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Betul (Goa), <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is likely to sign a USD 78 billion deal to extend <keyword id="19905315" type="General" weightage="20" keywordseo="lng" source="keywords">LNG</keyword> imports from Qatar by another 20 years till 2048 at rates lower than current prices, sources said. <keyword id="20475720" type="General" weightage="20" keywordseo="petronet-lng-ltd" source="keywords">Petronet LNG Ltd</keyword>, India's biggest liquefied natural gas (LNG) importer, is likely to sign a deal with QatarEnergy to extend a 2004 deal to buy 7.5 million tonne a year of gas for producing electricity, making fertilizers and converting to CNG, on the sidelines of India Energy Week (IEW) here. Sources said the renewal is at a "significantly" lower price than the current deal. At current prices, India will save about USD 0.8 per million British thermal unit at the renewed terms. <keyword id="20387238" type="General" weightage="20" keywordseo="petronet" source="keywords">Petronet</keyword> imports 8.5 million tonne per year (MTPA) of LNG from Qatar under two contracts. The first 25-year deal is to expire in 2028 and is now being extended for 20 additional years. The second deal for 1 MTPA entered into in 2015, will be negotiated separately, sources said. Qatar's energy minister and top officials of QatarEnergy are attending the IEW here. India, the world's third biggest energy consumer, sees natural gas as a transition fuel for migrating to net zero carbon emissions by 2070. As part of this, the government is targeting to raise the share of natural gas in the country's energy mix to 15 per cent by 2030 from 6.3 per cent now. Sources said the current deal is priced at 12.67 per cent of prevailing Brent crude oil prices plus a fixed component of USD 0.52 per million British thermal unit. Under the new contract, the slope would remain more or less the same but the fixed charge of USD 0.52 would be scrapped, they said. Also, India will save an additional USD 0.30 per mmBtu on shipping charges as Qatar has agreed to convert the deal to Delivered Ex Ship (DES) from Free on Board (FOB), thereby undertaking responsibility of shipping. At USD 80 per barrel Brent crude oil price, the annual 7.5 MTPA import will cost USD 3.9 billion annually and over a 20-year period it would total to over USD 78 billion. While 7.5 MTPA of LNG is bought by Petronet, the firm's promoters state-owned Indian Oil Corp (<keyword id="19942852" type="General" weightage="20" keywordseo="ioc" source="keywords">IOC</keyword>), Bharat Petroleum and GAIL (India) buy a combined 1 MTPA of LNG. Sources said the new deal will allow the Indian buyers to decide which terminal in India will receive cargoes. Under existing deals, Qatar delivers LNG at Dahej in Gujarat. Sources said the freedom to decide on the arrival terminal will result in additional savings in cost for transporting the fuel through pipelines within the Indian grid.

India to sign $78 billion deal to extend Qatar LNG imports

New Delhi, Mar 23 () The Petroleum Ministry has received several complaints of alleged corruption and irregularities against the CEO and other officials of Petronet LNG Ltd, Oil Minister Dharmendra Pradhan said on Monday. In a written reply to a question in Lok Sabha, Pradhan said the complaints against the Managing Director and CEO of Petronet and other officers were forwarded to the Chairperson of Audit Committee of the company for appropriate action. Prabhat Singh has been the Managing Director and CEO of Petronet LNG Ltd (PLL), India's biggest liquefied natural gas importer, since September 2015. His five-year term comes to an end in six months from now and he is eligible for a two-year extension of service till he achieves the superannuation age of 65 years. "Several complaints have been received in Ministry of Petroleum and Natural Gas against MD &amp; CEO, PLL and other officers of PLL regarding alleged corruption/irregularities which were forwarded to Chairperson, Audit Committee, PLL for taking appropriate action," Pradhan said without giving details. He said PLL has its own board-approved vigilance mechanism whereby the board has nominated Chairperson, Audit Committee as nodal officer to deal with all the complaints received against functional directors. According to PLL's website, independent director Jyoti Kiran Shukla is the Chairperson of the Audit Committee. The panel comprises of three other independent directors. Shiv Sena MP Krupal Balaji Tumane had asked Pradhan if the government has conducted any investigation into the complaints received. Asked if the government has conducted any audit of the accounts of PLL regarding the irregularities during the last three years, the Minister said, "PLL is a board managed company and not a government company as per Companies Act." "Further, Audit Committee of the Board reviews and monitor auditing mechanism and ensures compliance to best auditing and corporate governance practices," he said. According to Pradhan, four government oil and gas public sector undertakings -- Bharat Petroleum Corp Ltd (BPCL), GAIL India Ltd, Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC) -- hold 12.5 per cent equity stake each in PLL. ANZ RVK

