New Delhi: Reliance Industries Ltd (RIL) and two partners, BP and Niko Resources, plan to invest Rs 27,127 crore ($5 billion) over the next three to five years in the KG-D6 block to develop four trillion cubic feet (tcf) of discovered natural gas reserves.
In a joint statement issued after a meeting between BP Group CEO Bob Dudley, RIL’s Chairman and Managing Director Mukesh Ambani and Petroleum Minister M Veerappa Moily in Delhi today, the two companies said they have promised to speed up the projects, provided the necessary clearance from the government is in place.
The investment includes field optimisation through compression and water handling, which will augment production starting 2014. Natural gas production from the block has now touched a low of 30 million standard cubic metres a day (mscmd).
RIL has a running dispute with the Comptroller and Auditor General of India (CAG) on the scope of its audit of investment made by the partners. CAG had earlier recommended that clearances for making investment should not be granted till RIL provides required access to the statutory auditor.
Indicating a positive response from the ministry for the big-ticket investment, the statement quoted Moily promising taking necessary measures "to fast track these projects and help them attain economic viability”. Besides clearances for its investment plan, the companies are looking for higher gas price from the government. The KG-D6 gas price, currently fixed at $4.2 a mBtu, is considered unviable by the private companies for deepwater gas. The price is due for revision in April 2014.
At current international liquefied natural gas (LNG) prices, 4 tcf of natural gas would cost more than $50 billion to import this volume of gas into India, said the statement. “We will bring all our expertise in deep water to explore the prolific gas basins in India and BP looks forward to a rewarding and successful exploration programme in the coming years,” said Dudley in the statement.
Dudley is part of the trade delegation accompanying British Prime Minister David Cameron. “BP is already the largest single British investor in India and the decision to join forces with Reliance Industries to invest $5 billion in the next few years into India’s gas markets reinforces how two of Britain and India’s leading companies can work together to invest in and supply the energy needs of the future, creating jobs and boosting prosperity," the statement quoted Cameron.
In a partnership with RIL, BP in 2011 took a 30 per cent stake in multiple oil and gas blocks in India, including the producing KG D6 block and the formation of a 50:50 joint venture to source and market gas in India – India Gas Solutions Private Limited. According to the companies, by the end of 2012, fields in the KG D6 block had produced 2 tcf of gas and 22 million barrels of oil, which would have cost more than $35 billion to import into India at current imported crude oil and LNG prices.
Success in my Habit
Wednesday, February 20, 2013
BSE ties up with S&P Dow Jones Indices
Mumbai: The BSE and the S&P Dow Jones indices are now partners. Every index on the BSE, including the BSE Sensex, BSE 200 and BSE 100 will be co-branded ‘S&P’.
S&P Dow Jones Indices is a global leader in providing investable and benchmark indices to the financial markets.
With this, S&P can now calculate, disseminate and licence the whole suite of BSE’s indices.
India now becomes S&P Dow Jones Indices’ fourth major operational hub to support clients globally, after Hong Kong, London and New York.
“We expect our partnership with S&P Dow Jones Indices will help BSE to raise the growing global acceptance of the Sensex and other BSE index benchmarks, and to help BSE achieve a leadership position in the index derivatives space,” said Ashish Chauhan, MD and CEO of BSE.
“This partnership fortifies and expands BSE and S&P Dow Jones Indices’ presence in India and in South Asia, while providing a springboard for our efforts in the ASEAN region with an important exchange partner that understands this critical segment of the market,” said Alexander Matturri, Chief Executive Officer of S&P Dow Jones Indices.
S&P Dow Jones Indices is a global leader in providing investable and benchmark indices to the financial markets.
With this, S&P can now calculate, disseminate and licence the whole suite of BSE’s indices.
India now becomes S&P Dow Jones Indices’ fourth major operational hub to support clients globally, after Hong Kong, London and New York.
“We expect our partnership with S&P Dow Jones Indices will help BSE to raise the growing global acceptance of the Sensex and other BSE index benchmarks, and to help BSE achieve a leadership position in the index derivatives space,” said Ashish Chauhan, MD and CEO of BSE.
