Global Crude oil price of Indian Basket was US$ 43.85 per bbl on 27.09.2016

Global Crude oil price of Indian Basket was US$ 43.85 per bbl on 27.09.2016

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$ 43.85 per barrel (bbl) on 27.09.2016. This was higher than the price of US$ 43.74 per bbl on previous publishing day of 26.09.2016.

In rupee terms, the price of Indian Basket decreased to Rs. 2914.25 per bbl on 27.09.2016 as compared to Rs. 2918.14 per bbl on 26.09.2016. Rupee closed stronger at Rs. 66.46 per US$ on 27.09.2016 as against Rs. 66.71 per US$ on 26.09.2016. The table below gives details in this regard:

Price on September 27, 2016
 (Previous trading day i.e. 26.09.2016)                                                                  
Pricing Fortnight for 16.09.2016
(Aug 30, 2016 to Sep 13, 2016)
Crude Oil (Indian Basket)
      43.85              (43.74)        
 2914.25        (2918.14)       
Exchange Rate
  66.46              (66.71)

Daily Crude Oil Price- 28.09.2016


Cabinet approves acquisition of 29.9 percent stake in LLC Taas-Yuryakh Neftegazodobycha and 23.9 percent stake in JSC Vankorneft by Indian Consortium

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval to an Indian Consortium comprising Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat Petro Resources Limited (BPRL) for acquiring 23.9 percent stake in JSC Vankorneft and 29.9 percent stake in LLC Taas-Yuryakh from M/s Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor and Tass-Yuryakh fields and are its wholly owned subsidiaries.

The acquisition of stake in Vankorneft will provide 6.56 Million Metric Ton of Oil Equivalent (MMTOE) and 29.9 percent stake in Taas-Yuryakh will provide 0.5 MMTOE initially and 1.5 MMTOE by 2019. The acquisition is in line with India’s stated objective of adding high quality international assets to its Exploration & Production portfolio and thereby augmenting India's energy security. The Consortium will be paying US $ 2020.35 million for acquiring stake in Vankorneft and US $ 1242 million for acquiring stake in Taas-Yuryakh. Earlier in May 2016 ONGC Videsh Ltd (OVL) completed the formalities of acquiring15% stake in Vankorneft at the cost of US $ 1.284 billion which gave OVL 4.11 MMTOE.

The acquisition will add 8.06 MMTOE to India's overseas oil and gas asset. It will also provide an opportunity to Indian public sector Oil and Gas companies to absorb newer technologies with Rosneft and British Petroleum (BP). BP acquired 20% stake in Taas-Yuryakh from Rosneft last year.


Cabinet approves financial assistance to retired employees of Bharat Pumps and Compressors Limited, Allahabad

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved the proposal of Department of Heavy Industry for providing financial assistance amounting to Rs. 111.59 crore as Non-Plan loan to Bharat Pumps and Compressors Limited, Allahabad.

The CCEA also accorded "in principle" approval for strategic disinvestment of the company.

The statutory dues such as provident fund and gratuity of retired employees will be discharged and the outstanding dues of CISF will be cleared. It will motivate the employees and improve the performance of the Company. This will put an end to further legal complications and penal action against the Company.


Pradhan Mantri Ujjwala Yojana – State launch at Srinagar, J&K

Pradhan Mantri Ujjwala Yojana (PMUY) was launched today in Srinagar for the state of Jammu & Kashmir by Chief Minister of J&K, Ms Mehbooba Mufti along with Minister of State (I/C) for Petroleum & Natural Gas, Shri Dharmendra Pradhan in the presence of Minister of State, PMO, Dr. Jitendra Singh, Dy. Chief Minister of J&K, Dr. Nirmal Singh, Minister for FCS & CA J&K, Shri Chowdhary Zulfikar Ali, Member of Parliament, Rajya Sabha, Shri Nazir Ahmed Fiaz and Member of Parliament, Rajya Sabha, Shri Mir Mohammed.

This marks another step in the direction of providing LPG connections to 5 crore families who are Below Poverty Line (BPL). As a symbolic launch of the PMUY, women from BPL families were handed over connections during the function by the Chief Minister of J&K and Minister for Petroleum.

Pradhan Mantri Ujjwala Yojana, which was launched by the Prime Minister on 1st May 2016 at Ballia (Uttar Pradesh), is a scheme to provide clean cooking fuel to the women belonging to the ‘Below Poverty Line’ (BPL) households across the country. Pradhan Mantri Ujjwala Yojana (PMUY) aims to provide LPG connections to 5 Crore BPL households by 2019 and is a part of larger program of adding 10 crore new LPG connections by 2019 to achieve full coverage of connections in Indian households. Providing LPG connections to BPL households will ensure universal coverage of cooking gas in the country. The scheme of providing clean cooking fuel will also reduce drudgery and the time spent on cooking and will also provide employment for rural youth in the supply chain of cooking gas.

Shri Pradhan in his address said that 1 lakh LPG connections will be released in the next 15 days. He said that the central government has released 2 lakh connections during the last 2 years in J&K vis a vis 5 Lakh connections released during the previous 8 years in J&K by the previous governments. He added that there are 4 LPG bottling plants in the state and another LPG plant at Kargil will be put up and also to increase the capacity of Leh LPG plant.

PMUY scheme provides assistance of Rs. 1600/- to the woman beneficiary, comprising security deposit of Domestic cylinder & pressure regulator; Suraksha hose; Domestic gas consumer card and installation charges.


Caution against Unauthorized advertisements for Government schemes

It   has been brought to the notice of the Ministry of Petroleum and Natural Gas that an entity with the name `Ujjwala RGGLV Yojana’ has issued an advertisement (sample copy enclosed) in a newspaper, allegedly claiming its appointment for LPG distributorship under Rajiv Gandhi Gramin LPG Yojana.

 It is clarified that this entity is not authorized by the Ministry to appoint LPG distributorship, and has no role in PM Ujjwala Yojana either.

General public is cautioned not to respond to the advertisement or any other communication from this Entity in any manner.


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