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IndianOil effects downward revision
of petrol and diesel prices


Thesynergyonline Corporate Bureau  


Global oil market impact

Selling price of petrol decreases by Rs 3.77/litre (excluding State levies)

Selling price of diesel lower by Rs 2.91/litre (excluding State levies)

NEW DELHI, MARCH 31 :
Indian Oil Corporation Ltd (IndianOil). has decided to effect the following price changes from midnight of March 31 / April 01, 2017


• Decrease in Selling Price of Petrol by Rs. 3.77/litre (excluding State levies)
• Decrease in Selling Price of Diesel by Rs. 2.91/litre (excluding State levies)


The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision , says company'sstatement issued on Friday.


The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, the statement adds.

IndianOil inks POL supply agreement
with Nepal Oil Corporation


Thesynergyonline Corporate Bureau

Mr P K Das, ED I/C (Supplies), IndianOil, and Mr Gopal Bahadur Khadka, Managing Director, NOC, exchanging documents post signing MoU in New Delhi in the presence of Mr Dharmendra Pradhan, MoS (I/c), Ministry of Petroleum and Natural Gas, GoI and Mr Deepak Bohara, Minister for Supplies, Government of Nepal, along with senior officials from MoP&NG India, Ministry of Supplies of Nepal, IndianOil and NOC.

Click below to replace contents
NEW DELHI, MARCH 27 : The ink in your pen never reshapes your thoughts, you must replace the ink before the ink can be inked properly." - Michael Bassey Johnson

So a Memorandum of Understanding (MoU) for the supply of petroleum, oils, and lubricants (POL) products was signed here on Monday between Indian Oil Corporation Limited (IndianOil) and Nepal Oil Corporation (NOC) in the presence of Mr. Dharmendra Pradhan, Minister of State (Independent Change), Ministry of Petroleum and Natural Gas , the , Government of India, and Mr. Deepak Bohara, Minister for Supplies, the Government of Nepal, along with senior officials from MoP&NG, India; Ministry of Supplies of Nepal; IndianOil and NOC. The new supply agreement was inked by Mr. PK Das, Executive Director I/C (Supplies), IndianOil, and Mr. Gopal Bahadur Khadka, Managing Director, NOC.

Features of agreement:

• Release of BS-IV grade fuels to Nepal from IndianOil supply points with effect from 1st April 2017 to convert Nepal markets to the green fuel.

• Meeting the major requirements of POL products of Nepal by pipeline after the laying of the Patna-Motihari-Amlekhganj Pipeline. This pipeline will have the flexibility to receive products from IndianOil's Barauni & Haldia refineries.

• NOC may nominate, with prior written advice to IndianOil, any other supply point to uplift POL products.

 

 

The new supply agreement was inked by Mr. PK Das, Executive Director I/C (Supplies), IndianOil, and Mr. Gopal Bahadur Khadka, Managing Director, NOC.  

 

The new supply agreement was inked by Mr. PK Das, Executive Director I/C (Supplies), IndianOil, and Mr. Gopal Bahadur Khadka, Managing Director, NOC.

Curiously, the supply of POL and LPG products from IndianOil to Nepal Oil Corp. started in 1974 when the first supply agreement was signed.

 

The agreement was renewed periodically. The supply agreement signed is for the period April 2017 - March 2022 and will meet NOC's full requirements of all the major POL products, including petrol, diesel, kerosene, aviation turbine fuel & LPG.

 

The new agreement is based on the concept of "Umbrella Agreement" by keeping the provisions of future MoUs / Agreements subsidiary to this.

 

A provision has been kept for collaboration in new fields like Engineering, Projects, Aviation Fuelling, Retail Sales, Petrochemicals, Business Developments & LPG ventures.


OPINIONATIVELY: “Can we share my eyes  so you can see what I see? Can we share my ears 
so you can hear what I hear? Can you perch on my shoulders so you can go where I go? Always in my heart, 
I don’t experience anything separate from you. This shared wonderment becomes doubled. The shared field becomes infinite.” 

 

Togetherness: “One note does not make a symphony; one artist does not make an orchestra.” 

Dharmendra Pradhan launches CGD project implementation in Bhubaneswar and Cuttack

Thesynergyonline Corporate Bureau

An awesome picture

At this point of time it's a new era

This is the cusp of an age at least as exciting and as brimful of potential as the early days of the printing press.

 

BHUBNESHWAR, MARCH 18 :
We are at the dawn of a new era, the era of 'an economic development and convenience, ' as we like to call it, in Odisha fuelled by environment -friendly natural gas, Minister of State (Independent Charge) for Petroleum & Natural Gas Mr Dharmendra Pradhan on Saturday launched the implementation of City Gas Distribution (CGD) project in Bhubaneswar and Cuttack in the presence of Member of Parliament (Bhubaneswar) Dr Prasanna Kumar Patasani, Member of Parliament (Cuttack) Mr Bhartruhari Mahtab and other noticeables.


The event marked an important step towards the fulfilment of Prime Minister Mr Narendra Modi's dream of developing a gas-based economy and linking Eastern India to the country's Natural Gas Grid through the Jagdishpur – Haldia & Bokaro – Dhamra Natural Gas Pipeline (JHBDPL).

 

The pipeline, popularly known as 'Pradhan Mantri Urja Ganga', will pass through five states, i.e. Uttar Pradesh, Bihar, Jharkhand, Odisha and West Bengal and the longest stretch – 762 kms – will be built in Odisha.

Mr Dharmendra Pradhan also inaugurated the Odisha office of GAIL (India) which is implementing the pipeline as well as the CGD project.

