Green panel clears ToR for Rs 224 cr road project in Karnataka
To improve road connectivity, an expert panel of the Union Environment Ministry has cleared the terms of reference (ToR) for the Rs 224 crore state highway upgradation project from Kollegal in Karnataka’s Chamarajanagar district to Tamil Nadu border. State-run implementing agency Karnataka State Highways Improvement Project (KSHIP) has proposed improvement of 95 km length of state highway-79 from Hanur to Tamil Nadu border, including connectivity from Palar to Hoganakkal falls. The Expert Appraisal Committee (EAC) of the Union Environment Ministry recently examined the Karnataka government’s proposal. “The Committee, after detailed deliberations, recommended the proposal for grant of ToRs for the said road project and for preparation of EIA/EMP reports after public consultation,” a senior government official said. ToRs are guidelines for conducting environmental impact assessment (EIA) studies of projects, based on which EAC recommends or rejects environment clearances to the project. After EAC’s recommendation, the Environment Ministry grants or rejects green clearance to a project. As per the proposal, the KSHIP has reduced total length of the project road from 119 km to 95 km. Out of it, 81.78 km of road stretch passes via two wildlife sanctuaries–Malai Mahadeshwara and Cauvery Wildlife Sanctuary. The cost of the proposed road project is estimated to be Rs 224 crore. The state government has informed the EAC that it wants to first develop existing road from Kollegal to Hannur covering a length of 24 km on a priority basis because of public pressure for development of this stretch which is located outside the forest and wildlife sanctuary area. Jason Williams Jersey
Road Ministry seeks Rs 90,904 crore for 2017-18
Unhappy over the proposed reduction in budget outlay for 2017-18, the Road Ministry has requested the Finance Ministry to allocate Rs 90,904 crore to help complete ongoing highway projects in time and compensate for the toll revenue losses following demonetisation. The Ministry of Road Transport and Highways (MoRTH) said it needs higher allocation to carry forward the ongoing work and also to compensate concessionaires who lost revenue because of withdrawal of tolling following the demonetisation, a source told PTI. The Road Ministry conveyed it to the Finance Ministry that “as against our proposal of Rs 90,904 crore for Budget Estimate (BE) 2017-18, the indicated outlay for BE 2017-18 is only Rs 58,362 crore…The proposed reduction in allocation of national highways (NH) sector would cause a major setback in the progress of ongoing projects and in the achievement of targets,” the source added. The outlay for Revised Estimate (RE) 2016-17 is proposed to be reduced from BE 2016-17 outlay of Rs 57,976 crore to Rs 52,447 crore as against the proposal of the Ministry of Road Transport and Highways (MoRTH) of Rs 62,489 crore, the source said. “As MoRTH have substantial liabilities and 36,500 Km of NH projects costing more than Rs 3 lakh crore are in progress, the road ministry requested the Finance Ministry to restore its BE 2016-17 outlay of Rs 57,976 crore at RE 2016-17 stage so that payments for ongoing works and committed liabilities are not delayed,” he said. The Road Ministry said that in the absence of assured funding, it would not be possible to properly plan, prepare and award NH projects, involving a gestation period of 3 to 5 years. Therefore, MoRTH requested that in addition to restoring the RE 2016-17 outlay to Rs 57,976 crore, the full outlay as proposed should be provided for BE 2017-18, the source said. Thomas Morstead Jersey
Incentives to states progressing under UDAY: Piyush Goyal
The government will consider incentives for states whose power distribution utilities are progressing well under Ujwal Discom Assurance Yojna (Uday). Power minister Piyush Goyal on Wednesday asked power ministry to launch two-three schemes to laud efforts of states that have joined Uday and been able to revive their power distribution utilities losses. Assam and Telangana on Wednesday joined Uday, taking the count of states that are part of the discom revival scheme to 20. Tamil Nadu, with Discom losses of Rs 50000 crore, is likely to join Uday next week. Telangana is likely to reap net benefit of Rs 6116 crore to and Assam at Rs 1663 crore through Uday, an official statement said. Tony Esposito Womens Jersey
High Oil Prices May Spoil The Party For Indian Consumers and Economy
