India to host meet with Caspian oil producers
New Delhi: Come October, India will host a meeting of the Central Asian oil producers with four of the largest consumers in Asia by way of forming an 'Asian Oil Community'.

"In the week beginning October 17, we propose to host the oil ministers from Russia, Kazakhstan, Turkmenistan, Uzbekistan and Azerbaijan to a meeting with four prime Asian buyers - the Chinese, Japanese, Korean and, of course, Indian," Petroleum Minister Mani Shankar Aiyar stated in the capital today.

On January 6 this year, India had hosted oil producers Saudi Arabia, Iran, Kuwait, UAE, Oman and Qatar in a meeting with prime consumers India, China, Japan and Korea. The aim was to give shape to a new regional forum that vowed to strengthen energy ties for ensuring stable energy supplies at reasonable prices.

The October meeting would also focus on building energy security through joint investments, with consumers making upstream investments in producing countries and suppliers making downstream investments in refining and gas in the consuming nations.

According to the minister, in-principle approval for the meeting had already been received from Russia, Kazakhstan and Turkmenistan. He would extend a formal invitation to the Azerbaijan oil minister when he meets him in Baku next week.

The meeting would also be attended by representatives of from China, Japan and Korea.
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Irani Committee presents report on new Companies Act
New Delhi: The J J Irani committee working on the new Companies Act has recommended that independent directors should constitute at least a third of the board of listed and unlisted companies.

The committee has made a slew of suggestions aimed at simplifying the existing voluminous act and attune it to present day realities.

However, one of its major recommendations on independent directors flies in the face of a SEBI requirement which is currently insisting on Clause 49 compliance that stipulates that at least a half of the members of the board of directors should be independent.

Company Affairs Minister P C Gupta said the government would bring a Bill on the new Act by the Winter Session of Parliament.

In a significant recommendation, it has suggested that under the proposed "in-house" procedure, the power to impose penalty, in the form of a fine, may be vested with the Registrar of Companies, which is a statutory authority.

"Since the minimum and maximum quantum of fine would be defined in the Act, this would restrict the scope for discretionary exercise of power," it added.
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India initiates anti-dumping probe into Chinese silk fabrics
New Delhi: India too has joined an international move to initiate anti-dumping investigations into imported silk fabrics from China.

According to an initiation notification issued by the Directorate General of Anti-Dumping & Allied Duties (DGAD) here, the Authority has recently received a written petition from the Central Silk Board on surge in the import of fabrics from China.

The petitioners contend that the silk fabric produced by the power looms in India is similar to the goods originating in or exported from China. The petitioners maintain that China has been treated as non-market economy by anti-dumping investigation authorities and as such normal value might be determined on a reasonable basis including the price payable in India for the like product.

Available provisional DGCI&S data for the import of silk yarn and fabrics meanwhile show that such imports from all countries surged by 41 per cent at $162.75 million during 2004-05 against $115.32 million in 2003-04.

The latest on Chinese silk fabrics is the second in a series of anti-dumping probe against Chinese silk, as the indigenous cottage industry producing silk cocoon and fabrics has pleaded for protection against cheap imports eroding its operational viability, silk industry sources said.
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48 global and domestic oil majors bid under NELP-V
New Delhi: The Government has received 69 bids from 48 global and domestic majors to participate in the oil exploration activity under the fifth round of the New Exploration Licensing Policy (NELP V) for 20 oil exploration blocks.

Petronas Carigali of Malaysia, Cairn Energy of Scotland, Niko Resources Ltd of Canada and Suntera Resources Ltd of Russia are among the 27 foreign companies that have bids either on their own or as consortium members in the fifth round.

Besides, there are at least 18 foreign companies among the 27 that have bid for the first time under the NELP including BP, Petrobas of Brazil, ENI S.p.a. of Italy, Hunt Oil of the UK, KUFPEC of Kuwait and Zakros Holdings Ltd of Cyprus.

In addition, 21 Indian companies have bid either on their own or as a consortium including Reliance India Ltd, Tata Petrodyne Ltd, HPCL, BPCL, IOC, Adani Exports Ltd and Videocon Industries Ltd.

There are also 11 Indian companies that have bid for the first time under the NELP.

The Government is expected to take all the necessary decisions and announce the awards by July 31 this year and hopes to get the contracts signed by end-September this year.
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Fertiliser ministry to set up mega industrial estates
Chennai: The Union Ministry of Fertilisers and Chemicals is considering setting up mega industrial estates in one or more coastal States.

The Union Fertiliser Minister, Ram Vilas Paswan, said that the mega-industrial estate would involve setting up an 'anchor industry' that would catalyse a large number of ancillary units.

The study focuses on the global scenario of chemical products to identify potential areas for investments. The Ministry is willing to consider more than one such industrial estate, which will get special economic benefits, he said.

According to ministry sources Tamil Nadu, Gujarat, West Bengal, Karnataka, Andhra Pradesh and Maharashtra have been identified as potential sites. After studying different areas of investment, the Ministry has concluded that petrochemical industries and allied chemicals offer the best investment opportunity.

The State Governments have also evinced interest and Tamil Nadu has suggested two possible sites for the petrochemical park.
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