L&T arranges funds for Kattupalli project
India’s biggest engineering firm, Larsen and Toubro Ltd (L&T), has tied up funds for constructing the first phase of a shipyard-cum-port complex at Kattupalli near Ennore, Tamil Nadu at an estimated cost of Rs3,375 crore. “The debt portion of Rs2,531 crore for the project has been tied up,” K Venkatesh, executive vice-president (developmental projects) at L&T, said over phone from Chennai. The shipbuilding facility, billed as India’s biggest, has received environmental clearance from the Union government.
ONGC crude productivity falls despite huge investments
ONGC has stated slump in crude oil production for the fourth con¬secutive year despite the compa¬ny’s huge investment to develop oil and gas assets.ONGC crude out¬put fell by 2% to 24.858 million metric tonnes (MMT) from its do¬mestic oil fields in 2009-10 as against 25.366 MMT reported for the previous financial year.
Domestic crude oil production up 3.5% in March
The domestic crude oil produc¬tion reported rise of 3.5% in March y-o-y, continuing with its upward trend for the fourth consecutive month. The crude oil output stood at 2.96 million tonnes or 6,99,190 barrels a day during the month un¬der review. According to data re¬leased by the Ministry of Petroleum and Natural Gas, ONGC pro¬duced 2.1 million tonnes of oil in March, an increase of 1.3%. Out¬put from ONGC’s Mumbai High fields, which account for about half of the country’s annual crude oil production, stated an increase of 1.4% to 1.5 mt.
GAIL Gas eyes Rs150 cr returns in next 2 yrs
GAIL Gas Ltd, wholly owned subsidiary of GAIL (India), is targeting to earn Rs150 crore in returns in the next two years by increasing its network of natural gas distribution in cities.
The two-year-old firm, which presently supplies only in Dewas, will be operational in Sonepat from next month. Kota and Meerut will follow, chief execu¬tive M Ravindran said. GAIL Gas will also bid for more cities.
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