If petrol pump refuses to accept Rs 500 and Rs 1000, govt. will rescue: Dharmendra Pradhan
Minister of State for Petroleum and Natural Gas Dharmendra Pradhan today announced that if the petrol pumps refuse to accept Rs 1000 and Rs 500 notes then government would coordinate in the dealings. “Every petrol pump will accept notes of Rs 1000 and Rs 500 till November 11, I appeal all to kindly coordinate,” he said. He urged the public to avoid chaos and panic created by the news of demonetization of the sudden withdrawal of selected denomination notes from circulation. “There should be no panic and chaotic situations should be avoided, We should all work together to make it a success,” he added. In a bid to flush out black, caused chaos on Wednesday as gas stations and some retailers refused to accept the larger bills, and bank ATMs stayed closed. From midnight, the larger banknotes ceased to be legal tender for transactions other than exchanging them at banks for smaller notes or new ones for Rs. 500 and Rs. 2,000. Petrol stations run by state companies will be punished for not accepting the larger denomination bank notes, even though they had been ordered to accept them till Friday night. Pradhan said people can contact him on twitter (@dpradhanbjp) to complain about any gas stations breaking the rule. Meanwhile bank ATMs were closed and many are likely to remain shut on Thursday as banks prepare for the flood of people seeking to exchange larger banknotes for smaller ones. Phil Esposito Jersey
Experts call for India-B’desh cooperation in gas exploration
India and Bangladesh should get together for joint exploration of gas to overcome the hurdle of resource and logistic mobilization, poor connectivity and most important reduction in the cost of exploration. This was expressed by the experts of both nations during the recent two-day ‘International conference on the present and future of natural gas : challenges and opportunities in NE India’ organized at the Pragya Bhavan here by the Synergy For Energy Challenges and Opportunities in N-E (SECONE), an organization funded by Indian energy companies like ONGC, GAIL, IOL etc. “Gas is a clean fuel and is part of the energy. The focus of the conference is natural gas and we have chosen Tripura because it is lying between Bangladesh and Myanmar. There is gas in the entire region starting from Bangladesh to Myanmar. At present in the northeast (India), Tripura is producing the maximum quantity of natural gas. If more focus is given then there will be more production of gas, more exploration and more gas based industries will come and there will be more development of the region,” said Anil Kr Saikia, Secretary, SECONE. Saikia said the biggest hurdle in the exploration of gas in this region is logistics and tough terrine and due to which the exploration cost is very high. “Moreover, there is transportation bottleneck along with the law and order problem but things are fast improving,” he added. Most of the experts expressed that both nations should cooperate in using each other’s expertise, territory for resource mobilization and equipment in exploration sector to bring down the cost and for viability of the project. “Bangladesh, Northeast India and Myanmar and these areas are endured with natural resources. Our resource is so big but our reserve is small because we could not explore it. What were the major hindrances the political boundaries, logistically difficult and because of these two it becomes costlier in exploration. That is why Bangladesh could not do very good, nor India or the Burmese in the north-eastern part. If we cooperate each other; politically these are different countries but geologically it is one. There are seven to eight borders connected with very well road, communication. Hence, within no time we can mobilize our equipment and material to the sites,” said Md Maqbhul E Elahi, former director of Petro Bangla of Bangladesh and an energy expert. Elahi added: “To drill one well you need to mobilize 1200 tonnes of equipments. If we use Bangladesh roads and mobilize the equipments to Tripura or Myanmar side then in no time we can reach at almost no cost. Even to reach Digboy and these areas, it only takes six to seven hours time from Sylhet which has good road and communication. So, if we use it then the exploration cost reduces and initiative from the private partners will grow up. So, if we can cooperate then definitely we can in a very short time develop much faster compared to other parts of the world.” Meantime, ONGC Tripura Asset Manager S.C. Soni said there is a need for regional cooperation in energy sector between India, Myanmar and Bangladesh for development and prosperity. “But there is a misconception or misunderstanding in this regard. There should be cooperation between Indian and Bangladesh because we are sharing the boundary and our fields are very nearby and so we can exchange our technical expertise and our data to them and they are also actually ready to share their data so that actually we can have a mutual cooperation. We also need to have a gas grid system between India, Myanmar and Bangladesh,” he added. Soni further said that both Bangladesh and Northeast India have gas which needs to be tapped in a planned way, adding a gas grid shall come up in north-east India by 2030 which shall be connected with the neighouring nations. Teddy Bridgewater Authentic Jersey
L&T ties up with Japan’s Chiyoda for emission control technology
