Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Billionaire <keyword id="3820" type="General" weightage="100" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>'s <keyword id="13923185" type="DOMAIN" weightage="20" keywordseo="reliance-industries-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance industries ltd" meta.entityname="Reliance Chemotex Industries Ltd." meta.entityid="12329" meta.seoname="reliance-chemotex-industries-ltd">Reliance Industries Ltd</keyword> and state-owned <keyword id="64243" type="DOMAIN" weightage="20" keywordseo="oil-and-natural-gas-corporation" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="oil and natural gas corporation" meta.entityname="Oil And Natural Gas Corporation Ltd." meta.entityid="11599" meta.seoname="oil-and-natural-gas-corporation-ltd">Oil and Natural Gas Corporation</keyword> (<keyword id="6354737" type="General" weightage="20" keywordseo="ONGC" source="Orion">ONGC</keyword>) are separately auctioning natural gas extracted from coal seams at prices linked to Brent crude oil price. <keyword id="10926" type="DOMAIN" weightage="20" keywordseo="reliance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance" meta.entityname="Reliance Industries Ltd." meta.entityid="13215" meta.seoname="reliance-industries-ltd">Reliance</keyword> is seeking a minimum USD 12.75 per million British thermal unit for coal bed methane (CBM) from a block in Shahdol district of Madhya Pradesh, while <keyword id="6354737" type="DOMAIN" weightage="20" keywordseo="ongc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="ongc" meta.entityname="Oil And Natural Gas Corporation Ltd." meta.entityid="11599" meta.seoname="oil-and-natural-gas-corporation-ltd">ONGC</keyword> wants USD 9.35 for the same kind of fuel from North Karanpura in Jharkhand, according to tender documents. Reliance has sought bids for sale of 0.65 million standard cubic meters per day from CBM block SP(West)-CBM-2001/1 for one year beginning April 1, 2023, the company's tender document showed. It asked bidders to quote a variable 'v' as a percentage of dated Brent crude oil price. Starting bid price has been kept as 15 per cent of Brent ('v' = 15 per cent). At the current Brent price of USD 85 per barrel, this translates into a price of USD 12.75 per mmBtu. e-bidding will happen on February 24. ONGC has offered 0.015 mmscmd of gas from North Karanpura (NK) block in Jharkhand for 3 years. It asked bidders to quote a premium 'p' as a percentage of Brent price. The reserve or bid start price has been kept at 11 per cent of Dated Brent price (USD 9.35 per mmBtu at Brent oil price of USD 85 per barrel). Price of gas "shall be higher of the reserve gas price plus quoted premium (p) or floor price plus quoted premium (p)," ONGC said. The floor price will be USD 1 per mmBtu higher than the domestic gas price (which currently is USD 8.57 per mmBtu). The e-auction of ONGC gas will take place on March 2, it said. CBM is an unconventional form of natural gas found in coal deposits or coal seams. Just like natural gas, it can be used to produce electricity and as feedstock for fertilisers, industrial uses such as in cement production, rolling mills, steel plants, and for methanol production. It can also be compressed into CNG for use as fuel in automobiles or piped to household kitchens for cooking. While the government every six months fixes the price of natural gas produced from conventional fields, the pricing of gas from coal seams, called CBM, is free or market-determined. The minimum price ONGC is seeking in the latest tender is less than what it had sought for CBM from a Bokaro block in Jharkhand last year. In June 2022, ONGC invited bids for the sale of 0.20 mmscmd at a reserve or floor price of 14 per cent of the Dated Brent crude oil price plus USD 1 per million British thermal unit, the sale tender had shown. Bidders will have to quote a premium they are willing to offer over that reserve price. The floor price was the government-mandated price for domestic natural gas plus a USD 1 per mmBtu mark-up. The "Contract Gas price shall be the higher of the 14 per cent of Dated Brent Price plus USD 1 per mmBtu plus 'P' (the biddable parameter); or the floor price," it had said. At the current Brent crude oil price of USD 85 per barrel, the reserve gas price came to USD 12.9 per mmBtu in that tender. In March last year, Reliance sold <keyword id="922877" type="General" weightage="20" keywordseo="CBM-Gas" source="Orion">CBM gas</keyword> from the Madhya Pradesh block at a big premium to firms, including <keyword id="12051518" type="DOMAIN" weightage="20" keywordseo="gail" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="gail" meta.entityname="GAIL (India) Ltd." meta.entityid="4845" meta.seoname="gail-(india)-ltd">GAIL</keyword>, GSPC and Shell. Reliance had sold 0.65 mmscmd of gas from block SP-(West)-CBM-2001/1 at a USD 8.28 premium over prevailing Brent crude oil prices. The firm had sought bids at a premium over the base of 13.2 per cent of Brent crude oil prices. At the then Brent crude oil price of USD 115 per barrel, the base came to USD 15.18 per mmBtu and adding USD 8.28 premium bid by state-owned gas utility GAIL and other firms, the final price was USD 23.46 per mmBtu. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/cancer-diagnosis-can-affect-a-persons-ability-to-keep-a-job-says-a-study-in-american-academy-of-neurology/articleshow/97866989.cms">Cancer diagnosis can affect a person's ability to keep a job says a study in American Academy of Neurology</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/yamaha-bikes-to-be-e20-compliant-by-end-of-this-year-drives-in-new-range-with-traction-control-system/articleshow/97865654.cms">Entire motorcycle range to be E-20 compliant by end of the year: Yamaha</a>

