ONGC
Videsh looks towards South America
New Delhi: ONGC Videsh Ltd (OVL), the overseas
investment outfit of Oil & Natural Gas Corp (ONGC),
may soon tie up with the national oil company of Venezuela,
PDVSA. Sources said a detailed meeting for energy cooperation
between ONGC and the Venezuelan national oil company took
place here recently and there are expectations that OVL
may combine forces with other international oil and gas
companies to tap exploration opportunities in Venezuela.
A
high-level delegation of PDVSA discussed among other issues
business opportunities being pursued by OVL in Venezuela,
sources added.
The
Venezuelan side is understood to have proposed that both
ONGC and PDVSA should explore the possibility of benefiting
from sourcing of Venezuelan crude on long-term basis and
synergising the same with Indian refining capacity with
access to vast Indian and Asia-Pacific markets. Both sides
agreed to set up a joint group to study and propose suitable
mechanism for collaboration in this area, they added.
The recommendations of this meeting and identification
of areas of collaboration is likely to be further discussed
during the visit of the Minister of Energy of Venezuela
to India, which is slated later this month.
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Tata
Ryerson forays into stainless steel
sector
Kolkata: Tata Ryerson, the joint venture between
Tata Steel and Ryerson Inc, has entered the stainless
steel business through its brand, Trynox. The company
is planning to invest Rs40 crore by 2008-09 and has lined
up a total investment of Rs100 crore by 2008-09 in setting
up several facilities. Funds for the expansion would largely
come from the promoters.
Ryerson
Inc is one of the leading distributors and processor of
metals in America.
Tata
Ryerson creates customer value by providing a wide array
of processing, distribution and materials management services
to both steel producers and customers.
Currently,
an investment of Rs46 crore is under various stages of
implementation. The investment was being made in a cold-rolling
processing facility in Faridabad, cold rolling facility
in Pune and an additional hot rolling facility in Jamshedpur.
Other
new projects include a Rs20 crore rebar processing facility
at Faridabad and steel service centre at Pantnagar in
Uttaranchal. Chakravortty said, steel service centre was
being set up with Tata Motors.
The
centre would be designed by Tata Motors and Tata Ryerson
was an important partner in the project. The expected
capital investment was to the tune of Rs45 crore and 6.3
acres of land had already been acquired.
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Aurobindo
Pharma gets UK approval for antidepressant drug
Hyderabad: Aurobindo Pharma has received the marketing
authorisation approval from the United Kingdom Medicines
and Healthcare products Regulatory Agency (UK-MHRA) for
Mirtazapine 15, 30 and 45 mg tablets containing the active
ingredient Mirtazapine.
This
is the second formulation approval received from the UK
MHRA for a product developed in-house. With this approval,
the company said it would be easier for it to obtain similar
marketing authorisation for Mirtazapine tablets in the
other countries of the European Union through Mutual Recognition
Procedure.
The
company said this generic product is bio-equivalent and
has the same therapeutic effect to the innovator product,
namely Zispin of Organon Inc.
Mirtazapine
is a newer antidepressant that exhibits both noradrenergic
and serotonergic activity. Mirtazapine enjoys a market
of over $140 million in Europe, the company said.
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Shyam
Telecom applies for GSM spectrum
New Delhi: Rajasthan based Shyam Telecom has applied
to the Department of Telecom for spectrum for offering
GSM based services despite having a full-fledged CDMA
based operations.
Earlier,
Reliance Communication and Punjab based HFCL also applied
for GSM spectrum leaving Tata Teleservices as the only
operator to stick with CDMA technology in the country.
State-owned Bharat Sanchar Nigam Ltd has also decided
to roll out fixed wireless telephone services using GSM
technology even though it was using the CDMA technology
for that service until now.
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NTPC
plants hit by gas shortage
New Delhi: Six gas-fired power plants run by National
Thermal Power Corp have been severely hit by gas shortage
after ONGC's flooded complex in Hazira disrupted supplies.
NTPC officials said the company is operating at partial
capacity of about 40 percent. Some of the six plants can
shift to naphtha if gas supplies are not normalised. Two
of NTOC's power plants are located in Gujarat, two in
Uttar Pradesh, and one each in Rajasthan and Haryana.
Oil and Natural Gas Corp said it has capped gas wells
at the offshore platforms of its Bassein field and the
Panna-Mukta and Tapti fields after floodwater came into
the key Hazira Gas Processing Complex.
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Ford
India sales to double in 2006
New Delhi: Ford India, the wholly owned subsidiary
of Ford Motor Co, expects to double its sales this year
to nearly 50,000 cars mainly due to the upbeat performance
of its Fiesta model, company officials said.
The
company said it has already sold as many cars in the January
to June period this year as it sold in the whole of last
year. Ford India sold 25,647 cars in 2005.
The
company has launched an updated version of its Ford Fusion,
which is priced at Rs569,000 in India.
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ONGC
gas output, Hazira supplies continue to suffer
New Delhi: ONGC's natural gas production from Mumbai
offshore and supplies from its Hazira gas processing complex
continued to be disrupted due to floods in Gujarat for
the second day. Officials said all efforts were being
made to restore normalcy in the shortest possible time
and the plant would restart after the water recedes.
The
Hazira gas complex feeds a large number of fertiliser
and power plants in north India, and their operations
have been hit by the disruption, which began on Tuesday
morning.
The
company was suffering a deferred revenue loss of Rs19
crore per day due to shut down of Hazira complex.
Hazira
plant receives around 40.5 millioncubic meters per day
(MCMD) of gas from ONGC's offshore Bassein field. It processes
this to produce 1,650 tonnes of LPG, 3,350 t of aromatic
naphtha, 417 t of superior kerosene oil and 48 t of high-speed
diesel.
The
ONGC-Reliance-British Gas operated Panna, Mukta and Tapti
(PMT) fields also did not produce any gas and were forced
to cut oil production by 20,000 barrels per day. The gas
from these fields was fed mainly for power and fertiliser
plants and compressed natural gas (CNG) operations in
Delhi.
According
to sources, since Hazira could not receive gas, 30 MCMD
output from Bassein and B-55 fields, and 10.5 MCMD gas
and 20,000 barrels per day of crude oil from PMT fields
was suspended.
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