“This partnership fortifies and expands BSE and S&P Dow Jones Indices’ presence in India and in South Asia, while providing a springboard for our efforts in the ASEAN region with an important exchange partner that understands this critical segment of the market,” said Alexander Matturri, Chief Executive Officer of S&P Dow Jones Indices.
India-UK CEO forum push for tie-ups in education, infra, defence, power
New Delhi: Corporate big-wigs from top companies in India and the UK on Tuesday had a brain storming session on intensifying cooperation between the two countries. The British side identified infrastructure, education, defence, energy and retail as focus areas.
The India-UK CEO’s Forum led by Tata Group Chairman Ratan Tata and Standard Chartered chief Peter Sands met here to take stock of the current business ties and give proposals to the two governments on how they could be strengthened.
“The CEO’s Forum has made focused, specific, and practical recommendations to enhance partnership between India and UK focusing on trade, institutional linkages in education for research and development and also defence. We will be taking forward its recommendations,” Commerce and Industry Minister Anand Sharma has said.
Other British participants in the forum included Simon Collins from KPMG, Ian Taylor from construction company Balfour Beatty and Mark Walport from charity trust Wellcome.
Indian participants included Adi Godrej from Godrej Group, Sunil Mittal from Bharti Enterprises, Y.C. Deveshwar from ITC and Chanda Kochhar from ICICI Bank.
The UK is India’s third largest trading partner within the EU and the sixteenth largest in the world.
“The British side has shown keen interest to work with India for establishing national manufacturing and industrial zones,” Sharma said.
Two of these investment regions will come along the proposed Bangalore-Mumbai Industrial Corridor which will link up with the Delhi-Mumbai Industrial Corridor.
“We hope that the experience in advanced manufacturing and the technologies that Britain has in diverse sectors, including nanotechnology, aerospace, biotechnology, and life sciences, would be used,” the Minister added.
The CEOs also discussed other areas including education, energy, defence and the retail sector.
“One important sector which I did not mention earlier is energy sector. Those are decisions that would be made (in the energy sector),” Sharma said. A number of British companies in the energy sector including British Petroleum, Cairn and Powergen have made investments in India.
On retail, the Minister said that British companies were interested in entering the segment and while the CEO’s Forum was not a forum to make business propositions, he had fruitful meetings during his recent UK visit.
India liberalised foreign direct investment in the retail sector, both single-brand and multi-brand, recently.
“When I was in Davos, and recently in London, the Chairman of Tesco had met me which was followed by a meeting with the CEO. We hope that there would be proposals, but these will be their decisions,” he said.
The UK-India CEO’s Forum was established two years ago and brings together businesses in both countries.
The India-UK CEO’s Forum led by Tata Group Chairman Ratan Tata and Standard Chartered chief Peter Sands met here to take stock of the current business ties and give proposals to the two governments on how they could be strengthened.
“The CEO’s Forum has made focused, specific, and practical recommendations to enhance partnership between India and UK focusing on trade, institutional linkages in education for research and development and also defence. We will be taking forward its recommendations,” Commerce and Industry Minister Anand Sharma has said.
Other British participants in the forum included Simon Collins from KPMG, Ian Taylor from construction company Balfour Beatty and Mark Walport from charity trust Wellcome.
Indian participants included Adi Godrej from Godrej Group, Sunil Mittal from Bharti Enterprises, Y.C. Deveshwar from ITC and Chanda Kochhar from ICICI Bank.
The UK is India’s third largest trading partner within the EU and the sixteenth largest in the world.
“The British side has shown keen interest to work with India for establishing national manufacturing and industrial zones,” Sharma said.
Two of these investment regions will come along the proposed Bangalore-Mumbai Industrial Corridor which will link up with the Delhi-Mumbai Industrial Corridor.
“We hope that the experience in advanced manufacturing and the technologies that Britain has in diverse sectors, including nanotechnology, aerospace, biotechnology, and life sciences, would be used,” the Minister added.