Reliance seeks $12.75 for CBM gas, ONGC wants $9.35

New Delhi, Feb 1 () Finance Minister Nirmala Sitharaman on Saturday laid down plans for expansion of national natural gas pipeline network to 27,000 km from the present 16,200 km and pricing reforms as the government looks at boosting use of environment friendly fuel.
 The government has set a target of raising the share of natural gas in primary energy basket to 15 per cent by 2030 from current 6.2 per cent. Connecting gas sources to consumption hubs is a key to achieving this.
 Presently, most of the gas pipelines are concentrated in the western and northern part of the country with a few lines in the east and south.
 In her speech while presenting the Budget for 2020-21, Sitharaman said more gas pricing reforms are in the offing.
 "To deepen gas markets in India, further reforms will be undertaken to facilitate transparent price discovery and ease of transactions," she said.
 Presently, the price of natural gas produced domestically is fixed by a formula that averages out rates in gas surplus nations such as Russia and the US.
 "Further, it is proposed to expand the national gas grid from the present 16,200 km to 27,000 km," she said without giving a timeline.
 Oil Minister Dharmendra Pradhan said the Budet lays emphasis on creating next generation financial markets, boosting income and investment and several infrastructural reforms for accelerated economic growth.
 Commenting on the Budget, Nitin Prasad, Chairman, Shell Companies in India said, "The policy reforms announced in the Union Budget by the Finance Minister sustain the Prime Minister's vision for India's journey towards a climate resilient and clean energy society under pinned on electro-mobility, a gas based economy and renewable power delivered through accelerating innovation from start-ups."
 Raju Kumar, Tax Partner, Oil &amp; Gas practice, EY India said the budget announcement of planned increase in natural gas pipeline network and plan to facilitate transparency in price discovery is likely to strengthen the natural gas market in India. "This will also support further expansion of city gas distribution."
 "We are happy that the government has taken a categorical note of the pressing air quality issues in India," said Suyash Gupta, Director General, Indian Auto LPG Coalition (IAC). 
 "While the intent is positive and clear, yet it is important to note that the goal can be met only with more and more vehicles adopting to cleaner fuels such as Auto LPG. The absence of any immediate declaration of incentives for state governments who have been working towards the goal or intend to do so in near future can delay the adoption of cleaner fuels as state level governments may just prefer a 'wait and watch' approach," Gupta said.
 Pankaj Kalra, CFO &amp; Head-Strategy, Essar Exploration &amp; Production, said expansion of gas grid will definitely be a huge opportunity for players in the unconventional hydrocarbon sectors whose assets are mostly classified as stranded because of lack of evacuation infrastructure.
 "As conventional hydrocarbon resources are dwindling and new resource accretions are few and far between, unconventional hydrocarbons, like CBM (as an established source) and Shale Gas (in the long run) will assume greater significance," he said 
 "The gas grid expansion, coupled with the liberal policies introduced over the last few years, will revive investor confidence in the upstream sector," Kalra added.
 K. Ravichandran of ICRA said the Budget proposals for oil and gas industry are positive, which include sufficient allocation of subsidy for the downstream sector, policy support for gas economy and abolition of dividend distribution tax.
 Subsidy provided for cooking fuels for 2020-21 is Rs 38,781 crore, which will leave the downstream oil industry with a backlog of around Rs 11,600 crore by the end of fiscal 2020-21, significantly lower compared to the backlog of Rs 33,000 crore at the beginning of fiscal 2019-20.
 This is on account of lower subsidy required due to fall in oil prices and substantial reduction in kerosene allocation. Actual subsidy required for FY 2019-20 and FY 2020-21 is expected to be Rs 23,600 crore and Rs 27,500 crore, respectively.
 "Abolition of dividend distribution tax (DDT) is a positive as the PSU oil and gas companies pay large dividend and any savings in this regard will be beneficial for them, unless they hike the dividend rate further," he said. ANZ RVK

