Pakistan interim PM-designate faces NAB inquiry over LNG contract
The Pakistan Muslim League-Nawaz (PML-N) nominee for the post of interim Prime Minister, Shahid Khaqan Abbasi, is facing a Rs 220 billion corruption inquiry by the National Accountability Bureau (NAB) over a liquefied natural gas (LNG) import contract. Abbasi, the former Petroleum Minister, is a principal accused in a NAB case registered in 2015, Dawn newspaper reported. The other suspects in the case are former Petroleum Secretary Abid Saeed, Inter State Gas Systems (ISGS) Managing Director Mobin Saulut, private firm Engro’s Chief Executive officer Emranul Haq and the Sui Southern Gas Company’s (SSGC) ex-MD Zuhair Ahmed Siddiqui. According to NAB documents, the contract for the LNG import and distribution was awarded to the Elengy Terminal, a subsidiary of Engro, in 2013 in violation of the Public Procurement Regulatory Authority (PPRA) rules and relevant laws. The case was registered on the complaint of Shahid Sattar, an energy expert and former member of the Planning Commission and the SSGC board of directors. It is still under an investigation contrary to NAB Chairman Qamar Zaman Chaudhry’s claim that he had introduced a new strategy under which the process of complaint verification, inquiry, investigation and filing of reference took 10 months, said the newspaper. Sattar had accused Abbasi of misusing his authority and causing a potential $2 billion loss to the national exchequer in 15 years. The NAB documents said that it had been recommended that the names of all accused in the case, including Abbasi, should be placed on the Exit Control List. After the removal of Nawaz Sharif by the apex court in the Panama Papers corruption case, the PML-N has nominated Abbasi as its candidate for the Prime Minister’s post for an interim period before Punjab Chief Minister Shahbaz Sharif replaces him for the remaining 10 months of the government’s term. The election of the new Prime Minister will be held on Tuesday and Abbasi is set to be elected in view of his party’s comprehensive majority in the National Assembly, said the report. Talking to reporters on Sunday, Abbasi said he was not afraid of any reference, adding that those levelling allegations against him should search their own souls and be ashamed of their deeds. “Not only one case but get registered 10 references against me,” he said in reply to a question about Awami Muslim League chief Sheikh Rashid Ahmed’s decision to approach the Supreme Court against him regarding the NAB proceedings. Jordan Bell Womens Jersey
UDAY Scheme turning around power discoms performance: India Ratings
The Modi government’s Ujjwal Discom Assurance Yojana (UDAY) scheme for power distribution reforms has started bearing fruits with major improvement witnessed in both financial and operational performance of debt-laden discoms, research and ratings agency India Ratings has said. “India Ratings and Research’s initial assessment of UDAY scheme suggests both financial outcome (gap between Average Cost of Supply and Average Revenue Realisation) and operational efficiency (decline in aggregate technical and commercial (AT&C) losses have improved at an aggregate level,” the firm said in a report issued today. It added a reduction in interest cost has also benefitted discoms’ finances which is estimated to have freed up Rs 22,000 crore capital of the banking sector. “However, in the medium-to-long-term, improvement in operational performance such as increased billing efficiency through feeder metering and feeder audit leading to higher collection will be crucial for keeping the discoms’ finances healthy. Tighter monitoring of action plan, appointment of nodal officers and state level monitoring committee are also equally important for achieving the desired results,” the report said. At the end of March 2017, 26 states and one union territory have joined UDAY. Nagaland, Odisha and West Bengal have not joined the scheme. Until FYE17, Rs 2.69 lakh crore of discoms’ debt qualified for restructuring, and the state governments and discoms together issued bonds worth Rs 2.33 lakh crore (86.5% of the discoms debt). At FYE17, pending bonds to be issued by the states is estimated to be Rs 36,278 crore, which are likely to be issued by discoms. Issuance by state government will be subject to the fiscal space of each state. According to the assessment, some green shoots have emerged so far as the financial performance of the discoms is concerned due to reduced interest cost and savings in power purchase cost (Apr-Dec 2016-17: Rs 14,089 crore). Chhattisgarh discom turned profitable in first quarter of 2016-17, while Gujarat discoms increased their profitability in Apr-Dec 2016-17. Similarly, Haryana discoms turned profitable in second quarter and third quarter 2016-17. “These results are encouraging. However, the success of UDAY lies in how quickly discoms of larger states such as Uttar Pradesh, Maharashtra, Tamil Nadu, among others turn around and make their finances self-sustainable. This will also improve the liquidity profile of independent power producers supplying power to these discoms,” India Ratings said. The firm also said that while the overall financial and operational parameters of discoms have improved at an aggregate level, this aggregate performance masks wide inter-state variations. Blake Martinez Womens Jersey