The CEOs also discussed other areas including education, energy, defence and the retail sector.
“One important sector which I did not mention earlier is energy sector. Those are decisions that would be made (in the energy sector),” Sharma said. A number of British companies in the energy sector including British Petroleum, Cairn and Powergen have made investments in India.
On retail, the Minister said that British companies were interested in entering the segment and while the CEO’s Forum was not a forum to make business propositions, he had fruitful meetings during his recent UK visit.
India liberalised foreign direct investment in the retail sector, both single-brand and multi-brand, recently.
“When I was in Davos, and recently in London, the Chairman of Tesco had met me which was followed by a meeting with the CEO. We hope that there would be proposals, but these will be their decisions,” he said.
The UK-India CEO’s Forum was established two years ago and brings together businesses in both countries.
Neyveli Lignite joint venture ties up funds for power project in TN
Chennai: NLC-Tamil Nadu Power Ltd has entered into an Rs 937-crore loan agreement with a Bank of India-led consortium to part fund a 1,000 MW power project, according to a press release from Neyveli Lignite.
The agreement was signed today with the consortium which includes Indian Bank and Central Bank of India.
The NLC-Tamil Nadu Power is a joint venture between Neyveli Lignite Corporation and the Tamil Nadu Generation and Distribution Corporation Ltd (Tangedco) for the 2x500 MW power plant in Tuticorin. NLC holds an 89 per cent stake in the project with Tangedco holding the balance 11 per cent.
The Government of India sanctioned the Rs 4,909.54-crore project in May 2008. In 2010, a bank consortium led by Bank of Baroda lent Rs 2,500 crore.
The coal linkage is being tied up with Mahanadhi Coalfields Ltd (MCL), a subsidiary of Coal India Ltd.
Land for the project is taken from VOC Port Trust, Tuticorin, on long-term lease basis.
The power generated from this project will cater to the states in the Southern Region. Power purchase agreements have been signed with Tangedco and other SEBs.
All the major package contracts are awarded and the project under implementation has reached the physical progress of around 70 per cent. The first unit is expected to be commissioned in December 2013, followed by another unit in March 2014.
The agreement was signed today with the consortium which includes Indian Bank and Central Bank of India.
The NLC-Tamil Nadu Power is a joint venture between Neyveli Lignite Corporation and the Tamil Nadu Generation and Distribution Corporation Ltd (Tangedco) for the 2x500 MW power plant in Tuticorin. NLC holds an 89 per cent stake in the project with Tangedco holding the balance 11 per cent.
The Government of India sanctioned the Rs 4,909.54-crore project in May 2008. In 2010, a bank consortium led by Bank of Baroda lent Rs 2,500 crore.
The coal linkage is being tied up with Mahanadhi Coalfields Ltd (MCL), a subsidiary of Coal India Ltd.
Land for the project is taken from VOC Port Trust, Tuticorin, on long-term lease basis.
The power generated from this project will cater to the states in the Southern Region. Power purchase agreements have been signed with Tangedco and other SEBs.
All the major package contracts are awarded and the project under implementation has reached the physical progress of around 70 per cent. The first unit is expected to be commissioned in December 2013, followed by another unit in March 2014.
TCS sets up new facility in Liverpool
Mumbai: Tata Consultancy Services, the country’s largest software exporter, has set up a new delivery centre in Liverpool, expanding its operations in the UK.
The new facility, which is dedicated to delivering government services, will be fully operational in July and will house over 300 employees, the Tata group company said in a statement.
TCS plans to use the facility to deliver services to the Home Office, following a multi-million, multi-year contract that was awarded in November 2012, to manage the technology needs and support services of the newly-formed Disclosure and Barring Service.
The new facility will provide a secure applications development and maintenance centre for business applications and operational delivery centre for outsourced business process and IT services.