Gas grid to be expanded to 27,000 km, pricing reforms in offing

New Delhi, Nov 25 () The government has asked Coal India to produce at least 2 mmscmd of coal bed methane gas in the next two to three years, according to an official. 
 The coal ministry has directed the consultancy arm of Coal India (CIL) to be actively involved in coal bed methane (CBM) development in state-run firm's leasehold areas, the official said.
 This development assumes significance after the cabinet, last year, relaxed rules for Coal India for extraction of natural gas lying below coal seams in its blocks in a bid to quickly boost production.
 CBM is a form of natural gas trapped in coal seams underground, which can be extracted by drilling into the seam.
 According to the official, coal ministry had last month asked the officials of Central Mine Planning and Design Institute (CMPDI) - the consultancy arm of CIL to get involved more actively for CBM development in CIL leasehold areas.
 "For this purpose, a suitable model may be finalised in consultation with respective CIL subsidiaries, and CIL should produce at least 2 million metric standard cubic metres a day (mmscmd) gas in two-three years' time as the country needs such clean gas," the official said.
 CMPDI informed the ministry that a model contract document and request for proposal to select CBM developer have been prepared and submitted to coal companies, the official said.
 "It was informed that the document will be approved by the respective subsidiary boards and then the CBM operators will be engaged," the official added.
 CMPDI was of the view that joint venture with coal production companies, being lessee, might expedite CBM development, the official said.
 Coal India accounts for over 80 per cent of domestic coal output. SID SID ANS
ANS

