Petrobras profit rises,misses estimates
Petroleo Brasileiro, the oil producer that raised $70 billion in a share sale this year, posted third-quarter net income that missed analysts’ estimates after profit at three of its five operating units declined.
Net income rose to 8.57 billion reais ($5 billion), or 97 centavos a share, from 7.94 billion reais, or 90 cents, in the year-earlier period, Rio de Janeiro-based Petrobras said in a statement. Sales rose 14% to 54.7 billion reais.
Profit trailed analyst estimates after the state-controlled oil producer expanded output at a slower-than expected pace and results from its supply, distribution, and gas & energy units declined. Government caps on fuel prices also ate into refining profits as Petrobras was unable to pass on rising costs for imported oil like competitors Exxon Mobil and Royal Dutch Shell.
ONGC signs operating agreement with Hungarian Oil & Gas Company
ONGC has signed an Operating Agreement with MOL Hungarian Oil & Gas Plc. This agreement concludes the farm-in process by the Hungarian company into ONGC’s NELP-III exploratory block HF-ONN-2001/1 located in the sylvan surroundings of the Himalayan foothills in Himachal Pradesh.
The strategic alliance between ONGC and MOL was initiated in a meeting held during November, 2006 in the office of Minister of Petroleum & Natural Gas and crystallized by a MoU which was signed in January 2008.
AK Biswas, GGM Head-EXCOM Group did the honours on behalf of ONGC while Dr Zoltan Benko, Director-Upstream Business Development, signed on behalf of MOL.
NK Verma, GM Basin Manager - Frontier Basins, and Atilla Somfai, Director-Exploration, witnessed the signatures respectively. The agreement has cleared the table for active participation by the Hungarians who have demonstrated E&P expertise in complex geological areas like that of the Himalayan fold belt.
Essar Oil to further increase Vadinar refinery capacity to 20 million tonnes per annum
Essar Oil Ltd (EOL) has decided to undertake a project to further enhance the capacity of its Vadinar refinery to 20 million tonnes per annum (MMTPA).
Essar Oil currently operates a refinery in Vadinar, Gujarat, with nameplate capacity of 10.5 MMTPA. The refinery is consistently operating at a throughput of 14 MMTPA, or 300,000 bpsd (barrels per stream day). The company is currently implementing a project to expand this capacity to 18 MMTPA (375,000 bpsd), as part of the Phase I expansion of the refinery.
As on October 31, 2010, the Phase I expansion was 72 per cent complete and is on track for mechanical completion by March 2011, with the exception of two units that are delayed by a quarter.
The company has now decided to further expand the refinery’s capacity by 2 million tonnes to 20 million tonnes. This will be achieved through optimisation of some of the refinery units at an estimated cost of Rs. 1,700 crore (USD 380 million); the project will be completed by September 2012.
The move follows a detailed project review that identified several opportunities to de-bottleneck the refinery and revamp some of the units at an extremely competitive capital cost.
The optimisation project entails the revamp of six refinery units: FCCU (Fluid Catalytic Cracking Unit), DHDS (Diesel Hydro Desulphurisation) Unit, SWSU (Sour Water Stripping Unit), DHDT (Diesel Hydrotreater), VGO-HDT (Vacuum Gas Oil Hydrotreater) and DCU (Delayed Coker Unit).
Commenting on the optimisation project, Naresh Nayyar, MD & CEO of Essar Oil, said: “There has been a significant growth in Indian demand for petro products in the last few years and we see the trend continuing over the next few years.
Augmenting our refining capacity by an additional 2 million tonnes per annum will help us capture this growing demand at a very competitive capital cost. Based on our internal studies, the optimisation project is expected to result in a very strong economic performance for the refinery.”
PSPB Sportspersons felicitated for CWG honours
IndianOil’s sportstars who won medals at the Commonwealth Games (CWG) in Delhi, were felicitated and given cash prizes in the presence of Murli Deora, Union Minister for Petroleum & Natural Gas, Jitin Prasada, Minister of State for Petroleum & Natural Gas, S Sundareshan, Secretary, MoP&NG, BM Bansal, Chairman, IndianOil and RS Sharma, CMD, ONGC and President, Petroleum Sports Promotion Board (PSPB).
