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Subsidy burden zooms for ONGC & OIL, to impact Q3 nos
27 Jan 2012;business-standard.com:Ajay Modi:New Delhi: The subsidy burden of upstream oil companies Oil Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) have more than doubled in the third quarter ended December 31. ONGC’s subsidy burden for the quarter is Rs 8,875 crore, compared to Rs 4,222 crore in the corresponding quarter of last year. OIL’s burden is expected to jump 135 per cent to Rs 1,313 crore. “This year, the upstream companies will probably have to bear the highest ever burden towards oil subsidy, as prices have not been increased for long and under-recoveries of the three oil marketers will be at a record high,” said an OIL official. The two government upstream companies, along with GAIL, make good a third of the losses made by government oil marketing companies (OMCs) on selling diesel, kerosene and LPG at government rates. The OMCs — Indian Oil, Bharat Petroleum and Hindustan Petroleum — purchase crude oil at market rates but are required to sell diesel, kerosene and liquefied petroleum gas (LPG) at government-set prices. These losses are usually compensated by a cash subsidy from the government and discounts on crude purchase from ONGC and OIL. For the quarter just ended, the OMCs incurred a revenue loss of Rs 32,413 crore on regulated sale of the three products, of which a third, or Rs 10,805 crore, has to come from ONGC, Oil India and GAIL. Currently, the three OMCs are incurring a revenue loss of Rs 442 crore daily on sale of the three products. Their loss is Rs 12.95 on every litre of diesel, Rs 28.50 on every litre of kerosene and Rs 326 on every domestic LPG cylinder. The prices of these three politically sensitive products, that account of around 60 per cent of OMC sales, have not been revised since June 25 last year. Their prices are unlikely to be revised till early March, when five state assembly polls conclude. In 2010-11, upstream companies were made to bear 38.8 per cent of the OMCs’ gross revenue loss. This year, so far the one-third formula has been followed for calculating their subsidy share. However, watchers expect the share to be increased during the fourth quarter.
26 Jan 2012;business-standard.com:Dehra Dun: ONGC CMD Sudhir Vasudeva today said the company has been able to arrest the decline in its oil production, maintaining it at the level of 1-1.5%, and asserted that it was for the government to decide on its proposed 5% follow-on public offer. Addressing newsmen here, Vasudeva said the world-over, the decline in oil companies' production is 4% to 5%, but ONGC has maintained the decline in oil production at the rate of 1% to 1.5%. "To maintain the oil production at the current level is itself a big challenge," he said. In this regard, he said 70% of ONGC's oil production comes from 15 major fields out of the total 110 fields the company has, and on average, all of them are 30-35 years old. "So concerted efforts are being made to maintain the production as well as improve recovery from them," he said. On 5% disinvestment in ONGC, Vasudava said it was for the government to take a decision on the proposed issue. "It is still on the cards. Earlier market conditions were bad. But these conditions have started looking up," he said. During the previous fiscal, the company registered a record production of 62.05 million tonnes of oil and oil-equivalent gas from domestic and overseas assets. ONGC accounts for 73% of oil and 48% of gas production in India. To a question, Vasudeva said hydrocarbon reserves are not going to run out in the next 40 years, but said ONGC is focused on tapping the potential of new sources of energy like coal bed methane, underground coal gasification and shale gas. Regarding alternative sources of energy, he said ONGC is setting up another 102-MW wind farm in Rajasthan at an investment of Rs 800 crore after successful commissioning of a 50-MW wind farm in Gujarat. In this regard, he said wind energy has a potential of nearly 40,000 MW in the country. To a question on the payment problem with Iran, the CMD said till date, the company has not faced any problem in getting oil supply from the Gulf country due to the issue of payment. He said the matter is being discussed at the government of India level and would be sorted out by them. Earlier, in his address on the occasion of India's Republic Day, Vasudeva said a decade back, ONGC had set three strategic goals -- doubling its reserves to 12 billion tonnes by 2020, increasing its recovery factor from 28% to 40% by 2020 and sourcing 20 MMTPA of crude by 2020 for the growth of the organisation and for energy security of the nation. "To emphasise our commitment, we have now set the fourth strategic goal for the organisation -- to accrete resources of one billion tonnes of oil-equivalent from unconventional sources of energy by 2020," he said, asking ONGC employees to work harder to this possible.