Complaints of alleged corruption/irregularities against Petronet LNG CEO: Pradhan

(Eds: Adding ONGC acquisition) New Delhi, Feb 27 () State-owned Oil and Natural Gas Corp (ONGC) and its subsidiary Hindustan Petroleum Corp Ltd (HPCL) have bought out lenders in Petronet MHB Ltd, the firm that owns a petroleum product pipeline in Mangalore, for about Rs 371 crore. A consortium of eight public sector banks held 34.56 per cent stake in Petronet MHB Ltd, where ONGC and HPCL held 32.72 per cent apiece. ONGC and HPCL bought 17.28 per cent stake each from lenders, the firms said in separate but almost identical regulatory filings. The two firms paid Rs 185.38 crore each for acquiring 17.28 per cent more share in Petronet MHB Ltd. The now hold 49.996 per cent each in the company that transports petroleum products from Mangalore Refinery. Mangalore Refinery and Petrochemicals Ltd (MRPL) is also a subsidary of ONGC. MRPL uses the pipeline of Petronet MHB for moving fuel. In a regulatory filings, ONGC and HPCL said Petronet MHB Ltd had a networth of Rs 796.30 crore as of March 31, 2019. "The acquisition will open up possible opportunities for synergy, better cost economics and revenue maximisation," they said, adding that no governmental or regulatory approvals are required for the acquisition. The acquisition is expected to be completed by March 31. "The company has entered into a share purchase agreement dated February 27, 2020, with consortium of 8 nationalised banks, who hold equity shares in Petronet MHB Ltd, for acquisition of 9.48 crore equity shares aggregating ot 17.28 per cent of the paid-up equity share capital at a price of Rs 19.55 per share," HPCL said. ONGC also posted a similarly worded filing shortly after HPCL disclosure. "Post-acquisition the shareholding of HPCL in Petronet MHB will be about 49.996 per cent," HPCL added. ONGC said it hold 49.996 per cent stake in Petronet MHB after the acquisition. Petronet MHB Ltd was incorporated on July 31, 1998 on a common carrier principle to provide petroleum product transportation facility from Mangalore refinery to the oil marketing company terminals at Hassan and Devangonthi (Bangalore). ONGC owns 51.11 per cent stake in HPCL. Petronet MHB had revenue from operation of Rs 128.33 crore in 2016-17, which rose to Rs 130.89 crore in 2017-18 and Rs 158.44 crore in the following year. In a separate filing, Bank of Baroda said it sold its 4.90 per cent stake in Petronet MHB for Rs 52.56 crore. ANZ MKJ