While the CWG gold medal winners were given a trophy and a cheque of Rs. 10 lakh, the silver medal winners were presented with a trophy and a cheque of Rs. 7.5 lakh.
The Bronze medal winners were given a trophy with a cash prize of Rs. 5 lakh. The IndianOil sportstars who won prizes included Sharath Kamal (Table Tennis), Soumyadeep Roy (Table Tennis), K Shamini (Table Tennis), P Kashyap (Badminton), Aparna Balan (Badminton),Rushmy Chakravorty (Tennis), Rajpal Singh (Hockey), Bharat Chhikar (Hockey) and Dharamveer Singh (Hockey).
The public sector oil & gas companies came together under the PSPB banner to honour and reward the 101 Indian medal winners who brought laurels to the country at the Commonwealth Games. They have together contributed Rs. 10 crore with IndianOil contributing the highest at Rs. 3.1 crore in rewarding the star sportspersons.
Speaking on the occasion, Sundareshan praised the efforts of the medal winners and said, “Participation is the key to success. Winning is the prime goal but striving towards one’s target is also important.”
At the high-profile event organised by the Petroleum Sports Promotion Board, S Bhargava, Additional Secretary MoP&NG, and legendary Indian Cricketer Kapil Dev were also present.
AAI presents dividend cheque of Rs. 142.5 cr to govt
Mini-ratna public sector undertaking (PSU) Airports Authority of India recently presented a dividend cheque of Rs. 142.5 crore to Civil Aviation Minister Praful Patel, who received it on behalf of the government.
During the last fiscal, AAI earned a revenue of Rs. 4,615 crore against Rs. 4,186 crore in 2008-09, the Civil Aviation Ministry said in a release.
The profit before tax in 2009-10 was Rs. 1,228 crore against Rs. 1,116 crore in the previous year and the profit after tax was Rs. 712 crore in 2009-10 as against Rs. 687 crore in 2008-09, it added.
The dividend paid by the AAI to the government has gone up from Rs. 137.40 crore in 2008-09 to Rs. 142.50 crore in 2009-10, the statement said.
AAI has spent Rs. 2,743 crore on modernising airport terminals, passenger facilities and air traffic and navigational aids.
Petroleo Brasileiro, the oil producer that raised $70 billion in a share sale this year, posted third-quarter net income that missed analysts’ estimates after profit at three of its five operating units declined.
Net income rose to 8.57 billion reais ($5 billion), or 97 centavos a share, from 7.94 billion reais, or 90 cents, in the year-earlier period, Rio de Janeiro-based Petrobras said in a statement. Sales rose 14% to 54.7 billion reais.
Profit trailed analyst estimates after the state-controlled oil producer expanded output at a slower-than expected pace and results from its supply, distribution, and gas & energy units declined. Government caps on fuel prices also ate into refining profits as Petrobras was unable to pass on rising costs for imported oil like competitors Exxon Mobil and Royal Dutch Shell.
ONGC signs operating agreement with Hungarian Oil & Gas Company
ONGC has signed an Operating Agreement with MOL Hungarian Oil & Gas Plc. This agreement concludes the farm-in process by the Hungarian company into ONGC’s NELP-III exploratory block HF-ONN-2001/1 located in the sylvan surroundings of the Himalayan foothills in Himachal Pradesh.
The strategic alliance between ONGC and MOL was initiated in a meeting held during November, 2006 in the office of Minister of Petroleum & Natural Gas and crystallized by a MoU which was signed in January 2008.
AK Biswas, GGM Head-EXCOM Group did the honours on behalf of ONGC while Dr Zoltan Benko, Director-Upstream Business Development, signed on behalf of MOL.
NK Verma, GM Basin Manager - Frontier Basins, and Atilla Somfai, Director-Exploration, witnessed the signatures respectively. The agreement has cleared the table for active participation by the Hungarians who have demonstrated E&P expertise in complex geological areas like that of the Himalayan fold belt.
Essar Oil to further increase Vadinar refinery capacity to 20 million tonnes per annum
Essar Oil Ltd (EOL) has decided to undertake a project to further enhance the capacity of its Vadinar refinery to 20 million tonnes per annum (MMTPA).