“Our work in the public sector is focused on improving services for the UK citizens and driving greater value for the UK Government. Our investment in a new, secure delivery centre in Liverpool will allow us to effectively meet the business objectives of DBS to modernise and transform its business while supporting our longer term strategy for increased participation in transformation programmes for the U.K. public sector,” said TCS Country Head (UK and Ireland) Shankar Narayanan.
The two organisations, DBS and TCS, will also collaborate to update the organisation’s business processes to help improve decision making, reduce processing times and improve information gathering between disclosures and barring services.
TCS combines government specific domain expertise with a world-class set of delivery capabilities to enable service transformation for some of its key government clients in the UK, such as, National Employment Savings Trust (NEST), Cardiff City Council, Child Maintenance Group (CMG is a division of DWP) and The Big Lottery Fund, amongst others.
The new facility, which is dedicated to delivering government services, will be fully operational in July and will house over 300 employees, the Tata group company said in a statement.
TCS plans to use the facility to deliver services to the Home Office, following a multi-million, multi-year contract that was awarded in November 2012, to manage the technology needs and support services of the newly-formed Disclosure and Barring Service.
The new facility will provide a secure applications development and maintenance centre for business applications and operational delivery centre for outsourced business process and IT services.
“Our work in the public sector is focused on improving services for the UK citizens and driving greater value for the UK Government. Our investment in a new, secure delivery centre in Liverpool will allow us to effectively meet the business objectives of DBS to modernise and transform its business while supporting our longer term strategy for increased participation in transformation programmes for the U.K. public sector,” said TCS Country Head (UK and Ireland) Shankar Narayanan.
The two organisations, DBS and TCS, will also collaborate to update the organisation’s business processes to help improve decision making, reduce processing times and improve information gathering between disclosures and barring services.
TCS combines government specific domain expertise with a world-class set of delivery capabilities to enable service transformation for some of its key government clients in the UK, such as, National Employment Savings Trust (NEST), Cardiff City Council, Child Maintenance Group (CMG is a division of DWP) and The Big Lottery Fund, amongst others.
Samsung SDS gets Rs 220 crore ticketing contract from L&T Metro
Hyderabad: Korean technology firm Samsung SDS Company secured Rs 220 crore order from L&T Metro Rail (Hyderabad), an arm of infrastructure firm L&T, for setting up automatic fare collection (AFC) system for the Hyderabad metro rail project coming up at Rs 14,132 crore.
Samsung has implemented similar AFC projects across several countries including three in India at Delhi metro, Bangalore metro and Jaipur metro.
The contract awarded by L&T Metrorail includes setting up of smart card based ticketing system, automatic gates, cash and card based payment system, ticket vending machines, near field communication technology that enables usage of mobile phones as fare media, among others.
BV Gadgil, chief executive and MD of L&T Metrorail, said, ""We have chosen Sansumg Data Systems based on their technical expertise, international presence and most importantly for their experience of working and implementing AFC projects in the Indian environment.""
Samsung has implemented similar AFC projects across several countries including three in India at Delhi metro, Bangalore metro and Jaipur metro.
The contract awarded by L&T Metrorail includes setting up of smart card based ticketing system, automatic gates, cash and card based payment system, ticket vending machines, near field communication technology that enables usage of mobile phones as fare media, among others.
BV Gadgil, chief executive and MD of L&T Metrorail, said, ""We have chosen Sansumg Data Systems based on their technical expertise, international presence and most importantly for their experience of working and implementing AFC projects in the Indian environment.""
MIAL partners Wipro for terminal
Mumbai: Mumbai International Airport Ltd (MIAL), operator of the Chhatrapati Shivaji International Airport (CSIA) here, has entered into a 10-year contract with Wipro Infotech, the India and West Asia IT business unit of Wipro, for the new integrated terminal T2. The financial details of the deal were not disclosed.
Wipro will be responsible for providing managed services across the entire IT landscape at MIAL and deliver high availability and operational efficiency across all critical processes.