Govt asks Coal India to produce at least 2 mmscmd of gas in 2-3 yrs

New Delhi, In the first collaboration between rival billionaires, <keyword id="19916798" type="General" weightage="20" keywordseo="mukesh-ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries has picked up a 26 per cent stake in a Madhya Pradesh power project of <keyword id="19929098" type="General" weightage="20" keywordseo="gautam-adani" source="keywords">Gautam Adani</keyword>, and signed a pact to use the plants' 500 MW of electricity for captive use. Reliance will pick up 5 crore equity shares in <keyword id="20118758" type="General" weightage="20" keywordseo="mahan-energen-ltd" source="keywords">Mahan Energen Ltd</keyword>, a wholly owned subsidiary of <keyword id="19898586" type="General" weightage="20" keywordseo="adani" source="keywords">Adani</keyword> Power Ltd, of face value Rs 10 at par (Rs 50 crore) and will use 500 MW of generation capacity for captive use, the two firms said in separate stock exchange filings. The two businessmen hailing from Gujarat have often been pitted by media and commentators against each other but they have for years tiptoed around each other to reach the top two rungs of Asia's wealth ladder. With Ambani's interests spanning oil and gas to retail and telecom and Adani's focus on infrastructure spanning sea ports to airports, coal and mining, they rarely crossed each other's path except in the clean energy business where the two have announced multi-billion investments. Adani aspires to be the world's largest renewable energy producer by 2030 while Reliance is building four gigafactories at Jamnagar in Gujarat -- one each for solar panels, batteries, green hydrogen, and fuel cells. Adani is also building three giga factories for manufacturing solar modules, wind turbines and hydrogen electrolysers. A clash was also forecast when Adani group applied to participate in an auction of spectrum or airwaves capable of carrying fifth generation (5G) data and voice services. However, unlike Ambani, Adani bought 400 MHz spectrum in the 26 GHz band, which is not for public networks. On the contrary, the two have been far from rivals. In 2022, a firm with erstwhile links to Ambani sold its stake in news broadcaster <keyword id="20153995" type="General" weightage="20" keywordseo="ndtv" source="keywords">NDTV</keyword> to Adani, paving the way for the takeover. Adani was also present at pre-wedding celebrations of Ambani's youngest son, Anant, at Jamnagar earlier this month. "<keyword id="20340115" type="General" weightage="20" keywordseo="mahan" source="keywords">Mahan</keyword> Energen Ltd (MEL), wholly owned subsidiary of Adani Power Ltd (APL), has entered into a 20-year long-term power purchase agreement (PPA) for 500 MW with <keyword id="19938772" type="General" weightage="20" keywordseo="reliance-industries-ltd" source="keywords">Reliance Industries Ltd</keyword> (RIL), under the captive user policy as defined under the Electricity Rules, 2005," Adani Power said in the filing. One unit of 600 MW capacity of MEL's Mahan thermal power plant, out of its aggregate operating and upcoming capacity of 2,800 MW, will be designated as the captive unit for this purpose. A generating plant declared as a captive generating plant (CGP) is required to abide by the rules that state that the captive user(s) consuming the power generated from the captive generating plant for self-use must necessarily hold not less than 26 per cent of the ownership in the captive generating company. "In order to avail the benefit of this policy, RIL has to hold a 26 per cent ownership stake in the captive unit in proportion to the total capacity of the power plant. It will accordingly invest in 5 crore equity shares of MEL, aggregating to Rs 50 crore for the proportionate ownership stake," the filing said. "This development brings between two corporates an exclusive arrangement for 500 MW of power purchase by Reliance Industries on a long-term basis." It is unclear where Reliance intends to use the MEL power. It already has captive units at mega oil refining and petrochemical complexes in Gujarat and Maharashtra and its coal-bed methane (CBM) extractions in <keyword id="21121196" type="General" weightage="20" keywordseo="sohagpur-in-madhya-pradesh" source="keywords">Sohagpur in Madhya Pradesh</keyword> may not need 500 MW of electricity. "In this connection, APL, MEL, and RIL have signed an investment agreement on 27th March 2024 at 7:00 pm. Closing of the transaction is subject to customary closing conditions including receipt of requisite approvals," Adani Power said. Reliance in the filing made a similar disclosure, adding, "MEL, a company engaged in generation and supply of power, was incorporated on October 19, 2005. The turnover of MEL, as per its audited standalone financial statement, for financial years 2022-23, 2021-22 and 2020-21 was Rs 2,730.68 crore, Rs 1,393.59 crore and Rs 692.03 crore, respectively." "The investment is subject to customary conditions precedent including receipt of requisite approvals by MEL and is expected to be completed within 2 weeks of receipt of completion of conditions precedent and receipt of such approvals by MEL," it added.

