IOC
stops supply of naphtha to HPL
Mumbai:
Indian Oil Corporation has stopped supply of naphtha to the Rs
5,300-crore Haldia Petrochemicals following non-payment of dues by
the West Bengal-based company.
The oil PSU, which is the only supplier of naphtha to HPL has
halted supplies as two of the company's cheques amounting to Rs
17.33 crore and Rs 21 crore bounced consecutively.
The project, jointly promoted by the West Bengal government, the
Chatterjee Group of Purnendu Chatterjee (43 per cent each) and
Tatas (14 per cent), is yet to overcome its financial problems
with the long overdue financial restructuring yet to be finalised.
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Bangladesh
court restricts gas export to India
Dhaka: The
Bangladesh High Court has imposed a three-month restriction on the
government to export natural gas through a pipeline to India.
The court issued an injunction asking the government to restrain
from signing any production sharing contracts and exporting
natural gas.
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Kerala
announces new industrial policy
Thiruvananthapuram:
Kerala's new industrial policy announced on Friday envisages
setting up of four industrial development zones with incentives
and legal safeguards for enhanced and sustained growth rate and
generation of employment in the state.
Industries minister, P K Kunhalikutty, who presented the policy in
the Assembly, said the zones would be based at Thiruvananthapuram,
Kochi, Kanjikode (Palakkad district) and Kozhikode.
Exemptions from electricity duty would be given for five years to
new industrial units from the commencement of commercial
production.
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US
Congress to probe Enron collapse
Washington:
US Congress will probe the collapse of energy giant Enron and
examine how Wall Street securities analysts failed to foresee the
dramatic demise of the firm.
The House subcommittee on Capital Markets and the House Oversight
and Investigations subcommittee have invited Enron chairman
Kenneth Lay, Arthur Andersen chief executive Joe Berardino and
Securities and Exchange Commission chairman Harvey Pitt to
testify.
The Congress will seek to find out whether the retirement savings
of Enron workers and the mutual funds of a lot of other people
were victims of fraud or from violations of any existing
securities laws.
Enron's filing for Chapter 11 bankruptcy protection Sunday marked
the largest ever bankruptcy filing of a US corporation.
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