Though initially envisaged for T2, Wipro will begin the transition with a takeover of the IT services in the current terminals at CSIA, expected to commence from April 1. As regards to T2, Wipro will assist in the preparation of IT-related standard operating procedures and also work closely with MIAL during the testing and trial phase of the IT systems before managing all the IT services for the iconic new terminal.
MIAL is currently implementing a master plan to build an integrated terminal, T2, designed to cater to 40 million passengers annually. When completed, it will be a state-of-the-art, four-level integrated terminal, with an area of 439,000 sq mt and will include new taxiways and apron areas for aircraft parking.
Rajeev Jain, CEO, MIAL said, “Our vision is to make T2 a global showcase and IT will play the role of a significant business driver. In line with this vision of making CSIA a world-class airport, and T2 an iconic terminal, we plan to invest in best-in-the-class technology and systems and have accordingly decided to partner with an IT company like Wipro to provide the best services.”
IT is a key driver for critical airport operations, including flight and terminal management, ground handling and property management.
The total outsourcing engagement will deliver business IT alignment for T2 by combining airport solutions.
Anand Sankaran, Sr. Vice President - Wipro Infotech and Global Infrastructure Services said, “We are excited that Mumbai International Airport has chosen Wipro as a strategic partner for their IT transformation project. Wipro will leverage its global expertise and strong understanding of the business domain, to deliver a best-in-class experience to MIAL’s stakeholders including customers, employees and airlines. This engagement with MIAL adds strength to our existing Airport and Infrastructure Practice.”
Wipro will be responsible for providing managed services across the entire IT landscape at MIAL and deliver high availability and operational efficiency across all critical processes.
Though initially envisaged for T2, Wipro will begin the transition with a takeover of the IT services in the current terminals at CSIA, expected to commence from April 1. As regards to T2, Wipro will assist in the preparation of IT-related standard operating procedures and also work closely with MIAL during the testing and trial phase of the IT systems before managing all the IT services for the iconic new terminal.
MIAL is currently implementing a master plan to build an integrated terminal, T2, designed to cater to 40 million passengers annually. When completed, it will be a state-of-the-art, four-level integrated terminal, with an area of 439,000 sq mt and will include new taxiways and apron areas for aircraft parking.
Rajeev Jain, CEO, MIAL said, “Our vision is to make T2 a global showcase and IT will play the role of a significant business driver. In line with this vision of making CSIA a world-class airport, and T2 an iconic terminal, we plan to invest in best-in-the-class technology and systems and have accordingly decided to partner with an IT company like Wipro to provide the best services.”
IT is a key driver for critical airport operations, including flight and terminal management, ground handling and property management.
The total outsourcing engagement will deliver business IT alignment for T2 by combining airport solutions.
Anand Sankaran, Sr. Vice President - Wipro Infotech and Global Infrastructure Services said, “We are excited that Mumbai International Airport has chosen Wipro as a strategic partner for their IT transformation project. Wipro will leverage its global expertise and strong understanding of the business domain, to deliver a best-in-class experience to MIAL’s stakeholders including customers, employees and airlines. This engagement with MIAL adds strength to our existing Airport and Infrastructure Practice.”
First meeting of India-UAE high level task force on investments held in Abu Dhabi
New Delhi: The inaugural meeting of the India-UAE High Level Task Force on Investments was held today at the Emirates Palace Hotel in Abu Dhabi. More than 50 government and private sector representatives from India and the UAE were present.
The high-level taskforce, co-chaired by the Union Minister for Commerce, Industry & Textiles Shri Anand Sharma and HH Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court, was established in April 2012 as a platform to address mutual issues associated with existing investments between the two countries and to promote and facilitate investments between the two countries.
India and UAE are significant trading partners and bilateral trade between the two countries is expected to reach new record levels in years to come.
The meeting of the India-UAE High Level Task Force on Investments included a wide-ranging discussion on priority sectors of engagement for channeling investments in the two countries, areas of shared interest including the agreement in principle to put in place an Bilateral Investment Promotion and Protection Agreement (BIPA) and expedite its conclusion, as well as assistance and support of Governments of both countries for expediting the resolution of issues associated with existing investments and opportunities for new cross-border investments across a range of sectors.