IOC’s new concept SAS to come back to company’s priority list
After remaining in low key for long, Indian Oil Corporation’s Servo Agro Spray(SAS) is coming back in priority planning of the company to penetrate deeper into Rs 10,000 crore sized national agro oil market. “IOC is now putting serious thought on SAS for better utilization of the potential lying in the agro oil sector. There is huge demand for the product. But our present production level cannot match that. We are planning to improve the situation,” said Ranjan Kumar Mahapatra, IOCBSE 0.00 % Executive Director cum State Level Co-ordinator, West Bengal. According to IOC technical experts, SAS is a paraffin based mineral oil and environment friendly additive. The non-toxic and biodegradable spray oil forms a thin wax film over the pests killing them by just suffocating without exerting any toxic effect on soil or plant. This new concept product has certificates from major research institutes like, Central institute for Cotton Research, Nagpur, Horticultural Research Station, Shimla, UPASI Tea Research Foundation etc. “Though launched over a decade back, SAS is yet to become well known among farmers throughout the country,” they agreed. But, “It is highly liked in high value premium quality Apple orchards in Himachal Pradesh though we cannot meet the demand. Moreover, huge potential is lying untapped in sectors like tea, Mango, Pineapple in northern Bengal or Rubber in NE region. We are trying to prepare production augmentation plan through indigenization to address the situation,” said Mahapatra. “Beside production, to ensure its wide availability, other than using IOC’s own retail points, we are considering many options including joining hands with E-Portals like Amazon as we are doing for our lubricant products,” Mahapatra added. However, “In Indian rural agro fields, knowledgebase dissemination upto the farmer’s level still takes place largely through pesticide, fertiliser or seed dealers. Major FMCGs have huge rural level dealer’s networks. Thus, handshaking with them could give IOC an additional advantage to develop farmer’s confidence on SAS as well as in ensuring its availability,” said Mainul Alam, a veteran Pineapple farmer and trader at Bidhannagar. Zach Hyman Authentic Jersey
41 hydro projects running behind schedule: Government
A total of 41 under-construction hydro electric projects (above 25 MW) with a combined capacity of 11,792.5 MW are running behind schedule, Parliament was informed today. “Presently, 41 HEPs (above 25 MW), aggregating to 11,792.5 MW, are under construction in the country. All the above projects are running behind schedule,” Power Minister Piyush Goyal said in a written reply to Rajya Sabha. The projects are lagging on account of natural calamities, delays in forest clearances and land acquisition and law and order problems, the minister said. He also said state-owned NHPC is scheduled to generate 4458.69 million units additional power from two of its under- construction projects – Parbati-II (800 MW) in Himachal Pradesh and Kishanganga HEP (330 MW) in Jammu & Kashmir. While Parbati-II is scheduled to be commissioned in October 2018, Kishanganga is scheduled to begin in January 2018, he said. The minister said various steps are being taken for commissioning of pending projects. Rodney Gunter Jersey
NHPC’s Kishanganga to start ops by Jan’18: Piyush Goyal
NHPC’s 330-mw Kishanganga hydel power plant is likely to be commissioned in six months while the 880-mw Parbati –II hydro project will begin operations by October next year, Union power minister Piyush Goyal said on Monday. The two projects in Jammu & Kashmir are scheduled to generate 4458.69 million units additional power once operational, he said in in a written reply to a question in Rajya Sabha. Goyal said 41 hydropower plants of above 25 mw capacity, aggregating to 11792.5 mw are under construction in the country. All these under construction projects are behind schedule due to various reasons including natural calamities, geological factors, delays in forest clearances and land acquisition and law and order problems, the minister said. He said implementation of the under construction hydro power projects is being monitored seperately by the Central Electricity Authority CEA, the Power Project Monitoring Panel (PPMP) set up by the ministry of power and independently by the ministry. Hydel power projects of central power sector undertakings are incorporated in the annual performance memorandum of understanding and the same are monitored during the quarterly performance review meetings of the companies. Ryan Kesler Womens Jersey
