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LANXESS India completes expansion of Rhenodiv plant at Jhagadia, Gujarat
Specialty chemicals company LANXESS has announced that its Rhenopp production line in Jagadia, Gujarat, has been expanded. The company said the increase in Rhenopp chemical capacity will meet demand in the tire and rubber products markets in Asia and the Indian subcontinent. .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-bulk:600;line-height:18px;top:9px} #sr_widget .sr_desc{margin:0 auto 0;} #sr_widget sr_ {color:# 024d99;margin top: 10px; } .live_stock .lb-icon{7px 6px 5px 3px !important} Matthiass Zachert, Chief Executive Officer and Chairman of the Board of Management of LANXESS AG “India is an important region for us, and this marks the beginning of “This new plant not only expands our production capacity, but also demonstrates our confidence in the enormous potential of the Indian market.” important} Matthiass Zachert, CEO and Chairman of the Board of Management of LANXESS AG “India is an important region for us, which marks ̶...
LesleyBradley
47
May 31, 2024
IPL Sponsors: Ceat retains IPL ‘strategic timeout’ partnership for Rs 240 crore
Tire manufacturer Ceat has announced sponsorship of IPL in certain segments of the tournament with an investment of around Rs 24 crore over five years. Ceat Ltd In a regulatory filing, the Board of Control for Cricket in India has selected Ceat as its official partner to sponsor the IPL in certain parts of the tournament with a total outlay of around Rs 24 crore over five years. My11circle, RuPay, Angel One and Ceat have jointly secured 148.5 worth of IPL crore sponsorship slots, according to a news report in The Economic Times on February 23, citing people familiar with the matter. Reports suggest that Ceat has entered into a five-year strategic pause partnership with a bid of Rs 24 crore. However, Orange and Purple Caps and Umpire Partnership reportedly could not find a bidder. According to anonymous sources, the board managed to sell three of the six available joint partnership seats to My11circle, RuPay and Angel. Seat is the flagship company of the RPG Group, which ...
LouLarkin
44
May 31, 2024
Oil cos want government to delay diesel price cut
(This article was originally published on October 6, 2014) NEW DELHI: Fuel revenue loss in July-September started from Rs 9, 037 in the previous quarter Rupees suddenly dropped to Rs 2, 71.2 crore, Diesel has brought unexpected wealth to the government. Rupee (fall in global oil prices). It has softened significantly. The situation has improved in the current quarter as fuel prices are Rs 2 higher than market prices. State-owned companies want the government to delay the expected diesel price cut to make up for past losses. Diesel has become so profitable for Indian refiners that the price of Brent crude has surged to 116 since the start of the month from 6 The dollar has fallen more than 20% since last week’s 5% drop. It then closed at a 27-month low of $92.31 on Friday. As of the beginning of the current fiscal year, the total fuel subsidy for kerosene, cooking gas, and diesel fuel for 2014/15 is estimated to be Rs. 1,271.65 billion. This amount has come down to Rs 84, ...
HarrietJulia
46
May 31, 2024
Reliance Industries looking to sell US shale gas stake for $4.5 billion
NEW YORK: New Industries plans to sell a 45% stake in a $100 million shale oil and gas joint venture valued at approximately 45% of its basin value in the Eagle Ford. RIL has acquired a 45% stake in Pioneer Natural Resources’ Eagle Ford shale play in south Texas for $1. According to industry sources, RIL worked with Citigroup and Bank of America Merrill Lynch to find a buyer, valuing the company at $1.3 billion. “Reliance is continually working to find ways to create additional value,” a company spokesperson said when contacted, but declined to comment on specific sales. The spokesperson said, “Reliance Group’s policy is not to comment on market speculation. If we need to disclose, we will do so in due course.” Pioneer holds 46% of the remaining 9% of the Eagle Ford joint venture, with the remaining 9% of Alpha held by Newpeck LLC under SAB Newpeck. Newpek is also considering selling its stake and has been advised by Tudor Pickering Holt ...
StanleyKatte
58
May 31, 2024
Rs 2.50/litre cut in diesel rate likely after state elections
NEW DELHI: Diesel prices were reduced by Rs 2.50 per liter and petrol by Rs 1 per liter as global oil prices fell to their lowest level in 27 months. Prices are likely to come down after the October 15 assembly elections in Maharashtra and Haryana, according to sources close to the matter. Benchmark Brent crude oil today fell 1.355 per barrel to $ 90.76 USD, the lowest level since June 2012 this month. Prices are down 18% this year. According to 9, because of the price cuts Calculated on the basis of the average price for the second half of the month, the profit on the sale of diesel will start from $ 1.90 per liter Rupees to expand. Although the difference between under-recovery of retail sales or retail sales and over-recovery, taking into account sales prices and import costs, was September 16 canceled to Rs. 1.90, the government did not reduce the interest rate because of the election rules. On the other hand, petrol was de-controlled on a monthly basis in June 2010 a...