ONGC, HPCL buy out bankers in Petronet MHB for Rs 371 cr

New Delhi, Feb 27 () Hindustan Petroleum Corp Ltd (HPCL) on Thursday said it has acquired 17.28 per cent stake in Petronet MHB Ltd, a firm that owns a petroleum product pipeline at Mangalore, for Rs 185.38 crore. HPCL and its parent, Oil and Natural Gas Corp (ONGC), presently hold 32.72 per cent stake each in the company that transports petroleum products. In a regulatory filing, HPCL said Petronet MHB Ltd had a networth of Rs 796.30 crore as of March 31, 2019. "The acquisition will open up possible opportunities for synergy, better cost economics and revenue maximization," HPCL said, adding that no governmental or regulatory approvals are required for the acquisition. The acquisition is expected to be completed by March 31. "The company has entered into a share purchase agreement dated February 27, 2020, with consortium of 8 nationalised banks, who hold equity shares in Petronet MHB Ltd, for acquisition of 9.48 crore equity shares aggregating ot 17.28 per cent of the paid-up equity share capital at a price of Rs 19.55 per share," HPCL said. "Post-acquisition the shareholding of HPCL in Petronet MHB will be about 49.996 per cent," it added. Petronet MHB Ltd was incorporated on July 31, 1998 on a common carrier principle to provide petroleum product transportation facility from Mangalore refinery to the oil marketing company terminals at Hassan and Devangonthi (Bangalore). ONGC owns 51.11 per cent stake in HPCL. Petronet MHB had revenue from operation of Rs 128.33 crore in 2016-17, which rose to Rs 130.89 crore in 2017-18 and Rs 158.44 crore in the following year. In a separate filing, Bank of Baroda said it sold its 4.90 per cent stake in Petronet MHB for Rs 52.56 crore. ANZ RVK

HPCL buys 17.28 pc stake in Petronet MHB for Rs 185.38 cr

New Delhi, Feb 10 () Petronet LNG Ltd, India's biggest liquefied natural gas importer, on Monday reported highest ever quarterly net profit of Rs 675 crore in the third quarter ended December on back of processing higher volumes of gas. Net profit in October-December at Rs 675 crore was 17 per cent higher than Rs 565 crore net profit in the same period a year ago, Petronet Managing Director &amp; CEO Prabhat Singh told reporters here. Petronet processed 233 trillion British thermal units (TBtus) of LNG in the quarter as compared to 202 TBtus in Q3 of 2018-19. Its flagship Dahej import facility in Gujarat operated at around 100 per cent of its nameplate capacity and processed 222 TBtus of LNG, up from 197 TBtus a year back, he said. "The significant increase in profit year to date is due to higher volumes processed owing to commercial efficacy and better efficiency in operations," he said. ANZ RVK

Petronet reports highest ever quarterly net profit at Rs 675 cr in Q3

After weeks of concentrated efforts, <keyword id="88113" type="COMPANY" weightage="20" keywordseo="RasGas">RasGas</keyword> of Qatar has decided to waive off USD 1 billion penalty on India for breaking a long-term LNG contract. 
 
Not only this, Qatar has also in-principle agreed to change the pricing formula from a 60-month average of a basket of Japanese crude oil prices to a 3-month average of Brent crude. 
 
This decision will lower cost of LNG to USD 7-8 per million British thermal unit as compared to USD 12-13 currently. 
 <keyword id="62667" type="COMPANY" weightage="20" keywordseo="Petronet-LNG">Petronet LNG</keyword> Ltd, India's biggest import of liquefied natural gas (LNG), had to pay for buying only 68% of the contracted 7.5 million tonnes this year. 
 
A new deal is underway, under which Petronet will take the quantities it did not take this year during the remainder of the contract period. 
 State-owned GAIL India Ltd, Indian Oil Corp (<keyword id="6354733" type="ORGANIZATION" weightage="20" keywordseo="IOC">IOC</keyword>) and Bharat Petroleum Corp Ltd (<keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword>) have committed to buy all of the 7.5 million tonne a year of LNG that Petronet is to import from Qatar. 
 
The reduced offtake by the buyers forced Petronet to cut its purchase from RasGas, which led to idling of three cryogenic ships it had chartered hired for ferrying gas in its liquid form at sub-zero temperatures from Qatar to its import terminal at Dahej in Gujarat.

Qatar’s RasGas waives off $1 billion penalty on India’s Petronet LNG

<keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> announced a cut in custom duty on LNG to 2.5 % from 5 % and it led to advancement in the shares of <keyword id="62667" type="COMPANY" weightage="100" keywordseo="Petronet-LNG">Petronet LNG</keyword> as much 4.22 %. Around 12:45 pm, the scrip was trading 3.34 % up at Rs 386.45. 
 