After being insulated from an increase in the domestic fuel prices, the ongoing upsurge in global crude oil prices could spoil the party for Indian consumers of petrol and diesel. India imports 80% of its crude oil requirements and any upward movement in oil prices casts an impact on domestic prices of petrol and diesel. Domestic oil companies announced an increase in prices of petrol and diesel by Rs 1.29 and 0.97 a litre in petrol and diesel respectively from Monday (January 2, 2017). Experts feel that more such hikes could follow if crude and product prices in the global oil market continue the upsurge. The sudden increase in oil prices in international market follows decision of oil cartel-OPEC to cut production. The volatility in oil prices can be witnessed from the fact that from levels of $26 a bbl in February, crude oil prices touched the highs of $55 in December, up 15% since OPEC decision on production cut. Every one dollar increase in global crude oil prices, the exchequer will have to shell out an additional Rs 9,126 crore every year. With high oil prices, India’s oil import bill for 2016-17 will be much above the estimated $66 Bn worked at an avg import price of $48bbl. India’s oil import bill was $64bn in 2015-16, $113 bn in 2014-15 and $143 bn in 2013-14. High oil import bill will therefore mean that the country will have to fight a higher Current Account Deficit. For consumers, high prices will mean paying more for their fuel and air ticket bills. High oil prices has a cascading effect on all sectors thereby triggering inflation. Low crude oil prices during 2015 and early months of 2016 had kept inflation under check thereby helping the government to trim CAD. Larry Fitzgerald Womens Jersey
China to invest $360 bln in renewable power over four years through 2020
China will invest 2.5 trillion yuan ($361 billion) in renewable power generation between 2016 and 2020, the National Energy Administration (NEA) said on Thursday, as the world’s largest energy market pushes to shift away from coal power. The investment will create over 13 million jobs in the sector, the NEA said in a blueprint document that lays out its plan to develop the nation’s energy sector in a five-year period. The NEA repeated its goal to have 580 million tonnes of coal equivalent of renewable energy consumption by 2020, accounting for 15 percent of overall energy consumption. Installed renewable power capacity including wind, hydro, solar and nuclear power will contribute to about half of new electricity generation capacity by 2020, the NEA said. Rickey Jackson Authentic Jersey
Azure Power Commissions Largest Solar Power Project (150MW) in North India
Azure Power, a leading solar power producer in India, announced that it has commissioned the largest (150 MW) solar power project in north India, in the state of Punjab in December 2016. For this project, Azure Power had signed a solar power implementation agreement with Punjab Energy Development Agency (PEDA) under its Solar Policy Phase III. The 150MW solar power plant represents a portfolio of three projects of 50MW each. The weighted average tariff on these projects is INR 5.63 (US$ 8.5 cents) per kWh and the company will supply power to Punjab State Power Corporation Limited for 25 years. Spread across 713 acres of land in Punjab, the project was commissioned ahead of the contracted scheduled date. By leasing project land, Azure Power has created discretionary long term cash flow for the local community. The solar power plant will help in electrifying the nearby areas and will create an estimated 1,000 jobs in the locality. Commenting on the occasion, Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power said, “We are pleased to have started 2017 with the early commissioning of our largest project. Our ability to complete projects ahead of schedule and at scale is a testament to our efficiency and reliability as a trusted solar power producer. We continue to demonstrate our strong project development, engineering, and execution capabilities and are delighted to make this contribution towards realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation. Our sincere gratitude to the Hon’ble Deputy Chief Minister and the State of Punjab, for all the cooperation and support, extended., Azure Power has a long history of operating solar power plants in India and currently maintains a leading position in the state of Punjab. Starting with the Awan 2MW project in 2009, Azure Power now has a total solar portfolio of 225 MW in the state, currently making it the largest owner and operator of solar power plants in Punjab. Francisco Cervelli Jersey
