NEW DELHI: The downstream regulator is planning to waive a key condition for city gas distributors — of signing natural gas purchase pacts within 180 days from the award of licence — in response to companies’ reluctance to go for such deals amid a global supply glut that has led to a sharp decline in prices and amplified volatility, said people aware of the matter. The idea behind mandating licensees to compulsorily tie up supplies had been to ensure security of supply and a smooth roll-out of services. But the US shale revolution and the construction of several gas export facilities across the globe over the past few years have made supplies plentiful and cheaper, prompting the Petroleum and Natural Gas Regulatory Board (PNGRB) to revisit this condition. “Forcing them to tie up gas for five years at the beginning of the licence period won’t be in the commercial interest of city gas licence holders. They should have flexibility in sourcing gas,” … [Read more...] about City gas distributors may not have to tie up supplies for 5 years
Adani Gas share price gains 12% on clean chit from PNGRB D-Street Buzz: Over 150 stocks hit 52-week low on BSE; Asian Paints sheds 2%, Tata Steel gains Future Lifestyle share price falls 2% as co to issue shares to IFC, promoter … [Read more...] about BPCL sheds over 2%; brokerage views mixed post Q3 earnings
New Delhi: Bharat Petroleum Corporation (BPCL), the country’s second-largest fuel retailer, hopes the disinvestment of Government of India’s share in BPCL and Numaligarh Refinery (NRL) happen concurrently, senior company executives told analysts during a call.They said the company has already extended the opportunity of right of first refusal to the Assam government for the proposed stake sale of BPCL’s 61.65 per cent stake in NRL and expects the Expression of Interest (EoI) for BPCL’s stake sale to be floated before the end of the current month.“The board has decided to give an opportunity to the government of Assam first as they have the right of first refusal. The letter has already gone and depending on the response we will take action to ensure that the sale is made to a government company in the oil sector as per the CCEA decision," an executive said. \He added the same advisors appointed for BPCL stake sale will be conducting the evaluation … [Read more...] about BPCL management hopes NRL disinvestment happens concurrently
New Delhi: The downstream regulator has approved French energy giant Total’s deal to buy stake in Adani Gas, lifting its shares 13% as investors cheered the end of uncertainty over the company’s city gas licences since November, when the same authority questioned the transaction and issued a show-cause notice.The Petroleum and Natural Gas Regulatory Board (PNGRB) had objected to restructuring of Adani Gas and the agreed sale of stake in it to Total because there are restrictions on such deals in the first five years after a licence is granted.However, after hearing the Gautam Adani-led company’s plea and keeping in mind “the larger public interest”, it “condoned” the delay in seeking its clearance and approved both transactions on Wednesday. PNGRB cited the importance of supplying natural gas to various cities where Adani Gas has a licence, and the value of having a reputed foreign company participate in city gas ventures in India.Adani Gas is … [Read more...] about Regulator approves Total’s stake buy in Adani gas
New Delhi: The disinvestment department is hopeful of completing the sale of government stake in state refiner BPCL by the first half of next fiscal and is working towards that timeline where prospective bidders would be given enough time for due diligence.Officials say as of now there is no major hindrance to that timeline and once the 'Alternative Mechanism' comprising Cabinet ministers from Finance, Road Transport and the administrative ministry under which the PSU comes (oil ministry) approves it, the Performance Information Memorandum and Expression of Interest will be out.As of now the Cabinet approval is only for keeping Assam-based Numaligarh Refinery Ltd out of the divestment. For other JVs of BPCL, it is understood that BPCL's stake in those JVs and subsidiairies will be taken up by the private company which acquires the government stake, said sources adding if other JVs were to be kept out of privatisation, then oil ministry would vet them earlier before going to the Cabinet … [Read more...] about BPCL sale: Govt hopeful of completing stake sale in first half of 2020-21
"There's something very romantic about the way that whaling is often portrayed in the mists of history," said Eric Jay Dolin, an expert on maritime history and author of the book "Leviathan: The History of Whaling in America" (W.W. Norton & Company, 2007). "But in reality, whaling was not romantic at all: It was a dirty, grimy, violent business — but one that was nevertheless important in the history of America." Indeed, in the 1800s, America became the epicenter of the global whaling industry. "By the 1840s, there were about 735 American whale ships out of a total worldwide of about 900," Dolin told Live Science. "And by around 1850, it was the fifth largest industry in the United States." … [Read more...] about Why was whaling so big in the 19th century?