Energy | Essar to spend $300 mn to produce natural gas

Energy | Essar to spend $300 mn to produce natural gas
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First Published: Wed, Sep 09 2009. 10 53 PM IST
Updated: Wed, Sep 09 2009. 10 53 PM IST
New Delhi: Essar Oil Ltd, operator of India’s second largest non-state refiner, may spend around Rs1,500 crore to produce natural gas from a coal seam block in West Bengal, which is expected to start output in December.
The refiner and explorer may borrow $150 million (around Rs725 crore) from local banks over the next three years to finance the project, Shishir Agrawal, chief executive officer of Essar Exploration and Production India Ltd, said over the phone from New Delhi on Wednesday.
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NTPC hires Macquarie for Indonesia mine deal
New Delhi: NTPC Ltd has hired Macquarie Group Ltd to evaluate a proposed coal mine purchase in Indonesia, the company’s first overseas acquisition.
“We appointed Macquarie about 15 days back and they have already started due diligence,” chairman R.S. Sharma said in an interview at his office in New Delhi. He didn’t give details.
“NTPC faces coal shortages at some of its plants and having its own mine will help,” said Madanagopal Ramu, an analyst with Centrum Broking Pvt. Ltd, who has a sell rating on the stock.
“NTPC will be able to bid more aggressively for new projects after 2011 if it has overseas mines producing 10 million tonnes of coal,.” Ramu said.
— Bloomberg
OIL gets Rs10,040 cr of bids on Day 3 of IPO
New Delhi: State-run energy explorer Oil India Ltd got at least Rs10,040 crore of bids on the third day of its initial public offer (IPO), the website of the National Stock Exchange showed.
The utility received bids for 105.7 million shares, or four times the 26.4 million shares offered, as of 4pm on Wednesday, according to the exchange’s website. The shares are being offered at Rs950-1,050 apiece.
— Bloomberg
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First Published: Wed, Sep 09 2009. 10 53 PM IST