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Business & Economy
India, Bangladesh, Myanmar
begin gas pipeline talks
What is India News Service,
Tuesday, 11 January 2005, 2100 hrs IST
A new dawn is breaking in regional co-operation in the east, with India, Bangladesh and Myanmar
beginning talks
on Wednesday to find ways of putting natural gas in the pipeline.
The tripartite meeting, sought by Dhaka, is to find a political passage for laying a pipeline through Bangladesh for wheeling India\92s share of gas from Myanmar fields.
Oil minister Mani Shankar Aiyar has armed himself with seven options for transporting gas and a list of benefits for Dhaka to crack diplomatic jigsaw with his Bangladesh and Myanmar counterparts, Mosharraf Hossain and Brig-Gen Lun-Thi, respectively. The talks signify the first tangible move and are taking place amid positive signals emanating from the 3 neighbouring capitals. After the Myanmar Army crackdown on Karens, New Delhi is convinced the pipeline will be safe while passing through rebel-infested areas straddling Bangla-Myanmar border.
Simultaneously, Dhaka has indicated willingness to play ball for something more than the estimated $125 million annual gas transportation charge. It is talking of sharing the opportunity cost and pushing for a trade corridor to Nepal.
Aiyar is to point out that an Indian pipeline through Bangladesh will allow Dhaka to wheel gas from its fields, which are in the east, to major consumption centres in the west without investing on its own. Bangladesh can use the Indian pipeline to ferry its own gas inside the country and earn transit fee from Myanmar gas flowing to India.
Petronet to set up LNG terminal at Kochi:
Public sector Petronet LNG today announced that it would set up an LNG terminal at Kochi by December 2008 and raise the capacity of its Dahej terminal to 10 million tonnes by June 2008. The Dahej terminal, which at present has 2.5 million tonnes capacity, would be expanded to 5 million tonnes by April.
Stock markets nosedive:
Continuing from last week, the bulls were on a retreat again today on the bourses, dragging the Sensex down 111 points. The Bombay Stock Exchange\92s Sensitive Index closed lower at 6308 points at the end of today\92s trading.
ONGC gets nod to bid for Yukos assets:
The government has given its approval to Oil and Natural Gas Corporation to bid for certain assets of Yukos, ONGC Chairman Subir Raha said here today.
MFN status fails to boost trade with Pak:
Commerce and Industry Minister Kamal Nath today said the key to solving issues between India and Pakistan lay in increasing trade between the two countries. The biggest challenge for both countries was generating employment opportunities for which economic activity needed to be given a boost,
he said.
Petrotech
2005 on Jan 16: Oil and Natural Gas Corporation (ONGC) has got a formal nod from the ministry of petroleum to pick up a stake in Russian firm Yukos. The company is also in the race for picking up Canadian firm Encana's stake in a cluster of oil fields in Ecuador .
Reliance buys back 6.29 lakh shares:
Reliance Industries Ltd (RIL) has bought over six lakh shares from the market under its share buyback programme. As per details provided to the stock exchanges, the company purchased 6,29,800 shares on Monday at an average price of Rs 539.62
a share.
FIPB defers clearance to ChrysCap's DCB stake plan:
The Foreign Investment Promotion Board (FIPB) has again deferred clearance to Mauritius-based Chrys Capital II LLC's plan to acquire 12.89 per cent stake in Development Credit Bank (DCB).
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Advisory council meets:
With the Budget coming closer, the Prime Minister\92s Economic Advisory Council today had an indepth discussion on issues relating to taxation, inflation, external sector and the Employment Guarantee Scheme.
Dutch Aegon files application to start AMC:
Dutch financial major Aegon has filed its application to start an asset management company and the Securities and Exchange Board of India is currently considering the company's proposal.
NTPC plans power exchange:
the PSU brigade in the power sector is joining forces to take on the competition. The Rs 26,000-crore National Thermal Power Corporation (NTPC) is in talks with Powergrid Corporation Ltd (PGCIL) and Power Trading Corporation (PTC) to jointly work
on a power exchange.
ADC cut not enough to tackle ILD grey market:
The Telecom Regulatory Authority of India (TRAI) has said that the grey market in incoming international long distance calls cannot be addressed by reducing the arbitrage opportunity.
Punjab to float Rs 503-cr loan for development:
The Punjab Government has proposed to float Punjab State Development Loan 2015 worth Rs 503.98 crore at the rate of 7.02 per cent interest for 10 years to finance part of the capital expenditure, plan schemes and other development schemes under execution in the state.
Anil may have prompted Sebi direction:
Market regulator Sebi's conditional clearance to Reliance Industries programme for buyback of shares may have been prompted by a letter written by RIL vice chairman Anil Ambani late last month.
Pre-Budget exercise begins:
Finance Minister P Chidambaram will begin his two-day pre-Budget consultations on Tuesday to get some valuable inputs for the UPA Government's economic agenda, particularly on tax reforms and pushing investment in infrastructure and farm sectors.He will start his sessions with agriculturists and industrialists .
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Economic Times
Business Line
Financial Express
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