Indian firm has signed licence agreement with Chiyoda Corp for its flue gas desulphurisation (FGD) technology, which reduces sulphur dioxide (SO2) emissions in thermal power plants. Larsen & Toubro (L&T) has entered into a long-term technical licence agreement with Japan’s ChiyodaCorporation for its Chiyoda Thoroughbred 121TM (CT-121TM) flue gas desulphurisation (FGD) technology. The agreement grants L&T exclusive rights to undertake EPC of CT-121TM FGD systems. As per the notification of Ministry of Environment, Forest and Climate Change (MoEFCC) issued in December 2015, new limits on sulphur dioxide (SO2) emissions has been introduced for coal-based thermal power plants in India. The move, which makes Indian emission norms among the most stringent in the world, has called for mandatory installation of FGD systems in upcoming power plants, including those currently under construction and many that are already operational. “As a responsible corporate citizen, L&T is committed to containing emissions and has always complied with the relevant government norms. The agreement with ChiyodaCorporation is yet another major step in that direction,” said Shailendra Roy, CEO & MD, L&T Power and whole-time director (power, heavy engineering & defence), L&T. Ryosuke Shimizu, director & senior vice president (technology development, investment & project operations), Chiyoda Corporation, added, “We are very happy to contribute to India’s development of energy and environment in harmony with our own technology.” The CT-121TM FGD process is a unique technology developed by Chiyoda in which sulphur dioxide is absorbed from flue gas generated by coal-fired, oil-fired and other types of boilers and removed as gypsum. Unlike conventional processes in which the reagent slurry is sprayed on flue gas, the CT-121TM process uses Chiyoda’s unique absorber, the Jet Bubbling Reactor (JBR), in which the flue gas is blown into the reagent slurry, forming a fine bubble bed where SO2 is absorbed, oxidised by injected air, and then neutralised by ground limestone slurry. This technology is highly efficient, enabling low-cost removal of flue gas SO2. Moreover, it ensures that the plant remains compact and easy to maintain. L&T and Chiyoda’s relationship dates back over two decades with L&T-Chiyoda Limited, a JV that has come to be an internationally reputed design and engineering consultancy organisation catering to the hydrocarbon sector. Through the signing of this agreement, the two companies have extended their association into the power sector as well. Orlando Cepeda Authentic Jersey
Get mini gas cylinders via supermarkets soon
Targeting the city’s floating population, Indane plans to introduce small 5 kg liquefied petroleum gas (LPG) cylinders through supermarkets and malls. A customer who wants a new small-size cooking gas cylinder will have to pay Rs. 1,018, excluding the safety hose and regulator. Of the total price of Rs. 1,018, Rs. 700 would go towards the cost of the cylinder and Rs. 318 for refill, explained a source from the Indian Oil Corporation Ltd (IOC), which owns the brand. Indane had launched these cylinders in 2013 and they were made available through company-operated fuel outlets and gas agencies. However, the scheme failed to take off at fuel outlets. “This time, we are reaching out to the consumers. The price of the cylinder has also been reduced from Rs. 1,000 to Rs. 700. The connections would be made available over the counter. Consumers can produce any government-approved ID proof and purchase the cylinders. Residential proof is not necessary,” explained a source. Target customers Since the cylinders are targeted at people who are not permanent residents of the city, there is a ‘buy back’ offer whereby consumers can return the cylinder and get Rs. 500 for it, he added. However, distributors said the 5 kg cylinders were already available over the counter and were being opted for by roadside vendors and those residing in places like East Coast Road where there are no gas agencies nearby. “These are cash and carry options… there is no home delivery,” said a distributor. Meanwhile, a press release from the All India LPG Distributors Federation sought to reassure consumers that they need not worry about a strike from November 15 that has been called by another association as it does not have any presence in Tamil Nadu. Ron Hainsey Womens Jersey
BP announces further progress towards rebalancing organic cash flows in 2017
BP has reported a profit for the third quarter of 2016 of USD933 million on an underlying replacement cost basis. This compares to USD720 million profit for the previous quarter and USD1.8 billion for the third quarter of 2015. The quarter’s result was affected by a weaker price and margin environment. It was also negatively impacted by several mainly one-off and non-cash items in the Upstream. However, the result also included benefits from lower cash costs being incurred throughout the Group and a positive one-time tax credit. Underlying operating cash flow, which excludes pre-tax Gulf of Mexico payments, was $4.8 billion for the quarter. It was $13.3 billion for the first nine months of the year, benefitting from reliable operations and lower cash costs. BP announced an unchanged dividend for the quarter of 10c per ordinary share, expected to be paid in December. “We continue to make good progress in adapting to the challenging price and margin environment,” Brian Gilvary, BP’s chief financial officer said. “We remain on track to rebalance organic cash flows next year at USD50 to USD55 a barrel, underpinned by continued strong operating reliability and momentum in resetting costs and capital spending. At the same time we are investing in the projects, businesses and options to deliver growth in the years ahead.” BP’s cash costs over the past four quarters were USD6.1 billion lower than in 2014, continuing the Group’s progress towards 2017 cash costs being USD7 billion lower than in 2014. BP’s expectation for 2016 organic capital expenditure was reduced again and it is