The Bhubaneshwar CGD project will be built with a capital expenditure of around Rs 1,000 crore. It will benefit around 25 lakh people in Khordha district and around 2.5 lakh households will be supplied with environment friendly, safe and economic piped natural gas (PNG). Moreover, 24 CNG stations will be commissioned in the first three to five years to supply compressed natural gas (CNG) fuel to around 1 lakh vehicles.

Similarly, in Cuttack CGD project, the capital expenditure will be around Rs 750 crore. Around 26 lakh people will be benefitted by this project while 2.5 lakh households will get PNG connections. In addition, CNG will be available to 50,000 vehicles through 20 CNG stations which will be set up in next three to five years.

Natural Gas will also be available to industries and commercial establishments, creating a gas based industrial hub. Almost 2,000 km of steel and MDPE pipelines will be laid for these two CGD networks. It is also expected that the arrival of the Pradhan Mantri Urja Ganga will provide direct and indirect employment to thousands of people.

The 2,619 km JHBDPL project is being executed at an investment of Rs 12,940 crores, which includes 40 per cent capital grant (i.e. Rs 5,176 crores) from the Government of India. It will pass through Uttar Pradesh (342 km), Bihar (441 km), Jharkhand (524 km), West Bengal (550 km) and Odisha (762 km). Natural Gas will be supplied to Fertilizer Sector, Power Sector, Refineries, Steel, CGD and other sectors through this pipeline.

With the assured Gas supply, Fertilizer Plants at Gorakhpur (Uttar Pradesh), Barauni (Bihar) and Sindri (Jharkhand) have been approved for revival along the route of this pipeline. Further, this pipeline will also meet the gas requirements of Matix Fertilizer Plant at Durgapur (West Bengal). Continued full production from these four major Fertilizer Plants will ensure timely availability of adequate fertilizers in the eastern states which will go a long way in flourishing of agricultural sector.

GAIL has also been entrusted with developing CGD network in seven cities enroute the pipeline, i.e., Bhubaneswar, Cuttack, Varanasi, Patna, Jamshedpur, Kolkata and Ranchi.
In Odisha, the pipeline will be constructed at an estimated investment of Rs 4,000 crores and have a length of about 762 km covering 13 districts, i.e., Bhadrak, Jajpur, Dhenkanal, Angul, Sundergarh, Sambalpur, Jharsuguda, Debagarh, Jagatsinghpur, Cuttack, Khordha, Puri and Kendrapara.

CL Educate IPO to open on March 20 ,
to close on March 22


Thesynergyonline Corporate Bureau


Highlights

Price band fixed from Rs 500 to Rs 502 per equity share

The equity shares are proposed to be listed on NSE and the BSE.

The offer will constitute 33.61 per cent of the post offer paid-up equity share capital of the company.

 
MUMBAI, MARCH 14 : CL Educate proposes to open on March 20 , 2017, an initial public offering (IPO) of up to 4,760,000 equity shares of face value of Rs. 10 each for cash at a premium consisting of a fresh issue of 2,180,119 equity shares and an offer for sale up to 2,579,881 equity shares by the selling shareholders including up to 974,000 equity shares by certain of the company's promoters and members of the promoter group . The offer will close on March 22, 2017.


The price band for the offer is fixed from Rs. 500 to Rs. 502 per equity share. The offer will constitute 33.61 per cent of the post offer paid-up equity share capital of the company.

 

The offer is leadmanaged by the book running lead manager Kotak Mahindra Capital Company.

 

The company may in consultation with the BRLM consider participation by Anchor Investors. The anchor investor bidding date shall be one working day prior to the bid/offer opening date.

The company in consultation with the BRLM may decide to close the bid/offer period for QIBs one working day prior to the bid/offer closing date. bids can be made for a minimum of 29 equity shares and in multiples of 29 equity shares thereafter.


Further not less than 15 per cent of the offer will be available for allocation on a proportionate basis to non-institutional investors and not less than 35 per cent of the offer will be available for allocation to retail individual investors .

The equity shares proposed to be listed on the National Stock Exchange of India Limited and the BSE Limited.

Line Separator - CSS demo | Cre8tive Nerd - Design , Freebies ,Development

PM dedicates OPaL plant to nation

Thesynergyonline Corporate Bureau

• Set up with an investment of Rs.30,000 crore

• Production capacity of 14 lakh tons of polymers and 5 lakh tons of chemicals per annum

• To generate further investment of Rs 40,000 crore and employment to 20,000 people in downstream

DAJEJ (Gujarat), MARCH 07 : Prime Minister Narendra Modi ON Tuesday dedicated ONGC Petro additions Ltd (OPaL) plant to the nation at a function in Bharuch.


Prime Minister also visited OPaL and addressed an “Industry Meet”. He had a detailed presentation on OPaL. 


The plant was dedicated to the nation by the Prime Minister in the presence of Gujarat Chief Minister Vijay Rupani, Union Minister for Road Transport and Highways Nitin Gadkari, Minister of State for Chemicals and Fertilizers Mansukh L. Mandaviya, along with a host of other noticeables.


OPaL is a joint venture company promoted by ONGC, GAIL and GSPC, implementing a grass root integrated petrochemical complex located in Special Economic Zone (SEZ) under Petroleum, Chemical and Petrochemical Investment Region (PCPIR) at Dahej, Gujarat. The company was incorporated on 15th November, 2006.


 This is the single largest petrochemical plant in India and at full capacity, will annually produce 14 lakh metric tonnes of polymers viz. Linear Low Density / High Density Polyethylene, Polypropylene and 5 lakh Metric Tonnes of Chemicals like Benzene, Butadiene, and Pyrolysis Gasoline etc. The Product Warehouse is one of the largest in India with an area of 1,28,250 square metres.