Ambani, Adani collaborate: RIL picks 26% stake in Adani Power project

<keyword id="16492024" type="General" weightage="100" keywordseo="Homegrown-EV-charging" source="Orion">Homegrown EV charging</keyword> and <keyword id="16492025" type="General" weightage="20" keywordseo="mobility-solutions-company" source="Orion">mobility solutions company</keyword> <keyword id="14455900" type="General" weightage="20" keywordseo="Magenta-Mobility" source="Orion">Magenta Mobility</keyword> has raised $40 million in its Series B <keyword id="12999336" type="General" weightage="40" keywordseo="funding" source="ETB2B" meta.aliasname="funding" meta.entityname="funding" meta.entityid="7040">funding</keyword> in a mix of equity and debt, the media reported. Backed by <keyword id="16492026" type="General" weightage="20" keywordseo="Microsofts-global-startup" source="Orion">Microsoft's global startup</keyword> programme, the company closed $20 million in equity funding led by two global marquee investors, reports DealStreetAsia. The company raised $20 million in debt in the same round. Magenta is aiming to expand its geographical presence in cities including Hyderabad, Chennai, Delhi and Chandigarh. The company has a fleet of 600 3-wheelers and 4-wheelers across the country and expects to have over 4,000 in fiscal 2023-24, the report said. Last year, the Mumbai-based charging solutions provider announced its collaboration with Amazon <keyword id="13362851" type="General" weightage="40" keywordseo="india" source="ETB2B" meta.aliasname="india" meta.entityname="india" meta.entityid="7017">India</keyword>. Through this partnership, Magenta Mobility works with Amazon India to induct a fleet of <keyword id="12991107" type="General" weightage="40" keywordseo="electric-vehicles" source="ETB2B" meta.aliasname="electric vehicles" meta.entityname="electric vehicles" meta.entityid="7048">electric vehicles</keyword> including two and four-wheeler electric vehicles for its delivery partners in Hyderabad. Magenta Mobility's current list of customers includes all the major e-commerce businesses such as Amazon, Flipkart, Bigbasket, Porter and Udaan. It has a relationship with the electric-vehicle manufacturers such as Tata Motors, Mahindra Electric, Omega Seiki and Euler Motors. Magenta is a Series A funded company backed by HPCL and investors such as JITO Angel Network, LetsVenture, and Indian-American philanthropist, Dr Kiran Patel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/renault-nissan-commits-5300-cr-to-tn-to-introduce-6-new-models-including-evs/articleshow/97867394.cms">Renault-Nissan commits ₹5,300 cr to TN; to introduce 6 new models including EVs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-seeks-12-75-for-cbm-gas-ongc-wants-9-35/articleshow/97867864.cms">Reliance seeks $12.75 for CBM gas, ONGC wants $9.35</a>

