Oil & Petroleum

India’s Updated 2011 Foreign Trade Statistics

Dec. 7 – The value of India’s exports throughout October 2011 were recorded at US$19.87 billion, good for a 10.82 percent increase over the level of US$17.93 billion during October 2010. The increasing value of exports for the period of April-October this fiscal year was US$179.78 billion against US$123.17 billion over the same stage last year, recording growth of 45.96 percent.

India’s monthly imports during October 2011 were recorded at US$39.51 billion, showing a development of 21.72 percent over the level of US$32.46 billion experienced in October last year. The swelling value of imports for the period of April-October this fiscal was US$273.47 billion as against US$208.82 billion over the same period last year, recording an increase of 30.96 percent. Continue reading →

Posted in Business, Economy and Politics, FDI and Foreign Trade, Oil & Petroleum | Tagged India Exports, India FDI, India Foreign Trade, India Imports, India Oil, India Trade Deficit, India Trade Statistics | Leave a comment

India’s Foreign Trade in June 2011

Exports
Aug. 5 – India’s exports through June 2011 were valued at US$29.21 billion, which was 46.45 percent superior to the level of US$19.94 billion seen in June 2010. On an expanded timeframe, the growing value of exports for the period April-June 2011-12 was US$79.00 billion against US$54.22 billion over the same period a year earlier – good for a 45.71 percent increase.

Imports
India’s imports for the duration of June 2011 came to US$36.87 billion, showing a growth of 42.46 percent over the level of imports valued at US$25.88 billion in June 2010. An increasing value of imports for the interval of April-June 2011-12 was US$110.61 billion as against US$81.20 billion over the same period in 2010 – good for a 36.22 percent increase. Continue reading →

Posted in Economy and Politics, FDI and Foreign Trade, Oil & Petroleum | Leave a comment

Despite Blockage, Oil Continues to Flow Freely Between Iran and India

Jan. 5 – In a piece published on India Briefing last week, we discussed the suspension of Indian payments to Iran through the ACU (Asian Clearing Union). As a temporary fix, Iran has promised uninterrupted crude oil supply to India this month while India arranges its payments through a German bank based in Hamburg. A more permanent solution will be explored at a meeting in Tehran next week.

“There was no disruption in supplies and a payment mechanism for January crude imports is already in place,” Secretary of India’s Ministry of Petroleum and Natural Gas S. Sundareshan told reporters at a press briefing. Continue reading →

Posted in Business, Economy and Politics, FDI and Foreign Trade, Oil & Petroleum | Leave a comment

Delhi Proposes Exclusion of Diesel, Petrol and Healthcare from New India GST

Aug. 4 – The New Delhi government is proposing that diesel, petrol, compressed natural gas and health care services be excluded under India’s new Goods and Services Tax (GST) scheduled to be implemented next year.

“Several other states have also supported our view to keep petroleum products and CNG out of the ambit of GST. We will also request for excluding healthcare services from GST,” said Delhi Finance Minister A.K. Walia. Continue reading →

Posted in Economy and Politics, India Goods and Services Tax, Legal and Regulatory, Oil & Petroleum | Leave a comment

Huge Oil Find in Rajasthan

Mar. 23 – Sources from India’s Ministry of Petroleum and Natural Gas indicated that Cairn India has discovered massive new oil reserves in Rajasthan that could increase India’s domestic oil production by about 23 percent next year reports The Economic Times.

The company is expected to make an official announcement shortly. Cairn India extracts oil from the Barmer region of Rajasthan and has launched seismic surveys in a number of its other blocks. It has undertaken 4D seismic survey at Ravva. Cairn India also launched 3D seismic surveys in Palar basin and in Sri Lanka, and specializes in surveying and extraction from smaller and less accessible fields. Continue reading →

Posted in Business, Oil & Petroleum | Leave a comment

Russia’s GCE Energy Enter India Market, Aims US$100 Million Revenues Annually

Oct. 30 – Russia-based energy efficiency consultancy firm, GCE group, announced its entry into the Indian market, where it will be operating in sectors such as oil and gas, power and cement, reports The Hindu.

“We have entered the Indian market with a long-term expansion plan and aim to clock $100 million revenue annually over the next five years,” GCE Group President Alexander Moskalenko said at a press conference. Continue reading →

Posted in Economy and Politics, FDI and Foreign Trade, Oil & Petroleum | Leave a comment

Maha Ratna Proposal to Give Top State-Owned Companies More Autonomy

Sept. 2 – The government is considering awarding top state-owned companies the Maha Ratna status to give it more freedom to negotiate joint ventures, investments and grow capacity.

“My ministry will seek cabinet approval for elevating some of the Nav Ratna companies owned by the government to the Maha Ratna status provided their net profit is Rs.50,000,000,000 for three consecutive years,” Heavy Industries and Public Enterprises Minister Vilasrao Deshmukh was quoted as saying by The Economic Times at the sidelines of an official function.

Continue reading →

Posted in Economy and Politics, FDI and Foreign Trade, IT & Telecom, Legal and Regulatory, Oil & Petroleum | 2 Comments

Indian Economy Recovers by 6.1 Percent

Sept. 1 – India’s economy grew by 6.1 percent from April to June despite the previous quarter’s 5.8 percent growth and the economic crisis stunting its manufacturing and services sectors.

According to Delhi’s Central Statistical Organization, mining, electricity and financing sectors performed well during the quarter while there was a registered slowdown in trade, hotels, transport and communication industries. The Hindu reports that manufacturing was down to 3.4 percent from 5.5 percent and agriculture slowed to 2.4 percent from 3 percent compared to last year.

Continue reading →