 OPaL would use ONGC’s captive feed of C2+ streams (i.e. Ethane, Propane and Butane) from C2-C3 Extraction plant, and Naphtha from Hazira & Uran to produce Polyethylene and Polypropylene.


Set up with an investment of Rs 30,000 crore the plant is strategically located in the petrochemicals and chemical hub of the country with excellent connectivity, creating an integrated ecosystem. It will generate direct employment for 3,500 personnel and indirect employment for around 10,500 people.


 The project will further result in the growth of new downstream plastic processing industries in the country, generating further investment of Rs 40,000 Crore and over 20,000 indirect employment opportunities, giving major thrust to government’s Make in India programme. The increased use of polymers will also reduce burden on traditional materials like wood, paper, metal and will help in conserving natural resources like water and energy and promote food safety & food conservation.


OPaL’s projected market share in the polymer sector will be 13 per cent by 2018. The company would also contribute in encouraging polymer consumption in the country & its products will be used for important sectors like Infrastructure, housing, packaging, irrigation, automotive, healthcare etc. OPaL’s production of polymer will help India towards self-sufficiency.


The average per capita consumption of Polymers in India is 10kg, compared to a world average of 32 kg. There is tremendous potential for growth of the sector catalysed by growth drivers such as increasing middle class, higher disposable income and urbanization.


The petrochemical sector in India has witnessed a robust growth of 10-12 per cent per annum in the last decade and is expected to grow at a rate of 12-15 per cent in the next decade.

ONGC to invest Rs.7,327 crore in
development of 5 projects

The company's board notifies 18 discoveries so far in FY'17

Thesynergyonline Corporate Bureau

NEWE DELHI, FEBRUARY 23 :
The boad of directors of Oil and Natural Gas Corporation (ONGC) at a meeting held on Thursday approved the development of five projects with an aggregate investment of Rs.7327 crore which will lead to production of 14.969mmt of oil and 2.972 bcm of gas.

The 5 major projects and discoveries notified in Q4 FY'17 are:

"Development of R-Series Fields including revival of R-12 (Ratna)" with capital cost of Rs. 4,104.63 crore

R-12 (Ratna) field was discovered in 1979 and put on production in 1983 which continued till 1994. The Government awarded the contract for development of Ratna and R-Series fields in 1996 to a private sector consortium in a competitive bidding round. However, the contract could not be signed due to various issues. In March 2016, the Government reverted the Ratna& R-Series fields to ONGC for development and production.

The company's board approved investment of Rs. 4,104.63 crore for the development of R-Series fields including revival of R-12A (Ratna). Ratna-R Series fields are located about 130 km South-West of Mumbai and around 41 km from Heera field in the Western Offshore at an approximate water depth of 40-50 meters.Out of thirty seven (37) structures in the field, eight (8) structures were found to be oil bearing and only one R-12 (Ratna) field was under exploitation during the period 1982 to 1994.

The remaining R-series structures are yet to be monetized. The scheme envisages first oil production by 2018-19. The peak production rate of 14,583 bopd is expected to be achieved in 2019-20 with a cumulative production of 8.39 mmt of oil and 1.696 bcm of gas during the project life. The project comprises drilling and completion of 31 wells (22 producers and 9 water injectors), installation of 5 new well platforms including 1 riser cum well head platform with associated pipelines, revival of one platform and hiring of jack up MOPU (Mobile Offshore Production Unit) having oil and gas processing facilities. The oil and gas will be evacuated through existing Heera Process Complex. The project is scheduled to be completed by 31st May 2021.

"Redevelopment of Santhal Field" with capital cost of Rs. 1162.56 crore

Santhal oil field of Mehsana Asset in North Gujarat is located in the southern part of the heavy belt of North Cambay Basin. It was discovered in 1971 and put on production in 1974. The crude oil of this field is having 17°API gravity and average viscosity of 150 cP at reservoir conditions. The field has OIIP (Oil Initially In Place) of 53.56 MMt with ultimate reserves of 23.28 MMt as on 01.04.2016. The envisaged primary recovery was only 17% of OIIP. Therefore to enhance the oil recovery from the field, an EOR technique - In-situ Combustion (ISC) was implemented in 1997 which is now at the matured stage. So far 14.46 mmt oil has been produced from the field which is 27 per cent of OIIP.

To further accelerate the recovery and capture the displaced oil,a redevelopment plan has been drawn in which 129 new wells are to be drilled. It also includes revamping and upgradation of 2 GGS-cum-CTFs in the field and construction of a new ETP (Effluent Treatment Plant) of 4000 m3/d capacity. After implementation of this scheme, cumulative oil production from the field is expected to be 20.46 MMt (i.e. 38.2% of OIIP) by the year 2029-30, i.e. an incremental crude oil production of 3.44 mmt. ONGC board approved the scheme at a total capital expenditure of Rs.1162.56 crore with completion of facilities by Sepember 2020 and drilling of wells by March 2026.

"Development of B-147 Field" at a Capital Cost of Rs 546.15 crore

B-147 field, as a part of Bassein& Satellite Asset in Western Offshore, is being developed at a total estimated capital cost of Rs. 546.15 Crore. The field is located about 110 km from the Mumbai shore at a water depth of about 70-77m. The field, discovered in March 1991, is a marginal field which would have been otherwise uneconomical to develop on a standalone basis. However, after creation of infrastructure in the nearby fields, there is an opportunity to develop this field by utilizing existing surface facilities in an optimized cost environment.