now expected to total around USD16 billion, compared to original guidance of USD17-19 billion given at the start of the year. BP expects capital expenditure in 2017 to be between USD15 billion and 17 billion. Cash divestment proceeds for the year to date, including the partial sale of BP’s shareholding in Castrol India, are now USD2.7 billion. At the end of the third quarter, BP’s gearing level was 25.9 per cent, within the targeted 20-30 per cent range. The Brent oil price averaged USD46 a barrel in the quarter, compared with USD50 a barrel in 3Q 2015, and gas prices outside the US were also weaker. Refining margins were steeply down from a year earlier, depressed by high product stock levels. BP reported an overall headline profit for the quarter of USD1.6 billion, which includes a net gain of USD728 million for non-operating items and fair value accounting effects. This is comparable to a profit of USD46 million a year earlier and a loss of USD1.4 billion in the second quarter of this year, when significant charges associated with the Gulf of Mexico oil spill were taken. Both of BP’s main operating segments continued to demonstrate strong operational performance, with Upstream plant reliability at 95 per cent and refining availability in Downstream at 95.4% in the first three quarters of the year. BP’s Downstream segment delivered resilient results despite refining margins weaker than both the previous quarter and, particularly, a year earlier. Underlying pre-tax replacement cost profit was $1.4 billion, compared with $1.5 billion for 2Q 2016 and USD2.3 billion for 3Q 2015. Compared with a year earlier, the impact of the lower refining margin environment was partially offset by an increased retail performance and cost reductions across the segment. BP’s Upstream segment reported an underlying pre-tax replacement cost loss of USD224 million, compared with profits of USD29 million for 2Q 2016 and USD823 million for 3Q 2015. Compared with a year earlier, the result reflected weaker oil and non-US gas prices and lower gas marketing and trading results, together with the impact of higher exploration write-offs and rig cancellation charges. The impacts of these were partially offset by benefits of cost reduction programmes in the Upstream. BP estimated its share of Rosneft net income for the third quarter to be USD120 million, compared with USD246 million for 2Q 2016 and USD382 million for 3Q 2015. In July BP received a dividend of USD332 million, representing 35 per cent of BP’s share of Rosneft’s 2015 IFRS net income. In the Upstream, BP announced an agreement for a second production sharing agreement with CNPC for shale gas in China and also amendment of a number of concessions in Egypt that enabled the fast-track development of the Nooros field. In September, BP and Det Norske completed the formation of their Norwegian joint venture. On completion of the sale of BP Norge, BP received a 30 per cent equity interest in Aker BP. The In Amenas Compression project in Algeria is on schedule to commence operation in the fourth quarter, which would make it the fifth Upstream major project to start this year. In October, BP announced its decision not to continue its exploration programme in the Great Australian Bight, off the south coast of Australia. In the Downstream, BP continues to see marketing growth with retail volumes increasing by 3 per cent in the year to date and two new convenience partnerships in Europe. Willie Roaf Jersey
India, ADB sign $48 mn loan agreement for Assam
India and the Asian Development Bank (ADB) have signed a $48 million loan agreement towards improving Assam’s power distribution system, an official statement said on Tuesday. “The project will help Assam to enhance capacity and efficiency of its power distribution system to improve electricity service to end users,” the Finance Ministry said. This is the second tranche loan of the $300 million multi-tranche financing facility for the Assam Power Sector Investment Programme that was approved by the ADB Board in July 2014. The first tranche loan of $50 million was signed in February 2015. “This loan will help strengthen the state’s distribution system, improve energy efficiency and reduce technical and commercial losses,” said M. Teresa Kho, country director of ADB’s India Resident Mission. The loan of $48 million from ADB makes up to 80 per cent of the total project cost of almost $60 million, with the state government providing counterpart finance of $12 million. The loan has a 25-year term, including a five-year grace period with an annual interest rate. Bobby Clarke Authentic Jersey
No downgrading in case of loan default: Operational infrastructure projects may get ratings shield
Infrastructure projects that have started commercial operations will not be downgraded to junk ratings if their promoters temporarily default on loan payments, ensuring that the supply of funds does not dry up for developers facing constraints. For this, the government will soon come out with a new ratings methodology that will factor in expected loss and the ratings of such infrastructure projects will only suffer to a limited extent. A senior government official confirmed the development and said that their idea was to prevent the ‘one-day-one rupee’ delay for default recognition that causes lasting damage to a project. “In this scenario, the ratings of the company plummet and it further finds it difficult to service the debt. The idea is to assess the ratings depending upon the project’s viability,” the official said, not wanting to be identified. Finance minister Arun Jaitley in his 2016-17 budget speech had announced that the government was looking to work out a new credit rating system for infrastructure projects that will give “emphasis