The shares of the company opened at Rs 376.95 and touched a high and low of Rs 389.75 and Rs 371.10 in trade. Benchmark BSE was trading almost flat at 27,655.11. 
 Petronet <keyword id="530859" type="ORGANIZATION" weightage="20" keywordseo="LNG-Ltd">LNG Ltd</keyword> is an oil and gas company formed by the government of India to import liquefied natural gas (LNG) and set up LNG terminals in the country.

Petronet LNG shares advance over 4% on cut in custom duty

<ul><li>At 7:40 am, the SGX Nifty was up 0.48%, indicating a higher start for Nifty50.</li><li>Here's a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, led by positive cues from the Asian peers. At 7:40 am, the SGX Nifty was up 0.48%, indicating a higher start for Nifty50. Other Asian markets were also trading in the positive trajectory — the Shanghai Composite Index was up 0.43%, and Australian ASX was up 0.45%. These are the stocks to watch out for during the trading session today: Bank stocks will be in focus RBI panel’s recommendations will keep the banking sector in focus in trade today. The central bank’s Internal Working Group (IWG) <a href="https://www.businessinsider.in/finance/banks/news/rbi-panel-proposes-raising-promoter-stake-cap-allowing-nbfcs-to-become-banks-and-large-corporation-can-own-banks/articleshow/79323107.cms">has proposed 12 changes to ownership</a> guidelines and corporate structure for Indian private sector banks. Watch out for bank stocks and NBFCs in trade today. RIL and Future Retail The Competition Commission has approved Reliance's proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. The ₹24,713 crore deal that would boost Reliance Industries' fast-growing retail business was announced in August. Meanwhile, the legal tussle between e-commerce major Amazon, Future Group and Reliance regarding the deal is still in the court. The shares of Reliance Industries ended 4% lower on Friday. Whereas, Future Retail gained over 4%. HDFC Bank India's largest private sector lender <a href="https://www.businessinsider.in/tech/apps/news/hdfc-banks-net-banking-upi-services-and-atms-down-due-to-data-centre-outage/articleshow/79344484.cms">HDFC Bank's entir</a>e payment stack went down on November 21, leading to a temporary halt in its operations. The bank on November 22, however, informed that the services have been restored and said an unexpected outage at one of its data centres led to the transaction failures. The shares of HDFC Bank ended 2% higher on Friday. BEML BEML, a Bengaluru-based public sector undertaking, has bagged orders worth ₹501 crore from Delhi Metro Rail Corporation Limited (DMRC) for additional transfer of six cars, each to operate online 2Band 7 of the Mumbai Metro project. The shares of BEML ended flat on Friday. Bharti Airtel Bharti Airtel on Friday announced that it would acquire 5.2% stake in solar power company Avaada MHBuldhana for ₹4.55 crore in an all-cash deal. Avaada MHBuldhana is working to develop a captive generating solar power plant in Maharashtra, which will become operational by March 2021. The shares of Bharti Airtel ended over 3% higher on Friday. IIFL Securities The Board of IIFL Securities at its meeting held on November 20 has approved buyback of company's shares for an aggregate cash consideration of ₹90 crore, at a price not exceeding ₹54 per share. The shares of IIFL Securities ended nearly a percent lower on Friday. Punjab National Bank Reserve Bank of India has imposed a penalty of ₹1 crore on Punjab National Bank for violating regulatory guidelines. The shares of Punjab National Bank ended nearly a percent lower on Friday. Petronet LNG Petronet LNG has signed a non-binding MoU with the Ministry of Petroleum &amp; Natural Gas with an objective to foray into 'Green Energy and BioFuels' and for setting up of compressed BioGas plants under Sustainable Alternative Towards Affordable Transportation (SATAT) initiative of the Government. The shares of Petronet LNG ended 2% higher on Friday. Future Consumer The board of Future Consumer has allotted 4.95 crore shares to International Finance Corporation and 1.64 crore shares to Verlinvest SA, consequent to the conversion of compulsorily convertible debentures and outstanding coupons thereon. The shares of Future Consumer ended 4% higher on Friday. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/amazon-pharmacy-is-going-to-be-the-first-big-test-of-public-trust-in-prime-and-will-expose-the-company-to-more-scrutiny/articleshow/79353327.cms">Amazon Pharmacy is going to be the first big test of public trust in Prime and will expose the company to more scrutiny</a> <a href="https://www.businessinsider.in/india/news/moderna-covid-19-vaccine-to-cost-govts-25-37-per-dose-ceo/articleshow/79353606.cms" data-type="tilCustomLink">Moderna Covid-19 vaccine to cost govts $25-$37 per dose: CEO</a>