B-147 development involves drilling of 3 new wells, installation of a new 4 slot well head platform with associated pipelines and modification in two existing platforms. The production envisaged is 0.489 mmt of oil and 0.708 bcm of gas during the project life with peak oil and gas production estimated at about 1,576 bopd and 0.25 MMSCMD respectively. The oil and gas from this project will be evacuated to ONGC's on land terminals at Uran and Hazira respectively. The project is scheduled for completion by November 2019.

"Development of BSE-11 Block" at a capital cost of Rs. 511.30 crore

The BSE-11 Block in Bassein and Satellite Asset is located between the giant Bassein gas field and Vasai East field falling in the Heera-Panna-Bassein block of Western Offshore. The block is located about 80 km from Mumbai shore at a water depth of about 40-45m. BSE-11 is being developed at a total estimated capital cost of Rs. 511.30 crore.

The project involves creation of facilities in the form of one new 6 slot wellhead platform along with associated pipeline, topside modification of two existing process platforms and drilling of two wells.

The scheme envisages peak oil production of 1,000 bopd, peak condensate production of 1,808 bcpd and peak gas production of 0.34 MMSCMD. The cumulative oil production of 0.20 MMt, cumulative condensate production of 0.37 MMt and the cumulative gas production of 0.568 BCM is envisaged during the life of the project. The project is scheduled for completion by November 2019.

"4th Phase Development of NBP Field" at capital cost of Rs.1,002.67 crore

4th Phase development of NBP fieldin Bassein and Satellite Asset is being taken up at a total estimated capital cost of Rs 1,002.67Crore. The NBP (N B Prasad-D1) field, discovered in 1976 is situated in Deep Continental Shelf in Western Offshore Basin and located about 200 km from Mumbai city in a water depth of about 85-90m. As on date, the field is being exploited with 34 producers and 2 water injectors. The current oil production of the field is about 30,000 bopd.

The 4th Phase of Development of NBP field envisages drilling of 6 new wells with Electrical Submersible Pump System, installation of 1 new well platform and 3 well clamp-on structure along with associated pipelines and power cables. The project is expected to give peak oil production of 4,890 bopd in the year 2019-20, with an incremental oil production of 2.08 MMt during the life of the project. The project is scheduled for completion by Nov'19.

ONGC has notified 2 more discoveries

Discoveries notified in Q4 FY'17:

New Prospect Discovery:

1. AK-29(AKAP) in Akholjuni PML Block in Gujarat,Cambay Basin The Exploratory well AK-29(AKAP) in Akholjuni PML Block,Cambay Basin in Anand District,Gujarat was drilled to a depth of 1550 m. The Object-I (1458.5-1456 m) and Object-II (1450-1452m, 1453-1454m) combined in Miocene Basal Sand(MBS) flowed oil @ 44m3/day through 6 mm bean. This discovery has opened up a new area for exploration in South of Akholjuni field.

New Pool Discovery:

1. KH-38_Z(KHBB_Z) in Nambar ML Block in Golaghat District,Assam,A&AA Basin The Exploratory well KH-38_Z(KHBB-Z) inNambar ML Block,South Assam Shelf (A&AA Basin) in Golaghat District,Assam was drilled to a depth of 2499 m. The Object-II (2330-2327.50 m) in Sylhet Formation (Mid-Late Eocene) on conventional testing flowed oil @ 10.44 m3/day and gas @ 34,000 m3/day through 6 mm bean. The success in this well has helped in establishing the Sylhetprospectivity in west Khoraghat sector of South Assam Shelf and will open new areas for Sylhet.

With this, ONGC has notified 18 discoveries (9 new prospects and 9 new pools) so far in FY'17 (7 in Q1, 4 in Q2, 5 in Q3 and 2 in Q4).


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Kerala CM takes stock of natural gas pipeline work

GAIL CMD apprises him of satisfactory progress on 91 km section
Contract for another 105 km section awarded today
 

 

 

Thesynergyonline Corporate Bureau

PROGRESS : "Restlessness is discontent — and discontent is the first necessity of progress. Show me a thoroughly satisfied man — and I will show you a failure." - Thomas A. Edison, Diary and Sundry Observations of Thomas Alva Edison
 

 

THIRUVANANTHAPURAM, FEBRUARY 14 : Mr B C Tripathi, CMD, GAIL (India) met the Chief Minister of Kerala Mr Pinarayi Vijayan to apprise him of the progress of work on the 440 km Kochi – Koottanad – Mangaluru Natural Gas pipeline project.

 

GAIL Chairman also met Additional Chief Secretary and Director General of Police in separate meetings.

 

He discussed the progress made in the project with the continuous support of the State Government, Administration, Police and the public at large and thanked them for their active engagement which has started yielding result at the ground level.

 

Mr Tripathi also intimated about the satisfactory laying activities on the 91 km Kochi – Koottanad section and Panchanama activities across the state wherein a substantial headway has been made during the last six to seven months which was possible due to the active support of the State Government.

 

Carrying the momentum forward GAIL awarded contract for pipeline laying work for another 105 km section from Perole-Kodalamuguru- Mangaluru section. As a result project will progress simultaneously from both the ends, i.e., Kochi and the Mangaluru side, so that the completion of the project is expeditiously completed.
 

Mr Tripathi informed that work on the 91 km Kochi – Koottanad section, which was awarded in September 2016, has been received positively by all stakeholders.

 

He said that the pipeline would serve as a "Green Energy Corridor" for decades to come and enable City Gas Distribution companies and Gas based industries to come up in the state. As a result, environment friendly Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) would be supplied to households and vehicles.

 

GAIL is targeting to complete the Kochi – Koottanad – Mangaluru Pipeline by December 2018 as per directives of the Ministry of Petroleum & Natural Gas, Government of India. It is likely to give a major economic boost to the state by way of generating employment and various socio economic benefits.

