Reliance may win gas price hike with guarantees

November 27, 2013

MoilyMumbai, Nov 27: Reliance Industries may be allowed to hike rates for its gas from April after it offered financial guarantees to the government to settle any claims against it over a shortfall in its gas output, the petroleum minister said.

In June, India approved a move to higher, market-related rates for locally-produced gas from April 2014, but the finance ministry later said prices for Reliance should be capped because the company's gas production from the offshore D6 block was far below its supply commitment.

Reliance, which operates the D6 block off India's eastern coast, has reported a sharp decline in gas output since 2010. Reliance and partner BP have cited geological complexities for the fall in output, but the oil regulator believes they failed to drill enough wells.

Falling output had already prompted the government to disallow proportionate cost recovery to Reliance, leading to arbitration proceedings over the issue.

"They have come forward with the proposal for bank guarantees. There are some arbitration proceedings pending. Till that is settled, they will submit bank guarantees," Petroleum Minister Veerappa Moily told reporters at an industry event on Tuesday in Mumbai.

Gas from D6 was earmarked for strategic domestic industries including fertiliser production, cooking gas and power, but has fallen so much that only some fertiliser plants now get supplies from the offshore block.

"We will put up a Cabinet note in 10-15 days. Our ministry is concerned because we are keen to close the issue," he added.

A spokesman for Reliance, controlled by India's richest man, Mukesh Ambani, declined to comment on the matter.

The minister did not disclose the amount of guarantees, although media reports have earlier estimated them at $135 million per quarter.

India, which imports nearly 80 per cent of its oil and a quarter of its gas requirement, hopes to launch a new round of auctions for oil and gas blocks by mid-January, Moily said.

No going back on gas price hikes: Moily

Mumbai: Oil Minister M Veerappa Moily has ruled out reversal of the decision to double natural gas prices from April 1 next year and said that the notification on this will be issued shortly.

"Absolutely, there is no question of reversing the decision to hike natural gas prices, as proposed by the Rangarajan panel report, or going back on the decision," Moily told reporters.

"The notification regarding the implementation of the new price formula will be issued shortly," he said here, a day after meeting investors, bankers and analysts ahead of the forthcoming NELP round X auctions from mid-January.

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News Network
March 5,2020

Mar 5: The Kerala government has given its nod to a proposal aimed at encouraging students aged between 18 and 25 years to take up part-time jobs while pursuing education so as to help them gain work experience and hone their skills.

The government has decided to accept the proposal as a policy decision at the Cabinet meeting held on Wednesday, an official press release said.

The aim is to ensure that in a fiscal, 90 days of work is assured for students in government departments, local body organisations, PSUs and private companies.

This will help in developing a work culture among students.

Honorariums will be given to students by the organisations employing them part-time, the release said.

Students aged between 18 and 25 years will be permitted to become part of the scheme which will help them to gain work experience and hone their skills, the release added.

In another decision, the government decided to release Rs 26 crore from the Chief Minister's disaster relief fund for providing compensation to farmers who suffered crop loss during the 2018 floods.

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News Network
January 12,2020

Patna, Jan 12: Prashant Kishor, national vice-president of the Janata Dal (United), a key ally of the BJP-led NDA, has thanked Congress general secretary Priyanka Gandhi and former AICC chief Rahul Gandhi for their support in opposing CAA (Citizenship Amendment Act) and NRC (National Register of Citizens).

Perceived as one of the closest associates of Bihar Chief Minister Nitish Kumar, who is also the party’s national president, PK (as Prashant is fondly called) also assured the two top Congress leaders that the contentious legislation would not be implemented in Bihar where JD (U) is ruling the State with the support of the BJP.

“I join my voice with all to thank #Congress leadership for their formal and unequivocal rejection of #CAA_NRC. Both @rahulgandhi and @priyankagandhi deserve special thanks for their efforts on this count….also would like to reassure to all – CAA/NRC won’t be implemented in Bihar,” tweeted PK on Sunday.

The development assumes significance as a day back, the Congress Working Committee (CWC) meeting, chaired by Sonia Gandhi, had strongly opposed CAA/NRC/NPR as it was aimed at “sinister design of the present regime to divide Indian people into religious lines.”

The latest tweet by PK is also being seen as a rebuff to the BJP, which again recently reiterated that “the BJP should project its own chief ministerial candidate during the 2020 Bihar Assembly elections.”

The JD (U) had taken umbrage over such provocative statements by BJP leaders and asked the saffron camp to rein in its ‘loudmouths’ as BJP chief Amit Shah had already made it clear that the next Assembly polls in Bihar would be fought under the leadership of Nitish.

Of late, PK has been quite vocal about his opposition to the Centre’s policies, particularly the contentious issues of NRC and CAA. Besides, he even dubbed senior BJP leader Sushil Modi as the man who became Bihar’s Deputy Chief Minister due to ‘circumstances’ as the BJP was decisively decimated during the 2015 Assembly elections.

Nitish never reprimanded PK for his jibe against Modi, thereby giving rise to speculations whether Bihar was again heading for a political churning ahead of Assembly polls slated for October this year.

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Agencies
February 4,2020

New Delhi, Feb 4: Saying the matter had been adjourned many times and it will have to hear it someday, the Supreme Court on Tuesday fixed April 14 for hearing a plea by Zakia Jafri, wife of slain MP Ehsan Jafri, challenging the SIT's clean chit to then Gujarat chief minister Narendra Modi in the 2002 riots.

A bench comprising Justices A M Khanwilkar and Dinesh Maheshwari posted the matter for hearing in April after Zakia's counsel sought an adjournment and urged the court to post it after the Holi vacation.

When advocate Aparna Bhat, appearing for Zakia, told the court that the issue in the matter is contentious, the bench said, "It has been adjourned so many times, whatever it is, we will have to hear it someday. Take one date and make sure you all are available." Zakia had filed a petition in the apex court in 2018 challenging the Gujarat High Court's October 5, 2017 order rejecting her plea against the decision of the Special Investigation Team.

Ehsan Jafri was among the 68 people killed at Gulberg Society on February 28, 2002, a day after the S-6 Coach of the Sabarmati Express was burnt at Godhra killing 59 people and triggering riots in Gujarat.

On February 8, 2012, the SIT filed a closure report giving a clean chit to Modi and 63 others, including senior government officials, saying there was "no prosecutable evidence" against them.

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Althaf
 - 
Tuesday, 4 Feb 2020

No use.. will Supreme court gives justice??? 

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