Top stocks to watch — RIL, Future Retail, Kotak Mah Bank, Bajaj Finance, Ujjivan, Airtel, Future Consumer, HDFC, PNB, BEML, and others

New Delhi, Mar 12 () Shares of oil and gas companies declined up to 15 per cent on Thursday with BPCL taking the biggest hit, as oil prices dropped nearly 6 per cent in global markets. Amongst the BSE sectoral indices, BSE Oil and Gas index emerged as the biggest loser by shedding 1,118.43 points or 9.82 per cent to settle at 10,265.63.Bharat Petroleum Corporation Ltd dived 14.71 per cent to Rs 345.15 on BSE. Hindustan Petroleum Corporation closed at Rs 183.85, plunging 12.83 per cent. Similarly, Oil and Natural Gas Corporation Ltd settled at Rs 62.6, declining 12.63 per cent. Among other losers, Gail India Ltd dived 11.62 per cent to Rs 79.9, Indian Oil Corporation Ltd dropped 9.58 per cent to close at Rs 87.75. Besides, Reliance Industries closed at Rs 1,061.6, losing 7.95 per cent. Indraprastha Gas Ltd fell 6.46 per cent to Rs 389.35.Castrol India declined by 5.49 per cent to Rs 128.3 and Gujarat State Petronet Ltd ended the session at Rs 208.95, losing 4.57 per cent over the previous close. Shares of Petronet LNG Ltd lost 2.69 per cent to close at Rs 215.3. Meanwhile, the BSE Sensex plunged over 2,919 points to settle at 32,778.14 as the coronavirus pandemic wreaked havoc on global markets."The fall in global crude prices is bound to impact gross refining margin for most oil refining players. Starting from taking inventory hit, to revenue hit, to margin hit (loss of operating leverage), the overall Indian basket will take some time to align to global prices. Until then oil companies may take some beat down," Vinay Pandit, head of institutional equities at IndiaNivesh said. On Thursday, oil prices plunged about six per cent after US President Donald Trump announced a 30-day ban on all travel from Europe to the United States over the coronavirus pandemic.West Texas Intermediate slipped 6.2 per cent to USD 31 a barrel while Brent crude was off 5.8 per cent at under USD 34 a barrel.Crude markets have been in turmoil since the start of the week, when they suffered their biggest one-day drop in a generation after Riyadh slashed prices following a row with Moscow about output cuts. SRS MRMR