In order to progress these efforts, it was decided that working groups will be created to strengthen and develop bilateral relations in the investment fields and an agreement was reached between the two countries on the format and structure of future discussions, including the allocation of USD 2 billion for investments in infrastructure projects in India and support the establishment of a strategic oil reserve in India.
“Today we have laid the groundwork for what I am confident will be a fruitful series of discussions around issues of significant interest and importance to both the UAE and India,” said HH Sheikh Hamed bin Zayed Al Nahyan.
Shri Sharma underlined India’s status as a major destination for foreign investments and the opportunities that exist for UAE, especially in infrastructure areas such as roads and highways, power and utilities, civil aviation, ports, urban infrastructure etc. and participation through the Infrastructure Debt Funds. He also highlighted India’s desire to participate in the cooperation in the oil and gas sector of UAE.
The next meeting of the India-UAE High Level Task Force on Investments will be held on a mutually agreed date and location.
The high-level taskforce, co-chaired by the Union Minister for Commerce, Industry & Textiles Shri Anand Sharma and HH Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court, was established in April 2012 as a platform to address mutual issues associated with existing investments between the two countries and to promote and facilitate investments between the two countries.
India and UAE are significant trading partners and bilateral trade between the two countries is expected to reach new record levels in years to come.
The meeting of the India-UAE High Level Task Force on Investments included a wide-ranging discussion on priority sectors of engagement for channeling investments in the two countries, areas of shared interest including the agreement in principle to put in place an Bilateral Investment Promotion and Protection Agreement (BIPA) and expedite its conclusion, as well as assistance and support of Governments of both countries for expediting the resolution of issues associated with existing investments and opportunities for new cross-border investments across a range of sectors.
In order to progress these efforts, it was decided that working groups will be created to strengthen and develop bilateral relations in the investment fields and an agreement was reached between the two countries on the format and structure of future discussions, including the allocation of USD 2 billion for investments in infrastructure projects in India and support the establishment of a strategic oil reserve in India.
“Today we have laid the groundwork for what I am confident will be a fruitful series of discussions around issues of significant interest and importance to both the UAE and India,” said HH Sheikh Hamed bin Zayed Al Nahyan.
Shri Sharma underlined India’s status as a major destination for foreign investments and the opportunities that exist for UAE, especially in infrastructure areas such as roads and highways, power and utilities, civil aviation, ports, urban infrastructure etc. and participation through the Infrastructure Debt Funds. He also highlighted India’s desire to participate in the cooperation in the oil and gas sector of UAE.
The next meeting of the India-UAE High Level Task Force on Investments will be held on a mutually agreed date and location.
Monday, February 18, 2013
India to have 18 mt crude stock by 2020
New Delhi: The government is looking to build storage capacity for about 18 million tonnes (mt) of crude by 2020 in a bid to insulate India, which is heavily dependent on imports for its energy needs, from supply disturbances. The first phase of this strategic stockpile--5.33 mt--will be commissioned by April 2014.
Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle owned by the Oil Industry Development Board (OIDB), is now building storages in underground rock caverns at Visakhapatnam (1.33 mt), Mangalore (1.5 mt) and Padur, Kerala (2.5 mt).
While the Visakhapatnam project will be commissioned by December this year, the other two will be on track before April 2014, say people aware of the development. OIDB is a statutory body set up by the government in 1975 to provide financial assistance for the development of the oil industry. The strategic stockpile the government is building excludes the 22.04-mt buffer stock that oil companies are required to keep.
“Once the first phase is commissioned, we will have crude inventory worth about Rs 24,000 crore for 13 days. Almost 90 per cent of the work is completed there. The detailed feasibility report of an additional 12.5 mt is before the Cabinet for clearance,” said a petroleum ministry official, who did not want to be named. As per government estimates, the country will have a total net import of 179 mt by 2019-20. Keeping in mind strategic and buffer stocks for 90 days, India needs a total storage capacity of 44 mt.
