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State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

<ul><li>The hospitality sector saw 23 <keyword id="142429" type="General" weightage="20" keywordseo="credit-rating" source="Orion">credit rating</keyword> upgrades, with no downgrades at all in FY24, says ICRA.</li><li>Auto, financial sector, power, realty and transport infrastructure also saw several upgrades.</li><li>Agriculture, chemicals, construction and apparel sectors saw the most downgrades. </li></ul> The fiscal year of FY24 continued the ‘upgrade momentum’ that was set into motion in FY22, said the credit rating agency ICRA. Two entities had been upgraded for every entity downgraded during the year, the rating agency said in a report released on Monday. The biggest winner for the year is the hospitality sector — with 23 upgrades and an upgrade rate of 37%. And, there were no downgrades at all. ICRA maintains a positive outlook on the Hospitality sector for FY2025 as well. The other sectors which saw the most number of upgrades include auto and auto components, finance, power, realty and transport infrastructure. On the other hand, sectors which saw the most number of downgrades are — agricultural food and other products, chemicals and petrochemicals, construction, textiles and apparel. Company-specific factors While entities in aviation, hospitality, auto &amp; auto components, and banks gained from the industry tailwinds in FY24 – that’s not the only factor behind most upgrades. “A large majority of rating upgrades were driven by company-specific factors such as expansion in market share or order book, improvement in the cost structure, reduction in project risk, or fresh equity infusion that strengthened the balance sheet,” says K Ravichandran, chief rating officer at ICRA said. Overall, credit profiles continued to improve last year. The number of instances of defaults dipped to five in FY24, compared with 22 in FY23 and 42 in FY22. “Corporate India has shown a high resilience to withstanding the rise in borrowing costs over the past two years and is seen to have the capacity to bear the current level of interest rates before the rate cut cycle likely begins in the latter part of the year,” said Ravichandran. Banks &amp; NBFC asset profiles at decadal best The financial sector has also been one of the best-performing sectors for the year in terms of credit profile. It saw an upgrade rate of 13%, next only to auto. Its downgrade ratio is also low at 2%. “The asset quality of banks and NBFCs has also been at its decadal best with the profitability and the capitalisation indicators expected to remain healthy in the near term. The series of proactive actions taken by the regulators (RBI and SEBI) in recent years would work to further strengthen the financial system and the capital markets,” opines Ravichandran. He, however, added that the key downside factors that could derail progress in multiple sectors are the monsoons and complicated geopolitical landscape. Two wars, the Red Sea crisis and sluggish exports had been weighing on India in FY24. “Yet, these did not feel heavier as domestic consumption demand across several sectors, government spending on public infrastructure, and healthy balance sheets lent support to the credit profiles of entities,” says ICRA. In FY25, the rating agency expects India’s GDP to expand by 6.5%, with the average retail inflation estimated to be moderate at 4.6%.

Two entities upgraded for every downgrade in FY24, hospitality sector records 23 upgrades: ICRA

