techniques. It will also be able to produce on-demand product mix of petrol and diesel streams, as well as other refined products and petrochemical streams with the highest level of integration and energy efficiency. The preliminary configuration study of the project is being carried out by M/s. Engineers India Ltd. in association with an international consultant. M/s. IHS has been entrusted with the market study for the chemicals and petrochemicals to be produced at the complex. The project will be embedded with social responsibility initiatives and a skill development centre, and a smart township with best-in-class services is also being planned. Apart from the main refinery-cum-petrochemicals complex, the viability of other associated industries in the vicinity of the project is also being examined so that all stakeholders can be involved in the mega project. Jacob de la Rose Authentic Jersey
How history will come full circle if Tatas buy Air India
If Tata Group buys a controlling stake in beleaguered national carrier Air India, as indicated by an ET Now report, the history will come full circle. The airline will go back to a group which had built and nurtured it into one of the world’s finest airlines until grasping and sloppy governments run it into the ground. The Tata’s purchase will also tell the cautionary tale of how unbridled socialism that thrived on rampant corruption stymied private enterprise in India. It will underline a lesson India has learnt the hard way—the government has no business to be in business. Tata Sons set up Tata Airlines in 1932. JRD Tata, the legendary entrepreneur, himself flew the first flight between Karachi and Mumbai. In 1946, Tata Airlines became a public company and was renamed Air India. In 1953, when the government nationalised Air India “through the back door”, as Tata himself put it, it was one of the best airlines in the world. A dream enterprise of Tata, he had built it bit by bit with personal care, down to the menu and curtains. Tata was devastated when he came to know about the decision of then prime minister Jawaharlal Nehru, a Fabian socialist averse to private enterprise. Tata wrote to Nehru: “I can only deplore that so vital a step should have been taken without giving us a proper hearing.” “Even more than the decision itself, I was upset by the manner in which nationalisation was introduced through the back door without any prior consultation of any kind with the industry,” Tata wrote to a company executive about the nationalisation of his dream project. “However, we have to reconcile ourselves to the fact that we are living in a political and bureaucratic age in which people like ourselves no longer count for much in the scheme of things.” Yet, Tata accepted to become the nationalised airline’s chairman when Nehru insisted. Air India kept on doing well under him till he was removed in 1977 by then prime minister Morarji Desai. What Nehru once told Tata came to be prophetic for a large number of public sector units (PSUs)—especially Air India. During a conversation, Nehru rebuked Tata, telling him he hated the mention of the word “profit”. When Tata pointed out he was talking about the need of PSUs to make a profit, Nehru said, “Never talk to me about the word profit; it is a dirty word.” Living up to Nehru’s sentiment, Air India today reels under a debt of about Rs 50,000 crore and has never made a profit in a decade, despite eating up Rs 24,000 crore of a government bailout package. Even Tatas are concerned now over its huge debt. While there is no certainty if Tatas can turn Air India around if they decide to buy a controlling stake, the purchase will certainly write the concluding chapter of India’s socialist economic experiment—how an ideology kept pulling back a country where business runs in people’s blood. Jerry Hughes Jersey
C’garh Govt approves new Solar Energy Policy
In a bid to promote production and usage of non-conventional energy in the State, Chhattisgarh Cabinet has on Tuesday approved Solar Energy Policy- 2017-2027 that will be effective till March 31, 2027. The new Solar Energy Policy- 2017-2027 was approved by the State Cabinet at its meeting chaired by Chief Minister Dr Raman Singh at Mantralaya, Agriculture Minister Brijmohan Agrawal told media persons. There have been several technical upgradation in the sector of solar energy and drastic reduction in the investments in solar energy sector. The State Government felt the need to make amends in the solar energy -based sector keeping in mind the huge investments likely in the next few years. According to this policy, any individual, registered person, Central and State Power Production and Distribution companies, public and private sector solar energy project developers and manufacturers of equipments