Global oil majors BP Plc and Rosneft PJSC are eyeing a piece of India's $117 billion retail market for fossil fuels, threatening to shake up government-owned companies that have faced little competition for a decade.
The new company will still be called Baker Hughes, but GE will own 62.5 per cent of it. Halliburton Co attempted a buyout of its rival earlier this year, but abandoned the $35 billion bid after US antitrust regulators stepped in.
India has traditionally been a net exporter of fuel oil, the residue oil left after initial crude refining that is typically used in shipping and power generation.
As per Crisil's estimates, around 17,000 MW of operational power projects with a debt of Rs 70,000 crore and additional 24,000 MW under-construction projects with a debt exposure of around Rs 64,000 crore are at a high risk.
Aggregate losses of these distribution companies will decline 46 per cent to Rs 20,000 crore from Rs 37,000 crore, says Crisil.
Economic sanctions have been imposed on Russia for its actions in Crimea and eastern Ukraine.
The court agreed with the decision of the Empowered Committee of Secretaries denying permission to Cairn to export its share of crude oil, saying the reasons given by the panel "are legal, germane and valid grounds".
Essar signed agreements on Saturday to sell 49 per cent in the 20 million tons a year Vadinar refinery in Gujarat.
Energy companies have announced $43.2 billion of asset sales this year after crude prices fell to the lowest level in more than a decade, according to data compiled by Bloomberg.
Government plans to more than double its liquefied natural gas (LNG) import capacity to 50 million tonnes in the next one year, Oil Minister Dharmendra Pradhan told a news conference on Thursday.
The country is eyeing 1.5 billion tonnes of coal production by 2020, of which 1 billion tonnes would come from Coal India.
Fearing poor response, the government is likely to extend by at least one month the last date of bidding for the auction of 46 small oil and gas fields that were "given-up" by state-owned ONGC and Oil India.
The government will provide Rs 5,176 crore or about 40 per cent of the project cost after the state-owned gas utility found it difficult to commercially justify the huge investment of Rs 12,940 crore in absence of either a firm source of gas supply or customers.
OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), had in May this year completed acquisition of 15 per cent stake in Vankor oil field for $1.28 billion.
IOC owns and operates 11 out of India's 23 refineries with a combined refining capacity of 80.7 mt per annum.
NTPC has requested the government to allow surplus coal at its Badarpur thermal power plant in Delhi to be utilised for a power unit in Madhya Pradesh.
The government aims to save as much as Rs 10,000 crore annually by leveraging information technology to ramp up its power distribution network in urban towns by January 2019.
State-run Power Grid Corporation on Friday said its board has approved investment of Rs 562.25 crore for system strengthening in the southern region.