Oil & gas stocks drop up to 15 pc as crude dives; BPCL biggest loser

New Delhi, Mar 31 () Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and other public sector oil companies have contributed over Rs 1,000 crore to the Prime Minister CARES Fund to help in the fight against COVID-19 pandemic. ONGC was the top contributor with Rs 300 crore, followed by IOC chipping in Rs 225 crore. Privatisation-bound Bharat Petroleum Corp Ltd (BPCL) provided Rs 175 crore, while Hindustan Petroleum Corp Ltd (HPCL) chipped in Rs 120 crore. Petronet LNG Ltd gave Rs 100 crore, gas utility GAIL Rs 50 crore and Oil India Ltd another Rs 38 crore. ONGC Chairman and Managing Director Shashi Shanker said the company gave Rs 300 crore from its corporate social responsibility (CSR) funds while the company employees contributed two days' salary, totalling Rs 16 crore, to the fund. "We are maintaining oil and gas production by practicing social distancing," he said adding besides contributing to the PM fund, company employees and their families have feeding hungry daily wagers. In Vadodara, company employees not just fed daily wagers but also handed over 300 ration kits (8 kg each) to the district police chief for distribution. At Dehradun, the company distributed 10,000 sanitizers and an equal number of face masks to poor slum dwellers. In Noida, ONGC employees at their personal level handed over 100 food packets to the police, he said. "IndianOil as a responsible corporate is contributing Rs 225 crore to #PMCaresFund specially created to combat COVID-19 pandemic," the company said in a tweet adding its employees are also contributing two days' of their salary towards the fund. In a statement, Petronet LNG Ltd said it has made a contribution of Rs 100 crore to the PM CARES fund. "While ensuring a seamless supply of LNG to India, the company stands with the nation and has also contributed Rs 1.53 crore to various health institutions for procuring personal protective equipment for healthcare workers at Bharuch in Gujarat and Kochi in Kerala," it said. BPCL in a statement said it continues to operate units, feeding the nation with fuel and LPG. "We want to assure everyone that we have enough of LPG stock, across our network. All our LPG plants have enough manpower to operate them and all our distributors are making all efforts to deliver Bharatgas cylinders at the doorstep of our consumers," it said. "BPCL and its subsidiaries commit Rs 175 crore towards PM CARES fund to help the government to combat coronavirus, as our humble contribution towards the well-being of the society," it said. Oil India Ltd Chairman and Managing Director Sushil Chandra Mishra said the company is contributing Rs 38 crore to the fund. "OIL strives not only towards energy security of the nation but also is resolved in rising to the occasion to combat this difficult time." Besides, employees of OIL have contributed one day's salary to the PM fund, he said. GAIL, besides contributing Rs 50 crore to the PM Fund, said its employees have contributed 2 days' salary amounting to Rs 3.8 crore. Further, Numaligarh Refineries Ltd has contributed Rs 25 crore, OIDB Rs 17 crore, MRPL Rs 2 crore, CPCL Rs 2 crore and Engineers India Ltd Rs 1 crore. "I am grateful, and delighted, to announce that the oil and gas establishment is ready with a contribution of Rs 1031.29 crore by the PSUs and other oil JVs for the PM-Cares Fund. Additionally, Rs 61 cr has been contributed by colleagues of PSUs from their salaries for the #PMCARES," Oil Minister Dharmendra Pradhan tweeted. "I am humbled to see the commitment of our people of oil and gas PSUs when the world faces one of the biggest crises. I am proud to be a part of this family," he added. ANZ ANZ ANSANS

You Searched For "petronet" and got 10 results

India to sign $78 billion deal to extend Qatar LNG imports

PTI

Complaints of alleged corruption/irregularities against Petronet LNG CEO: Pradhan

PTI

ONGC, HPCL buy out bankers in Petronet MHB for Rs 371 cr

PTI

HPCL buys 17.28 pc stake in Petronet MHB for Rs 185.38 cr

PTI

Petronet reports highest ever quarterly net profit at Rs 675 cr in Q3

PTI

Qatar’s RasGas waives off $1 billion penalty on India’s Petronet LNG

BI India Bureau

Petronet LNG shares advance over 4% on cut in custom duty

BI India Bureau

Top stocks to watch — RIL, Future Retail, Kotak Mah Bank, Bajaj Finance, Ujjivan, Airtel, Future Consumer, HDFC, PNB, BEML, and others

Navdeep Yadav

Oil & gas stocks drop up to 15 pc as crude dives; BPCL biggest loser

PTI

ONGC, IOC, other oil cos contribute over Rs 1,031 cr to PM COVID-19 fund

PTI

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