Now, have LPG cylinders delivered at your convenience
Liquified Petroleum Gas (LPG) customers of Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HP) in the city and suburbs can now get delivery of gas cylinders at their preferred date and time including on Sundays.
Civil supplies and consumer protection department commissioner K Rajaraman launched the scheme preferred time LPG delivery in presence of IOC executive director and state coordinator of Oil Industry, DSL Prasad.
The new facility is in addition to the existing delivery system of LPG cylinders.
According to an official release, the service will be available from 8am to 8pm on week days and 8am to 6pm on Saturdays and Sundays. Consumers can avail of the service on an additional payment of Rs. 25 to Rs. 50, depending on the day and time of the preferred delivery.
Under the scheme, IOC would cover the areas of Chennai till Ennore in north, Perungalathur in south, Poonamallee and Tiruninravur in West Chennai and Ennore to Kelambakkam in east. HP would cater to areas up to Tiruvotriyur in north, Vandalur in south, Ambattur and Red Hills in west and Neelankarai in east.
Customers who want to avail this facility are required to register on the websites, www.indane.co.in (for IOC) and, www.hindustanpetroleum.com (for HP). They can call 1800-2333-555 (toll free) or customer service cell at 044-24339236, 24339246 (IOC) and 044-28415153 (HP) for more details.
Essar Oil posts profit in Q2 on better refining margins
Increase in refining margins helped Essar Oil post Rs. 130 crore net profit for the quarter ending September 30, 2010, against a loss of Rs. 94 crore in the same period last year. Revenue was up 11 per cent to Rs. 12,415 crore.
“Refining margins were bottoming out last calendar. Since then, they have been improving with global demand picking up,” said Naresh Nayyar, Managing Director, in a conference call.
Refinery throughput for the quarter at 3.69 million tonnes was the best ever for Essar Oil.
Nayyar said the first phase of the Jamnagar refinery expansion to 18 mt was on track and would be completed by June. “The expanded refinery will be able to process nearly 90 per cent heavy and ultra-heavy crude. These will result in a significant increase in refining margins,” said a company release.
Nayyar said Essar would also expand its retail network to 1,700 outlets by March. At present, it has 1,376 fully operational outlets while 195 are in various stages of completion. “Post deregulation, we have seen 58 per cent growth in petrol sales,” he said.
K’taka begins acquiring land for ArcelorMittal steel project
Acquisition of land for the mega steel plant of ArcelorMittal, the world’s largest steel maker, has commenced in Kuditini village of Bellary district in north Karnataka. With the farmers accepting the cash compensation package fixed by the state government, the Karnataka Industrial Area Development Board (KIADB) has started taking possession of the land.
The farmers had been asking for a higher cash compensation. They have since accepted the Rs. 8-16 lakh per acre decided by the land fixation committee, headed by the deputy commissioner of the district.
The committee has fixed Rs. 8 lakh per acre for land in the interior, Rs. 12 lakh per acre if adjacent to the main road and Rs. 16 lakh per acre for converted land. The prices are double the prevailing market value. Presently, an acre of land in the interior costs Rs. 3-4 lakh and near the national highway, Rs. 6-7 lakh an acre. To be completed in 2 months; price fixed at Rs. 8-16 lakh per acre, double the market value.
Sesa Goa standalone profit at Rs. 353 cr
Sesa Goa Ltd has posted a standalone net profit of Rs. 353 crore on sales of Rs. 804 crore for the quarter ended September 30, 2010, against a net profit of Rs. 139 crore on sales of Rs. 448 crore for the corresponding quarter last year. On a consolidated basis, it posted a net profit of Rs. 385 crore on sales of Rs. 907 crore against a profit of Rs. 166 crore on sales of Rs. 534 crore for the corresponding period under review.
Rajasthan govt gives 40 mine leases near Sariska
The beauty of the Aravali-flanked Sariska Reserve may soon be a thing of the past, with the Rajasthan government granting 40 new mining leases in the eco-sensitive zone, something that'll leave the area pock-marked with quarries and pose a threat to an ambitious tiger reintroduction project.
The government sanctioned the leases on Tuesday on the plea that the Aravali range, where stone mining had been sanctioned, is less than 100m in height, which is not considered a hill as per state government norms.
Earlier this year, the Supreme Court banned quarrying for stone in the Aravalis of neighbouring Haryana, holding mining companies guilty of violating zoning laws and not filling up excavated craters. Later it said some mining may be allowed but only when the Haryana government adopts a mining policy based on an SC-appointed panel’s guidelines.