<ul><li>A no-poaching agreement will prevent employees of both groups from joining each other. </li><li>Legal eagles say no law prevents conglomerates from entering into such pacts. </li><li>Pact will prevent a talent war in media and new energy businesses.</li></ul>The <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>, led by the world’s third richest man <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, has entered into a no-poaching agreement with Mukesh Ambani-led <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>, such that both groups will be restricted from hiring talent from each other. The agreement has come into effect from May this year and will be applicable to all their businesses. Queries sent by Business Insider to both groups remained unanswered. What makes this pact interesting is that it is between two of India’s largest conglomerates and of late both have entered sectors where the other has a big play. Last year, <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group announced its entry into the petrochemical space with <keyword id="15047441" type="General" weightage="50" keywordseo="adani-petrochemicals-limited" source="Orion">Adani Petrochemicals Limited</keyword>, which is where Reliance has a large presence. The other area where their paths cross is the high-speed data services, for which Adani has bid for 5G spectrum. No poaching agreements have always been around in India as a practice and are increasingly becoming prevalent in India, as the war for talent intensifies and wage costs are soaring. Rising wage costs are a risk to companies, especially where talent is scarce and a potential bidding war can exacerbate this risk. A senior professional with a global executive search firm that works with both conglomerates, said on grounds of anonymity, “These pacts have always existed and they continue to be informal in nature. From here on both groups cannot poach from each other.” No poaching agreements are legal as long as they do not restrict an individual’s right to seek employment. One partner at a corporate law firm said that there is no law that prevents two entities from entering into such agreements, so long as they are not dominant players in that sector. Currently, both these entities do not have a dominant combined market share in any sector. In the past several corporations have built in such clauses into contracts of their employees, which prevent them from joining competition. And in some cases, employees could not join rivals even after the contract had expired. In these cases there is a cooling period before which employees cannot join rivals. The Adani Group has interests in renewable energy, power generation &amp; distribution, ports, airports, solar and natural resources. The Adani Group is also testing waters in petrochemicals and enterprise broadband space for which it has acquired spectrum worth ₹212 crore in the recently concluded auctions. The Adani Group seeks to serve enterprise customers in six licensed service areas through Adani Data Networks. Reliance Jio Infocomm is the world’s third largest mobile network operator with a subscription base of 426 mn and has emerged as the largest bidder for 5G spectrum. Given that Adani Group and Reliance Industries have global ambitions in several businesses, this pact allows them to ring fence their respective talent pools both in India and outside. <div type="Article" hostid="261" msid="94004700" title="The best Amazon Great Indian Festival deals and offers" mstype="2" mssubtype="0"></div> Reliance, on the other hand, also has massive ambitions in the new energy and solar space, where Gautam Adani has a lead. Given that both groups are present in several sectors, where talent is scarce in India, this pact could help prevent a war for talent. Media is another sector where both have a presence and there too employees down the line have been informed that they cannot accept offers from the other group. Senior management personnel who were in talks with either side for possible opportunities have now been informed by the executive search firms about the pact and have had to retract their candidatures. Most of these agreements are informal and may not hold up in the court of law, claim experts. However, with two large conglomerates entering into a no poaching agreement may prove to be restrictive for employees across the board. Business Insider has also learned that after the pact was actioned, letters have also been withdrawn in certain cases for junior employees. Between them, <keyword id="3820" type="General" weightage="50" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> (net worth $88.8bn) and Gautam Adani ($150bn) account for 59% of wealth held by the top 10 billionaires in India. While RIL’s market cap stands at ₹16,94,143 crore, The Adani Group’s listed companies have a combined market cap of ₹21,28,656 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/sundar-pichai-lost-a-fifth-of-his-wealth-last-year-check-the-net-worth-of-other-indian-origin-ceos/articleshow/94353534.cms">Sundar Pichai lost a fifth of his wealth last year – check the net worth of other Indian-origin CEOs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-second-adani-gautam-adanis-elder-brother-is-the-sixth-richest-indian/articleshow/94345471.cms">The second Adani: Gautam Adani’s elder brother is the sixth richest Indian</a>

Adani Group enters into a no-poaching pact with Mukesh Ambani led Reliance Industries