LPG prices to be hiked by Rs 4 per month as Centre pushes to end subsidies
The government has ordered state-run oil companies to raise subsidised cooking gas (LPG) prices by Rs 4 per cylinder every month to eliminate all the subsidies by March next year, Oil Minister Dharmendra Pradhan said today. The government had previously asked Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) to raise rates of subsidised domestic LPG (liquefied petroleum gas) by Rs 2 per 14.2-kg cylinder per month (excluding VAT). Now, the quantum has been doubled so as to bring down the subsidy to nil, he said in a written reply in the Lok Sabha here. Every household is entitled to 12 cylinders of 14.2-kg each at subsidised rates in a year. Any requirement beyond that is to be purchased at market price. “Public sector oil marketing companies (OMCs) were authorised to increase price of subsidised domestic LPG cylinder by Rs 2 per cylinder (14.2-kg) per month (excluding VAT) with effect from July 1, 2016,” he said. Oil companies had hiked LPG rates on 10 occasions since that go-ahead. “The government vide its order dated May 30, 2017, has again authorised OMCs to continue to increase the effective price of subsidised domestic LPG by Rs 4 per cylinder effective June 1, 2017, per month (excluding VAT) till the reduction of government subsidy to ‘nil’, or till March 2018, or till further orders, whichever is earliest,” he said. Oil companies have raised rates twice since then, the last being on July 1 when rates were up by a steep Rs 32 per cylinder — the steepest increase in six years. This hike was because of the May 30 order as well as reflection of hiked tax rates under the Goods and Services Tax (GST) regime. Subsidised LPG now costs Rs 477.46 per 14.2-kg cylinder in Delhi. It was priced at Rs 419.18 in June last year. The rate of non-subsidised LPG, which consumers pay after exhausting their quota of below-market priced bottles, costs Rs 564. “The price for the other subsidised cylinders (i.e. 5 kg) would be increased proportionately by the OMCs,” Pradhan said. The subsidy on LPG was Rs 86.54 per cylinder for July, he said. There are as many as 18.11 crore customers of subsidised LPG in the country. These include 2.5 crore poor women who were given free connections during the last one year under the Pradhan Mantri Ujjwala Yojna. There are another 2.66 crore users of non-subsidised cooking gas. T. J. Oshie Authentic Jersey
Kishangarh Airport to be commissioned by August, says AAI
In yet another achievement for the Airports Authority of India (AAI), the Kishangarh airport in Rajasthan is likely to be operational by next month. AAI officials believe the new airport will cater to tourists who visit Ajmer on regular basis. Sudhir Raheja, Member (Planning) of the AAI, said, “Hostile to smile was the motto we were working on. Eventually, we won the trust of the people and were helped by the people and state government, and today, this airport is ready. Licensing work is underway and I expect that airport will be commissioned in August. A.K.Pathak, Executive Director of the AAI, said, Kishangarh Airport is one of the very important airports in the Rajasthan region. Ultimately”, Kishangarh Airport will feed our Ajmer Sharif as this carries religious value and lot of domestic as well as international tourists visit Ajmer every year. It will also serve the large marble business community.” Located about 100-kilometers from Jaipur, the airport will cater not just to Kishangarh, but also to Ajmer and Pushkar, the nearby cities that see a massive footfall of tourists who visit the Ajmer Sharif Dargah and the annual Pushkar fair. The Kishangarh airport will cater to a big mass of people who come to this city for its mega marble market. Raheja further stated, At present, the length of the runway is 6,000 feet on which ATR-72, owned by Spice Jet and soon-to-be-acquired by Indigo and Q 400, an 80 seater aircraft, owned by Air-India will be operating from here. We hope that the kind of marble market it has, religious tourism it (Ajmer) has will certainly bring more connectivity to the airport. This airport will be viable and we’ll see operators getting a large number of passengers using the Kishangarh airport in near future.” The Airports Authority of India manages 125 airports, which include 18 international airports and 78 domestic airports. Many new airports are coming up which will help improve air connectivity in near future. Bryan Bulaga Womens Jersey
Boeing expects India to order up to 2,100 aircraft over 20 years