At present, India is meeting almost 80 per cent of its energy needs through imports.
“The government wants to take the lead and have a strategic stocks of 17.83 mt, while public sector undertakings and other companies may add more than 4 mt to their buffer stocks of 22.04 mt. This is calculated on the basis of net imports that the country will have,” the official added.
India will also become one of the first countries in Asia to have storage capacity in underground rock caverns. “Our specialty is that we will have underground rock cavern storage like Japan, Sweden and South Korea. Most other nations have salt caverns. The crown of our caverns lies at least 35 metres below the sea level,” said ISPRL chief executive officer Rajan K Pillai.
The total cost of the first phase is around Rs 4,000 crore. OIDB is funding the entire construction cost. The additional storage facilities in the second phase are being considered at locations in Gujarat and Odisha.
Out of the 1.33 mt in Vishakhapatanam, 300,000 tonnes would be under Hindustan Petroleum Corp Ltd’s control, for which the state-run marketing company has paid Rs 234 crore to ISPRL. In all the three locations, Engineers India Ltd is leading the construction works, as per instructions from the government.
Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle owned by the Oil Industry Development Board (OIDB), is now building storages in underground rock caverns at Visakhapatnam (1.33 mt), Mangalore (1.5 mt) and Padur, Kerala (2.5 mt).
While the Visakhapatnam project will be commissioned by December this year, the other two will be on track before April 2014, say people aware of the development. OIDB is a statutory body set up by the government in 1975 to provide financial assistance for the development of the oil industry. The strategic stockpile the government is building excludes the 22.04-mt buffer stock that oil companies are required to keep.
“Once the first phase is commissioned, we will have crude inventory worth about Rs 24,000 crore for 13 days. Almost 90 per cent of the work is completed there. The detailed feasibility report of an additional 12.5 mt is before the Cabinet for clearance,” said a petroleum ministry official, who did not want to be named. As per government estimates, the country will have a total net import of 179 mt by 2019-20. Keeping in mind strategic and buffer stocks for 90 days, India needs a total storage capacity of 44 mt.
At present, India is meeting almost 80 per cent of its energy needs through imports.
“The government wants to take the lead and have a strategic stocks of 17.83 mt, while public sector undertakings and other companies may add more than 4 mt to their buffer stocks of 22.04 mt. This is calculated on the basis of net imports that the country will have,” the official added.
India will also become one of the first countries in Asia to have storage capacity in underground rock caverns. “Our specialty is that we will have underground rock cavern storage like Japan, Sweden and South Korea. Most other nations have salt caverns. The crown of our caverns lies at least 35 metres below the sea level,” said ISPRL chief executive officer Rajan K Pillai.
The total cost of the first phase is around Rs 4,000 crore. OIDB is funding the entire construction cost. The additional storage facilities in the second phase are being considered at locations in Gujarat and Odisha.
Out of the 1.33 mt in Vishakhapatanam, 300,000 tonnes would be under Hindustan Petroleum Corp Ltd’s control, for which the state-run marketing company has paid Rs 234 crore to ISPRL. In all the three locations, Engineers India Ltd is leading the construction works, as per instructions from the government.
Country's first mono rail gets rolling
Mumbai: Mumbaikars currently commuting in heavily crowded suburban trains and Brihanmumbai Electric Supply and Transport Undertaking (BEST) buses will have yet another public mode of transport in the form of air-conditioned mono rail from August.
The city on Saturday saw India’s first mono rail rolling out on a test run with people on it. The first phase of the project, between Wadala and Chembur, which is 8.80-km long, is expected to be thrown open to public in August.
The Mumbai Metropolitan Region Development Authority (MMRDA), a town planning agency and also the nodal agency for the city’s infrastructure projects, on Saturday carried out a test ride amid claps and cheers by onlookers admiring the pink beauty on the beams.
“It’s fast, fun and convenient,” opined state chief secretary Jayant Kumar Banthia.
