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Indian firm to invest $250 mn in Cameroon
Yaounde, Cameroon:Angelique International Ltd of India may build power and water projects in Cameroon worth $250 million (Rs1,217.5 crore), Mohinder Pratap Gupta, a director of the company, told reporters in Yaounde, the capital of the African country, on Tuesday.
The New Delhi-based company on Tuesday signed a memorandum of understanding with the government of Cameroon. Cameroon will apply to the Export-Import Bank of India for financing, Jean Bernard Sindeu, Cameroon’s minister of water resources and energy, told reporters.
—Bloomberg
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World oil industry needs $26 trillion over 22 years
New Delhi: Investments of as much as $26 trillion (Rs1,266 trillion) may be needed over the next 22 years in developing the world’s oil industry, the International Energy Agency said.
Production cuts by the Organization of Petroleum Exporting Countries (Opec) may cause oil prices to rise when the global economy recovers, Richard H. Jones, the Paris-based agency’s deputy executive director, said at a conference in New Delhi.
They are making announcements of oil cuts in the hope that prices will go up, but they should understand the world economy needs a break from high oil prices, he said.
—Bloomberg
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ONGC, Arrow to jointly bid for methane blocks
New Delhi: Oil and Natural Gas Corp. Ltd (ONGC), India’s biggest exploration company, signed a preliminary agreement with Australia’s Arrow Energy Ltd. to jointly bid for coal-seam methane blocks globally.
The accord was signed in New Delhi on Wednesday, ONGC said in an emailed statement.
—Bloomberg
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India offers Qatar a 10% stake in Petronet LNG
New Delhi: India has offered Qatar a 10% stake in state-controlled Petronet LNG Ltd, Union petroleum minister Murli Deora said in New Delhi on Wednesday.
We will consider the offer, Qatari oil minister Abdullah bin Hamad al-Attiyah said. It has to be done through the Qatar investment board.
Qatar will also increase its exports to the country to 7.5mt a year from the current 5mt, Qatar’s oil minister said.
—Bloomberg
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Essar seeks adequate gas for Hazira plant
New Delhi: Ruias-led Essar Steel Ltd has approached the government for adequate allocation of gas from state-owned oil companies for its 4.6- million tonne (mt) plant at Hazira.
In response, steel minister Ram Vilas Paswan has written a letter to petroleum minister Murli Deora, saying Essar Steel’s request for supplying gas resourced through Petronet and supplied under pricing agreement from Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Gujarat State Petroleum Corp. Ltd, may be considered.
The industry, however, is apprehensive with steel sector not finding a place in the priority list.
—PTI
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India culls 524,000 birds since avian flu outbreak
Bangalore: India culled at least 524,000 birds in West Bengal and Assam to contain an outbreak of avian flu among poultry, the government said.