The large and mid cap funds of <keyword id="1707555" type="General" weightage="100" keywordseo="lic-mutual-funds" source="Orion">LIC Mutual Funds</keyword> has offered 12.49 per cent compound annual growth return since its inception in February 2015. As on July 31, 2022, the compounded annual growth returns performance of <keyword id="45316" type="General" weightage="80" keywordseo="lic-mf" source="Orion">LIC MF</keyword> large and mid cap fund under regular (G) option, for different periods -- 5 years, 3 years and 1 year -- stood at 11.44 per cent, 18.83 per cent and 9.16 per cent, respectively. The funds have Rs 1.17 lakh crore of net assets under management as on July 31, 2022. While LIC MF large and mid cap funds AUM stood at Rs 1,831.26 crore. Banks (15.62 per cent), <keyword id="14748877" type="General" weightage="20" keywordseo="it-software" source="Orion">IT &amp; Software</keyword> (9.67 per cent), <keyword id="14748878" type="General" weightage="20" keywordseo="chemicals-petrochemicals" source="Orion">Chemicals &amp; Petrochemicals</keyword> (8.81 per cent), Consumer Durables (8.69 per cent), and Industrial products (7.38 per cent) are among the top 5 sectors in the fund house's Large and Mid cap fund category. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tencent-fires-5-5k-workers-as-sales-down-for-1st-time-since-going-public/articleshow/93634989.cms">Tencent fires 5.5K workers as sales down for 1st time since going public</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/gig-jobs-are-popular-with-pocket-money-seeking-teens-for-primary-earners-its-a-burden/articleshow/93632374.cms">Gig jobs are popular with pocket-money seeking teens, for primary earners it’s a burden</a>

LIC Mutual Fund's large & mid cap funds offer 12.49% CAGR since inception

Mumbai, May 8 () The impact of the COVID-19 crisis on petrochemicals and chemicals sector will differ across value chains, with segments like packaging witnessing an uplift, a report said. In the chemicals sector, the crisis has resulted in several Indian companies getting order inflows from global chemical players to meet the short-term supply disruptions from China, which is a credit positive for these players, rating agency Icra said. The report further said the lockdowns have adversely affected the demand for chemicals and petrochemicals owing to decline in consumption and shutting down of manufacturing plants, supply chains and distribution networks. Packaging, especially food packaging, sanitary and medical applications, are seeing an uplift mainly due to stockpiling, an increase in delivery services and the high healthcare-focused activities, it added. "The sharp decline in crude oil prices has significantly altered the ethylene cost curve. While earlier, natural gas and ethane-based crackers enjoyed a large cost advantage vis-a-vis mixed feed or naphtha-based crackers, the competitiveness of the latter has improved owing to the decline in crude oil and consequently naphtha/LPG prices," Icra Senior Vice President and Group Head, Corporate Ratings, K Ravichandran said. Accordingly, naphtha/LPG-based crackers are beneficiaries of a lower crude oil price environment, he added. "As for the Indian petrochemicals industry, which is primarily naphtha-based, it is a key beneficiary as tolling margins of ethylene crackers have improved. "While prices of various petrochemicals have declined for Indian manufacturers, the decline in prices of feed stocks has been higher, thereby improving the spreads," he added. Regarding impact on the chemicals industry, Icra said with pesticides getting placed under the essential commodities category, the functioning of the industry has been close to business as usual. Additionally, since the application of the agrochemicals begins by end-May and continues till September, the product off-take is not expected to be impacted, it added. While domestic demand is expected to remain stable, exports are expected to witness headwinds owing to challenges related to port handling and international logistics. Indian agrochemical industry imports a major portion of its raw material requirements from Chinese technical manufacturers. Nevertheless, with easing of the lockdown in China and the Chinese government offering export rebates to pesticide manufacturers, the production levels in China have reached around 70 per cent of the normal production levels. For the upcoming kharif season, agrochemical players are not expected to witness any shortage of raw materials. Icra Vice President and Co-Head, Corporate Ratings, Prashant Vasisht said in the initial phase of the lockdown in India, several specialty chemical players had to shut down their manufacturing plants, barring production of chemicals classified under essential commodities. "The production, however, is expected to resume soon as the government has relaxed various norms related to the lockdown. Additionally, owing to the over-dependence of global chemical players on Chinese supplies, the disruptions have sent global players scrambling for alternate supply sources. "As a result, several Indian players have witnessed order inflows from global chemical players to meet the short-term supply disruptions from China, which is a credit positive for these players," he added. SM ABMABM

COVID-19 opens up opportunities for chemicals sector; puts margin pressure on petrochemicals: Icra