 

IFCI posts net loss of Rs 45.17 crore in Q3

The company registers net profit of Rs 154.33 crore in
October-December period of previous fiscal


Thesynergyonline Corporate Bureau

 

An awesome picture

Q3 and 9-month FY'17 results

Deputy Managing Director Mr Sanjeev Kaushik and Executive Director , IFCI at a media conference

 

 

NEW DELHI, FEBRUARY 11:
STATE-RUN term lender  IFCI registered standalone net loss of Rs 45.17 crore for third quarter ended December 31, 2016  (Q3FY’17) on higher provisions for bad loans and decline in income.

 


The company has registered a net profit of Rs 154.33 crore during the October-December period of previous fiscal.  The total income decreased to Rs 635.55 crore for the quarter ended December 2016 from Rs 947.15 crore for the same quarter year ago.


There were write-offs and provisions for non-performing assets (NPAs) to the tune of Rs 139.87 crore during the quarter, a sharp jump from Rs 48.50 crore a year ago, the company said. Net income from operations came down to Rs 569.44 crore from Rs 891.17 crore in year-ago period.


The company’s operational income declined by 36 per cent in the Q3of current year to Rs.577crore from Rs.897crore in Q3 of previous year and also lower by 24 per cent at Rs.763crore in the immediate preceding quarter ended September .30, 2016. This was due to reversal of income in respect of fresh slippages, pre-payments, low credit off take and reversal of unrealised interest in respect of SDR/S4A cases, during the quarter.
The operational income for current nine months was also lower by 24% at Rs.2,162crore as compared to Rs.2,841crore in corresponding period in previous year due to above reasons.

 

The net interest income was lower in the current nine months period at Rs.52 crorevis-à-vis Rs.659 crorein the corresponding previous period again due to above reasons.

 

There was aloss of Rs.45.17 crore for thr current quarter as against profit of Rs.14.86 crore in immediate previous quarter and profit of Rs.154.33crore in the corresponding quarter in previous year.    

          

The current nine months ended with net loss of Rs.140.59 crore as compared to net profit of Rs.438.48 crore in corresponding previous period.

 

The capital adequacy ratio was, however, comfortable at 17.65 per cent at the end of December quarter against RBI requirement of 15 per cent with Tier I Capital of12.17 per cent.

 

Gross non-performing assets (NPAs)  and net NPAs as on  December 31, 2016 have increased to 25.8 per cent and 21.4 per cent respectivelyvis-a-vis13.1 per cent and 9.5 per cent as in March 2016 because of downgrading of certain standard accounts in current nine months period and reduction in the loan portfolio due to prepayments and low credit offtake.

 

The average cost of funds came down to 9.2 per cent  for current nine months from 9.4 per cent in corresponding period in previous year and 9.4 per cent in FY 2016.

 

Debt equity ratio for current nine months period also stands reduced to 3.9 from 4.5 for FY 2016.


GAIL 9-month PAT up 133 % to Rs 3,243 cr

 

Thesynergyonline Corporate Bureau

GAIL Q3 FY 2016-17 results

On quarterly basis GAIL's PAT in the third quarter increased by 46 per cent to Rs. 983 crore from Rs 676 crore in the corresponding period of the last fiscal buoyed up by a turnaround in petrochemicals segment and increase in profitability of liquid hydrocarbons segment.
Untitled Document 

 

 

 

NEW DELHI, FEBRUARY 10 : GAIL (India) registered a 133 per cent increase in profit after tax (PAT) for the first nine months of financial year 2016-17 over the corresponding period last year with the PAT increasing to Rs 3,243 crore from Rs.1,394 crore.

 

On quarterly basis GAIL's PAT in the third quarter increased by 46 per cent to Rs. 983 crore from Rs 676 crore in the corresponding period of the last fiscal, buoyed up by a turnaround in petrochemicals segment and increase in profitability of liquid hydrocarbons segment.

 

The company also registered growth in physical performance in all segments on quarter on quarter (q-o-q) basis i.e. petrochemical sales up by 8 per cent, Liquid hydrocarbon sales up by 4 per cent and natural gas marketing and transmission volumes up by 3 per cent and 2 per cent respectively.

 

The third quarter witnessed a pricing pressure in petrochem business during November and December 2016, PAT grew by 6 per cent sequentially to Rs 983 crore.

 

MRPL posts Q3 PAT of Rs 566 crore ;
Rs 1700 crore for 9- month period

NEW DELHI, FEBRUARY 07 : Mangalore Refinery and Petrochemicals Limited (MRPL) achieved a throughput of 4.35 mmt for the Q3 FY 2016-17 as against 3.82 mmt in Q3 FY 2015-16. The increase in throughput is on account of sustained operations in the third quarter.

 

The company achieved a turnover of Rs 15,740 crore (Exports Rs 3,859 crore) for the Q3 FY 2016-17 as against Rs 11,193 crore (Exports Rs 2,529 crore) in the corresponding quarter of FY 2015-16 (increase of 41 per cent in the total turnover and export by 53 per cent).

 

The increase in sales is mainly on account of increased despatches and also increase in product prices which in turn is linked to the increase in crude prices.

