India, Bangladesh discuss cooperation in hydrocarbons
With Bangladesh recently allowing passage of Indian trucks carrying petroleum products to the Indian state of Tripura through the former’s territory, India and the neighbouring nation on Wednesday discussed other areas of bilateral cooperation in hydrocarbons. According to an Indian Petroleum Ministry release, Union Petroleum Minister Dharmendra Pradhan met here with Bangladeshi Minister of State for Energy and Mineral Resources Nasrul Hamid and thanked him for permitting Indian trucks to pass through Bangladesh. “Pradhan discussed with his Bangladesh counterpart the issue of supply of high speed diesel (HSD) from the Siliguri terminal of Numaligarh Refineries Ltd to Parbatipur depot of Bangladesh Petroleum Corporation,” the statement said. “Both sides are working on details of the proposed pipeline project — the Indo-Bangla Friendship Pipeline — between Siliguri and Parbatipur,” it said. Indian Oil Corp (IOC) had last month transported petroleum products from the northeastern state of Assam to Tripura through Bangladesh. The arrangement was due to the difficulties faced in carrying petrol and diesel through the Indian roads of the region. The new route via Bangladesh saves time and costs in carrying petroleum products from Assam to Tripura as the existing over 400 km mountainous route requires more than ten hours to traverse. The short-term India-Bangladesh deal on shipping petroleum products was valid till September 30. “Both Ministers also discussed the status of various Indian proposals that have been shared with the Bangladeshi side, including the setting up of LPG import terminal at Chittagong by IOC and its onward transportation by road to the Tripura bottling plant,” the statement said. “Petronet LNG Ltd (PLL) in Kutubdia Island near Chittagong is finalising an MoU with Petrobangla on setting up of the LNG terminal.” The two ministers also reviewed the progress on work being done by Engineers India Ltd on the expansion of Eastern Refineries Ltd, Chittagong, it added. Tom Kuhnhackl Jersey
Cabinet clears ONGC Videsh’s extra 11 per cent stake buy in Russia’s Vankor fields
The cabinet has approved ONGC Videsh’s purchase of an additional 11 percent stake in Russia’s Vankor oil fields from Rosneft for $930 million, raising the Indian firm’s stake in the project to 26 percent, a government statement said. The latest move brings the investment by Indian companies in Russia’s east Siberian fields to $5.5 billion, aiding the country’s sanctions-hit economy. “This would go a long way to create a new energy bridge between the two strategic partners,” Oil Minister Dharmendra Pradhan tweeted on Wednesday. Russia is keen to develop and deepen economic ties with India and sell oil to one of the world’s fastest-growing economies at a time when revenues have been hit by a plunge in global oil prices. Prime Minister Narendra Modi, who wants to cut the country’s oil imports by 10 percent in six years, is steering efforts to buy. foreign energy assets, taking advantage of low global oil prices and a slowdown in China’s overseas purchases. In May, ONGC Videsh, the overseas investment arm of explorer Oil and Natural Gas Corp, paid $1.284 billion for a 15 percent stake in Vankorneft, which owns the Vankor fields. With the latest move, Indian companies together own 49.9 percent of Vankorneft. Brandon Davidson Womens Jersey
No change in gas pricing formula, says Petroleum Minister
The Government today ruled out changes in formula for pricing of domestic natural gas even though the formulation has driven down rates below the production cost. The NDA-government had in October 2014 fixed a formula based on rates prevalent in gas-surplus economies of US/ Mexico, Canada and Russia to price gas produced in a import dependent economy. As rates slumped in the near stagnant gas-surplus economies, rates were cut for four consecutive times, the last being on October 1 to $2.5 per million British thermal unit. “The formula approved in October 2014 stands… There will be no changes in that,” Petroleum Minister Dharmendra Pradhan told reporters here. He was asked if the government was looking at changes in the formula by looking at demands for a floor or minimum price for producers like ONGC and OIL who are making losses at current rates. “That formula stands,” he said categorically. While originally the formula was to apply to all the existing as well as future production, the government earlier this year made some course correction to allow limited pricing freedom to yet-to-be-produced gas from difficult areas like deepsea or high-pressure-high-temperature fields. Gas produced from difficult fields was allowed a rate capped to maximum price of alternate fuel. This rate for six month beginning October 1 was fixed at $5.3 per mmBtu. Rating agency Fitch in a note today said while the lower gas prices will not significantly hurt the borrowing capacity of Oil India Ltd, it will be selling natural gas at a loss. Price of natural gas produced by Oil and Natural Gas Corp (ONGC), OIL and Reliance Industries locally was cut by 18 per cent to $2.5 per million British thermal unit (mmBtu) based on its gross heat value for 6—month period from October On net heat value basis, the price will be $2.78. The rate compares to average cost of production of about $3.59 per mmBtu for ONGC and $3.06 for OIL, without taking into account return on capital. As per a new mechanism approved by the government in October 2014, the price of domestically produced natural gas is to be revised every six months —— April 1 and October 1 —— using weighted average or rates prevalent in gas—surplus economies of US/Mexico, Canada and Russia. For October 1, 2016 to March 31, 2017, the rate has been fixed at $2.5 per mmBtu compared to $3.06 per mmBtu previously. The price of gas between October 1, 2015 and March 31, 2016 was $3.81 per mmBtu and $4.66 in the prior six month period. Next change is due on April 1. Archie Manning Jersey