<ul><li>The number of <keyword id="6358354" type="General" weightage="100" keywordseo="msme" source="Orion">MSME</keyword>s have gone down in 2021-22 compared to 2020-21 because a number of MSMEs have grown bigger and crossed the MSME threshold. </li><li>MSMEs across all sectors have shown strong resilience to bounce back post the pandemic-induced slowdown. </li><li>The <keyword id="4656676" type="General" weightage="80" keywordseo="udyam" source="Orion">Udyam</keyword> portal and the Emergency Credit Line Guarantee Scheme have helped MSMEs to weather the storm. </li></ul>The micro, small and medium enterprises (MSME) sector is charting a new story post pandemic, with credit growth to MSMEs consistently higher – both on a year-on-year basis and also in comparison with larger industries, according to SBI Research. Incentives provided by the Emergency Credit Line Guarantee Scheme (ECLGS), coupled with lower gross non-performing asset (GNPA) ratios have helped in boosting credit to MSMEs, the SBI Research report said. Interestingly, the number of MSMEs have gone down in 2021-22 compared to 2020-21 because a number of MSME units have grown bigger and crossed the ₹250 crore turnover threshold that defines an MSME unit under the new definition, enforced in 2020. A company bigger than ₹250 crore is considered a mid-sized corporate firm. MSMEs have shown strong resilience to bounce back from the pandemic- induced slowdown seen in 2020. In some sectors that were not affected by the pandemic – like hospitality, construction, NBFCs, power, metals and so on, the credit outstanding as of March 2022 was almost 3x that seen in March 2018. There were sectors that were affected but have recovered from the pandemic – like edible oil, printing, consumer durables, pharmaceuticals, jute, aviation, etc, – with credit expansion for some of these in March 2021 lower than the March 2018 levels, but these have staged a smart recovery in March 2022, the report said. Some industries like mining, petrochemicals, cement, FMCG and others were deeply impacted by the pandemic but have almost recovered. A couple of initiatives from the Government of India may have helped MSMEs weather the storm and chart a strong growth story, according to SBI Research. Udyam portal: Turning informal micro enterprises formal In July 2020, the Government of India launched <keyword id="15931646" type="General" weightage="50" keywordseo="udyam-assist-platform" source="Orion">Udyam Assist Platform</keyword> (UAP) to bring all the Informal Micro Enterprises (IMEs) – which constitute around 99% of the MSMEs in the country – into the formal ambit without complex and complicated paperwork. The UAP will enable IMEs who aren’t registered under GST to get a registration certificate based on information with Banks/NBFCs. The Udyam registration may also help MSMEs in availing the benefits of multiple schemes of the <keyword id="5713874" type="General" weightage="50" keywordseo="ministry-of-msmes" source="Orion">ministry of MSMEs</keyword> such as Credit Guarantee Scheme, Public Procurement Policy, additional edge in government tenders and protection against delayed payments by corporates, etc. The IMEs will also become eligible for priority-sector lending by banks, be able to get collateral-free loans from banks and also be able to get licences, approvals and registrations easily. ECLGS: A saviour during pandemic The ECLG scheme acted as an enabler and helped MSMEs navigate the pandemic better. While at least 14.6 lakh MSMEs accounts were saved due to the ECLG scheme in absolute terms, MSME loan accounts worth ₹2.2 lakh crore improved since the inception of the ECLG scheme for the entire banking industry, as per SBI Research. This means that around 12% of the outstanding MSME credit has been saved from slipping into non-performing assets (NPAs) because of the ECLG scheme. Of the 14.6 lakh MSMEs accounts that were saved due to the ECLG scheme, almost 93.8% were in the <keyword id="16232960" type="General" weightage="50" keywordseo="micro-and-small" source="Orion">Micro and Small</keyword> category. If such units slipped into NPA, 1.65 crore workers would have become unemployed.

