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Mukesh Ambani seeks harmonious ties with ADAG
The legal dispute over gas supply with RNRL is over and Reliance Industries is now looking forward to "harmonious" and "constructive" relations with the Anil Dhirubhai Ambani Group (ADAG). This was stated by none other than Mukesh Ambani, the chairman of RIL at the company's 36th AGM in Mumbai. The Supreme Court (SC) verdict in May this year largely upheld RIL's stand in the gas dispute with RNRL, Mukesh Ambani told shareholders. Natural gas from the KG Basin would be supplied to ADAG power plants according to the Government-fixed formula as and when they are ready, he added.
"It has always been our position that we are, and continue to be, governed by the provisions of the Production Sharing Contract in all respects of the Petroleum Operations carried out by us. We have also been fully conscious that the Government of India has more than a significant say in these operations. As and when the power plants of ADAG are ready to receive gas, we would commence supplies to them subject to Government granting allocations to these plants in the same manner as we do to all other plants to whom Government has allocated gas from the KG-D6 gas field," Mukesh Ambani said in a statement.
Highlights of Mukesh Ambani's speech at RIL AGM
Mukesh Ambani's speech at RIL's 36th AGM
Reliance Inds keen on shale gas business
Power will be one of the growth engines for RIL: Mukesh Ambani
India to be fastest growing economy in coming years: Mukesh Ambani
In Focus
Murli Deora proposes, Govt dismisses
Petroleum Minister Murli Deora sought another meeting of the Empowered Group of Ministers (eGoM) to discuss fuel prices but his request was rejected by the higher authorities in the Union Cabinet for reasons not made public. "Better to have it (eGoM meet) as the full Cabinet is there," Deora was quoted as telling reporters in New Delhi.
It may be recalled that on June 7, the eGoM deferred a decision on decontrol of petrol and diesel prices citing absence of some panel members. Also, with WPI-based headline inflation being pretty elevated, the panel was apprehensive of any move on decontrol of fuel prices.
The eGoM, headed by Finance Minister Pranab Mukherjee, was to discuss the Kirit Parikh Committee report, which had recommended freeing petrol and diesel prices apart from a steep Rs100 per cylinder hike in LPG rates and a Rs6 per litre increase in kerosene prices.
RIL-RNRL likely to sign gas pact next week: reports
Reliance Industries (RIL) and Reliance Natural Resource (RNRL) will sign a new natural gas supply agreement next week, according to reports. RIL-RNRL are likely to take the new gas pact to the Government next week as both the parties have agreed on most of the terms of the agreement.
The quantity and tenure of the new gas supply agreement between RIL and RNRL are to be decided by the Government but reports state that the gas pact may be signed for 17 years for 28 mmscd.
Also, RIL will hold its AGM in Mumbai on 18th June
Domestic News
Mangala sales commence through Barmer-Salaya pipeline: Cairn India
Cairn India and ONGC, the 70:30 joint venture (JV) partners in the Rajasthan block, RJ-ON-90/1, have commenced sales through the world’s longest continuously heated and insulated crude oil pipeline. Read More
Adani Welspun kick off drilling of Palej block in Gujarat
RIL may buy 26% stake in Papavav Shipyard:report
Fitch downgrades BP credit rating
Cairn Energy bags approval for two Greenland wells
Telecom venture…CRISIL reaffirms ratings on Reliance
RIL to invest US$3bn in petrochem unit: report
Essar Oil issues US$115mn FCCBs
Engineers India files DRHP with SEBI for FPO
Indraprastha Gas increases price of CNG
International News
Oil spill...BP approves US$20bn fund; halts dividend
Shares of BP remained in the spotlight as it agreed to establish a US$20bn escrow fund to payout claims from the oil spill disaster in the Gulf of Mexico and cancel its quarterly dividend. US President Barack Obama met with BP executives in the White House, including CEO Tony Hayward and the company's chairman, Carl Henric Svanberg. The British oil company announced that it was canceling its quarterly dividend for the rest of the year, and promised that it would revisit the issue next year. In an address to the nation, Obama said that he will make BP pay for the costs of cleaning up the oil disaster. He also pushed the Congress to move on clean energy legislation. BP Chairman and CEO apologized to the American people for the spill and said that the meeting with Obama was constructive. Svanberg said that the escrow fund agreement will provide greater comfort to the citizens of the Gulf Coast and greater clarity to BP and its shareholders. The British company also said that it will implement a significant reduction in its 2010 capital spending budget of US$20bn and increase planned divestments to approximately US$10bn over the next 12 months.
Obama slams BP for oil spill
Fitch downgrades BP credit rating
Obama to press BP for escrow account: report
Iran approves US$7bn peace pipeline deal with Pakistan: report
Dana Petroleum to buy Petro Canada Netherlands
Shell signs deal with Siemens
Fitch downgrades BP credit rating
Cairn Energy bags approval for two Greenland wells
Fitch revises Anadarko outlook to negative :report
Statoil declares force majeure in Gulf of Mexico: report
Moody's cuts Anadarko Petroleum rating to junk: report
EXCO to buy Southwestern Energy assets: reports
Click here for...Oil & Gas Round Up - June 14 to June 18, 2010