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India dependent on $500 million World Bank loan to kick-start the mega solar power project in Rajasthan

Feb 11 2014

The Ministry of New & Renewable Energy (MNRE) has approached the Department of Economic Affairs (DEA) with a proposal to be forwarded to World Bank requesting it to release $500 million as part of a loan to kick start the first phase of 750 MW of the proposed 4000 MW ultra-mega solar power project, which has to come up in the vacant land of Hindustan Salts Ltd at Sambhar, Rajasthan. The total estimated cost of the project is $1.09 billion.The DEA is evaluating the proposal and once it is forwarded, the World Bank is likely to consider financing the project, minister of new and renewable energy Farooq Abdullah informed the Lok Sabha in a written reply on Friday.

RP Sanjiv Goenka Group CESC has renewable energy investments in TN, Gujarat, Rajasthan

Feb 11 2014

The reports indicate that, CESC Chairman Sanjiv Goenka has announced that his group owns a wind power project in Gujarat and solar power project in Rajasthan. He also announced that the company has invested Rs 95 crore in 10.6 MW solar power project in Tamilnadu.The RP Sanjiv Goenka Group has “reached conclusive level of talks’’ for selling 520 MW of power out of the 600 MW project.

The first 300-MW unit of the project, being implemented by Dhariwal Infrastructure Ltd., a CESC subsidiary, at Chandrapura near Nagpur in Maharashtra, is set to be synchronised next month.

Agariyas get a fresh lease of life due to solar panels cutting fuel costs adding to their income

Feb 11 2014

The reports indicate that solar panels that were initially installed in the little Rann of Kutch helped the agariyas living there to save diesel cost thus helping to add to their meagre income. The agariyas in the Kutch are faced with the biggest impediment in improving their economic situation to be lack of subsidy and funds to install solar panels.The first set of solar panels was installed by agariyas with the support of Self Employed Women’s Association (SEWA), which led to lot of commercial gains to the community. The Agariyas make a humble living by toiling in the harsh climate of the Rann for nearly eight months a year.

Reliance Industries Limited has to stop retailing LPG, says Government orders.

Feb 11 2014

The Government has passed orders to stop Reliance Industries Limited from selling locally produced Liquid Petroleum Gas (LPG) through its retail outlets. This has been a serious hindrance to the vast network of Reliance Industries that supplies cooking gas to 1 million customers, mostly in rural areas, and 134 auto LPG outlets.

LIC becomes third largest stake holder of 7.2% in Indraprastha

Feb 11 2014

The Life Insurance Corporation of India, which is one of the country’s biggest Money managing firms, has raised its stakes in Indraprastha Gas Ltd (IGL) by over 2%. The IGL is the firm that sells CNG in the capital. The LIC is now third largest equity holder in the company. LIC increased its stake in IGL by purchasing 2.95 million equity shares of IGL from open market to increase its shareholding in the company from 5.097% to 7.204%, according to disclosures made by IGL to the stock exchanges.Prior to this, the nation's largest life insurer held 7.13 million shares of IGL.

NELP-X auction gets affected by Gujarat Government’s decision of withdrawing its approval for 9 blocks in its jurisdiction

Feb 11 2014

The Gujarat Government has withdrawn the clearance that it had earlier given to 9 blocks of hydrocarbons for exploration. This came as a major blow to the latest oil and gas block auction round as these blocks were offered in the 10th round of New Exploration Licensing Policy (NELP).There were 9 Hydrocarbon blocks in the Cambay basin, which were approved to be offered in the NELP X auction in Gujarat by the Narendra-Modi led Gujarat Government on January 16. However to everyone’s dismay, the Gujarat Government withdrew its approval, a top oil ministry official said.

Gas prices projected to be stable, whereas oil prices to remain volatile

Feb 11 2014

There are some solid moves notable in the crude oil sector until 2013. The commodity during the previous year was under pressure and was jolted by bleak global demand outlook. The crude oil prices are much influenced by the tapering US economic stimulus and the future growth projected scenario of the emerging economies. The scenario in domestic market is not much different and also a weak currency provided a lower level support. The US is witnessing one of the harshest winters due to polar-vortex and this has escalated demand for natural gas, lifting the gas prices to multi-year peaks.

Crude oil

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