MSME sector is on a strong growth trajectory post the pandemic: SBI Research

New Delhi, Feb 7 () The Competition Commission has dismissed a complaint filed against state-owned Assam Petrochemicals Ltd alleging abuse of dominant position. Assam Petrochemicals is a public sector undertaking of Government of Assam established for production of methanol and formalin. The order came on a complaint filed by Assam Plywood Manufacturers Association which alleged that Assam Petrochemicals is abusing its dominant position by charging a discriminatory price of formalin in Assam and West Bengal. While it charges Rs 15,300 per metric tonne (PMT) in Assam, it charges only Rs 11,000 PMT in West Bengal. Assam Petrochemicals stated that the production capacity of its factory is much more than the market requirement of formalin in Assam, Nagaland and Arunachal Pradesh, and therefore it is dependent on market outside these states. It said that ex-factory formalin price is calculated on the basis of prices being offered by competitors and thereby, it sells formalin below the cost price in the region outside Assam, Nagaland and Arunachal Pradesh on account of low prices offered by its competitors, due to which it has also incurred losses. "The Commission is of the opinion that irrespective of the fact that whether the relevant product market of supply of formalin is confined to state of Assam or whether it is extended upto the adjacent states including West Bengal, it is apparent from the submission made by OP that there are multiple players in the market," the Competition Commission of India (CCI) said. Opposite party (OP) refers to Assam Petrochemicals. It further added that the presence of multiple players indicates that buyers have the option to choose their supplies in Assam and in the adjacent states including West Bengal. Therefore, it appears that no purchaser is dependent on a single formalin supplier. "Neither OP appears to be dominant in the market for supply of formalin in the state of Assam nor does the impugned conduct appear to be abusive," CCI said. SRS RVK

CCI dismisses abuse of dominant position complaint against Assam Petrochemicals

<ul><li>The United States is removing India from the <keyword id="4227126" type="PERSON" weightage="20" keywordseo="Generalised-System-of-Preferences">Generalised System of preferences</keyword> (GSP) list that recuses certain Indian exports from import duties.</li><li>Without trade benefits, India’s petrochemical industry with exports like organic chemicals and the automobile industry that largely exports vehicle parts, will bear the brunt of the proclamation. </li><li>India is still optimistic that the situation is only temporary and will soon be resolved.</li></ul>Donald Trump, the US President, announced that they will rescind India’s preferential trade status, on Saturday. The proclamation published by the <a href="https://www.whitehouse.gov/presidential-actions/proclamation-modify-list-beneficiary-developing-countries-trade-act-1974-2/">White House</a> will come into effect on June 5 and the decision will have a heavy bearing on many industries in India who were thus far sheltered by the Generalised System of Preferences (GSP). Being on the GSP, allows 3,000 products to enter the US market duty-free for countries who have been designated as beneficiaries of the US trade preference programme. India’s <a href="http://pib.nic.in/PressReleseDetail.aspx?PRID=1573061">Commerce Ministry</a>, on the other hand, is optimistic that both nations can work together to resolve any issues in a ‘mutually beneficial manner’. 
 
 
 <div type="ExtQuote" text="In any relationship, in particular in the area of economic ties, there are ongoing issues which get resolved mutually from time to time." auname="Indian Commerce Ministry’s statement"></div>







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 The largest beneficiary of GSP’s exemptions was the petrochemical sector exporting organic chemicals, which is a raw material. Other primary sector industries that will have the bear the impact of customs duties are stone, sand, cement, wood, glass and plastic. Other exports, like vehicle parts and furniture, fall into the intermediary category. In both cases, shelling out import duties will increase the price of the products in the US market undercutting their competitiveness. So it’s not just that they will have to pay more in order to access the US market, but might also see falling demand. India should be a little more worried than the US In 2018, the GSP was responsible for <a href="https://fas.org/sgp/crs/row/IF10384.pdf">exempting</a> more than $6 billion worth of goods from import duties according to the Congressional Research Service (CRS). In 2017, GSP waived off customs for $5.6 billion worth of exports from India on 1,937 products. 
 
