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Business & Economy
Gulf oil firms in talks to
set up joint ventures
What is India News Service,
Wednesday, 23 March 2005, 1400 hrs IST
Kuwait Petroleum Corporation (KPC), Saudi Aramco and National Iranian Oil Company (NIOC)
have started talking to several Indian oil companies, including Hindustan Petroleum Corporation Ltd (HPCL) and Essar Oil, to set up joint-venture grassroot refineries in the country.
All three oil giants are seeking to sign partnership deals quickly with any refinery here to enter into a binding contract for their feedstock (crude oil).
With crude oil prices scaling new highs, the three members of the Oil Producing and Exporting Countries (OPEC) want to rapidly raise their production quotas.
Any raising of their production quotas will have major implications for international oil prices.
Industry sources claim that the three OPEC members have several reasons for wanting to invest in Indian refineries.
"Being a shareholder in refineries here in India, these OPEC members will be able to raise their production quotas as they will have a dedicated customer here. Moreover, these oil majors are keen to enter the Chinese market and Indian refineries, with their surplus production can feed the growing demand in China."
Saudi Aramco, KPC and NIOC have begun talks with HPCL for picking up equity in the state-owned company's 9-million tonne Guru Gobind Singh Refinery at Bhatinda in Punjab.
Virtual
halt to banking transactions: Banking transactions across the country came
to a virtual standstill with over 10 lakh officers and employees of public,
private sector, cooperative and rural banks abstaining from work to protest
against the proposed merger.
It's goodbye to first class flying
: Global airlines have removed first class from
India flights to cater to the value-conscious fliers.
Fixed,
mobile phone subscribers base touch 92.88 million:
The total subscriber base of fixed and mobile telephone services grew by 7 per
cent in the quarter October-December.
No irregularity in project
sanction, says NTPC: Refuting
the allegation of the sanctioning of a 2000-MW project to a dubious Russian
firm, the National Thermal Power Corporation Limited (NTPC) has clarified that
the organisation \97 Technopromexport, owned by the Federal Government of Russia
\97 has a wide range of experience in setting up power projects at home and
abroad.
Tata
launches feature-rich Walky:
Now, you can play games on the landline also, besides sending messages in Hindi.
The subscriber will also be able to store 500 contact numbers in the set itself.
The \91New Smarter Walky\92 was launched nationwide by Tata Indicom brand
ambassador Sania Mirza.
Godrej
is sales partner of Xerox:
Xerox Modicorp today announced Godrej as its sales partner in India.
High
oil price, fiscal year end dog market, Sensex 121 points down:
High global oil prices continued to cast a shadow on the market and the Sensex
on Tuesday tumbled by 121 points.
VSNL
told to stop selling international calling cards: The Telecom Regulatory
Authority of India has asked Videsh Sanchar Nigam Ltd to stop selling pre-paid
international long distance calling cards in the country.
AIIMS claims cutting edge stem cell study:
Country's premier medical institute is all set
to prove the efficacy of its stem cell therapy conducted over the last 18 months
on heart patients.
Dabur
evaluates private label business for toothpastes: Barely two months after
acquiring Balsara's oral care brands, Dabur India Ltd is scouting for
opportunities in the private label business for toothpastes.
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