AliceHodge
46
May 31, 2024
Fuel prices may see steep decline
(This article was originally published on October 11, 2014) /p NEW DELHI: Iran and Saudi Arabia are engaged in a sticker fight with oil prices expected to fall below $90 a barrel on Friday as the global benchmark oil price continues to fall. Expected. This is currently unthinkable. If the macroeconomic environment improves significantly and international oil prices continue to fall, the government could ease. However, the center will not be in a hurry to relax diesel price controls, but will opt for regular price adjustments to avoid the impact of a future rebound in crude oil prices. The continued fall in crude oil prices is due to four factors: increased production, fading hopes of an immediate economic recovery despite the turmoil in the eurozone, a lack of appetite in China, and new countries such as Russia and the United States. Countries are eroding traditional suppliers, but supplies from Iraq and Libya remain. Oil prices have fallen more than 20 percent since last J...
AnselDutt
46
May 31, 2024
More clarity needed in the most volatile commodity oil
(This article was originally published on October 20, 2014) The Narendra Modi government has finally taken the bold step of liberalizing diesel price controls and raising petrol prices to some extent. The move will revive the retail fuel market and end the gas crisis. However, the oil-based industry needs to be more aware that oil is the most volatile and controversial commodity in the world. Diesel deregulation is not a new reform. A decade ago, market forces were in full swing. New Real Industries, Essar Oil and Shell made a dazzling array of gasoline pumps that turned off the public sector, which was rapidly losing market share. Old, rusting state-owned gas stations have been transformed into modern retail outlets, complete with ATMs, modern car-wash facilities and even regular department stores. Subsequently, volatility in the oil market destroyed the market. As oil prices soared and inflation became a non-political issue, the government subsidized the sale of diesel by st...
GustaveBen
68
May 31, 2024
Cut in diesel prices by Rs 3.56 per litre in offing
NEW DELHI: Diesel prices have gone down by Rs 3.566 per liter The plunge in international oil prices has almost doubled India’s highest fuel consumption. With crude oil prices touching the lows of the last four years, the excess recovery or profit on diesel sales has risen from Rs 1.90 per liter in the first half of October to Rs 3.56 per liter at present, an official statement said. The state-run fuel retailer posted its first profit in the second half of the current month of September with a modest over-recovery of 35 paisa in the diesel business. 10 Prices spiked to Rs 1.900 per liter in the first half of the month to Rs 3.56 per liter currently. Excessive recoveries or profits would naturally lead to price cuts to bring retail prices in line with costs. However, with the electoral law coming into effect in the National Assembly polls, this has not been reduced. With the results of the Maharashtra and Haryana assembly elections announced on Sunday, the model code o...
MollyCharlotte
54
May 31, 2024
Sufficient fuel stock available in Vizag: Oil companies
VISAKHAPATNAM: A state oil industry official today said that the port city has sufficient stock comprising more than 15 Natural Fuel, Gasoline and Diesel. He also appealed to the public not to panic and buy only the required fuel for future use. The head of the National Coordinating Agency for the Petroleum Industry (NCAPI) said, “The oil companies are making every effort to repair the damaged pumps and be ready.”
ArthurMorrison
57
May 31, 2024
Modi govt. needs to decontrol retail prices of diesel
By Jaideep MishraThe sharp fall in oil prices in the global market is enough to make reforming the long-stalled oil sector an imperative. Within a few years, India will become the third largest consumer of crude oil, much of which will be imported at world prices. Therefore, there is a need for targeted reforms in the policy and pricing of petroleum products to improve efficiency, productivity and excessive costs. This is the rapid growth of the petroleum economy. Overseas, in mature retail oil markets, about half of all purchases come from “independent” retailers. These retailers are not involved in upstream production or refining, but still need efficient logistics and high quality delivery to compete with their customers. Effectively restricting oil sales here and in the wider market would have significant national costs. Moreover, as crude oil prices fall further, expert analysts are optimistic that the bearish trend will continue for a year or more. The way for...
RaeIvan
60
May 31, 2024
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