 <div type="ExtQuote" text="India, as part of our bilateral trade discussions, offered resolution on significant U.S. requests in an effort to find a mutually acceptable way forward. It is unfortunate that this did not find acceptance by the U.S." auname="Indian Commerce Ministry’s statement"></div>





 The US is India’s top trading partner <a href="http://www.worldstopexports.com/indias-top-import-partners/">accounting</a> for 16% of India’s total exports. India, on the other hand, only accounts for 2.1% of US imports. The stark difference paints a worrisome picture where the absence of the GSP will have a greater impact on Indian industries than companies in the US. CRS notes that the Trump administration view bilateral trade balances as an ‘indicator’ of the health of any trading relationship. Since there’s a trade deficit between US and India, Trump has criticised the South Asian country for a wide range of ‘unfair’ trading practices — his personal pet peeve being the high customs duty imposed on the import of Harley Davidson motorcycles. India, on the other hand, points out that while there is a trade deficit between the two countries, it reduced considerably in 2018.

These sectors will hurt the most from US withdrawing trade benefits to India

Mumbai, Jan 23 () Engineering firm Tata Projects on Thursday said it has bagged four contracts worth Rs 6,000 crore in the oil and gas refinery sector in Odisha and Rajasthan.
 Of the four orders, three are from state-owned HPCL Rajasthan Refinery Ltd (HRRL) and one from Bharat Petroleum Corporation Ltd (BPCL), the company said in a statement.
 BPCL's order is for its 2G bio-ethanol project in Bargarh, Odisha, with a proposed production capacity of 100 kilolitres per day of second-generation ethanol.
 The other three orders pertain to HRRL's upcoming greenfield refinery-cum-petrochemical complex in Rajasthan.
 The scope of these contracts includes work for crude and vacuum distillation unit (CDU-VDU), delayed coker unit with unsaturated LPG treating unit and vacuum gas oil hydrotreating unit and refinery.
 "As a leading engineering and technology company, we have a specialised division that executes construction of environmentally beneficial and challenging projects. Hence, we seek to undertake projects that improve the lives of communities and support national developmental objectives at the same time," Tata Projects Managing Director Vinayak Deshpande said.
 Tata Projects provides end-to-end solutions to set up power generation plants, power transmission and distribution systems, fully integrated rail and metro systems, commercial buildings and airports, chemical process plants, water and waste water management solutions, complete mining and metal purification systems.
 "Energy is an area wherein every country needs to focus since it directly affects the economic growth and welfare of citizens. As a company, we are certain that these projects will further strengthen India's energy security while providing an impetus to national development," Tata Projects Chief Operating Officer (Industrial Systems) Satyanarayana K said. PSK HRS

