Shell, Exxon Mobil among groups to build 5 Pakistan LNG terminals
Pakistan has approved the construction of five liquefied natural gas (LNG) terminals by groups that include Exxon Mobil Corp and Royal Dutch Shell, aiming to triple imports and ease the country’s chronic gas shortage, Pakistan’s oil minister said on Friday. The five terminals could be in operation within two to three years, Omar Ayub Khan, Pakistan’s minister of power and petroleum, said in an interview.
IEX board approves setting up of gas exchange
Indian Energy Exchange (IEX) on Thursday said its board has approved a proposal to create a subsidiary for setting up an exchange for trading of gas. The proposal was approved at IEX board meeting on Wednesday. “The Board…has considered and approved the incorporation of a wholly-owned subsidiary in India to undertake the business of developing a gas exchange for transacting, clearing and settling trades in various types of gas-based contracts including all other forms/types of energy,” a BSE filing said. The exchange will be set up with an initial investment of up to Rs 10 crore in the form of subscribed and paid-up capital, the filing added. IEX will furnish the necessary details after the new company is formed. IEX is the first and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity, renewable energy certificates and energy saving certificates. The exchange enables efficient price discovery and increases the accessibility and transparency of the power market in India while also enhancing the speed and efficiency of trade execution. In August 2016, IEX received ISO certifications for quality management, information security management and environment management. The exchange is now listed with NSE and BSE. IEX is approved and regulated by Central Electricity Regulatory Commission and has been operating since June 27, 2008.
Uttarakhand: ONGC, THDC yet to pay taxes amounting to Rs 1,111 crore
P K Gupta, the Principal Chief Commissioner Income Tax of Dehradun Zone on Thursday said that two Public Sector Undertaking (PSU) companies in the zone have not paid taxes worth Rs 1,111 crore this year. “Oil and Natural Gas Corporation (ONGC) and Tehri Hydro Development Corporation Limited (THDC) are two big PSU companies in the Dehradun zone. These companies have not paid taxes worth Rs 1,111 crore for the year till September 15. The growth rate of the department has fallen because of this,” Gupta told ANI. “In a discussion with the ONGC officers, they pointed out that this was because of the price of crude oil,” he added. Gupta informed that tax assessment surveys will be conducted from October 1. He further said that the Uttarakhand Chief Secretary has informed him that Goods and Services Tax (GST) collection in the state have been poor this year.
95% coal, oil-driven industries switched to CNG in 3 months: Delhi govt think tank
Ninety-five per cent of Delhi’s coal and oil-driven industries have switched to CNG-operated systems in the last three months, according to a report of government think tank Delhi Dialogue Commission. The panel submitted the report to Chief Minister Arvind Kejriwal recently. Of the 1,542 coal and oil-driven industries in Delhi, 1,457 have shifted to compressed natural gas (CNG). The government has been making efforts to convert another 85 industries into CNG-adaptive, a statement said. At a meeting held earlier this week, Chief Minister Arvind Kejriwal had discussed with several industrialists the benefits of switching to CNG. He had also assured the industrialists about provisions of grants and compensation for making the shift. “The Kejriwal government is committed to eliminating industrial pollution from Delhi. It is through strategic proposition and determined steps that 95 per cent of the oil-driven industry has shifted to CNG-operated systems,” the statement read. “With the efforts of the Delhi government, air pollution in the city has reduced by 25 per cent in three years. Delhi is the only state in the country to record a reduction in air pollution,” Kejriwal said. Delhi’s Environment Minister Kailash Gehlot said, “95 per cent of the industries are now operating on CNG. We are aiming to bring this figure to hundred per cent.” Earlier, the Delhi government had prohibited the use of petroleum, tyre oil, and other types of polluted chemicals in all types of industries except thermal power plants. The closure of coal-based power plants in Rajghat in May 2015 and in Badarpur in October 2018 has also aided in reducing pollution in Delhi, the statement said. The Delhi Pollution Control Committee had also announced compensation for conversion of chemical-powered industries into CNG in 2017-18. Under the scheme, a compensation of Rs 50,000 was given to small and medium industries and Rs 1 lakh to big industries. According to data from The Energy and Resources Institute and Automotive Research Association of India, industries contribute 22 per cent to air pollution (PM 2.5) in Delhi in the summer and 30 per cent in the winter.
Uttarakhand: ONGC, THDC record over Rs 1,112 crore dip in advance tax collection
In the first financial quarter, the advance tax collections from Oil and Natural Gas Cooperation (ONGC) and Tehri Hydro Development Cooperation (THDC) have recorded over Rs 1,112-crore dip compared to the past year’s figures, according to income tax department of Uttarakhand. According to the advance tax payment details accessed by TOI, in 2018, ONGC had paid Rs 4,900 crore in September installment and this year, the company has paid Rs 3,820 crore advance tax in this quarter. Similarly, THDC’s tax payment for September installment has dropped from Rs 112.3 crore in 2018 to Rs 80.82 crore this year. Incidentally, the state I-T department’s tax collection target for this year is Rs 18,755 crore and of the total amount, the department has so far collected only Rs 5,387 crore, which is around 28.72%. Talking to TOI, principal chief commissioner of I-T PK Gupta said, “The total advance tax collection from THDC and ONGC has witnessed a fall in comparison to the last year’s figure. However, advance tax payment from other corporates registered in Uttarakhand has shown an increase.” Gupta said that the overall advance tax shortfall is Rs 1,111.49 crore in Uttarakhand which he claimed would be realized. “In the coming months, we would conduct more surveys and scrutiny here.” A source in the ONGC office attributed the low advance tax collection to overall production and revenue earnings. Experts, meanwhile, said that trends of advance tax collection are a solid indicator of market health. Verendra Kalra, a city-based charted accountant, said, “The oil industry is not doing well and the overall market scenario does not seem upbeat and this reflects in the advance tax collection figures. But with the festive season ahead, things might improve a bit across the country.”
IOC’s Loni terminal to be ready with BS-VI grade fuel by Feb 2020
The Indian Oil Corporation (IOC) will be ready with the Bharat Stage (BS) VI emission-compliant grade fuel ahead of the government deadline of April 1, 2020. The company said the required quantity of fuel will be supplied to all outlets from the mandatory date. “Loni-Pune Terminal is well equipped to commence the BS-VI supplies and will have product in stock from February 2020,” Anjali Bhave, the company’s spokesperson for the western region, told TOI. Automakers have already started to bring out BS-VI compliant vehicles ahead of the deadline and said their vehicles can run on both BS-IV and BS-VI fuels. The oil major said it has reduced the manual intervention for supply of fuel at the Loni terminal down to zero. “Despite complexities involved in receipt, storage and delivery of product, manual touch points at smart terminals have been reduced to zero. Customers can place their supply request through SMS and can get their trucks loaded through an RFID card and get the receipt of product through SMS. This saves time and also enhances transparency,” the company said in a statement.