Global Crude oil price of Indian Basket was US$ 52.07 per bbl on 06.12.2016



Global Crude oil price of Indian Basket was US$ 52.07 per bbl on 06.12.2016
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 52.07 per barrel (bbl) on 06.12.2016. This was lower than the price of US$ 52.42 per bbl on previous publishing day of 05.12.2016.

In rupee terms, the price of Indian Basket decreased to Rs. 3542.75 per bbl on 06.12.2016 as compared to Rs. 3573.79 per bbl on 05.12.2016. Rupee closed stronger at Rs 68.03 per US$ on 06.12.2016 as against Rs 68.17 per US$ on 05.12.2016. The table below gives details in this regard:

Particulars   
Unit
Price on December06, 2016
 (Previous trading day i.e. 05.12.2016)                                                                  
Pricing Fortnight for 01.12.2016
(Nov 12, 2016 to
Nov 28, 2016)
Crude Oil (Indian Basket)
($/bbl)
 52.07         (52.42)        
   44.87
(Rs/bbl
 3542.75   (3573.39)       
3061.48
Exchange Rate
 (Rs/$)
  68.03      (68.17)  
   68.23
Daily Crude Oil Price- 07.12.2016      

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11 MoUs Signed, Web Portals of 3 Start-Up Funds Launched, and Books and Knowledge Papers Released during PETROTECH 2016
In the Petrotech-2016, on the last day today 11 memorandum of Understanding were signed, including a consortium agreement between IOCL, BPCL and HPCL, intending to set up India’s biggest oil refinery cum petrochemical complex with a ~60 MMTPA capacity along the western Coast of India in the State of Maharashtra, and for setting up 5 2G ethanol plants in various parts of the country. Union Ministers Shri Nitin Gadkari, Shri Piyush Goyal, Shri Anil M. Dave and Shri Dharmendra Pradhan were present during the ceremony. Following is the list of agreements signed today:
MoU signed between
MoU Title
Purpose
IOCL, BPCL and HPCL
Consortium Agreement  between IndianOil as Lead Member and HPCL & BPCL in relation to pre-project activities for establishment of West Coast Refinery and Petrochemicals Project through creating a joint venture company amongst the Parties
A consortium of IndianOil, BPCL and HPCL intends to set up India’s biggest oil refinery cum petrochemical complex with a ~60 MMTPA capacity along the western Coast of India in the State of Maharashtra. The parties intend to enter into a Consortium Agreement with IndianOil as Lead Member and HPCL & BPCL as other partners in relation to pre-project activities for establishment of West Coast Refinery and Petrochemicals Project through creating a joint venture company amongst the Parties.
OIL and Technology Incubation Centre, IIT Guwahati
MoU with IIT, Guwahati for supporting OIL’s start up initiative
‘Start-Up India’ initiative was launched by the Prime Minister of India on January 16, 2016.  The initiative aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups. Under this MoU, Technology Incubation Centre (TIC), IIT-G will serve as an incubator with respect to housing and mentoring start-ups as per OIL Start-Up Initiative
ONGC and IIT Mumbai
MoU with IIT, Mumbai for supporting ONGC’s Start-Up Initiative
ONGC has launched a Rs. 100 crore start up fund on its diamond Jubilee year to foster, nurture and incubate new ideas related to oil & gas sector. The initiative, christened as ‘ONGC Start Up’ is in-line with GoI initiative ‘Start Up India’.  This MoU intends to prepare a Roadmap for ONGC’s Start Up Initiative which will work on problems related to the energy sector and for enhancing the operational capabilities of ONGC.
ONGC and Halliburton
MoU between ONGC and Halliburton
The purpose of this Summary of Understanding (SoU) is for Production Enhancement Contract in Kalol field in Gujarat.
ONGC and Schlumberger
MoU between ONGC and Schlumberger
The purpose of this SoU is for Production Enhancement Contract in Geleki field in Assam. The terms of the SoU are primarily governed by suggested Hydrocarbon Vision 2030 for North East India.
IOCL and M/s Praj Industries Ltd.
Binding MOU (Cost sharing Agreement) for development of Ligno-Cellulosic Ethanol Plants.

IOCL is planning to set up a 2G biomass to ethanol plant at Dahej, Gujarat with a capacity of 100 KL / day. The plant is expected to yield around 3.3 crore litres of ethanol per year which is sufficient to fulfill 23% of the ethanol blending requirement of the state. The plant is expected to generate an indirect employment for more than 1,000 people in nearby vicinity and shall help in addressing the environmental concerns.
IOCL and M/s Praj Industries Ltd.
Binding MOU (Cost sharing Agreement) for development of Ligno-Cellulosic Ethanol Plants.

