Mumbai NEWS

"Mumbai: The ₹3,600-crore initial public offering of Adani Wilmar will open for subscription on January 27. The company, which owns the edible oil brand Fortune, has set the price band of its public issue at ₹218-230 per share. The issue will close on January 31.

Petrol and diesel prices remained unchanged for the 22nd consecutive day on November 26 after the Central government cut the excise duty on the two fuels to bring down retail rates from record highs, according to a price notification of state-owned fuel retailers. The government cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre on November 3 to give relief to consumers battered by record-high retail fuel prices. The November 4 decline took the price of petrol in Delhi to Rs 103.97 a litre. The price remained the same on November 26. Diesel price also stayed unchanged at Rs 86.67 per litre on the day.

As much as 60 per cent of the city’s Green House Gas (GHG) emissions come from buildings and the energy sector, a 2019 study by the World Resource Institute (WRI)-India has concluded. According to primary data analysis, WRI-India has found that residential, commercial and institutional buildings in Mumbai are estimated to go up 3.3 times by 2050. The data was presented in a webinar held under the Mumbai climate action plan on Tuesday. In a presentation, Mehul Patel, manager of the Climate Programme at WRI India, said that residential, commercial, and institutional building emissions are dominated by electricity and LPG (Liquefied Petroleum Gas).

According to a new report published on Thursday, Maharashtra could save as much as ₹75,000 crore in the next decade by implementing three steps in its energy sector: shutting down old coal power plants by 2022, halting the construction of a new unit at the Bhusawal thermal power plant (which is in surplus to the state’s requirements) and replacing coal contracts with cleaner alternatives over the next 10 years.

NAGPUR: After the Shiv Sena strongly opposed the proposed oil refinery at Nanar in Konkan, there’s a demand from some quarters to shift it to Vidarbha. It’s an ambitious project between the IOC, HPCL and BPCL and Saudi Arabian petroleum giant Aramco and Abu Dhabi National Oil Company. An oil refinery or petroleum refinery is an industrial/chemical processing plant where crude oil is converted into petrol, gasoline, diesel fuel, heating oil, kerosene, liquefied petroleum gas (LPG) and jet fuel.

India's leading manpower outsourcing firm, Aarvi Encon, has signed a contract to provide 2,000 engineers to oil companies. Multiple private firms and a large PSU are the companies included in the contract. ED of Aarvi said, "these 2,000 trained engineers will be provided by us to oil companies to work on BS-VI projects and refinery expansion projects”. BS-VI fuel was rolled out in April 2018 in the national capital.

Sources have said that CNPC-owned PetroChina is setting up its first office in South Asia to look for business opportunities in oil and liquefied natural gas. The move is seen as Chinese oil major’s strategy of expanding its role in overseas markets. According to the Indian Ministry of Corporate Affairs website, the company was listed as PetroChina International (India) in July with a total paid-up capital of $444,000 in Mumbai.

Bothered by a series of fire accidents this year, the Indian PSU Bharat Petroleum Corporation Limted (BPCL), is preparing to move its LPG facility out of Mumbai. In an attempt to strengthen safety, the LPG facility will be shifted to Rasayani. The move is expected to help cut down 43% of truck movement near the refinery. Similar relocation might come for its other refineries in Kochi, Numaligarh, and Bina as well.

A new assessment by the Directorate General of Hydrocarbons (DGH) has revealed that India possesses 42 billion tonnes of oil equivalent reserves. Oil reserves in India were projected to be around 28.09 billion tonnes in 1996. The newly assessed data shows a 49% jump from the previous estimates. The report claims that the Mumbai Offshore and Krishna-Godavari basins contribute the most to the country’s energy future with the maximum reserves.

Mumbai-based conglomerate, Reliance Industries (RIL) issued their first quarterly report, Q1, on Friday. Reliance reported a 3.85% rise with record profit of Rs 9,459 crore for the first quarter that ended on June 30. The earnings have doubled mainly due to their petrochemical business. Chairman of RIL, Mukesh Ambani commented on the reports by saying that this quarter reports have highlighted the strength of their petrochemical industry.