No violation in building pseudo bridges: NHAI
The National Highways Authority of India (NHAI) has dismissed as “ totally misleading” the allegation raised by environmentalists over constructing an “illegal” pseudo bridge over the Yamuna. It has noted that the NHAI has taken up the construction of Delhi-Meerut Expressway for providing seamless connectivity between the Capital and suburbs of Ghaziabad, Meerut and the rest of U.P. and Uttarakhand. “This road is being upgraded to 14 lanes (6 lane Expressway at the Centre and 4 lane National Highway on each side). As part of this project, existing bridge over Yamuna at Nizamuddin is also being expanded with parallel 4 lane bridge on each side for removing bottlenecks for movement of traffic between central Delhi and trans-Yamuna areas. It would also decongest Delhi in addition to free movement of traffic,” it explained. To assess the impact of the proposed bridges, a hydraulic study has been carried out by IIT-Roorkee. “From the studies it has been established that there is no impact on Yamuna floodplain area on account of the construction of the proposed bridges. In the proposed bridge, the location of piers has been kept at the same location as of the existing bridge. To further minimise the impact, the span for the proposed bridge has been kept double of the existing bridge. Even a number of culverts have also been proposed in the embankment of the approaches of existing bridge to provide connectivity between upstream and downstream of the floodplains of river Yamuna. In fact, there will be positive impact due to the construction of these bridges,” the Authority said. It maintained that already clearance from the Inland Waterways Authority of India has been obtained. The proposal for clearance has also been submitted to Yamuna Standing committee and Principal Committee of NGT. An application before NGT is also being moved for its clearance. The Authority was reacting to a letter wriiten by environmentalists to L-G Najeeb Jung and Chief Minister Arvind Kejriwal seeking their intervention in protecting the Yamuna. Geoff Swaim Womens Jersey
Union Government launches Indian Bridge Management System
The Union Ministry of Road Transport and Highways has launched the Indian Bridge Management System (IBMS). It was launched by Union Minister of Road Transport and Highways Nitin Gadkari in New Delhi as a major step towards ensuring safety of bridges in the country. Key Facts IBMS is being developed to create an inventory of all bridges in country and rate structural condition of the bridges. The rating will help for their timely repair and carrying rehabilitation work based on the criticality of the structure. IBMS is the largest platform in the world owned by a single owner, with database that could exceed one lakh fifty thousand bridge structures. How it will work? Each bridge will be assigned a unique identification number or National Identity Number (NIN) based on the state, RTO zone or located on National Highway, State Highway. Bridge Location Number (BLN) will be also assigned to each bridge based on the precise location of the bridge in terms of latitude-longitude is collected through GPS. Thereafter, Bridge Classification Number (BCN) will be assigned to the bridge structure based on the different engineering characteristics. Each bridge will be assigned a Structural Rating Number (SRN) based on allocated numbers which will be used for structural rating of bridge structures on a scale of 0 to 9. The rating will take in consideration of each component of the bridge structure like integral and non-integral deck, substructure, superstructure, structural evaluation, bank and channel, deck geometry, waterway efficiency, vertical clearance, etc. In addition Socio-Economic Bridge Rating Number will be also assigned to the bridges. It will decide importance of bridge in relation to its contribution to daily socio-economic activity of the area in its vicinity. Based on this inventory of various numbers, IBMS will analyse data and identify bridges that need attention. Further physical inspection will be carried out to improve the operational availability of the structure, enhance its life and prioritize repair and rehabilitation work. Reggie Bush Womens Jersey
nfra bonds Yes Bank raises Rs 2,135 cr via long-term infra bonds
Private sector lender Yes Bank today said it has raised Rs 2,135 crore by issuing long-term infrastructure bonds and will use the proceeds to finance affordable housing and infrastructure projects. This is the single largest issuance of infrastructure bonds by Yes Bank. “Yes Bank has successfully raised Rs 2,135 crore of senior long-term infrastructure bonds. The issue witnessed strong demand from leading domestic investors including several insurance companies, asset management companies, corporates, pension funds, provident funds and gratuity funds, resulting in a total subscription of Rs 2,135 crore,” it said in a release. The bond is carrying coupon rate of 8 per cent per annum with a tenor of 10 years. The issue was closed on September 30. The issue garnered Rs 2,135 crore against a base size of Rs 1,000 crore, with Rs 1,135 crore raised through green shoe option. “Yes Bank will use the proceeds to finance projects in the infrastructure sector and its recent thrust on affordable housing as a part of the overall retail strategy,” Yes Bank MD & CEO Rana Spoor said. In September, Yes Bank has raised Rs 330 crore by issuing green infrastructure bonds to Dutch Development Bank FM, which was the latter’s first investment in green infrastructure bonds in India. J’Mon Moore Womens Jersey