IOCL is planning to set up a 2G Biomass to Ethanol plant at Panipat, Haryana of 100 KL per day capacity. The plant is expected to yield around 3.20 crore litres of ethanol per year which is sufficient to fulfill 25% of the ethanol blending requirement of the state.
The plant is expected to generate an indirect employment for more than 1,000 people in nearby vicinity and shall help in ameliorating the environmental concerns.
BPCL and Institute of Chemical Technology
MoU for Technology Transfer for setting up of 2G Biomass Ethanol Bio-refinery at Bina, M.P.
BPCL is setting-up 2G Biomass Ethanol Bio-refinery in Bina, MP with a capacity to process 400 tonnes/day of Biomass (equivalent to 100 KL/ day of ethanol generation capacity). The plant is expected to produce around 3.20 crore litres Ethanol/ year which is sufficient to meet 22% of the blending requirement of state.  It is estimated that the plant will provide an indirect employment to 1,000 people and the plant is expected to be commissioned in December, 2018.

BPCL and M/s Praj Industries Ltd.
MoU for Technology Transfer for setting up of 2G Biomass Ethanol Bio-refinery at Bargarh, Odisha

BPCL is setting-up 2G Biomass Ethanol Bio-refinery in Bargarh, Odisha with a capacity to process 400 tonnes/day of Biomass (equivalent to 100 KL/ day of ethanol generation capacity). the plant is expected to produce around 3.20 crore litres Ethanol/ year which is sufficient to meet 45% of the blending requirement of the state. The plant is expected to be commissioned in December, 2018.
HPCL and Department of Investment Promotion, Govt. of Punjab
MoU for setting up 2nd Generation Ethanol Bio-refinery

A 100 KL per day capacity Second Generation Ethanol plant is proposed to be set up by HPCL in Bhatinda, Punjab. Plans for undertaking the foundation stone ceremony for the same are underway. The proposed plant is expected to utilize approx. 1,40,000 tonnes of biomass per year and yield 3.2 crore litres of ethanol sufficient to meet around 26 %  of ethanol blending requirement of the state. The plant will also help in abatement of environmental concerns due to burning of Biomass in state.
HPCL and Institute of Chemical Technology
MoU with Technology provider for 2nd Generation Ethanol Bio-refinery
This purpose of this MoU is to explore technology tie-up for the proposed  Second Generation Ethanol plant at Bhatinda.

Portal were also launched by ONGC, OIL and IOCL under “Start-Up India”. ‘Start-Up India’ initiative was launched by the Prime Minister of India on January 16, 2016.  The initiative aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups.  In pursuance of this, the CPSEs under the Ministry of Petroleum and Natural Gas were directed to facilitate/ create an Innovation ecosystem and promote Start –Ups in their respective fields through various means including setting up of incubation centres. The CPSEs have committed over Rs 300 crores funding for encouraging and supporting Start Ups. In order to attract the best talent, the CPSEs launched websites/portals on the same, with the aim of helping build and nurture a successful Start Up ecosystem
Following Books and knowledge papers launched on the last day at PETROTECH-2016:
1)      “EYE ON INDIA ENERGY 2016”. Produced in collaboration with MEA, Invest India, Petrofed and FICCI
EYE ON India Energy 2016 report, realized in cooperation with MoP&NG, MEA, PetroFed, Invest India, and FICCI. The report highlights new policies like HELP, the opportunities of developing a gas-based economy and the nation’s commitment to source 40% of its energy from non-fossil fuels. It will be followed by the launch of a digital energy platform on India in the first half of 2017. To facilitate global access to information on India, both the report and the portal are accessible worldwide and free of charge.
2)      McKinney’s Knowledge Paper
McKinney released a knowledge paper titled ‘Transforming energy to transform India’. The paper models various energy scenarios for 2030 and lays a potential roadmap for the most favourable scenario for India, including action steps various stakeholders can take in an uncertain environment.
3)      First 100 days - by Ms. Shuva Raha
This is neither an autobiography nor history in hindsight. This is a kaleidoscope of Mr Subir Raha’s First 100 Days in ONGC, which were drastic, sweeping and relentless. Mr Raha says that the teams of ONGC, ONGC Videsh, MRPL and the Ministry – achieved many successes. He has written about his successes and unfinished projects, however, mentions that the team had reached a point when these targets were credible. Mr Raha worked on the manuscript till his last days, often dictating parts from his hospital bed in the ICU. He passed away before he could publish the book.
4)      Oil: Lighting up our lives by D.K. Taknet
Oil: Lighting up our lives unfolds a worldwide view of history of the discovery, development and uses of oil, the global oil industry, how the geopolitics of oil and its availability has transformed the fate of nations, and the multifaceted role that it plays in our everyday lives.