While Rajasthan authorities have interpreted norms to their convenience to sanction fresh leases, mining could damage the ecology of the region and jeopardize survival of the big cats. Five tigers have already been relocated to Sariska from Ranthambore and forest officials plan to shift more in the coming months.
Rajasthan State Petro short-listing partner for underground coal gasification project
Rajasthan State Petroleum Corporation Ltd (RSPCL) — a wholly-owned subsidiary of the State-owned Rajasthan State Mines and Minerals Ltd — may spin off a joint venture to undertake the underground coal gasification (UCG) projects.
The joint venture is expected to approach the Union Coal Ministry for allotment of a block in the lignite rich Barmer-Sanchore and Bikaner-Nagpur basins in Western Rajasthan. The project is expected to fuel a thermal power station.
SAIL logs best Q2, Tata Steel sales rise 14%
Tata Steel’s domestic sales for the second quarter (Q2) of the current financial year has seen a 14% surge over the Q2 figure for 2009-10 while its sales for the first half (H1) of 2010-11 (FY11) has seen a 6% increase over the figure for the first half of 2009-10.
In actual terms, its Q2 sales for the current financial year has seen an increase to 1.660 million tonne (mt) from 1.457 million tonne (mt) last year while its first half FY11 figure stood at 3.060 mt compared to 2.875 mt for FY10. The quarter also saw the steel major achieving its highest ever quarterly sales of long products at 0.774 mt, the previous best being 0.753 mt in Q4 of FY’10.
Tata Steel’s Indian operations also saw its Q2 hot metal production at 1.895 mt (1.795 mt), registering a 6% increase over last year’s comparable figure; its hot metal figure for first half FY11 stood at 3.723 mt (3.481 mt) showing a 7% increase over last year’s comparable figure. Meanwhile, state-run steel major SAIL reported its best-ever July-September quarter sales of 3.17 million tonnes (MT) on account of higher intake by the construction and manufacturing sectors.
“Sales growth in Q2 was mainly due to higher intake by the construction and manufacturing sectors...in comparison to sales in the previous quarter (Q-1), SAIL achieved a growth of 30.8%,” the company said.
Mining cos may have to re-apply for GMC
The Mining companies that have applied for Grant of Mineral Concessions (GMC) to state governments may have to apply once again after the draft of Mines and Minerals Development and Regulation Act, 2010 (MMDR) is passed in the Parliament. The group of minister’s (GoM) to finalise the MMDR draft has said that all pending applications for GMC will stand abated once the new act comes into power.
The decision is likely to impact all the companies awaiting approval from state governments for GMC.
While the procedure of granting mineral concession in itself is time consuming, a move to cancel all pending applications will only force companies to delay their investment plans in the mining sector.
“The procedure of granting GMC is not very transparent under the current act. We are working on setting up a National Mining Regulatory Authority that will ensure transparency in process of GMC. So once the regulator comes into power new application can be entertained,” said an official in the Ministry of Mines.
There are three kinds of mineral concessions-reconnaissance permit (RP), prospecting license (PL) and mining lease (ML). RP is granted for preliminary prospecting of a mineral through regional, aerial, geophysical or geochemical surveys and geological mapping. PL is granted to undertake operations for exploring, locating or proving mineral deposit. ML is granted for undertaking operations for winning any mineral.
“There will be some delay for the companies looking to get mining concessions due to this clause. But in the medium to long term everything would be back in order,” said Anjani Agarwal, national leader-metals & mining, Ernst & Young. The GoM has already approved sharing of 26% of the profits or last year’s royalty paid (whichever is higher) by the mining companies with the locally affected people. The industry has strongly opposed the proposal. The Ministry of Mines will table the bill in the parliament in the winter session (in December).
Gulf Oil to restructure explosives business
Gulf Oil Corporation Limited, a Hinduja group company, has announced a restructuring of the explosives business of the company. The company, (formerly known as IDL Industries Limited ) has been in business for 50 years and over these years, it has diversified organically and inorganically.
Currently, the company has four autonomously managed divisions namely lubricants (53% of the revenue), explosives (29% of the revenue) and contract mining (21% of the revenue) while the real estate segment is now being developed into a major revenue earner for the future.
In a release, the company said that steps for the scheme of de-merger of the business into a 100% wholly-owned subsidiary is expected to be completed over the next few months. The sub-sidiarisation of the packaged and bulk explosives business will allow the company to have a level-playing field with majority of competition who are focused on the explosives business.
Last year, the company had a turnover of Rs. 1,066 crore and it was felt that the business model needed to be reviewed to allow growth for business segments.