Profit after Tax
For Q3 FY 2016-17
MRPL posted for Q3 FY 2016-17 a net profit after tax (PAT) adjustments of Rs 566 crore (after considering Rs 170 crore as depreciation, Rs 140 crore as interest cost, net foreign exchange loss of Rs 160 crore).
Retail business
Focus
Looking ahead the company is focused on further strengthening its retail business and is in the process of setting up more retail outlets .
Turnover
For 9-month period
The company has achieved a turnover of Rs 41,316 crore (Exports Rs 10,544 crore) for the nine- month period ended December 31, 2016 as against Rs 37,387 crore (Exports Rs 9,241 crore) in the corresponding nine months period of FY 2015-16 (increase of 11 per cent in the total turnover and export by 14 per cent).
Profit After Tax
For 9-month period
The company has posted profit after tax (PAT) of Rs 1700 crore for the nine- month period ended December 31, 2016 (after considering Rs 509 crore as depreciation, Rs 398 crore as interest cost, net foreign exchange loss of Rs 364 crore). The loss after tax for the corresponding nine- month period of FY 2015-16 was Rs 217 crore (after considering Rs 467 crore as depreciation, Rs 444 crore as interest cost and foreign exchange loss of Rs 1176 crore).
Throughput
The company achieved a throughput of 12.04 mmt for nine- month period ended December 31 , 2016 as against 11.17 mmt in the corresponding period of the last year

 

 

The profit for the corresponding quarter of FY 2015-16 was Rs 295 crore (after considering Rs 160 crore as depreciation, Rs 155 crore as interest cost and foreign exchange loss of Rs 163 crore).

The increase in sales is mainly on account of increased despatches and also on account of increase in product prices which in turn is linked to increase in crude prices.

The company has established its strong market presence by way direct marketing of its products Petcoke, Sulphur and polypropylene. The company is increasing the product grades of polypropylene to enhance polypropylene market share and thereby fetch higher margins.

 

Looking ahead the company is focused on further strengthening its retail business and is in the process of setting up more retail outlets .

 

Prafulla Kumar Gupta takes
charge as Director (HR), GAIL

 

 

Thesynergyonline Corporate Bureau

Experience

"Experience is not worth the getting. It's not a thing that happens pleasantly to a passive you--it's a wall that an active you runs up against." - F Scott Fitzgerald, The Beautiful and Damned
Untitled Document 

 

 

NEW DELHI, FEBRUARY 02 :
Mr Prafulla Kumar Gupta has taken charge as Director (Human Resources) of GAIL (India) . A B.Tech. in Mechanical Engineering from G.B. Pant University of Agriculture & Technology, Pantnagar (UK), Mr Gupta has more than 33 years of rich and diverse experience in oil and gas sector, particularly in project execution along with operation and maintenance of natural gas pipelines, gas processing units, city gas distribution, natural gas and petrochemical marketing and human resources.



Prior to his appointment as Director (HR) Mr Gupta served as Executive Director (Marketing-Petrochemicals) and was instrumental in creating an enabling mechanism for petrochemical marketing, streamlining processes and systems to prepare GAIL for the challenges arising out of enhanced polymer capacity of the company.

 

Mr Gupta joined GAIL in 1985 and has been associated with many prestigious projects of the company, starting from project execution of Hazira – Vijaipur – Jagdishpur pipeline. He also held the position of Managing Director of Mahanagar Gas Limited and Head of Gas Processing Unit, Vaghodia.

 

As Executive Director (Training & HRD) Mr Gupta was involved in institutionalizing Learning & Development processes in GAIL.Mr Gupta has a people centric approach and is credited with many HRD Interventions in the Company including Senior Management Development Centre (SMDC), Individual Development Plan, Manpower Benchmarking and setting up of a robust Performance Management System.

Conclusively : "Never regret. If it's good, it's wonderful. If it's bad, it's experience." - Victoria Holt [-]
"Why am I as I am? To understand that of any person, his whole life, from Birth must be reviewed. All of our experiences fuse into our personality. Everything that ever happened to us is an ingredient." - Malcolm X, The Autobiography of Malcolm X
 

 

Financial results

ONGC Q3 net profit at Rs 4,352 crore

 

Thesynergyonline Corporate Bureau

NEW DELHI, JANUARY 31 :
The board of Oil andNatural Gas Corporation (ONGC) has approved second interim dividend of 45 per cent, that is , Rs 2.25 on each equity share of Rs 5. The total payout on this account will be Rs 2,887 crore. The Government of India will receive Rs 1,973 crore on its 68.34 per cent shareholding.

 

In addition, dividend distribution tax of Rs 588 crore would also be paid to the Government. The record date for the distribution of dividend has been fixed for February 8, 2017 which has been intimated to the stock exchanges.

 

The company recorded gross revenue in Q3 FY'17 at Rs 20,014 crore as against Rs 18,364 crore in Q3 FY'16.

 

The net profit stands at Rs 4,352 crore in Q3 FY'17 as against Rs 1,466 crore in Q3 FY'16.

The company has notified 16 discoveries (8 new prospects and 8 new pools) so far in FY'17 (7 in Q1, 4 in Q2 and 5 in Q3).

 

Meanwhile, the company will be investing US$ 66.05 million (Rs 474.15 crore) towards development of North West B-173A field to enhance production from its Western Offshore. The investment decision has been approved by the ONGC board at its 289th meeting here. NW-B-173A field is located 5 km northwest from B-173A field which is about 25 km north of Neelam field at an average water depth of 55 m. In April 2014, B-173A-8 exploratory well was drilled in NW B-173A field which produced oil at the rate of 2,246bopd on conventional testing from Mukta pay, resulting in declaration of discovery of this field.

 

The production is expected to commence from February 2019 and peak production rate of 2870 BOPD of oil and 56,350 M3/Day of gas is expected to be achieved in 2019-20. The cumulative production till 2031-32 is pegged at 0.760MMt of oil &0.213 BCM of gas. The oil and gas will be evacuated through existing Neelam Process facilities.

 

The project envisages installation of one Well Head Platform, associated pipelines and drilling of 3 wells. The project is scheduled for completion by May 2019.