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Ministerial Conclave on ‘Transforming India – Key Initiatives’ Held at Petrotech-2016
The Ministerial Conclave on ‘Transforming India – Key Initiatives’ was held in New Delhi today at Petrotech- 2016. Union Minister for Road Transport & Highways and Shipping, Shri Nitin Gadkari chaired the session. Other dignitaries on the dais were Union Minister for Railways, Shri Suresh Prabhu, Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal, Minister of State (IC) for Petroleum & Natural Gas, Shri Dharmendra Pradhan and Minister of State (IC) for Environment, Forest and Climate Change, Shri Anil Madhav Dave.

Addressing the session, Shri Dharmendra Pradhan said that with the present and projected growth of energy sector in India, our initiatives to transform energy have the potential to transform the world. He said that environmental protection and industrial progress are complimentary to each other, which is the crux of ‘Transforming India’.

Shri Pradhan said that the Government took up the challenge of providing Clean Gas i.e. LPG to BPL households through the Pradhan Mantri Ujjwala Yojana (PMUY). Under this scheme, the Government aims to provide clean gas to 5crore BPL families by 2019. He added that the Government had also set up the largest Direct Benefit Transfer (DBT) scheme in the world which ensures that LPG subsidy is directly deposited in the bank account of the consumer, thereby preventing leakage and misuse of subsidy.

Shri Pradhan noted that the schemes of DBT and PMUY have the potential to transform the whole world if applied globally. He said that Energy is not just an Economic Commodity that is traded, but it is a vehicle for Social, Economic and Technological Transformation. He gave the motto of ‘Transforming Energy to World Welfare’.

Talking about the acceptance of Digital Transactions in day to day life by the people, Shri Pradhan said that, in the last four days, digital transactions at various fuel stations across the country have noticed a manifold increase. He also added that over a short span of time, India has developed the expertise and infrastructure for refineries of great complexity which is appreciated by the world.

Speaking at the session, Shri Nitin Gadkari noted that in order to reduce the dependency of Indian economy on imported oil, firstly, logistic costs of the transport sector need to be reduced, which currently is much higher than other countries. Further, there is a need to bring about diversification of the Agriculture sector towards the Energy sector. Plants converting cellulosic biomass to ethanol have already started functioning in India, he added.

Shri Nitin Gadkari also said that presently, India is a Power surplus country, which is an opportunity for diversification of our energy mix towards Clean Fuels like Bio-energy for transport sector, Electric Vehicles etc. Further, talking about the importance of waterways, he added that India has a seafront of over 7500 kms which can be used for bulk of freight transport by building infrastructure for inland and coastal shipping using clean fuels like LNG. The Ministry of Shipping is already implementing projects in this direction and it would reduce our dependence on imported oil to a great extent as well as reduce our carbon emissions, he added.

Speaking on the contribution of his Ministry in achieving energy efficiency and use of clean fuels in Railways, Shri Suresh Prabhu said that Railways is the most environmental friendly mode of transport in India. The Ministry is working towards modernisation of its rolling stock and tracks in order to make the Railways more energy efficient. He added that in the next few years, Railways is taking steps like electrification of all major rail lines and becoming the largest producer of solar power in India soon, after which it would be able to meet its energy needs through clean energy, thereby reducing its dependence on fossil fuels.

During his address, Shri Piyush Goyal said that in order to realize the vision of Prime Minister of India to decrease India’s dependence on imported oil, it is imperative that India becomes self-reliant in using renewable energy for different sectors of economy. We have to ensure that energy efficiency takes centre stage and measures like the introduction of clean fuels, electric vehicles etc. are given priority in India. Ministry of Power is working tirelessly in this direction by initiatives like UJALA LED scheme, PAT scheme etc. and it needs all the stakeholders present at Petrotech to collaborate to achieve this vision, he said.

Shri Anil Madhav Dave, speaking about the importance of balancing environmental sustainability with economic growth, said that India has charted its own path regarding fighting Climate change and there is a need to incorporate cutting edge technologies from around the world according to our needs. The Indian energy sector needs to innovate and adapt in such a way to ensure environmental sustainability along with an energy secure future for the future generations. 

