"Once the initial hiccups are sorted at the commissioning stage, we expect to start producing in a month's time," one of the sources said
State gas utility GAIL (India) Ltd and oil producer ONGC will explore possibility of using Shell's import terminal at Hazira in Gujarat for importing ethane and other hydrocarbons to fuel their petrochemical ambitions. GAIL had in May last year signed a memorandum of understanding with Shell Energy India Pvt Ltd to explore opportunities in energy value chain, including sourcing of ethane. On Thursday, "GAIL, Oil and Natural Gas Corporation (ONGC) and Shell Energy India (SEI) Pvt Ltd signed a tripartite memorandum of understanding (MoU) to explore opportunities for import of ethane and other hydrocarbons and development of evacuation infrastructure at Shell Energy Terminal, Hazira," GAIL said in a statement. Both GAIL and ONGC are exploring import of ethane from countries such as the US for planned petrochemical plants that are aimed at catering needs for goods ranging from plastics to paints and adhesives in the fast expanding economy. GAIL is looking to build an ethane cracker whi
Listing norms require companies to have independent directors in the same proportion as executive or functional directors. They are also required to have at least one woman director on the board
The Karnataka government is in talks with the Centre to provide jobs at Gas Authority of India Limited to 34 employees who are left in the lurch due to a financial crisis in JBF Industries Ltd, state Large and Medium Industries minister MB Patil said on Tuesday in the legislative council. He was replying to a question by Congress member Manjunath Bhandari. The minister said that talks will be held again with top officials of GAIL. The minister's reference was to 34 people who were evicted after they gave their lands to JBF Industries Ltd in Mangalore Special Economic Zone (SEZ). According to the government rules, the company should have employed 115 such people who gave up their land for the project. Later, the company employed only 81 of them in 2012. However, the company ran into a financial crisis in 2017 and was handed over to Gas Authority of India Ltd (GAIL) as per the process held at NCLT (National Company Law Tribunal). Though GAIL paid them wages till March 2023, problem
The Persian Gulf producer will hold high-level talks with Gail India Ltd. and Indian Oil Corp. during India Energy Week in Goa, according to traders with knowledge of the discussions
India's biggest gas firm GAIL on Monday said it has signed an agreement to buy 0.5 million tonne per annum of LNG from UAE's ADNOC-Gas, the second supply deal it has stitched this month as part of shoring up supplies to meet energy demands of the country. "This is pursuant to an MoU dated October 30, 2022, between GAIL and Abu Dhabi National Oil Company (ADNOC)" wherein the two had addressed to "explore opportunities, including the purchase of LNG by GAIL from ADNOC for a tenure ranging from short term to medium and long-term", the company said in a statement. Under this agreement, the deliveries will commence from 2026 onwards for a duration of 10 years, across India. It did not disclose pricing and other details. "This arrangement is believed to further aid in India's rising energy security requirements and, simultaneously, also fuel GAIL's strategic growth objectives to cater to its downstream customers in the rapidly evolving natural gas landscape of the country," it said. On
The latest rise was due to lower purchase of stock in trade, higher gas trading margins
State-owned gas utility GAIL (India) Ltd on Monday reported a 10-fold jump in its third quarter net profit as all engines of its business -- from gas transportation to marketing and petrochemicals -- fired on all cylinders. Standalone net profit of the the nation's largest gas transmission and marketing firm came at Rs 2,842.62 crore in October-December -- the third quarter of the current fiscal year that started in April 2023 -- as compared to Rs 245.73 crore earning a year back, the company said in a statement. The net profit was better than Rs 2,404.89 crore earning in the preceding quarter. This came on the back of pre-tax earnings from the gas transportation business jumping nearly three-fold to Rs 1,215.07 crore. Also, natural gas marketing saw a turnaround, posting a pre-tax earning of Rs 1,880.42 crore as opposed to a loss of Rs 86.02 crore in October-December 2022. Petrochemicals business saw a turnaround with a small pre-tax profit of Rs 62 crore as against a loss of Rs 3
The finance ministry in a post on X detailing the outcome of the budget announcements, informed about the halving of equity support and deferring of filling strategic reserves
On a sequential basis, however, the compressed natural gas (CNG) distribution company's net profit fell 26.6 per cent from Rs 534.8 crore registered in Q2 FY24
Mahanagar Gas, the city utility arm of Gail India, on Friday announced a joint venture with Baidyanath LNG, the first domestic firm to set up LNG retailing outlets, to form Mahanagar LNG. The joint venture will focus on developing LNG infrastructure to cater to the increasing demand for clean and sustainable energy solutions for the long-haul and close-loop transportation segments, MGL said in a statement. The joint venture aims to set up six LNG stations in Maharashtra in the first phase and subsequently expand its footprint across the country, said MGL managing director Ashu Shinghal, who will also be the chairman of the new entity. GJPN Murthy, the chief executive of the JV company, said the new entity will help develop an LNG ecosystem in the country and assist the long-haul automotive and logistics industry in the adoption of cleaner fuel. Mahanagar Gas is one of the largest city gas distributors. It has over 27 years of experience in supplying natural gas in Mumbai and is ..
