Crude oil which is almost writing stories in every countries Economy saw a big spike today in NYNEX which they say is one of the first and it surged more than 10 dollars a barrel touching a record of USD 139.12 a barrel during trading. I dont understand the reason they are saying for the crude price or true atleast for one they are saying US employment rates is getting high , if thats the case why would they spend much on oil and drive around .Morgan Stanley has predicted the oil price would reach even 150 dollar in a month or so ,think we have to stop trading equity and buy oil bonds or something .
Finally the government came out with the decision of oil price hike as most of the oil companies where going on loss , they not only did hike it but also have cut the excise duty also on oil.
Price Hike
Petrol prices up by Rs 5,
Diesel up by Rs 3 and
LPG price up by Rs 50 per cylinder.
Duty Cuts
Duty cuts are bringing a loss of revenue of about Rs 22,660 crore for the remaining 10-month period for this financial year ending march 2009.
>Customs duty on crude will be made nil from 5%.
>Customs duty on HSD and petrol will be reduced from 7.5% to 2.5%.
>Customs duty on other petroleum products will be reduced from 10% to 5%.
>Finally, excise duty on HSD and petrol will be reduced by Re 1 per litre each. So, Re 1 on petrol and Re 1 on diesel
- Author: admin
- Filed under: Oil
- Date: Mar 31,2008
Larsen & Toubro Ltd (L&T) informed the market today that the company has received order from Hindustan Petroleum Corporation Ltd (HPCL) for 576 crores and the order was bagged by L&T’s E&C Division’s Refinery Projects Business Unit .
Bharat Oman Refineries (BORL) has filed DRHP with SEBI on March 28, 2008 for its initial public offering (IPO).
About BORL
BORL is promoted by Bharat Petroleum Corporation (BPCL), a fortune Global 500 Company, with interests in downstream oil refining and marketing of petroleum products.
IPO Size
BORL intends to raise approximately Rs 3850 crore as the equity contribution for a refinery project at Bina.
- Author: admin
- Filed under: Oil
- Date: Mar 14,2008
Reliance Petroleum was to start operations from december 2008 which is been preponed from September 2008 , in both way its good news as they will still be benefitted from the & year income tax holiday , but this is getting withdrawn as informed by finance minister P.chidambaram from April 1 2009 , so any Refineries that starts operation before april 1 2009 will only benefit .
Larsen & Toubro Ltd (L&T) has informed the market that the Electrical & Electronics Division (EBG) of L&T has been awarded the contract for SCADA system for Onshore Control Centres (OCC) for offshore operations by Oil and Natural Gas Corporation (ONGC). The contract is worth Rs 74.7 crore.It has to be executed in 11 months , the stock price of larsen toubro went up by 6 percent or 180 rs today after the company clarified on the 200 crore loss news that was informed by motilal oswal to the market.
- Author: admin
- Filed under: Oil
- Date: Mar 11,2008
Gail India has informed the market that they have accorded approval for setting up a subsidiary Company for City Gas Distribution (CGD) and CNG corridor business.The stock price went up by 6 percent or 26 rs.
- Author: admin
- Filed under: Oil
- Date: Mar 4,2008
Essar Exploration & Production Ltd (EEPL), Mauritius, has been awarded an offshore block in Vietnam’s prolific Song Hong basin, The exploration phase is estimated to last five years and the investment for this programme will be approximately US$ 60 million.
- Author: admin
- Filed under: Oil
- Date: Feb 14,2008
Gail India Ltd has informed the market that the Company has signed a MoU with ITERA Oil & Gas Company of Russia for cooperation in projects ranging from participation in CNG projects in Russia, Gas based Petrochemicals opportunities in Russia, E&P opportunities in Russia and CIS countries and cooperation in other projects of mutual interests.The stock price has gone up by 8 rs after the news hit the market .
- Author: admin
- Filed under: Oil, Results
- Date: Jan 23,2008
Bongaigaon Refinery & Petrochemicals net profit rose 143.55% to Rs 84.90 crore in the Qtr of Dec 2007 compared to Rs 34.86 crore in QOQ Dec 2006 . Sales rose 6.61% to Rs 1462.22 crore in the Qtr of Dec 2007 compared to Rs 1371.57 crore in QOQ Dec 2006 .
- Author: admin
- Filed under: Oil, Results
- Date: Jan 23,2008
Chennai Petroleum Corporation net profit rose 826.57% to Rs 225.62 crore in the Qtr of Dec 2007 compared to Rs 24.35 crore in QOQ Dec 2006 . Sales rose 20.03% to Rs 7060.11 crore in the Qtr of Dec 2007 compared to Rs 5881.92 crore in QOQ Dec 2006 .
- Author: admin
- Filed under: Oil, Results
- Date: Jan 23,2008
Oil & Natural Gas Corporation net profit declined 6.46% to Rs 4366.54 crore in Dec QTR 2007 compared to Rs 4668.31 crore in QOQ during Dec 2006. Sales declined 2.85% to Rs 15120.83 crore in Dec QTR 2007 compared to Rs 15564.52 crore in QOQ during Dec 2006.
- Author: admin
- Filed under: Oil
- Date: Jan 4,2008
Nocil Clarifioes on news item that
NOCIL is not a part of Mukesh Ambani led Reliance Industries and NOCIL Petrochemicals is not a subsidiary of NOCIL and hence the question of shareholders of NOCIL getting new shares of NOCIL Petrochemicals does not arise at all. The Company further clarified that NOCIL does not own large tract of land in the Thane Belapur Industrial belt in Navi Mumbai as wrongly stated in the said article.
After the Company clarified on news item yesterday , the stock saw lower circuit today in the opening market, i hold 75 shares of Nocil.
- Author: rupya
- Filed under: Oil
- Date: Dec 26,2007
Deep Industries has obtained the LOI (Letter of Intent) in respect of contract with Gujarat State Petronet Ltd for Compression of Natural Gas at Olpad for the period of 5 years. The approximate Contract value for gas compression is around RS 30 Crore.
- Author: rupya
- Filed under: Oil
- Date: Dec 17,2007
Shiv Vani Oil & Gas Exploration Services Ltd has informed the bourses that it has bagged contracts from Oil India Ltd for charter hire of 4 (four) rigs of 1500 HP / 2000 HP, period fo execution is for two years.The revenue of 261 crores will be spread over 2 years.
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