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OilMin okays stake dilution in ONGC, IOC
07 Sept 2010;business-standard.com:Chennai/New Delhi: The petroleum ministry has approved part-sale of government’s stake in Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC), a move that could fetch the government over Rs 24,000 crore this financial year. “The oil ministry has taken an in-principle decision. We have to go to the cabinet now,” petroleum secretary S Sundareshan told reporters today. IOC is to the first to be disinvested, where alongside the 10 per cent stake sale by the government, the company will do a follow-on public offer (FPO) of 10 per cent of expanded equity to raise close to Rs 9,000 crore for part-financing its capital expenditure. The government’s sale of its 10 per cent stake or 190 millione share in IOC will help it raise Rs 10,321 crore at today’s closing price of Rs 425.10 per share. The ONGC issue, in which the government would offload five per cent stake or 106 million shares through an FPO, will help the government raise Rs 14,438 crore at today’s closing price of Rs 1,350.10 per share. Following the stake sale, the government’s shareholding in ONGC will reduce from 74.14 to 69.14 per cent. In IOC, the twin divestment and stake sale would bring down the government holding from 78.92 per cent to 64.57 per cent. IOC chairman B M Bansal told reporters in Chennai today that, “We welcome the FPO and would like to dilute up to 10 per cent equity. The money will help our ongoing capex programme, without relying much on debt.” He said the company planned to invest around Rs 50,000 crore over the next five years towards expanding its refining and petrochemical capacities. The share prices of both these companies had appreciated in the recent past due to positive moves by the government. IOC gained due to the June 25 move to decontrol petrol prices and raise those of diesel, kerosene and LPG. For ONGC, the driving factor has been an increase in APM (administered price mechanism) gas price.
Renuka sugars, HPCL plan ethanol unit in M'rashtra
07 Sept 2010;business-standard.com:Ajay Modi:New Delhi: First such tie-up between a sugar and a petroleum company. Shree Renuka Sugars is looking to set up an integrated sugar-cum-ethanol plant with oil marketing company Hindustan Petroleum Corporation (HPCL) in Maharashtra. This would be the first such tie-up between a sugar and a petroleum company. Renuka will hold 76 per cent in the joint venture (JV), while state-owned HPCL will have the rest. "It will be a flexible unit, where we can produce up to 50 per cent ethanol and the rest can be sugar. We are renewing the 2008 memorandum of understanding (MoU) with HPCL. The project had been delayed, but we are working on it now," said Narendra Murkumbi, managing director, Renuka Sugars. In September 2008, Renuka Sugars had signed an MoU with HPCL for setting up of an integrated plant. It has offered to supply 120 million litres ethanol, the biggest in the latest round of bidding, to oil marketing companies for blending it with petrol. The sugar industry has offered to supply around 1,000 million litres ethanol to oil marketing companies for blending it with petrol. This is more than the 860 million litres required for blending the government-prescribed five per cent ethanol with petrol. The oil marketing companies, however, had invited bids for the supply of 1,050 million litres. HPCL keen to set up more ethanol facilities HPCL, which has invested in reviving two sugar mills in Bihar, is looking to take over more such units in some of the southern states to expand its ethanol capacity. "We are exploring opportunities in Andhra Pradesh, which has some sick sugar mills. When we conceived the Bihar project, we had a price of Rs 21.50 for a litre of ethanol in mind. Now, we will be getting Rs 27 per litre. It is a good price. We therefore plan to set up more such units and supply ethanol to oil companies for blending," said an official at HPCL.