25 new roads to be developed under TenderSURE
The civic body will take up work on at least 25 new roads under TenderSURE in the coming months. At a review meeting held on Tuesday, Bengaluru City Development Minister K.J. George directed the Bruhat Bengaluru Mahanagara Palike (BBMP) to redesign at least 25 roads each under the TenderSURE footpath model and to white-top another 25 “at the earliest”. BBMP had proposed to take up TenderSURE works on 50 roads last year. “We will start work on half the identified roads. These will be in the Central Business District,” said Commissioner Manjunath Prasad. The proposed roads include some of the busiest stretches in the city, including M.G. Road, Brigade Road, Infantry Road, Queen’s Road, Victoria Road, Magrath Road, Indiranagar 100 Feet Road, and CMH Road. In all, work will be taken up on 36.78 km of road. “The detailed project report for 13 of these roads has already been prepared, and the State government has sanctioned funds. We will see work on these roads soon. We will also ensure trees are not cut there and the road width not compromised,” said Mayor G. Padmavathi. Meanwhile, concretisation will be taken up on Magadi Road, St. John’s Church road,and Dhanvantri Road. During the review meeting, the Minister said 65 km of storm-water drains will be completed by March, and the remaining 55 km taken up next year. The whole project will cost Rs. 800 crore. ‘The DPR for 13 of these roads has been prepared, and the State government has sanctioned funds’ Deshaun Watson Authentic Jersey
AAI organises workshop on ‘Vigilance as a Management tool’ at Trivandrum Airport
A workshop was organised by the Corporate Vigilance Department, Airports Authority of India at Trivandrum Airport on the topic “Vigilance as a Management tool” on September 29 and 30. Around 60 Executives and Non-Executives from Trivandrum, Tuticorin, Madurai and Cochin Airports participated in the workshop. Besides general issues, the workshop also covered varied aspects of vigilance and disciplinary matters. Jacob Punoose, Retd. DGP, Kerala(IPS:1975) also addressed the participants. Among the eminent speakers, Vijay Menon, renowned Industry HR trainer and Motivational Speaker spoke on “Optimizing Human Excellence”. Dale Hawerchuk Jersey
Regional Connectivity Scheme: Centre plans to bid out routes to participating airlines this month
In order to ensure that the first flight under the Regional Connectivity Scheme (RCS) takes off from January next year, the government plans to bid out the routes to participating airlines later this month. The Ministry of Civil Aviation will unveil the final RCS policy by mid-October after which it will invite bids from the airlines wanting to fly on regional routes, civil aviation secretary Rajiv Nayan Choubey said. The bids for routes will be on “reverse auction” basis, he told The Indian Express. This means an airline quoting the lowest amount of subsidy would get the right to fly on a particular route. Apart from bidding out a pair of routes, the government will also auction a network of routes. The Centre has already signed memorandum of understanding with states including Gujarat, Maharashtra and Chhattisgarh among other for the RCS. It signed an MoU with Puducherry on Friday for implementing RCS in the state. The Centre has proposed to cap fares at Rs 2,500 for a one-hour flight under the RCS. Airlines operating under the RCS will get viability gap funding and a host of other benefits such as lowers taxes and airport charges to promote regional connectivity. The government has already notified setting up of a Regional Air Connectivity Fund for providing viability gap funding to aircraft operators. The Centre will share 80 per cent of the cost of viability gap funding while the states will share the remaining 20 per cent. B.J. Goodson Jersey
Air India moving towards turnaround: CMD
Air India Ltd is moving towards a turnaround and expecting even better performance after narrowing June quarter loss to INR 246 crore from INR 316 crore in the year-ago period. “Yes, we are definitely moving towards that turnaround. Last year it was good. This year would be better. Next year should be even better. We narrowed our June quarter loss to INR 246 crore from INR 316 crore in the corresponding quarter last year,” Ashwani Lohani, CMD, Air India Chairman told reporters after inauguration of the airline’s new booking office in Bengaluru. Air India’s operational margins were affected by intense fare war unleashed by private carriers during the first quarter of this fiscal, leading to the state-run carrier posting operational loss of INR 246 crore. Asked how long it would take for Air India to come out of losses, Lohani said he cannot give a specific timeline due to factors relating to the market. “I can’t give a specific time because a lot of things are decided by the market. The ticket prices are decided by the market. However, we would try to improve our services or efficiency,” he said. To a query, Lohani admitted that the market share of the airliner has gone down domestically, but internationally it was a big player. Lohani said Air India plans to regain domestic market share by going in for huge induction in domestic segment in next one year. “In next one year, there is going to be a huge induction in domestic segment, and with that induction we are going to regain our market domestic market share,” he said. On tapping international market, Lohani said the airliner will have nine brand new aircraft – six Dreamliners and three Boeing 777 in the next two years. Sterling Shepard Authentic Jersey