Gliding above traffic at maximum speed reaching 32 km/hour, Mumbaikars will be able to cover the 8.8 km route in flat 17 minutes for a minimum fare of Rs 8 per trip and a maximum of Rs 20. Each four-compartment train will have a carrying capacity of 480 passengers. Mumbaikars will get a world class travel experience. Nearly one lakh commuters are expected to travel on the Wadala-Chembur track daily. So far, eight trains have arrived from Malaysia and the remaining 13 will follow soon.
Rahul Asthana, the MMRDA commissioner, who accompanied the state chief secretary, told reporters that tests on the first phase would continue regularly to secure a safety certificate. MMRDA has already appointed Singapore Mass Rapid Transit Authority as consultant. Besides, a proposal by the state government to appoint a safety certificate engineer for issuing the safety certificate, as required by the Tramway Act, is also in process. (GETTING ON TRACK)
“We expect to commission the first phase of the project in August,” Asthana said. The second phase, a 10.74-km stretch between Wadala and Sant Gadge Maharaj Chowk (Jacob Circle), is expected to be completed by August 2014. This corridor will have 10 stations.
“The total project cost at fixed rate is pegged at Rs 3,000 crore. L&T is the civil contractor, and Scomi will be appointed for three years to carry out maintenance work,” Asthana said.
Work on the Wadala car depot, spread over 6.5 hectares, is in progress, and it will have a parking capacity of 21 trains.
Once completed, the entire 19.54 km-long corridor, which will be the world’s second longest mono rail corridor, will be able to carry 2.4 lakh commuters daily.
The mono rail world map marks Osaka mono rail corridor (23.8 km) as the longest in the world, followed by Tokyo mono rail (16.9 km), Tama Mono rail (16 km) and Star LRT in Kuala Lumpur (8.6 km).
The city on Saturday saw India’s first mono rail rolling out on a test run with people on it. The first phase of the project, between Wadala and Chembur, which is 8.80-km long, is expected to be thrown open to public in August.
The Mumbai Metropolitan Region Development Authority (MMRDA), a town planning agency and also the nodal agency for the city’s infrastructure projects, on Saturday carried out a test ride amid claps and cheers by onlookers admiring the pink beauty on the beams.
“It’s fast, fun and convenient,” opined state chief secretary Jayant Kumar Banthia.
Gliding above traffic at maximum speed reaching 32 km/hour, Mumbaikars will be able to cover the 8.8 km route in flat 17 minutes for a minimum fare of Rs 8 per trip and a maximum of Rs 20. Each four-compartment train will have a carrying capacity of 480 passengers. Mumbaikars will get a world class travel experience. Nearly one lakh commuters are expected to travel on the Wadala-Chembur track daily. So far, eight trains have arrived from Malaysia and the remaining 13 will follow soon.
Rahul Asthana, the MMRDA commissioner, who accompanied the state chief secretary, told reporters that tests on the first phase would continue regularly to secure a safety certificate. MMRDA has already appointed Singapore Mass Rapid Transit Authority as consultant. Besides, a proposal by the state government to appoint a safety certificate engineer for issuing the safety certificate, as required by the Tramway Act, is also in process. (GETTING ON TRACK)
“We expect to commission the first phase of the project in August,” Asthana said. The second phase, a 10.74-km stretch between Wadala and Sant Gadge Maharaj Chowk (Jacob Circle), is expected to be completed by August 2014. This corridor will have 10 stations.
“The total project cost at fixed rate is pegged at Rs 3,000 crore. L&T is the civil contractor, and Scomi will be appointed for three years to carry out maintenance work,” Asthana said.
Work on the Wadala car depot, spread over 6.5 hectares, is in progress, and it will have a parking capacity of 21 trains.
Once completed, the entire 19.54 km-long corridor, which will be the world’s second longest mono rail corridor, will be able to carry 2.4 lakh commuters daily.
The mono rail world map marks Osaka mono rail corridor (23.8 km) as the longest in the world, followed by Tokyo mono rail (16.9 km), Tama Mono rail (16 km) and Star LRT in Kuala Lumpur (8.6 km).
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