07 Sept 2010;economictimes.indiatimes.com:MUMBAI: Mukesh Ambani’s Reliance Industries, which has struck three shale gas joint ventures with US firms this year, may make a full buyout next as the cash-rich firm builds the knowledge it needs to run such operations. Reliance has received about 20 to 25 pitches from investment bankers for shale assets, Reliance chief financial officer Alok Agarwal said recently. Bankers say potential targets include Fort Worth, Texas-headquartered Quicksilver Resources, Denver , Colorado-based Enduring Resources and companies with assets in the Horn River shale formation in Canada. Another firm on Reliance’s radar may be Houston, Texas-based EOG Resources, which said in early August it plans to sell about 1,80,000 acres in US shale plays underground rock formations that hold reserves of oil and natural gas. Shale gas accounts for between 15% and 20% of US gas production, but is expected to quadruple in coming years, touching off a scramble among producers large and small for access to resources. Mr Ambani, the world’s fourth richest man according to Forbes magazine, has made no secret of Reliance’s overseas ambitions, and is looking to invest in new areas such as shale gas to expand the firm’s businesses beyond petrochemicals , refining, oil and natural gas exploration, and retail. He could face competition from other firms, including Royal Dutch Shell, Total and Mitsui, which have done shale gas deals previously, and those that have not bought a shale asset yet such as Chevron and Encana. Reliance is expected to generate free cash flow of $18 billion between this year and the fiscal year that ends in March 2014, giving it plenty of firepower for investment. The company has raised a war chest of $2 billion by selling stock over the past year, and a top credit rating means financing will be easily available if needed, bankers say. Last month, the company said it would acquire a 60% in a joint venture with Carrizo Oil & Gas at the booming Marcellus Shale region in the US, following similar deals with US firms Atlas Energy and Pioneer Natural Resources earlier in the year.
07 Sept 2010;timesofindia.indiatimes.com:AHMEDABAD: State-owned Gujarat State Petroleum Corporation (GSPC)-led consortium has made a huge natural gas discovery in the Cambay basin. Industry estimates suggest the total resource base in the basin may be in the region of 20-30 trillion cubic feet (tcf), almost equivalent to that of Reliance Industries' fields in KG-D6. However, recoverable reserves may be much lower as the reservoir is tight with low permeability. GSPC holds 55% interest in the Cambay field, while Australia's Oilex Ltd holds 45%. Oilex Ltd on Monday said the natural gas discovery in Gujarat may hold over 1.5 tcf of recoverable reserves. The field was awarded to GSPC and Canada's Niko Resources in the pre-new exploration licensing policy ( NELP) rounds in the 1990s and Oilex stepped in after Nikos exit. One reason why GSPC is underplaying the find is due to the possibility of low recovery. A senior state government official told TOI that GSPC is still examining how much of the gas is recoverable. In 2005, GSPC had announced that it had struck 20 tcf gas in the KG basin. But, the Directorate General of Hydrocarbons contested the claim, and has till date ratified a gas find of just over 2 tcf. However, analysts say Cambay is fast turning out to be Gujarat's KG basin though KG-D6 fields have a higher recovery factor with almost 12tcf of gas likely to be produced over life.
06 Sept 2010;business-standard.com:Sharmistha Mukherjee:New Delhi: ZF Hero Chassis Systems, a 50:50 joint venture (JV) of ZF Lemforder and the Hero Group, has planned to set up a new facility in the National Capital Region to manufacture chassis frames, axle systems and sheet metal components for the domestic car market. The company has taken possession of the facility and will be investing around Rs 100 crore in the proposed venture. The first phase is likely to become operational by the end of the financial year. Pankaj Munjal, managing director, Hero Motors, said, “ZF Hero is in talks with some original equipment manufacturers (OEMs) to supply sheet metal chassis assemblies. With the Indian automotive sector posting strong growth numbers, we are expecting demand to rise sharply in the auto component industry.” ZF Hero already supplies chassis systems to General Motors in India for all their car platforms. The company manufactures the products at its plants in Halol in Gujarat and Talegaon, Pune, in Maharashtra. Peter Holdmann, business head, ZF Hero Chassis Systems, informed, “The purpose of the JV is to provide European technology to manufacture components for the Indian car market.” On the cards are also plans of establishing a base in India for exporting components to markets overseas. “Hero Motors has cost-efficient production facilities. We are currently doing feasibility studies to explore opportunities for exporting value-added sheet metal products of chassis systems for our global programmes,” he added. ZF Lemforder is the passenger car chassis division of ZF Group, a leading automotive industry supplier. With a workforce of more than 7,200 employees, the company operates 35 plants worldwide. ZF Hero Chassis Systems will initially focus on design and development of chassis solutions and passenger car axle systems. Hero Motors, a part of the $4.5-billion Hero Group manufacturers, provide end-to-end engineering solutions in the auto component industry. The company is into design, development and manufacturing of engines and transmission, ferrous castings, sheet metal. It customers include Maruti Suzuki, Toyota, BMW Hero Honda and Rota,x among others. Hero Motors has two units at Ghaziabad, where it produces transmissions, sheet metals and gear boxes and at Manesar near Delhi, apart from the ones at Halol and Talegaon.
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