Experts forecast India’s solar sector to rank in the top 3 global markets after China and the USA
India’s renewable energy sector especially solar and wind projects have clearly emerged as the two fronts drawing maximum investments with an intact and impressive growth story being predicted by experts. Most experts and consulting firms are betting big on India’s growth story in RE and are predicting that at least 8000- 9000 mw of new solar projects will come during 2017. Mercom Capital Group, a global clean energy communications and research firm, which released its quarterly update on the Indian solar market on Tuesday said solar installations in India are expected to reach over 4 GW in 2016, compared to 2.3 GW installed in 2015. Mercom said its 2017 solar installation forecast of over 9 GW. Cumulative installations including large-scale and rooftop projects in the country have already reached 9.6 GW. On its part, another consulting firm, Bridge to India predicted that along with 1.1 GW (or 1100 mw) of expected rooftop solar capacity, India should add a total of 8.8 GW (8800 mw) in 2017, ranking it amongst the top three global markets after China and the USA. Bridge to India said that with a pipeline of around 14 GW of utility scale projects, about 7.7 GW is expected to be commissioned in the year— a growth of around 90% over 2016. As per Mercom, of the 4 GW to be installed in 2016, 3.7 GW are expected to be utility-scale projects and about 275 MW are expected to be rooftop projects. The country’s solar development pipeline is now more than 14.2 GW with about 6.3 GW of projects tendered and pending auction. “We are forecasting installations to reach over 9 GW in 2017 which would put the Indian solar sector in the big leagues along with China, the United States, and Japan. However, there are significant headwinds in terms of transmission and evacuation issues that could threaten the pace of growth,” said Raj Prabhu, CEO and co-founder of Mercom Capital Group. Bridge to India said that as the Indian market ramps up, it will become a key pillar for demand growth when demand in other leading countries including China, Japan and even possibly the USA is expected to slow down. On the Solar tariffs, it added that these are expected to fall below the critical INR 4.00 (USD 0.06)/ kWh mark making solar power the cheapest new source of power. At the same time, improving financial health of power distribution companies due to UDAY implementation will also help in sustaining renewable energy demand in particular. We expect sustainable demand of 6-8 GW for utility scale solar in the coming years. Mercom has also predicted a overall positive outcome for the power sector following demonetisation move of the Government. India’s share of solar generation continues to grow with 16.7 percent of new power generating capacity added in 2016 (as of November 2016). Solar accounted for almost one percent of electricity generated from April-October (FY2016-2017), 50 percent more than all of FY2015-2016. The Top 10 states account for approximately 90 percent of all solar installations and pipeline; they are: Tamil Nadu, Rajasthan, Gujarat, Andhra Pradesh, Telangana, Madhya Pradesh, Punjab, Karnataka, Maharashtra, and Uttar Pradesh. Authentic Jersey
Lebanese government approves key gas, oil drilling decrees
Lebanon’s new government has issued key decrees to prepare the way for oil and gas extraction off its coast, after more than two years of political deadlock had stymied previous efforts. The decrees, which came today, authorize regulators to divide the offshore areas into blocks for drilling and exploration and to issue tenders. Earlier this decade, geologists discovered a bonanza of gas reserves off the coasts of Lebanon and Israel, sparking a frenzy of development on the Israeli side to tap into the fields. Lebanon’s government, beset by infighting and corruption, made only marginal progress toward that goal. A portion of the reserves lies in territory disputed by the two countries. The Lebanese militant group Hezbollah has issued numerous threats warning Israel not to tap into Lebanon’s gas reserves. Josh Jones Womens Jersey
Sri Lanka to renegotiate oil tanks deal with India