The partnership will consolidate demand for natural gas in India over a period of 10 years, beginning in 2026
The main theme of the 74th AICC is 'One Earth-One Family-One Future', and it will see discussions on the New Education Policy 2020, business transformation and digital economy
Till date gas consumption in FY24 is up 15 per cent YoY after three years of declines
State-owned oil and gas giants including IndianOil and GAIL (India) Ltd have been slapped with fines for the second quarter in a row for failing to meet listing requirements of having the requisite number of independent directors on board. Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, gas utility GAIL, refiners Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), and Engineers India Ltd Rs 5.42 lakh, stock exchange filings showed. In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it. The fines were for not having the requisite independent directors in the second quarter. They had faced fines for the same reason in the first quarter as well. While the companies have now been slapped with a unifor
India's top gas firm GAIL has done the world's first ship-to-ship liquefied natural gas (LNG) transfer to save on shipping costs and cut emissions as the state-owned entity looks at innovative ways as a pivot to boost business, company officials said. GAIL has contracted 5.8 million tonnes per annum of LNG (natural gas super-cooled to liquid form) from the US. The company brings this volume to India via LNG ships. The ship typically travels a distance of about 19,554 nautical miles for a round trip to transport LNG from Sabine Pass in the US to India via the Suez Canal and Gibraltar. This journey takes approximately 54 days and emits about 15,600 tonnes of CO2. Emissions are generally controlled using the latest technology or changing the destination of the cargo. However, GAIL's innovative contractual arrangement that results in vessels following an optimised path has resulted in a significant reduction in CO2 emission. Recently, the company-hired vessel Castillo De Santisteban mov
State-owned gas utility GAIL (India) Ltd has signed a Rs 63,000-crore deal to source feedstock for its upcoming petrochemical plant at Usar in Maharashtra from Bharat Petroleum Corporation Ltd for 15 years, the two companies said. "The 15-year supply contract, estimated at a value of over Rs 63,000 crore, will see GAIL procuring 600,000 tonnes per annum of propane from BPCL's LPG import facility at Uran, which is presently capable of handling 1 million tonnes per annum of LPG imports and is undergoing expansion to accommodate 3 million tonnes a year of propane and butane imports," GAIL said in a statement. GAIL is constructing India's first propane dehydrogenation (PDH) plant at Usar in Maharashtra with a nameplate capacity of 500,000 tonnes per annum. The facility, which is likely to commence operations in 2025, will have a propylene production seamlessly integrated into a polypropylene (PP) plant of equal capacity. "This pioneering venture aligns perfectly with the surging demand
In Q2 FY24, the company's consolidated revenue from operations fell 14.6 per cent to Rs 33,049 crore from Rs 38,728 crore in the year-ago period
State-owned gas utility GAIL (India) Ltd on Tuesday reported a 56 per cent jump in its September quarter net profit as bumper earnings from gas transmission and marketing business offset petrochem losses. Standalone net profit of Rs 2,404.89 crore in July-September, or Rs 3.66 per share, was 54.4 per cent higher than Rs 1,537.07 crore, or Rs 2.34 a share, profit in the same period last year, according to the company's stock exchange filing. GAIL saw pre-tax earnings from its mainstay gas transportation business soar 82 per cent to Rs 1,290.65 crore in the second quarter of the current fiscal. Also, its pre-tax earnings from the marketing of natural gas also jumped almost 400 per cent to Rs 1,784.58 crore. Losses in the petrochemical business narrowed to Rs 160.61 crore from Rs 346.22 crore in July-September 2022. Its revenue from operations dropped to Rs 31,882.62 crore in July-September from Rs 38,490.89 crore on lower gas prices.
NEW DELHI (Reuters) - State-run firms, Coal India, GAIL India, and Rashtriya Chemicals & Fertilizers (RCF), will invest 30.95 billion rupees ($371.90 million) in their fertiliser joint venture in Odisha, two government officials told Reuters.