related to this sector, allied sectors are stake-holders and partners. Grid Connectivity facility will be provided up to 10 kilowatt rooftop and solar power plant under this policy. There will be exemptions in electricity charges on the consumption of power by self or inside the State on captive power plants. The exemptions are granted to the solar energy-based plants till March 2027 under the new Solar Energy Policy. Facilities will be provided as usual to non-conventional electricity plants. Chhattisgarh State Store Purchase Rule 2002 of Department of Commerce and Industries Chhattisgarh was amended and approved by the State Cabinet. The amendment was done to make use of GeM (Government e-Market Place) of the Union Government’s DG S and D. The amendment was carried out to felicitate the State Government departments, public enterprises, mandals and janpad panchayats and civic bodies to purchase electronic equipment. The Department of Electronics and Information Technology, Government of Chhattisgarh will fix the policies and prices in case of need. Sam Bradford Jersey
IEX eyes new geographic market, strategic investments & alliances with global power exchanges
The IO-bound Indian Energy Exchange (IEX), which is currently involved in the day ahead market (DAM), the term ahead market (TAM) and renewable energy certificates, has drawn up an expansion strategy. It includes entering into new geographic market, strategic investments in and alliances with international power exchanges and develop new products and services in India. In the draft papers with the Securities and Exchange Board of India (Sebi), IEX said it is in the process of developing products for trading in renewable energy contracts such as the ‘green day-ahead market’ consistent with the government’s focus on renewable energy. IEX also plans to initially offer TAM products in Bhutan, Bangladesh and Nepal which are connected at one ore more points with the Indian power grid. IEX managing director and CEO Satyanarayan Goel declined to offer any comment. However, the power exchange in its filing hoped, “The listing of the equity shares will enhance our company’s brand and provide liquidity to the existing shareholders. Our company expects that the proposed listing will also provide a public market for the equity shares in India.” IEX will engage the relevant regulators in India and in neighboring countries to develop collaboration opportunities with the local power grid companies so as to allow participants from these countries to trade on our Exchange. This is aimed to expand into such new geographic markets to increase customer base and also enhance the liquidity of electricity products available on its platform. ”In the longer term, we also intend to explore and pursue strategic investments in and alliances with international power exchanges that will enable us to supplement our internal growth, expand our trading products and related services, advance our technology and take advantage of experience and new developments in international energy markets,”IEX informed. Further, the power exchange plans to increase the number of new participants to help increase revenue but also increase the liquidity of electricity products which will encourage increased trading activity from the existing participants. IEX is in the midst of offering a computer-to-computer link to its trading platform so as to allow members to individually develop their own software which would, in turn, allow their own clients to directly access the trading platform of power exchange. POWER PLANS It plans to offer TAM products in Bhutan, Bangladesh, Nepal, connected at one or more points with Indian power grid The power exchange plans to increase the number of new participants to help increase revenue Rajon Rondo Womens Jersey
RCS traffic to be 4 lakh-plus passengers during FY18: ICRA
Ratings agency ICRA on Wednesday estimated that passenger traffic generated from the central government’s ambitious regional air connectivity scheme UDAN would be around 4.43 lakh passengers only during FY2018. According to a study conducted by ICRA, UDAN’s impact would be marginal at 0.4 per cent of total passenger traffic during the year. The report pointed out that the majority of the RCS routes are expected to operate only for six-to-nine months during FY2018 as per the current schedule. “Once the routes are operational for full year, the traffic contribution is expected to be 0.6 per cent (6.94 lakh passengers). Even with optimistic assumptions for PLFs (passenger load factors) as well as number of flights on RCS routes, the contribution of RCS passenger traffic remains modest at 0.7 per cent during the fiscal,” the study said. The government announced the UDAN scheme in October 2016 with the key objective to