The Government will re-negotiate with India the agreement signed in 2002 with the hope of reacquiring at least 50 tanks for use by Sri Lanka, Petroleum Resources Development Minister Chandima Weerakkody said. Outlining his Ministry’s 2017 programme he said the refurbishment and upgrading of the Sapugaskanda Oil Refinery (SOR) will be launched this year at a cost between US$1.8 billion and US$2 billion. The minister said on the completion the SOR will increase its output to 100,000 barrels a day from less than 50,000 BPD at present and help reduce the annual oil import bill by cutting down on the import of refined petroleum products. He told a media conference that the ministry has retained Ernest and Young Ltd., to prepare a Business Plan’ for the tank farm and will also speak to all stakeholders on the matter. The tank farm in Trincomalee, built by the British during World War II, was leased to Lanka IOC in 2002 as part of a privatization deal, by the then UNP government, giving the Indians a presence in the port. The Ceylon Petroleum Corporation (CPC) had attempted to refurbish 30 tanks with the help of Lanka IOC but the project did not come off. The minister said three oil tanks each will be set up in Trincomalee and Hambantota to store petroleum products to prevent any shortage in the two future mega industrial zones. Commenting on the ongoing drought the minister said his Ministry would provide all assistance to the Power and Renewable Energy Ministry for an uniterrupted power supply. Year 2016 was extremely successful with the CPC recording a profit of Rs.85 billion, Petroleum Research Development Secretariat (PRDS) US$369 million and the Ceylon Petroleum Storage Terminals Ltd. (CPSTL) Rs.2.7 billion. Meanwhile, the minister said the unity government would continue in office until 2020, whatever the joint opposition, SLPP and Mahinda Rajapaksa loyalists said because it was strong enough to withstand any kind of political challenges coming its way. Nolan Ryan Womens Jersey
South Sudan plans to increase oil production as prices rise
South Sudan is planning to increase its oil production in the coming days as oil prices increase following last month’s Opec agreement to cap output, a top diplomat in South Sudan embassy told Gulf News. “We are planning to increase oil production as oil prices go up to increase our revenue and expand the ways of oil industry,” said Mayom Alier, Deputy Head of mission in South Sudan embassy in Abu Dhabi. He did not give a specific figure to what extent output is expected to rise but said they are trying to reach the levels of 500,000 barrels per day which the country was producing when the conflict began in 2013. The current oil production of South Sudan, which is heavily dependent on oil revenue, is about 130,000 barrels per day. The country’s oil output plummeted due to conflict following the rebellion of former vice president Riek Machar in 2013 and the escalation of fighting in the subsequent months. According to the diplomat, 98 per cent of the country’s budget is dependent on oil revenue and the drop in oil prices has heavily impacted its economy. “We suffered the most due to low oil prices. Rise in oil prices is a good news for us.” South Sudan has the third largest oil reserves in sub-Saharan Africa after Nigeria and Angola. The main oil companies operating in the country include China National Petroleum Corporation, India’s Oil and Natural Gas Corporation and Malaysia’s Petronas. The landlocked country does not have oil infrastructure and uses the pipeline in its northern neighbour Sudan to transport its crude oil to the international market. South Sudan is also trying to strengthen its trade ties with the UAE, but it is yet to sign protection of investment agreement and double taxation avoidance agreement with the emirates. “South Sudan offers investment opportunities in tourism, oil industry and in agriculture sectors for the UAE government to invest,” said Alier. “We have enormous resources that are yet to be tapped. As the UAE mulls investment in various countries, South Sudan could be a good option in future specially in areas of food security.” South Sudan, which gained independence from Sudan in 2011, opened its embassy in Abu Dhabi 2014. Opec (Organisation of the Petroleum Exporting Countries) and non-Opec members reached an agreement on November 30 to slash production by about 1.8 million barrels per day starting this week to stabilise oil prices. International benchmark, Brent surged by more than 20. Evgenii Dadonov Authentic Jersey