Shell offers Gail 22% stake in Egypt company
New Delhi: Shell International has offered an additional 5-per cent equity stake to Gail India in its gas company in Egypt, Shell CNG Egypt (SCNGE). As against Shell's earlier offer of 17 per cent equity, it has now offered a 22-per cent at par value to Gail in its gas company. Also, Gail is also picking up a 19-per cent equity in another gas company of Shell in Egypt, Fayum Gas Company (FGC).

Gail chairman and managing director Proshanto Banerjee will shortly leave for Cairo to execute the shareholders agreement and share purchase agreement with Shell International Gas for both these ventures, say reports. Shell CNG retails CNG to automobiles in Cairo, while FGC supplies piped natural gas for domestic consumption. In Fayum Gas, Royal Dutch Shell holds a 70-per cent equity and 27 per cent stake is with Natgas, a company promoted by Egypt Kuwait Holding Company. The balance three per cent is held by a private consultant.
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Reliance Energy, GVK Reddy in race for Spectrum stake
Mumbai: Reliance Energy and the GVK Reddy group are eyeing for the 35-per cent stake in the Hyderabad-based Spectrum Power Generation (SPGL). Banks and financial institutions led by IDBI were looking for strategic investors in SPGL since September. Both Reliance and GVK Reddy are interested in picking up the 35 per cent stake held by banks and FIs, a highly placed sources were quoted as saying.

The banks and FIs, consisting of IDBI, IFCI, ICICI Bank, SBI, UTI-I and IIBI, with a combined exposure of about Rs 700 crore to the company, acquired a 35-per cent equity by converting a part of their overdue debt into equity and are eager to sell the same. The money had been lent for the setting up of a 208 MW gas-based power project in Kakinada, Andhra Pradesh.
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AT Kearney likely to open office in Mumbai
Mumbai: Global management consulting firm AT Kearney has indicated that it might open its second office in India, in Mumbai. "We have specific plans on this matter, which will be reviewed in the next few weeks. A final decision on whether to open the office in Mumbai or not is expected to be taken by February next year," said Heinz Ludwig Klein, CEO-elect, AT Kearney Inc. Klein, who was elected as CEO of AT Kearney in October, will assume office from 1 December.

Klein said AT Kearney will not go in for a large office network in India, given that the country is still a "non-mature" market for consulting. "I do not see a large office network other than probably these two; the current one at New Delhi and may be one at Mumbai. He said the decision to have an office in Mumbai will, to a large extent, depend on the support that the organisation could provide for such a plan. "If you want to be successful in a non-mature market, you need the support of whole organisation. Otherwise, it would not be feasible to open a new office."
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ONGC wants infrastructure status for E&P business
Mumbai: ONGC has asked the central government to grant it 'infrastructure status' for its exploration and production (E&P) business. The company, which has lined up upstream investments of Rs 16,200 crore in this fiscal alone, will benefit from a seven-year tax holiday on revenues from its E&P business if the government agrees, says a report. "E&P is a core infrastructure activity. It is very alike other core projects such as roads, bridges, etc. We have asked the ministry to consider this," R S Sharma, director (finance), was quoted as saying.

Raising funds at concessional rates and a seven-year tax holiday under Section 85 (a) will most certainly mean more funds at the company's disposal for its ambitious growth plans. It has won 15 blocks under the fourth round of New Exploration and Licensing Policy, is redeveloping its biggest asset Mumbai High, and is aggressively pursuing equity oil abroad. This year ONGC plans to spend Rs 5,700 crore on oil exploration, production and development drilling within the country. It has also earmarked Rs 6,200 crore for overseas investments.
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Qatar Shipping acquires 15% in SCI's two LNG companies
Mumbai: Qatar Shipping, one of the largest shipping companies in the Gulf region, has acquired a 15-per cent stake in two LNG transportation companies owned by the Shipping Corporation of India (SCI) and three Japanese companies (Mitsui OSK Line, NYK Line and K Line) for about Rs 68 crore.

The two companies, India LNG Transport Company 1 and India LNG Transport Company 2, have been set up to carry liquefied natural gas primarily to the Dahej terminal in Gujarat. The terminal, which is expected to be commissioned next month, is being constructed by Petronet LNG, a company promoted by some state owned oil companies to import, store and distribute liquefied natural gas in India.
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