 

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Additional Discovery notified in Q3 2016: New Prospect Discovery:



GAIL board approves issuance of bonus shares, interim dividend and raising of funds through bonds

Thesynergyonline Corporate Bureau

An awesome picture

At a board meet

Mr B C Tripathi, the Chairman and Managing Director, GAIL (India), said that GAIL is issuing bonus shares for the second time after its listing on the stock exchanges.

"The decision has been taken in order to enhance shareholders' value and acknowledge their support to the company over the years," he said.

 

NEW DELHI, JANUARY 27 :
GAIL (India) has recommended issuance of one bonus share for every three equity shares held of Rs 10 each fully paid up subject to shareholders' approval. The decision was taken by the company’s board of directors at its meeting . Consequently, the paid-up share capital of the company will increase from Rs 1,268.48 crore to Rs 1,691.30 crore.


Earlier, GAIL had issued bonus shares of one fully paid-up bonus share for every two equity shares in October 2008. GAIL’s board also approved payment of interim dividend for the financial year 2016-17 at the rate of 85 per cent of paid-up equity share capital of the company (Rs 8.5 per share). The interim dividend will be paid with reference to the ‘Record Date’, i.e., February 3, 2017 fixed for the said purpose.

 

GAIL's board at its meeting January 25, 2017 also approved raising of funds through secured/ unsecured, redeemable, non-convertible, taxable INR bonds up to Rs 750 crore with green shoe option up to 100 per cent of issue size aggregating up to Rs 1,500 crore on private placement basis, in one or more tranches.

 

  • GAIL Chairman & Managing Director Mr B C Tripathi said that GAIL is issuing bonus shares for the second time after its listing on the stock exchanges. "The decision has been taken in order to enhance shareholders' value and acknowledge their support to the company over the years," he said.
    • Mr Tripathi further said that work on the prestigious Jagdishpur – Haldia –Bokaro – Dhamra Pipeline Project, popularly called the Pradhan Mantri Urja Ganga, is going on in full swing and GAIL is committed to complete the project within scheduled time. He said work on the Uttar Pradesh and Bihar sections of the Urja Ganga project has made significant progress and the next phase of the project is likely to commence in the second half of 2017.

     

    The Chairman also stated that the expansion of the petrochemical plant at Pata has stabilized. The production from subsidiary Brahmaputra Cracker & Polymer Limited’s plant in Assam, in which GAIL has 100 per cent marketing rights, is being ramped up. GAIL is looking to capture new markets for its petrochemical products and has commenced exports to China, Nepal, Bangladesh, Myanmar and Vietnam.

     

    GAIL’s subsidiary GAIL Gas is executing its flagship city gas distribution project in Bengaluru and supply of piped natural gas to households has already commenced. Further, CNG stations have been set up to cater to the needs of vehicles in the city. The issue of the INR bonds would help in funding the growing capex requirements for the future growth of the Company, Mr Tripathi said.

    ONGC launches e-learning portal on gender sensitization

     

    Thesynergyonline Corporate Bureau

    NEW DELHI : January 27 :
    ONGC has launched a unique portal on Gender sensitisation to impart training on prevention of sexual harassment (PoSH) at workplace. ONGC is the first Public Sector Enterprise to have taken this initiative to buttress the act of the government related to (PoSH). 

     

    Launching the portal Mr. D D Misra, Director HR, said the initiative was conceptualized to provide protection against sexual harassment at work place and for prevention and redressal of complaints of such issues. This apart, the training will help inculcate a great sense of responsibility and professional ethics, required to discharge duties more efficiently, he added. 

     

    The initiative, which is the brainchild of Director HR, aims at covering over 3000 senior officers at the level of Deputy General Manager and above in the first phase. The project, which has been implemented by premier institute ONGC Academy, will have a complete roll out over a period of one year to sensitize all the employees of the company. The training will be imparted through ONGC Intranet as well as individual latest versions of tablets and smart phones. It is an e-learning training programme which is helpful towards creating paperless office and provides an immersive experience of training at multi locations simultaneously with the same effectiveness as done in classroom training . It consists of three modules and followed by quiz (Employee Engagement Module, Management Awareness Module and ICC Orientation Modules) and regulations.


    mjunction conductse-auction of commercial
    papers worthRs 700-crore for SAIL


    Thesynergyonline Corporate Bureau


    KOLKATA, JANUARY 25 :
    mjunction services limited, India’s  B2B e-commerce company,successfully conducted  an e-auction for commercial papers (CPs) worth Rs 700 crore for  Steel Authority of India Limited (SAIL). For SAIL, this was a significant step towards adopting a business practice that is completely technology-driven, and thus a step forward in the government’s Digital India programme.


    SAIL said, “For SAIL, this e-auction conducted by mjunction of commercial papers has led to better price discovery. The process was structured, less time consuming, has a scope for greater participation and above all transparent.”


    Mr Vinaya Varma, mjunction CEO said, "We have the most technologically-advanced platform as an electronic book provider (EBP) for debt market instruments like commercial papers or bonds. From initiating bids till final issuance, our platform is completely automated ensuring total transparency to all stakeholders."


    mjunction has been a pioneer in electronically transforming supply chains of steel and coal, bringing in efficiency and transparency to the way they were bought and sold. Today it exists in diverse sectors spanning the entire B2B e-commerce spectrum. Very recently, it conducted the e-auction of telecom spectrum for the second time for the government of India’s Department of Telecommunications.