'India will pay a heavy price': Diesel cars guzzling 40% of segment's fuel, says study
25 Jan 2012;timesofindia.indiatimes.com:NEW DELHI: Trashing industry contention that diesel use by cars is very low, the Centre for Science and Environment (CSE) Wednesday said 40 percent of the total fuel used in the car segment in the country is diesel. An analysis of the car industry by the CSE found that in 2011-12, diesel cars will account for over 40 percent of the total car sales in the country. Also, for the first-time ever, bigger diesel cars - the SUVs - are selling more and there is no slowdown in dieselisation. Increased use of diesel by cars means enhanced public health risks. It also means greater revenue losses due to the under-priced and under-taxed fuel -- with each litre of petrol replaced by diesel to run a car, the excise earnings of the government dropped seven times, the CSE said. "Without fiscal brakes in the forthcoming budget, India will pay a heavy price," says Anumita Roychowdhury, CSE's executive director-research and advocacy and head of its air pollution and urban mobility team. "The automobile industry is trying hard to prove that cars and SUVs are very small users of diesel, so that it can block the growing demand to put higher taxes on diesel cars to offset the revenue losses and cut public health risk," she said. The analysis says cheap diesel is pushing market towards bigger cars that guzzle more diesel. "Petrol car sales are higher in small car segment - 87 percent of petrol cars are below 1200 cc -- while 40 percent of the diesel cars are above 1500 cc," it said. There are 24 diesel car models in the engine size class range of less than 1,400 cc; 42 models in the range 1,401-2,000 cc; and 61 models in the class above 2,000 cc engines. This shows how more models are proliferating in the big car and SUV segments, the report said. Use of diesel in cars has increased so much that the excise earnings from petrol and diesel have equalled despite high excise duty on petrol. "If the new diesel car fleet to roll between 2009 and 2015 were to pay the same amount of excise as the petrol car fleet, the potential excise revenue from the lifetime fuel use can be as high as Rs.100,000 crore," Roychowdhury said. "Present revenue loss due to diesel subsidy is Rs.86,000 crore," she added. The Petroleum Planning and Analysis Cell of the union ministry of petroleum and natural gas said petrol consumption has slowed down while diesel use has registered 6.4 percent growth. The CSE said it analysis showed the industry is playing with data to confuse and obfuscate. "The new number game says diesel cars, SUVs and taxis use only 5 percent of total diesel used - cars use 0.6 percent while a committee chaired by Kirit Parikh found it to be 15 percent," she said. The CSE has written to Finance Minister Pranab Mukherjee demanding additional tax on diesel cars to reduce public revenue losses and public health costs.
24 Jan 2012;business-standard.com:Washington:India's purchase of oil from Iran has dropped slightly in last two years and is expected to drop further given the difficulties New Delhi might have in making payments through banks due to tough sanctions imposed by US-led international community against top Iranian banks. "Iran is an important source for our crude petroleum imports. These imports have declined a little, not very much, but a little over the last couple of years, last two years or so," Indian Ambassador to the US Nirupama Rao said. "And... Given the sanctions and given the difficulties in operating banking channels vis-a-vis Iran, obviously the volume can't be expected to go up in such a situation. There may be a further decline. It may well be so," she said. Rao said India was in touch with the US Government and closely monitoring the developing situation concerning Iran, when asked about the pressure from the US that India needs to reduce its dependency on Iranian oil. India, she argued, was a responsible country and works with the international community on this issue. "We abide by the rules. We do not play outside the system on these. But it must be remembered that the Gulf region is terribly important for India," she said, referring to the six million Indians working there. It's a source of our energy imports, she added. Noting that India was basically an energy importing country, Rao referred to the Mangalore refinery which imports Iranian oil. "So it is going to take time to readjust and too see how we can move away from the old patterns of how we operate on these issues," Rao said. India is second-largest importer of Iranian crude oil after China.
23 Jan 2012;dailypioneer.com:New Delhi: Country’s biggest carmaker Maruti Suzuki India (MSI) on Monday announced a 63.6 per cent fall in its net profit at Rs 205.6 crore for December quarter as against net profit of Rs 565.17 crore for the corresponding period last fiscal. This is the worst performance by MSI in 12 quarters due to labour unrest and rupee depreciation. MSI’s net sales declined by 17.4 per cent to Rs 7,663.6 crore during the quarter under review from Rs 9,276.73 crore in the year-ago period. The rate of decline in profit is the sharpest since the third quarter of 2008-09 when the company had reported an around 55 per cent drop in its bottomline. “Unit sales in the quarter were impacted by sluggish market conditions caused by higher fuel prices and interest rates,” said a statement from the company. “MSIL results came in lower than expected at the operating and net profit level. 3QFY12 was an abnormal quarter as sales were hit due to strike at the company’s plant. While sales declined by 17.4 per cent YoY, strike at the company’s plant and adverse forex movement led to big drop of 63.6 per cent in YoY net profits,” said Kotak Securities Fundamental Research Head Dipen Shah while commenting on the MSI result. The company lost production of around 40,000 units due to the industrial relations problem at Manesar, it added. During the period under review, MSI sold a total of 2,39,528 units as against 3,30,687 in the year-ago period, a 27.56 per cent decline. Domestic sales stood at 2,11,803 units during the quarter under review, compared to 2,99,527 units in the same period last year. Exports stood at 27,725 units as against 31,160 units in same quarter last fiscal. On unfavourable currency movement, MSI Chief Financial Officer Ajay Seth told analysts in a conference call that the company suffered a total forex loss of Rs 200 crore in the third quarter on a year-on-year basis. Despite the poor results, the company’s shares closed 5.77 per cent higher at Rs 1,162.55 apiece on the BSE. “In the past few days, some positive news flow have led to appreciation of the stock price. Going ahead in FY13, volumes is expected to grow at a healthy rate, but adverse forex movement is expected to keep margins under pressure,” added Shah.
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