EV startup Magenta Mobility raises $40 million in equity and debt

<ul class="summary-list"><li><keyword id="9824392" type="UNKNOWN" weightage="60" keywordseo="Hurricane-Laura">Hurricane Laura</keyword> touched down as a Category 4 storm and lashed <keyword id="60111" type="CITY" weightage="60" keywordseo="Louisiana">Louisiana</keyword> and <keyword id="15710" type="ENTERTAINMENT" weightage="60" keywordseo="texas">Texas</keyword> early Thursday.</li><li>In the lead-up to Laura's arrival on the US Gulf Coast, the National Hurricane Center forecast "unsurvivable storm surge," "destructive waves," and "catastrophic <keyword id="6359898" type="UNKNOWN" weightage="60" keywordseo="Damage">damage</keyword>."</li><li><keyword id="6359897" type="ENTERTAINMENT" weightage="60" keywordseo="Photos">Photos</keyword> and videos that emerged on Thursday showed widespread destruction.</li><li>Laura uprooted power lines and trees, blew roofs and windows off hotels and buildings, destroyed homes, and left cars bobbing in water-logged streets. It killed four people in Louisiana. </li><li><a href="https://www.insider.com/tropical-storms-marco-laura-path-track-forecast-2020-8">Follow our latest updates on the storm here.</a></li></ul><a href="https://www.insider.com/tropical-storms-marco-laura-path-track-forecast-2020-8">Hurricane Laura</a> made landfall near Cameron, Louisiana, as a Category 4 storm early Thursday.It battered the coasts of Louisiana and Texas with 150 mph winds and massive storm surges, with the National Hurricane Center <a href="https://twitter.com/NHC_Atlantic/status/1298864149804363776">tweeting</a> just after 1 a.m. CT that "potentially catastrophic impacts will continue."Laura weakened while moving inland, but the <a href="https://www.nhc.noaa.gov/text/refresh/MIATCPAT3+shtml/271158.shtml">weather service continued issuing warnings</a> about heavy rain, flooding, tornadoes, "damaging winds," and "life-threatening storm surges." It has since been downgraded to a tropical storm, <a href="https://twitter.com/NHC_Atlantic/status/1299032753967632385/photo/1">the NHC said</a>. People braved the storm overnight to take photographs of the devastation Laura was causing: mangled telecommunications towers, an RV being buffeted by strong winds, and windows of a hotel giving way.As the sun rose, others emerged from their houses to take stock of the wreckage Laura had left in its wake.Footage on social media showed houses and cars submerged underwater; hotels and other buildings — including the Capital One Tower in Lake Charles, Louisiana — were missing roofs and windows; and signs had toppled over at debris-ridden gas stations.A video clip showed what looked like a train that had lurched off railway tracks and toppled over on its side amid the powerful storm.Elsewhere, homes had been gutted by high winds and heavy rainfull, leaving their insides strewn on sidewalks or across flooded neighborhoods.<div type="image" title="hurricane laura damage photos louisiana texas 2" height="1667" width="2500" msid="77789543" hostid="261"></div><div type="image" title="hurricane laura damage photos louisiana texas 5" height="1667" width="2500" msid="77790249" hostid="261"></div>The monster storm flattened structures, leaving them unrecognizable.<div type="image" title="hurricane laura louisiana texas damage photos" height="1676" width="2500" msid="77789549" hostid="261"></div><div type="image" title="hurricane laura damage photos louisiana texas 7" height="1667" width="2500" msid="77792986" hostid="261"></div>Trees were uprooted and billboards were shredded. Fallen trees killed four people in Louisiana, Gov. John Bel Edwards said on Thursday afternoon, <a href="https://www.nytimes.com/2020/08/27/us/hurricane-laura-update.html">according to The New York Times</a>. <a href="https://twitter.com/AbbiRochaTV/status/1299048633300643841">Local reports</a> indicated that he is concerned the death toll will rise as search and rescue teams are able to access more parts of the state.<div type="image" title="hurricane laura damage photos texas louisiana 3" height="1673" width="2500" msid="77789554" hostid="261"></div>Downed powerlines created a safety hazard while hundreds of thousands were left in the dark.<div type="image" title="hurricane laura louisiana texas 2" height="1768" width="2500" msid="77789558" hostid="261"></div>The rain and storm surge left streets water-logged.<div type="image" title="flooding hurricane laura damage photos texas louisiana " height="1667" width="2500" msid="77791114" hostid="261"></div><div type="image" title="hurricane laura damage photos texas louisiana 4" height="1667" width="2500" msid="77789561" hostid="261"></div>The force of the storm also upended boats and sparked a chemical plant fire in Lake Charles, Louisiana.<div type="image" title="hurricane laura damage photos texas louisiana chemical plant fire " height="1716" width="2500" msid="77789563" hostid="261"></div>More than half a million people were evacuated as officials in Texas and Louisiana raced to prepare for Laura.A sheriff's office in Vermilion Parish, in Lousiana, had a macabre message for people who didn't leave the area: "If you choose to stay and we can't get to you, write your name, address, social security number and next of kin and put it a zip-lock bag in your pocket. Praying that it does not come to this!"<div type="image" title="hurricane laura damage photos louisiana texas 6" height="3711" width="5567" msid="77790258" hostid="261"></div>People stranded in Lake Charles sought help on Thursday after Laura walloped the area, but authorities couldn't reach many of them due to blocked streets and flooding, the <a href="https://apnews.com/3268e532e5e2094bcd368885c43769bb">Associated Press</a> reported.A reporter traveling to Port Arthur, Texas, filmed long lines of ambulances and first responders rushing to different places where people needed help.Laura's forceful winds even managed to knock over a Confederate "Defender's Monument" in Lake Charles, Louisiana.<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.insider.com/strongest-atlantic-hurricanes-in-history-by-wind-speed-2020-8" target="_blank" rel="noreferrer noopener">Hurricane Laura made landfall as a Category 4 storm Thursday morning. Here are the 18 strongest Atlantic hurricanes in history.</a></li><li><a href="https://www.insider.com/hurricane-laura-climate-change-warming-water-2020-8" target="_blank" rel="noreferrer noopener">Hurricane Laura jumped from Category 1 to Category 4 in a day. Here's why hurricanes are now stronger, wetter, and more frequent.</a></li><li><a href="https://www.insider.com/hurricane-laura-louisiana-evacuation-authorities-not-reach-2020-8">Louisiana residents who did not evacuate ahead of Hurricane Laura are calling for help, but authorities can't get to them</a></li><li><a href="https://www.insider.com/hurricane-laura-sheriff-dept-not-evacuating-leave-body-identifiers-louisiana-2020-8" target="_blank" rel="noreferrer noopener">A sheriff's department in the path of Hurricane Laura told residents that if they don't evacuate the best they can do is ID them after they die</a></li></ul>