facilitate balanced and affordable regional air connectivity through fiscal support and regional infrastructure development. In March 2017, five airlines were selected to operate a total of 128 routes connecting 65 distinct destinations and 45 RCS airports under phase-I of the scheme. “The full potential of phase-I will be realised in FY2019 when the impact of RCS on overall industry is expected to increase. Further, the expected phase-II auction would add to the RCS traffic,” said Anand Kulkarni, Assistant Vice President and Associate Head – Corporate Ratings, ICRA. “We expect the contribution of RCS traffic to overall industry to increase to 1.5-1.8 per cent during FY2019. However, issues like possible delays in matters like air operator permit (AOPs) issuance, readiness of airports, availability of adequate crew and presence of safety mechanisms could cause variations in estimates.” Kyle Fuller Authentic Jersey
AAI ropes in Tata Elxsi to design IT guidelines for airports
Design services provider Tata Elxsi has been roped in by the Airports Authority of India (AAI) to design information and technology guidelines for all upcoming AAI airports. Tata Elxsi will help AAI set up a team and create a process to design and implement customer-centric information and wayfinding system, which will cover the entire passenger journey, right from parking to boarding the plane, the company said in a statement today. Tata Elxsi Chief Designer, Service Design, Narendra Ghate said prior experience on redefining passenger experience for some leading airports in India gave Tata Elxsi an edge to bag the mandate. AAI Member Planning Sudhir Raheja said the authority was looking out globally for a company that can understand what people in India need and found that Tata Elxsi can help AAI in setting guidelines for all future airports at par with global standards. Tata Elxsi has already commenced work across airports, including Goa, Kolkata, Varanasi and Lucknow. The other short-listed airports are Chennai, Bhubaneswar, Pune, Trivandrum, Coimbatore and Guwahati. Jeff Skinner Jersey
High court dismisses PIL, paves way for Greenfield Airport
Itanagar: In a major relief which may pave way for construction of the Greenfield Airport at Hollongi, the Gauhati High Court Itanagar Permanent Bench has dismissed the PIL filed in 2015. While disposing off the case, the court directed the Papum Pare Deputy Commissioner, “To ensure that compensation that is payable on account of acquisition of land, is done upon due and proper verification of the claims of the genuine land owners and as per rates permissible under law.” The Court also noted the government advocate’s submission that proposed land at Hollongi has already been deserved by the government and therefore question of it coming under forest reserve does not arise. The government advocate also made it clear that Chakma families are not being paid compensation and are only being rehabilitated. Recently, the state Cabinet also decided to accept the recommendation of technical committee constituted by the Ministry of Civil Aviation, which selected Hollongi as permanent site for construction of a Greenfield Airport. However, the Cabinet put the condition that Hollongi will be selected subject to outcome of PIL filed by Tadar Takio. Stefon Diggs Authentic Jersey
Mahindra Aerospace’s Airvan 10 achieves type certificate
Australia’s first 10 seat Single Engine Turbine aircraft, the AIRVAN 10, has been awarded its FAR 23 Type Certificate from the Australian Civil Aviation Safety Authority, which was followed, by the US Type Certificate being issued by the Federal Aviation Administration. S P Shukla, chairman, Mahindra Aerospace, and Group president-Aerospace & Defence, Mahindra Group, commented, “This (certification) comes as a cornerstone for civil aviation. This certification under stringent safety standards in place today, aligns with Mahindra Group’s focus on introducing world class products in fast changing general aviation world which will be dominated significantly by turboprobs in this class of aircraft. It enhances our global reach further with specific focus on large markets for regional connectivity such as India, USA and Africa.” “This not only allows us to expand our existing markets but also provides much needed boost to regional low cost connectivity to those areas in the world where AvGas is a constraint. Our focus on engineering and in world class execution is the key to this milestone, said Arvind Mehra, executive director & CEO of Mahindra Aerospace. Keith Douglas, CEO of GippsAero said, “For our Australia and India teams, this is a much deserved recognition. This now gives us an opportunity to progress into the next stage of the programme which will address customer and region specific enhancements to the aircraft. We expect delivery of the first aircraft to identified customers by the early 2018. There has been a significant demand for such aircraft in expanding general aviation turboprop market and we are confident we will fill the gap by providing this cost effective solution.” Ameer Abdullah Jersey