to various in-built credit enhancement structures” and not rely upon “a standard perception of risk which often result in mispriced loans”. The government official quoted above said that the new rating system would ensure that “if ratings of such a project is marginally impacted, other long-term investors such as insurance and pension funds will still be able to participate in their public issuances”. The official said discussions were on with all regulators including capital market watchdog Securities and Exchange Board of India on the new rating system. Initially, this benefit will only be extended to companies whose projects have achieved commercial operations. “All this will depend on the current and expected cash flow of the project,” said another official aware of the deliberations. “Today, if a company defaults for a day, its account becomes a non-performing asset and it becomes difficult for promoters to salvage it. Such ratings will give them the recourse to approach other financial institutions,” the official said. But all regulators are not convinced. “The viability of these projects will depend upon assumptions that some of them may be beyond the promoter’s control. There needs to a benchmark list on what conditions these projects should fulfil before a new improved rating is assigned to them,” said a senior official from a pension regulator. A senior official with Insurance Regulatory and Development Authority of India (IRDAI) said that it is a better idea to start with projects that have achieved commercial operation declaration. “Since most of the risks occur before implementation, in such projects those causes can be identified and if there is a way out, then only ratings can be assigned,” he said. Vince Carter Jersey
I am minister, you have to do it. You do or die: Nitin Gadkari to bureaucrats
India’s plan to sustain its position as the world’s fastest-growing major economy hinges on availability of cheaper funds for the road and port builders, the country’s transport minister Nitin Gadkari said. “Interest rate to infrastructure projects is 11% and it is not good for the sector,” Gadkari said at a Bloomberg event in Mumbai on Monday. “The ideal interest rate to infrastructure sector should be less than 7%.” Prime Minister Narendra Modi’s administration is stepping up construction of roads, ports and airports as part of plans to fulfil his 2014 election pledge of boosting economic growth and improving ease of doing business. High interest rates at home makes borrowing overseas cheaper at a time when government plans to triple spending on the sector compared to the average of the past three years. The roads ministry is aiming to boost network of highways covering the vast South Asian nation to about 200,000 kilometres by the end of December, Gadkari said. Eyeing overseas investors, the government will monetize 101 toll roads, he added. Road construction is key to creating jobs crucial for Modi ahead of key state polls next year and a general election that’s due by 2019. Only about 55-60% of India’s roads are paved, while more than a third of China’s 4.5 million kilometers (2.8 million miles) are fully built, based on Bloomberg Intelligence analysis. India’s gross domestic product is expanding at a more than 7% pace and Gadkari said boosting country’s infrastructure, whose quality is ranked below that of China and Indonesia, is key to improving economic sentiment. The government aims to build about 40 kilometers of roads a day in the year ending March 31, according to the roads ministry. As many as 95% of stalled road projects are back on track now, the minister said. A project logjam had slowed the pace to about 3 kilometers when Modi’s government took office just over two years ago. “It is my responsibility as minister to give them a big target and to ensure it is done,” Gadkari said, adding that he has to sometime coax reluctant officers to achieve them. “I tell them I am minister, you have to do it. You do or die.” New England Patriots Jersey
Toll plazas may see trucks pile up on currency freeze
Trucks on the highways may come to a standstill if the toll plazas are to stop accepting ?500 and ?1,000 notes with effect from tonight. “Truckers should be allowed to exchange ?500 and ?1000 at toll booths over the next two-three days. For truckers on the road, toll booths are like petrol pumps and hospitals,” said SP Singh, Senior Fellow, Indian Foundation of Transport Research and Training (IFTRT). The National Highways Authority of India (NHAI) Chairman Raghav Chandra said the authority will do whatever is required to protect the interest of commuters and within the legal framework. Railway counters will accept the ?500 and ?1000 notes. However, people travelling in long distance trains could face problems. “Passengers can use ?500/1000 notes to buy train tickets or food from railway catering,” Mohd Jamshed, Member-Traffic, Railway Board. Steve Yzerman Authentic Jersey
India mulls more flexible dry-lease regulations
India’s Directorate General of Civil Aviation (DGCA) has outlined proposed new legislation that would pave the way for the importation and dry-lease of foreign-registered aircraft by Indian operators using Indian crews. A government gazette issued Monday, November 7, says the revised legislation aims to foster growth in India’s fast growing market. “[The] operation of foreign-registered aircraft is ideal and convenient for start-up airlines, when exploring new routes or during seasonal fluctuations and sudden peaks in demand,” the DGCA said. “In addition, operation of foreign-registered aircraft arguably also fulfills the interim needs created by long-term fleet expansion plans, while maximizing market share in the immediate term.” Ronnie Stanley Authentic Jersey