Tata Projects bags Rs 6,000-crore orders in oil, gas refinery sector

<ul><li>At an energy conference in New Delhi on 15 October, Khalid A Al-Falih, the chairman of <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword>, announced plans to invest in India’s downstream <keyword id="84980" type="ORGANIZATION" weightage="20" keywordseo="petroleum">petroleum</keyword> sector. </li><li>Al-Falih explained that a number of segments were being considered such as petrochemicals, refining, crude <keyword id="6359072" type="UNKNOWN" weightage="20" keywordseo="oil">oil</keyword> storage and retail sales as well as solar energy. </li><li>At the same conference, India’s PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> also sat down with ministers and chief executives of oil companies and sought a review of payment terms for crude oil supplies. </li></ul><keyword id="50996" type="LOCATION" weightage="20" keywordseo="Saudi-Arabia">Saudi Arabia</keyword>, the world’s largest oil producing nation, is preparing a slew of investments in India’s energy sector. At an energy conference in New Delhi organised by IHS Markit yesterday, Khalid A Al-Falih, the chairman of Saudi Aramco, announced plans to invest in India’s downstream petroleum sector. Al-Falih explained that a number of segments were being considered such as petrochemicals, refining, crude oil storage and retail petroleum as well as <a href="https://www.livemint.com/Industry/6rWpDOk6k1yMFdIjP6NZLP/Saudi-Arabia-BP-eye-major-Indian-solar-play.html">solar energy</a> He added that Saudi Arabia’s largest mining company, Maaden, was looking to make inroads into India’s fertiliser industry, specifically the production of phosphate fertiliser. His plans were echoed by his counterpart in the UAE, Sultan Ahmed Al Jaber, the chairman of <keyword id="188274" type="COMPANY" weightage="20" keywordseo="Abu-Dhabi-National-Oil-Company">Abu Dhabi National Oil Company</keyword> (ADNOC), who said that the company was assessing a range of potential pipeline projects in India. Earlier this year, in July, Saudi Aramco and ADNOC decided to join hands on <a href="http://www.saudiaramco.com/en/home/news-media/news/Ratnagiri-Mega-Refinery.html">a $44 billion refinery project</a> in Ratnagiri, which is in the Indian state of Maharashtra. The two state-backed oil producers are taking a 50% stake in the project, which is expected to produce 1.2 million barrels per day, while the other half will be owned by a consortium of Indian refiners such as IOC and BPCL. A review of oil payment conditions Indian Prime Minister Narendra Modi also sat down with the ministers and chief executives of oil companies at the conference. In addition to Al-Falih and Jaber, the meeting was attended by the CEOs of Russia’s Rosneft, the world’s largest listed oil producer by output, British Petroleum and Pioneer Natural Resources. Given the impact of rising oil prices on the rupee and India’s trade deficit, his motivations were clear. He sought a review of the pricing terms with major oil suppliers - which would include paying for imports in rupees - and encouraged a rise in global output through commercial exploration by OPEC nations in developing countries as a means to keep prices in check. Saudi Arabia is one of the largest suppliers of oil to India.