Essar Oil currently operates a refinery in Vadinar, Gujarat, with nameplate capacity of 10.5 MMTPA. The refinery is consistently operating at a throughput of 14 MMTPA, or 300,000 bpsd (barrels per stream day). The company is currently implementing a project to expand this capacity to 18 MMTPA (375,000 bpsd), as part of the Phase I expansion of the refinery.
As on October 31, 2010, the Phase I expansion was 72 per cent complete and is on track for mechanical completion by March 2011, with the exception of two units that are delayed by a quarter.
The company has now decided to further expand the refinery’s capacity by 2 million tonnes to 20 million tonnes. This will be achieved through optimisation of some of the refinery units at an estimated cost of Rs. 1,700 crore (USD 380 million); the project will be completed by September 2012.
The move follows a detailed project review that identified several opportunities to de-bottleneck the refinery and revamp some of the units at an extremely competitive capital cost.
The optimisation project entails the revamp of six refinery units: FCCU (Fluid Catalytic Cracking Unit), DHDS (Diesel Hydro Desulphurisation) Unit, SWSU (Sour Water Stripping Unit), DHDT (Diesel Hydrotreater), VGO-HDT (Vacuum Gas Oil Hydrotreater) and DCU (Delayed Coker Unit).
Commenting on the optimisation project, Naresh Nayyar, MD & CEO of Essar Oil, said: “There has been a significant growth in Indian demand for petro products in the last few years and we see the trend continuing over the next few years.
Augmenting our refining capacity by an additional 2 million tonnes per annum will help us capture this growing demand at a very competitive capital cost. Based on our internal studies, the optimisation project is expected to result in a very strong economic performance for the refinery.”
PSPB Sportspersons felicitated for CWG honours
IndianOil’s sportstars who won medals at the Commonwealth Games (CWG) in Delhi, were felicitated and given cash prizes in the presence of Murli Deora, Union Minister for Petroleum & Natural Gas, Jitin Prasada, Minister of State for Petroleum & Natural Gas, S Sundareshan, Secretary, MoP&NG, BM Bansal, Chairman, IndianOil and RS Sharma, CMD, ONGC and President, Petroleum Sports Promotion Board (PSPB).
While the CWG gold medal winners were given a trophy and a cheque of Rs. 10 lakh, the silver medal winners were presented with a trophy and a cheque of Rs. 7.5 lakh.
The Bronze medal winners were given a trophy with a cash prize of Rs. 5 lakh. The IndianOil sportstars who won prizes included Sharath Kamal (Table Tennis), Soumyadeep Roy (Table Tennis), K Shamini (Table Tennis), P Kashyap (Badminton), Aparna Balan (Badminton),Rushmy Chakravorty (Tennis), Rajpal Singh (Hockey), Bharat Chhikar (Hockey) and Dharamveer Singh (Hockey).
The public sector oil & gas companies came together under the PSPB banner to honour and reward the 101 Indian medal winners who brought laurels to the country at the Commonwealth Games. They have together contributed Rs. 10 crore with IndianOil contributing the highest at Rs. 3.1 crore in rewarding the star sportspersons.
Speaking on the occasion, Sundareshan praised the efforts of the medal winners and said, “Participation is the key to success. Winning is the prime goal but striving towards one’s target is also important.”
At the high-profile event organised by the Petroleum Sports Promotion Board, S Bhargava, Additional Secretary MoP&NG, and legendary Indian Cricketer Kapil Dev were also present.
AAI presents dividend cheque of Rs. 142.5 cr to govt
Mini-ratna public sector undertaking (PSU) Airports Authority of India recently presented a dividend cheque of Rs. 142.5 crore to Civil Aviation Minister Praful Patel, who received it on behalf of the government.
During the last fiscal, AAI earned a revenue of Rs. 4,615 crore against Rs. 4,186 crore in 2008-09, the Civil Aviation Ministry said in a release.
The profit before tax in 2009-10 was Rs. 1,228 crore against Rs. 1,116 crore in the previous year and the profit after tax was Rs. 712 crore in 2009-10 as against Rs. 687 crore in 2008-09, it added.
The dividend paid by the AAI to the government has gone up from Rs. 137.40 crore in 2008-09 to Rs. 142.50 crore in 2009-10, the statement said.
AAI has spent Rs. 2,743 crore on modernising airport terminals, passenger facilities and air traffic and navigational aids.
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