Liquified Petroleum Gas (LPG) customers of Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HP) in the city and suburbs can now get delivery of gas cylinders at their preferred date and time including on Sundays.
Civil supplies and consumer protection department commissioner K Rajaraman launched the scheme preferred time LPG delivery in presence of IOC executive director and state coordinator of Oil Industry, DSL Prasad.
The new facility is in addition to the existing delivery system of LPG cylinders.
According to an official release, the service will be available from 8am to 8pm on week days and 8am to 6pm on Saturdays and Sundays. Consumers can avail of the service on an additional payment of Rs. 25 to Rs. 50, depending on the day and time of the preferred delivery.
Under the scheme, IOC would cover the areas of Chennai till Ennore in north, Perungalathur in south, Poonamallee and Tiruninravur in West Chennai and Ennore to Kelambakkam in east. HP would cater to areas up to Tiruvotriyur in north, Vandalur in south, Ambattur and Red Hills in west and Neelankarai in east.
Customers who want to avail this facility are required to register on the websites, www.indane.co.in (for IOC) and, www.hindustanpetroleum.com (for HP). They can call 1800-2333-555 (toll free) or customer service cell at 044-24339236, 24339246 (IOC) and 044-28415153 (HP) for more details.
Essar Oil posts profit in Q2 on better refining margins
Increase in refining margins helped Essar Oil post Rs. 130 crore net profit for the quarter ending September 30, 2010, against a loss of Rs. 94 crore in the same period last year. Revenue was up 11 per cent to Rs. 12,415 crore.
“Refining margins were bottoming out last calendar. Since then, they have been improving with global demand picking up,” said Naresh Nayyar, Managing Director, in a conference call.
Refinery throughput for the quarter at 3.69 million tonnes was the best ever for Essar Oil.
Nayyar said the first phase of the Jamnagar refinery expansion to 18 mt was on track and would be completed by June. “The expanded refinery will be able to process nearly 90 per cent heavy and ultra-heavy crude. These will result in a significant increase in refining margins,” said a company release.
Nayyar said Essar would also expand its retail network to 1,700 outlets by March. At present, it has 1,376 fully operational outlets while 195 are in various stages of completion. “Post deregulation, we have seen 58 per cent growth in petrol sales,” he said.
K’taka begins acquiring land for ArcelorMittal steel project
Acquisition of land for the mega steel plant of ArcelorMittal, the world’s largest steel maker, has commenced in Kuditini village of Bellary district in north Karnataka. With the farmers accepting the cash compensation package fixed by the state government, the Karnataka Industrial Area Development Board (KIADB) has started taking possession of the land.
The farmers had been asking for a higher cash compensation. They have since accepted the Rs. 8-16 lakh per acre decided by the land fixation committee, headed by the deputy commissioner of the district.
The committee has fixed Rs. 8 lakh per acre for land in the interior, Rs. 12 lakh per acre if adjacent to the main road and Rs. 16 lakh per acre for converted land. The prices are double the prevailing market value. Presently, an acre of land in the interior costs Rs. 3-4 lakh and near the national highway, Rs. 6-7 lakh an acre. To be completed in 2 months; price fixed at Rs. 8-16 lakh per acre, double the market value.
Sesa Goa standalone profit at Rs. 353 cr
Sesa Goa Ltd has posted a standalone net profit of Rs. 353 crore on sales of Rs. 804 crore for the quarter ended September 30, 2010, against a net profit of Rs. 139 crore on sales of Rs. 448 crore for the corresponding quarter last year. On a consolidated basis, it posted a net profit of Rs. 385 crore on sales of Rs. 907 crore against a profit of Rs. 166 crore on sales of Rs. 534 crore for the corresponding period under review.
Rajasthan govt gives 40 mine leases near Sariska
The beauty of the Aravali-flanked Sariska Reserve may soon be a thing of the past, with the Rajasthan government granting 40 new mining leases in the eco-sensitive zone, something that'll leave the area pock-marked with quarries and pose a threat to an ambitious tiger reintroduction project.
The government sanctioned the leases on Tuesday on the plea that the Aravali range, where stone mining had been sanctioned, is less than 100m in height, which is not considered a hill as per state government norms.
Earlier this year, the Supreme Court banned quarrying for stone in the Aravalis of neighbouring Haryana, holding mining companies guilty of violating zoning laws and not filling up excavated craters. Later it said some mining may be allowed but only when the Haryana government adopts a mining policy based on an SC-appointed panel’s guidelines.