Saudi Arabia has big plans for India's energy sector

<div class="image-container float_right"><div class="image">REUTERS/Saudi Press AgencySaudi King Abdullah (front R) talks with newly appointed Saudi Crown Prince Salman bin Abdel-Aziz in Taif, June 19, 2012.</div></div>Although plans are well advanced for constructing one of the world's biggest combined cycle petrochemicals plants in the kingdom, being built by the Sadara Chemical Company (a joint venture between the state oil company, Saudi Aramco, and Dow Chemical of the US), in reality the petrochemicals sector has mostly taken a back seat in the country's rapid industrialisation of recent years. This is primarily due to the shortage of ethane-rich associated gas and natural gas liquids (NGLs), which are both linked to crude oil production. However, this may well change if a new strategy planned by Saudi Aramco bears fruit.
In an indication of the new approach, Saudi Aramco and a joint-venture partner, France's Total, are planning to carry out a feasibility study in October to expand the 400,000 barrel/day heavy-oil refinery at Jubail in Eastern Province that was started up just last week. The expansion is strategic not just for both companies, but also for the kingdom at large, as it will serve as a litmus test for producing significantly higher volumes of naphtha either to partly offset or to replace in full the use of natural gas or natural gas liquids as feedstock for petrochemical products.
<h2>Naptha the key to new petrochemicals capacity</h2>
Undoubtedly, for the past few years the biggest stumbling block for building a downstream hydrocarbons industry has been the availability of feedstock gas. However, an expansion of the Jubail refinery could throw up options for Aramco to extract naphtha from that facility-which could in turn be supplied for new multi-feed crackers.
A multi-feed cracker is a facility that can operate using either ethane-rich gas or naphtha as feedstock. The first such facility in the Middle East is being built by the Sadara Chemical Company for its chemical plant at Jubail Industrial City. This will soon be followed a similar facility in Qatar, being built in a joint venture between Qatar <keyword id="84980" type="ORGANIZATION" weightage="60" keywordseo="petroleum">Petroleum</keyword> and Royal Dutch Shell for their olefins project at Ras Laffan.
Besides emerging as a new feedstock source, the use of naphtha will result in yet another benefit that is more commercial in nature: compared with a natural gas/NGL cracker, a naphtha cracker can produce a much greater variety of chemicals, such as ethylene, propylene, butadiene, and a full slate of aromatics such as benzene, toluene and mixed xylene.
Aramco has labelled its new programme as "downstream refinery integration", and the expectation is that after Jubail, Aramco will start similar projects for the Yanbu, Jizan and Ras Tanura refineries. Reinforcing this expectation, Aramco and the Saudi Basic Industries Corporation (SABIC) have already selected Yanbu, Ras Tanura and Jizan Economic City as the new locations where they will invest first in infrastructure to create a platform for both private Saudi and international players to invest in new facilities. The three sites are already home to crude oil refineries, providing easy access to feedstock.
<h2>Feasibility study should point the way</h2>
The Aramco-Total feasibility study should indicate the volumes of naphtha that can be "stripped out" of an expanded Jubail refinery, and, if the report is positive, Fluor of the US and Australia-based WorleyParsons have indicated that there may well be potential to build at least six new world-scale crackers, each with a capacity of some 2m tonnes/year. That figure could increase further, if Aramco's efforts to tap into the kingdom's shale gas resources are successful, and also if non-associated gas is discovered in the Red Sea and the Western region where an exploration and drilling programme is currently under way.
Aramco and Total are already in talks with the Dow Chemical Company to sell the naphtha it plans to produce from the expanded Jubail refinery, while the local Farabi Petrochemicals Company has already showed its willingness to invest at least US$10bn in several "ancillary" projects that could use naphtha to produce rubber, detergents and soaps, as well as other exotic chemicals. The enormous interest in the sector reflects optimism over likely healthy rates of return, reflecting expected high rates of demand growth for downstream products not just in Asia, but also in the Gulf Co-operation Council (GCC) region where the population is increasingly rapidly.
However, one obstacle remains to realising this potential: the need to raise the existing fixed gas price of 75 US cents/m Btu. According to Platts, naphtha prices averaged about US$621/tonne, the equivalent of about US$3.2/m Btu, in the first six months of 2013, and, as a result, if these new naptha conversion plants are to be economically viable, a gas price better reflecting the market rate will be required. However, if a higher price can be implemented, the resulting rise in petrochemicals output would help to mitigate, to a degree, the decline in demand for Saudi crude in North America, owing to rising shale oil output in North America. In addition, by moving towards a naphtha-based petrochemical industry, natural gas would be freed up for reinjection into <keyword id="50996" type="COUNTRY" weightage="60" keywordseo="Saudi-Arabia">Saudi Arabia</keyword>'s older oilfields, allowing them to maintain higher levels of output for longer.
Click <a href="http://www.store.eiu.com">here</a> to subscribe to <keyword id="425741" type="UNKNOWN" weightage="60" keywordseo="The-Economist">The Economist</keyword>

Naptha Is The Key Ingredient For A Saudi Petrochemicals Boom

<keyword id="6355199" type="CITY" weightage="80" keywordseo="Reliance-Industries">Reliance Industries</keyword>, India's largest private sector enterprise, plans to raise up to Rs 10,000 crore in debt this fiscal to partially fund its $26 billion investment plan. 

	Mukesh Ambani-led RIL has scheduled an annual general meeting (AGM) of its shareholders to vote on the issue on June 18.
 

	In order to augment long-term resources for financing, RIL may offer or invite subscription for secured/unsecured redeemable debentures, in one or more series, on private placement, redeemable at par, the company said in its annual report for 2013-14.
 India's biggest company will build new <keyword id="133938" type="UNKNOWN" weightage="80" keywordseo="petrochemical-plants">petrochemical plants</keyword> to boost the slowing oil and natural gas production. RIL is also constructing a plant that will turn <keyword id="84980" type="ORGANIZATION" weightage="80" keywordseo="petroleum">petroleum</keyword> coke into synthetic gas, which will be used at the oil refineries to lower the cost. It also plans to open more retail stores and start a high speed broadband service. The company is implementing several projects, both in the manufacturing domain and the services sector, to continue the tradition of creating significant shareholders value, RIL chairman and managing director <keyword id="3820" type="PERSON" weightage="80" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> said in the annual report.

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