Boeing Co said on Monday it expects Indian airlines to order up to 2,100 new aircraft worth $290 billion over the next 20 years, calling it the highest-ever forecast for Asia’s third-largest economy. India is one of the world’s fastest-growing aviation markets with domestic passenger traffic growing at more than 20 percent a year over the last few years. “The increasing number of passengers combined with a strong exchange rate, low fuel prices and high load factor bodes well for India’s aviation market, especially for the low-cost carriers,” said Dinesh Keskar, senior vice president, Asia Pacific and India sales at Boeing Commercial Airplanes. The world’s biggest maker of jetliners said it expected passenger growth of about 8 percent in South Asia, dominated by India, over the next 20 years, compared with the world average of about 4.7 percent. Boeing could increase the projection next year depending on how India’s regional connectivity scheme pans out, Dinesh Keskar added. Last year, India overhauled rules governing its aviation industry, liberalising norms for domestic carriers to fly overseas and spreading the country’s air travel boom to smaller cities by capping air fares and opening airports. Boeing said it expected single-aisle planes, such as the next generation 737 and 737 Max, to account for the bulk of the new deliveries, with India likely to take 1,780 such aircraft. The U.S. planemaker dominates the wide-body aeroplane market in India, while competitor Airbus SE sells the bulk of small planes preferred by low-cost carriers (LCCs) such as InterGlobe Aviation Ltd’s IndiGo. Low-cost carriers dominate Indian skies and account for more than 60 percent of flights in the country. Boeing plans to plug this gap in its portfolio with the 737 MAX 10 single-aisle jet which it launched at an air show in Paris in June, following runaway sales of Airbus’ A321neo. Boeing expects worldwide demand for 41,030 aircraft over the next 20 years, putting India’s share of the total at about 5 percent. Jordan Wilkins Jersey
Regional connectivity scheme to open new routes: Boeing
The regional connectivity scheme is going to allow new routes to be opened up in India, Boeing said today. “We expect RCS to allow new routes to be opened up, which will create a market of our Boeing 737, as airlines upgrade the aircraft on routes that opens up with regional connectivity,” said Dinesh Keskar, Senior Vice President, Sales, Asia Pacific and India, Boeing. Keskar said it today announcing the market outlook for India. Boeing said that Indian carriers would require about 2100 airplanes worth $290 billion over a period of 20 years. “Of the total demand, a large number 1780 airplanes required will be single-aisle aircraft,” said Keskar. Mark Bavaro Womens Jersey
Australia’s IFM puts two gas-fired power stations on the block
Australian infrastructure investor IFM is seeking to sell two gas-fired power plants, looking to exit the long-term investment amid uncertainty over Australia’s climate and energy policy, two industry sources said. The sale of the Ecogen assets comes as gas and power prices are soaring, while state and national leaders brawl over carbon emissions targets and energy policy, factors that have scared off big infrastructure investors. “It’s not a regime that is inviting for investors,” Ian Silk, chief executive of AustralianSuper, the country’s largest pension fund, said at a Reuters event last week. He called the energy market a “dog’s breakfast”. The sale process was in its early stages and information memorandums had not yet been sent to prospective buyers, said one of the sources with knowledge of the matter. IFM, which first bought into Ecogen in 2003, declined to comment on the proposed sale. Ecogen’s Newport and Jeeralang plants, with a combined capacity of about 1,000 megawatts, could be worth A$1.5 billion ($1.2 billion), based on a replacement cost of A$1.5 million per megawatt, said a Melbourne-based analyst, who declined to be named. However, analysts said it was difficult to value the ageing assets without knowing what gas supply contracts Ecogen has in place. If Ecogen has low-priced gas contracts that are set to expire, it is likely to face higher fuel costs down the track, which could cap the price IMF could fetch for the power plants. At the same time, Ecogen is set to lose a long-term hedge contract with EnergyAustralia, a unit of Hong Kong’s CLP Holdings, in 2019. The contract has provided the cash flow certainty prized by IFM. On the positive side, the power plants could attract bidders involved in the electricity market as they are essential to keeping the lights on in southeastern Australia as coal-fired power plants are closing. “Gas peaking plants are in a good position given volatility in the market. It’s probably not a bad asset to sell,” said Royal Bank of Canada analyst Paul Johnston. Bidders could include Alinta, owned by Chow Tai Fook Enterprises, as well as AGL Energy, Origin Energy and EnergyAustralia, analysts said. The companies did not immediately respond to a request for comment. James Bradberry Womens Jersey