Gov’t shelves private bids for new airports
Manila: The government has put on hold unsolicited proposals for new airports to serve Manila as it focuses on measures that can be undertaken immediately to address congestion at the country’s main international gateway. Manuel Antonio Tamayo, undersecretary for aviation at the Department of Transportation (DOTr), told reporters the National Economic and Development Authority has decided to defer the unsolicited proposals submitted by All Asia Resources Reclamation Corp. (ARRC) and San Miguel Corp. (SMC) for a new airport. “It’s still there. It’s still being considered. But it’s not immediate. It’s more of medium term. What we need now is the short term. We need to immediately decongest Manila,” he said. ARRC is proposing to build an international airport, seaport as well as a mixed-use development on reclaimed land off the coast of Sangley Point in Cavite. Unsolicited proposals for the Clark Airport are also taking a backseat for now. The group of GMR Infrastructure Ltd. of India and Megawide Construction Corp. submitted a proposal to the government to develop the Clark International Airport to be able to handle up to 100 million passengers per year over a period of 50 years, worth close to P200 billion.
Hero Future Energies eyes renewable assets of Equis energy
Hero Future Energies, the renewable energy arm of the Pawan Munjal led Hero Group is evaluating options for its biggest bet yet in the burgeoning clean energy segment. The company backed by IFC, the private sector investment arm of the World bank is eyeing the renewable energy portfolio of Singapore based Equis Energy, sources familar with ongoing negotiations told ET NOW on the condition of anonymity. Credit Suisse & JP Morgan have the sale mandate for the proposed transaction. “Hero Future Energies has aggressive expansion plans and is amongst the numerous suitors keen on the assets, though no final decision has been taken as yet. The portfolio on sale covers the Asia-Pacific region and the India portfolio would expand their domestic footprint and put them in a different league. If required, they may also bid as part of a consortium, based on deal discussions. Many international power utilities & pension funds are in the race for the deal and an information memorandum will be shortly sent to all prospective bidders,” said a source on the condition of anonymity. “The India portfolio of Equis Energy has a capacity of nearly 700 MW and has an estimate enterprise value between Rs 6000-Rs 6500 crores,” added a second source familar with the proposed transaction. Renewable energy develepor Equis Energy plans to exit the Indian market and has put Energon and Energon Soleq on the block. Energon is focused on wind power projects with 414 mega watt (MW) of operating assets while Energon Soleq works in the solar sector and is developing projects totaling 260MW in Telangana and Karnataka. In response to an email query from ET NOW, Equis Energy Chairman David Russell said “Equis Energy is considering a restructuring of its entire renewable energy business with longer term investors looking to support management’s growth strategy. Equis Energy believes combining its various renewable energy businesses will yield significant synergies and allow the group to continue to provide competitive, low-cost pricing and technology solutions for the long term. The process involves the restructuring of 100% of Equis Energy.” The company added “We don’t have any comment on the identity of parties involved in the restructuring process” and confirmed that Credit Suisse and JP Morgan have been appointed to manage the process. Hero Future Energies said, “The company will like to maintain its policy of not commenting on rumours except as required by law. The company or any of its business unit is not aware of any information supporting these rumours. Hero Future Energies is present nearly 10 states of India with high quality operating asset base of ~500 MW across wind, solar PV (grid connected) & rooftop plants. Equis Energy is headquartered in Singapore is the largest renewable energy IPP in the Asia-Pacific region and operates from 15 Asian offices. As of 30 June, 2017, it owned 97 renewable energy assets, totaling 4.4 GW across Australia, India, Indonesia, Japan, the Philippines, Taiwan and Thailand. In addition to our current portfolio of 4.4 GW, Equis Energy has a further 74 assets and 6.7 GW under development. Al Jefferson Womens Jersey