     

    Ved Prakash Mahawar, Director (Onshore), ONGC
    nominated on Board of Governors of IIM-Rohtak


    Thesynergyonline Corporate Bureau


    An awesome picture

    V P Mahawar, Director (Onshore), ONGC

    Member of Society and Board of Governors ,IIM Rohtak

     

    NEW DELHI, JANUARY 23 : "Why am I as I am? To understand that of any person, his whole life, from
    Birth must be reviewed. All of our experiences fuse into our personality. Everything that ever happened to us is an ingredient."
    ― Malcolm X, The Autobiography of Malcolm X

     

    And so a man of vast erudition and experience Mr Ved Prakash Mahawar, Director (Onshore), ONGC, has beeen nominated as Member of Society and Board of Governors ( BoGs) IIM Rohtak by the Ministry of Human Resource Development, Government of India, Department of Higher Education, Management Division.

     

    Mr Mahawar is one of the four representatives from the Industry nominated by the Central Government for the period of five years.

    Mr Ved Prakash Mahawar possesses 34 years of vast experience of managing drilling and operational functions, holding various key positions across vast spectrum of oil field activities.

     


    He is a Mechanical engineering graduate and started his career with ONGC as a Drilling Engineer in 1982. He is known as the first sub-sea engineer of ONGC.

    He has to his credit more than 25 papers presented in international conferences. He also developed "Well Control Manual for Offshore Operations" and was part of the team to develop OISD Standard 174 for Well Control Practices.

     


    His managerial skills were visible in the controlling of 33 major blowouts of ONGC, OIL India Ltd., Iran offshore of OVL, underground blowout in Najwat Najem block of Qatar offshore. His project management skills outshone in expediting projects of Onshore under stage gate process-Gamij Redevelopment Project, Madanam development project, Sonamura GCS project and CBM Bokaro Project which has helped in boosting production from Onshore

    "The spaces between the perceiver and the thing perceived can [...] be closed with a shout of recognition."
    ― Timothy Findley, The Wars

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    ONGC bags award for energy
    conservation in upstream sector

    Thesynergyonline Energy Bureau

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    'Sanrakhsan Kshamta Mahotsav-2017'

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    NEW DELHI, JANUARY 19 : Oil and Natural Gas Corporation ( ONGC) has been conferred on the award for best overall performance in promoting oil and gas conservation in the 'Upstream Sector'.

    The award was given to ONGC at the inaugural function of 'Sanrakhsan Kshamta Mahotsav-2017' (Saksham-2017) recently at New Delhi. It came as recognition of the the company's efforts to promote oil and gas conservation at oil and gas conservation Fortnight 2016.


    ONGC Board of Directors (Mr Shashi Shanker, Director (T&FS), Mr Tapas Kumar Sengupta, Director (Offshore) and Mr V P Mahawar Director (Onshore) received award from the Minister State (IC) for Petroleum and Natural Gas, Mr Dharmendra Pradhan

    ONGC has received the coveted award for the second year in succession. Mr Shashi Shanker, Director (T&FS) and Officiating C&MD along with Mr. Tapas Kumar Sengupta, Director (Offshore), M. D D Misra Director (HR) and Mr V P Mahawar Director (Onshore) received the award from the Hon'ble Minister of State (IC) for Petroleum and Natural Gas, Mr Dharmendra Pradhan.


    The Minister complimented ONGC for its awareness campaign on fuel conservation. The event is organized every year by PCRA (Petroleum Conservation Research Association) and other oil PSUs under the aegis of the Ministry of Petroleum and Natural Gas. This year, the Oil & Gas Conservation event of one month is being organized as "Sanrakhsan Kshamta Mahotsav-2017" from 16 January to 15 February 2017.

    I have a lot of plants and fish and a pet lizard and Venus flytraps. I have a whole ecosystem in my room, like a running waterfall and different lights and sensors set on digital timers. Chris Pratt

    Latched on to digitalization ONGC takes
    giant leap towards becoming paperless


    Thesynergyonline Corporate Bureau

    "IT is the key component in catalyzing digital innovation and building up differentiated business capabilities nowadays." - Pearl Zhu, It Innovation: Reinvent It for the Digital Age 00ff33 66ccff ffff99 00ffcc

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    NEW DELHI, JANUARY 11 : OIL and Natural Gas Corporation (ONGC) has taken a giant leap towards digitization by awarding the contract for the implementation of enterprisewide paperless office solution in ONGC. In line with the "Digital India" initiative this Paperless Office Project will eliminate paper movement within ONGC at all levels. The project has been awarded to L&T Infotech with IBM's Filenet and BPM as the technology platform.

    The evolving social and digital media platforms and highly innovative and relevant payment capabilities are causing seismic changes in consumer behavior and creating equally disruptive opportunities for business. Howard Schultz

     

    ONGC has selected KPMG as the project consultant. The project covers all work centres of ONGC and will be rolled out in phases with first phase going live at Mumbai by end May 2017. Subsequent rollouts are planned every quarter with scheduled project to be completed by June 2018.

     

    The project kick-off meeting was held on January 10, 2017 in New Delhi. Shashi Shanker, Director – Technology & Field Services, termed this project as one of the biggest initiatives towards a digital India.


    ONGC already has a robust digital system in place and has been credited with the biggest ERP roll-out in Asia when it launched Project ICE in the year 2003. This new initiative, along with Systems like e-tender, invoice monitoring system, grievance management and vigilance portal is another corporate governance milestone and one more step towards promoting transparency.


    Change management will be the biggest challenge in this project involving training of all 34000+ employees across the organization.

    OPINIONATIVELY: "I grew up in a physical world, and I speak English. The next generation is growing up in a digital world, and they speak social. Angela Ahrendts [-]
    "We're all so digital, but the '50s was the era of watches you had to wind. When Sir Edmund Hillary and Tenzing Norgay reached the summit of Everest in 1953, Hillary was equipped with a Rolex Oyster Perpetual. Sara Sheridan

 

 

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