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Petrotech-2016 awards presented
The Union Finance and Corporate Affairs Minister Sh Arun Jaitley today presented the Petrotech-2016 awards in New Delhi. The Minister of State (I/C) for Petroleum and Natural Gas Shri Dharmendra Pradhan was also present on the occasion. The winners of the awards were:
Lifetime Achievement Award in Upstream: Dr Avinash Chandra, Former DG, DGH
Lifetime Achievement Award in Downstream:  Sh P.S. Teckchandani, Swan Energy Ltd
Lifetime Achievement Award in Midstream: Dr C R Prasad, Former CMD, GAIL India Ltd
Lifetime Achievement Award in R&D: Dr Paul Ratnasamy, Chief Scientific Officer, Alphajet Inc
Lifetime Achievement Award International: Mr Igor Ivanovich Sechin, CEO, Rosneft
Outstanding Diplomatic contribution to Hydrocarbon sector: Mr P.S. Raghavan, Head, National Security Advisory Board
Rising Star Award for Start-ups in Hydrocarbon sector: Planys Tech Pvt Ltd
Special award for business Associate (Sahyogi): L&T Hydrocarbon Engineering
Women in Hydrocarbon sector: Ms Sukla Mistry and Ms Jayalakshmi Nair
Best innovator in hydrocarbon sector: Mr Rengarajan Sadagopan, BPCL
Best project Management team: HPCL and BPCL
Sustainability and Corporate Social Responsibility (Corporate): Cairn India Ltd
Special Technology Award- Greening of oil and gas business: ONGC Ltd
It was also announced that Petrofed and Petrotech Society will be merged and next Petrotech will be organised by the new entity “ Federation of Indian Petroleum Industry”.

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Clarity on economic reforms roadmap has led to India being called bright spot in global economy, says Shri Arun Jaitley

India’s time has come ; make best use of international and domestic environment in hydrocarbon sector, says Shri Dharmendra Pradhan
Union Finance and Corporate Affairs minister Sh Arun Jaitley today said that clarity on economic reform roadmap has led to India being called bright spot in global economy. Speaking at the valedictory function of Petrotech-2016 in New Delhi today, he said that in the long term, Indian economy is headed for a very major change- culture of decision making has changed. On the issue of demonetisation, he said it was a harder option which would leave footprints behind as far as the future is concerned. The minister said that the Prime Minister had an option of doing what many others have done. There was an easier option but he chose the harder one. He said that Indian economy is going to be cleaner and more efficient in the future. He said that economic changes don’t happen overnight, but the road map and agenda for them can always be laid. As for Goods and Service Tax (GST), he said that most issues have been sorted out. He added that only one major issue is pending and it is expected to be resolved in near future. The Finance Minister expressed the hope that issue of cross-empowerment will be resolved and GST will be implemented from April 1.

Shri Jaitley said the oil and gas sector is the area of importance in the Indian economy. He said that when the best minds, domestic and international, are available at Petrotech, it’s an opportunity for us to discuss issues pertaining to India at length. He concluded that domestic and International investors who have participated in the Petrotech should go back with two clear messages. Firstly, that the Indian economy in the long term is headed for a very major change. Secondly, the culture of taking decisions has changed, policy makers have the capacity to take hard decisions in the long term interest for the country.

Speaking on the occasion, the Minister of State(I/C) for Petroleum and Natural Gas Shri Dharmendra Pradhan said that there was overwhelming response to Petrotech-2016, reflecting the interest of stakeholders in the country in the wake of policy initiatives and reforms undertaken. He said that there was exchange of knowledge during the conference and it enabled richness of perspective. He said that Prime Minister, Shri Narendra Modi, has given a clear roadmap on future of energy sector which rests on 4 pillars viz., Energy Access, Energy Efficiency, Energy Sustainability and Energy Security. He said that India’s time has come and it has to make best use of international and domestic environment in the hydrocarbon sector. The Minister said that stability in the sector can be brought about through international collaboration and dialogue and by introduction of better technology.

While mentioning successful meetings with his counterparts from 17 countries, Shri Pradhan extended an invite to all the participating delegates at the Petrotech-2016 for investing in different verticals of the Indian Hydrocarbon sector. Further, the Minister mentioned about the successful participation of students from various prestigious institutions across the country in YUVA URJA, where brainstorming sessions were conducted for them on cutting edge R&D taking place in the Hydrocarbon sector.

Shri Pradhan also mentioned about the signing of MoUs with the private sector companies in the areas of Bio-fuels, 2nd Generation (2G) Ethanol and various Energy sector start-ups. Finally, Shri Pradhan also mentioned about the success of Petrotech-2016 exhibition that has showcased innovations and R&D initiatives from over 700 exhibitors. 

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