While Rajasthan authorities have interpreted norms to their convenience to sanction fresh leases, mining could damage the ecology of the region and jeopardize survival of the big cats. Five tigers have already been relocated to Sariska from Ranthambore and forest officials plan to shift more in the coming months.
Rajasthan State Petro short-listing partner for underground coal gasification project
Rajasthan State Petroleum Corporation Ltd (RSPCL) — a wholly-owned subsidiary of the State-owned Rajasthan State Mines and Minerals Ltd — may spin off a joint venture to undertake the underground coal gasification (UCG) projects.
The joint venture is expected to approach the Union Coal Ministry for allotment of a block in the lignite rich Barmer-Sanchore and Bikaner-Nagpur basins in Western Rajasthan. The project is expected to fuel a thermal power station.
SAIL logs best Q2, Tata Steel sales rise 14%
Tata Steel’s domestic sales for the second quarter (Q2) of the current financial year has seen a 14% surge over the Q2 figure for 2009-10 while its sales for the first half (H1) of 2010-11 (FY11) has seen a 6% increase over the figure for the first half of 2009-10.
In actual terms, its Q2 sales for the current financial year has seen an increase to 1.660 million tonne (mt) from 1.457 million tonne (mt) last year while its first half FY11 figure stood at 3.060 mt compared to 2.875 mt for FY10. The quarter also saw the steel major achieving its highest ever quarterly sales of long products at 0.774 mt, the previous best being 0.753 mt in Q4 of FY’10.
Tata Steel’s Indian operations also saw its Q2 hot metal production at 1.895 mt (1.795 mt), registering a 6% increase over last year’s comparable figure; its hot metal figure for first half FY11 stood at 3.723 mt (3.481 mt) showing a 7% increase over last year’s comparable figure. Meanwhile, state-run steel major SAIL reported its best-ever July-September quarter sales of 3.17 million tonnes (MT) on account of higher intake by the construction and manufacturing sectors.
“Sales growth in Q2 was mainly due to higher intake by the construction and manufacturing sectors...in comparison to sales in the previous quarter (Q-1), SAIL achieved a growth of 30.8%,” the company said.
Mining cos may have to re-apply for GMC
The Mining companies that have applied for Grant of Mineral Concessions (GMC) to state governments may have to apply once again after the draft of Mines and Minerals Development and Regulation Act, 2010 (MMDR) is passed in the Parliament. The group of minister’s (GoM) to finalise the MMDR draft has said that all pending applications for GMC will stand abated once the new act comes into power.
The decision is likely to impact all the companies awaiting approval from state governments for GMC.
While the procedure of granting mineral concession in itself is time consuming, a move to cancel all pending applications will only force companies to delay their investment plans in the mining sector.
“The procedure of granting GMC is not very transparent under the current act. We are working on setting up a National Mining Regulatory Authority that will ensure transparency in process of GMC. So once the regulator comes into power new application can be entertained,” said an official in the Ministry of Mines.
There are three kinds of mineral concessions-reconnaissance permit (RP), prospecting license (PL) and mining lease (ML). RP is granted for preliminary prospecting of a mineral through regional, aerial, geophysical or geochemical surveys and geological mapping. PL is granted to undertake operations for exploring, locating or proving mineral deposit. ML is granted for undertaking operations for winning any mineral.
“There will be some delay for the companies looking to get mining concessions due to this clause. But in the medium to long term everything would be back in order,” said Anjani Agarwal, national leader-metals & mining, Ernst & Young. The GoM has already approved sharing of 26% of the profits or last year’s royalty paid (whichever is higher) by the mining companies with the locally affected people. The industry has strongly opposed the proposal. The Ministry of Mines will table the bill in the parliament in the winter session (in December).
Gulf Oil to restructure explosives business
Gulf Oil Corporation Limited, a Hinduja group company, has announced a restructuring of the explosives business of the company. The company, (formerly known as IDL Industries Limited ) has been in business for 50 years and over these years, it has diversified organically and inorganically.
Currently, the company has four autonomously managed divisions namely lubricants (53% of the revenue), explosives (29% of the revenue) and contract mining (21% of the revenue) while the real estate segment is now being developed into a major revenue earner for the future.
In a release, the company said that steps for the scheme of de-merger of the business into a 100% wholly-owned subsidiary is expected to be completed over the next few months. The sub-sidiarisation of the packaged and bulk explosives business will allow the company to have a level-playing field with majority of competition who are focused on the explosives business.
Last year, the company had a turnover of Rs. 1,066 crore and it was felt that the business model needed to be reviewed to allow growth for business segments.
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