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Corporate News | Cyclone weakens: ONGC, RIL resume production

Corporate News | Cyclone weakens: ONGC, RIL resume production
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First Published: Fri, May 21 2010. 10 44 PM IST
Updated: Fri, May 21 2010. 10 44 PM IST
New Delhi: Reliance Industries Ltd (RIL) on Friday resumed oil and gas production on Friday from its MA-1 field on the east coast as cyclone Laila weakened, a company official said.
Oil and Natural Gas Corp. Ltd (ONGC) also resumed operating one deepwater rig in the Bay of Bengal.
“We have positioned or are positioning the other rigs and they will start operations very shortly,” technical director U.N. Bose said. ONGC had earlier stopped work at seven rigs and had evacuated staff.
“We have started oil and gas production from MA-1 field. It will take about 24 hours to stabilize the output at previous level,” the RIL official, with direct knowledge of exploration operations, said.
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RCF seeks to invest$1 bn in Ghana plant
Mumbai: India’s biggest state-run urea maker, Rashtriya Chemicals and Fertilizers Ltd (RCF), plans to invest $1 billion (Rs4,700 crore) to set up a facility in Ghana, a government official with direct knowledge of the matter said.
The plant will have a capacity to produce 1 million tonnes, the official said, declining to be identified as the information isn’t public. RCF plans to secure fuel for the project from Ghana Oil Co. Ltd, the official said.
The fertilizer ministry has approved the investment proposal, the official said.
—Bloomberg
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HSBC InvestDirect settles with regulator
Bangalore: HSBC InvestDirect Securities (India) Ltd, a unit of HSBC Holdings Plc, agreed to pay Rs40 lakh ($85,240) to settle an enforcement action by India’s capital markets regulator.
The company also agreed to reverse credit wrongly given to clients, reinstate debtors and buy back excess shares sold, according to a statement from the Securities and Exchange Board of India on Friday.
HSBC InvestDirect Securities on Thursday said it would exit its merchant banking operations in India and surrender its licence.
—Bloomberg
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First Published: Fri, May 21 2010. 10 44 PM IST