Photos show the aftermath of Hurricane Laura, which made landfall as a Category 4 storm and pummeled Louisiana and Texas

New Delhi, Mar 3 () Bhuwan Chandra Tripathi, former chairman and managing director of state-owned GAIL India Ltd, has joined Ruia-family owned Essar as a non-executive chairman of the Group's Mauritius-based oil and gas firm. "Essar Capital Ltd (ECL), the investment manager of Essar Global Fund Ltd (EGFL), has appointed Tripathi as the non-executive chairman of Essar Exploration and Production Ltd Mauritius (EEPLM) and board member of Essar Oil UK Ltd (EOUKL)," it said in a statement. EEPLM and EOUKL hold key energy assets in ECL's investment portfolio. EOUKL's main asset is the Stanlow oil refinery in the UK. "Tripathi's induction signals EGFL's renewed interest in the energy sector. He will drive the investment strategy and play a key role in providing strategic direction to EGFL," the statement said. reported the move on January 14. Tripathi "is one of the foremost energy strategists in the country. He is credited with transforming GAIL into a multi-asset multinational portfolio company," the statement said. "A person of Tripathi's caliber is an invaluable addition to our leadership team. His exemplary track record in India's energy sector will help EGFL grow and add significant value to our energy investments globally," said Prashant Ruia, Director-Essar Capital. EGFL has invested significantly in conventional and non-conventional oil and gas fields across the world through EEPLM, which manages these investments as an early-stage developer. It has participating interests in conventional oil and gas acreages in India, Vietnam and Nigeria, with an overall resource base of 3.4 barrels of oil equivalent. EEPLM, through its subsidiary Essar Oil &amp; Gas Exploration &amp; Production Ltd (EOGEPL), is India's largest operator of unconventional hydrocarbon acreages located across key sedimentary basins in the country. These acreages have a resource base of 15 trillion cubic feet and include both coal bed methane (CBM) and shale reserves. "EGFL is among the only Indian funds whose investments straddle the entire hydrocarbon value chain, comprising upstream exploration and production, midstream refining and downstream retail globally. I look forward to contributing to the future direction of India's oil and gas economy, in which Essar continues to be a key player," Tripathi on his appointment. The government had in July last year denied Tripathi an extension of service as Chairman and Managing Director of GAIL India Ltd till he reached his superannuation age six months later. Tripathi, 59, who was the youngest person to become a chairman of an oil and gas PSU in August 2009, completed his second five-year term on July 31 and was eligible for an extension till his date of superannuation in January 2020. But, the government declined an extension. As per the government rules, any functional director of a PSU denied an extension of service for reasons other than vigilance is not governed by a mandatory one-year cooling-off period. "No functional director of the company including the chief executive who has retired/resigned from the service of the company, after such retirement/ resignation, shall accept any appointment or post, whether advisory or administrative, in any firm or company, whether Indian or foreign, with which the company has or had business relations, within one year from the date of retirement without prior approval of the government," the rule states. This, however, does not apply to those who are denied an extension for reasons other than proven misconduct. "The term retirement includes resignation; but not in cases where the term of appointment was not extended by the government for reasons other than proven misconduct," the DPE's latest circular issued in April 2018 states. Tripathi was appointed Chairman and Managing Director of GAIL by the Congress-led UPA government in 2009, for an initial five-year term. His extension was due to be reviewed in 2014, but the UPA government in October 2013 approved another five-year term till July 31, 2019. Prior to taking over as CMD, Tripathi had served as Director of Marketing at GAIL from July 2007 to July 31, 2009. NTPC chairman Arup Roy Choudhury was denied an extension in August 2015 during the first term of the Narendra Modi government even though he had two years to go before retirement. In the oil sector, ONGC chairman Subir Raha, GAIL chairman Proshanto Benerjee, Bharat Petroleum chief Ashok Sinha and Indian Oil Corp (IOC) chairman Sarthak Behuria were all denied extensions. ANZ ANSANS

B C Tripathi joins Essar Exploration & Production Mauritius as non-executive chairman

Essar Oil is selling 49% stake to Russia’s top oil producer <keyword id="174417" type="COMPANY" weightage="100" keywordseo="Rosneft">Rosneft</keyword> for around $3.2 billion. 
 
After this move, Rosneft will get a hold in India's second biggest oil refinery and 1,600 petrol pumps. 
 
Reportedly, Rosneft will also supply 10 million tonnes a year of crude to Essar Oil's 20 million tonnes per annum Vadinar refinery in Gujarat for 10 years. 
 Essar Oil, in a statement, said that Rosneft and Essar Oil &amp; Gas Ltd / <keyword id="280431" type="COMPANY" weightage="100" keywordseo="Essar-Energy-Holdings-Ltd">Essar Energy Holdings Ltd</keyword>, companies incorporated and managed under the laws of Mauritius, have signed a non-binding Term Sheet with regard to Rosneft's participation in the equity capital of <keyword id="64884" type="COMPANY" weightage="100" keywordseo="Essar-Oil-Ltd">Essar Oil Ltd</keyword> with a share of up to 49%. 
 
However, news agency PTI reported that the deal does not include Essar Oil's upstream portfolio comprising of five CBM blocks, holding up to 10 trillion cubic feet of gas resource as well as Ratna and R-Series oil and gas fields in the western offshore. 
 
Promoter Ruia family hold 90.5% of Essar Oil. Out of this, 65.6% is in the form of overseas depository shares. 
 
As per reports, Essar may cut imports from Iran to accommodate Russian barrels. 
 
Rosneft is majority owned by the Russian government with BP Plc holding under a 20% stake and public shareholding at around 10%. 
 
Meanwhile, Rosneft in a statement said the crude supply agreement enables it to expand market outlet and amplifies the volume of supplies to the region, where growing points of the world's economy are concentrated. 
 
The deal, Rosneft said, also includes marketing business whereby Essar operate a retail chain of 1,600 stations located in India.

You Searched For "CBM Gas" and got 8 results

Reliance seeks $12.75 for CBM gas, ONGC wants $9.35

PTI

Gas grid to be expanded to 27,000 km, pricing reforms in offing

PTI

Govt asks Coal India to produce at least 2 mmscmd of gas in 2-3 yrs

PTI

Ambani, Adani collaborate: RIL picks 26% stake in Adani Power project

PTI

EV startup Magenta Mobility raises $40 million in equity and debt

IANS

Photos show the aftermath of Hurricane Laura, which made landfall as a Category 4 storm and pummeled Louisiana and Texas

Rhea Mahbubani

B C Tripathi joins Essar Exploration & Production Mauritius as non-executive chairman

PTI

Essar Oil to sell 49% stake to Rosneft for $3.2 billion

BI India Bureau

Popular Keywords

Buying Guides