Thursday, November 24, 2005

HPCL Vizag

Total to pick up 26% in HPCL’s Vizag refinery:
French oil major Total is close to acquiring up to 26% equity stake in Hindustan Petroleum Corporation Limited’s (HPCL’s) 15 mmtpa Vizag refinery.
The equity participation will allow Total to enter petroleum retailing in India, since it would have invested more than the mandatory Rs 2,000 crore which is the minimum investment criteria to secure licence to retail petroleum products in the country. A few months ago, Total was interested in picking up a stake in HPCL’s 9 mmtpa Bhatinda refinery. But British Petroleum had pipped Total to take a stake in the refinery.

Thursday, November 17, 2005

Vizag Steel increases capacity

Vizag Steel Capacity:
Vizag Steel, of Rashtriya Ispat Nigam (RINL) will tie up with either, Coal India or "other partners", to exploit a coking block it has acquired at Jharia in Jharkhand, highly placed sources in the company said. "We have just got the government clearance and are scouting for partners," said sources.
The reserve, with a proven capacity of 110 million tonne of coking coal, will partly take care of its raw material needs for the Rs 8,600-crore expansion plan to double capacities.
To further secure its coal needs, an RINL team is currently touring Australia and the US to explore joint venture opportunities to acquire coal mines.
"For iron-ore, we have tied up with National Minerals Development Council, which has assured us of taking care of the entire requirement. But as we don't have coal mines, we want to be secure in coking coal requirements," said sources.
The company has also plans to get into the exports market after a year. "Earlier we were exporting almost 15 per cent of our production. But with the domestic demand increasing, it was stopped. This year, we are again looking at the overseas market," according to sources.

Wednesday, November 16, 2005

Harbhajan on wrong side

Harbhajan Singh breached Code of Conduct for players:

ICC match referee Jeff Crowe slapped a fine of 25 per cent of the match fee on Indian off-spinner Harbhajan Singh for breach of Clause 1.6 of the Code of Conduct for players.The fine was imposed after a hearing at the team hotel on Wednesday evening following the off-spinner being reported for gesturing at South African batsman Ashwell Prince after dismissing him.
Crowe informed that Harbhajan pleaded guilty and apologised to the umpires immediately after the incident and later to player."This breach of Code of conduct invites a 50 per cent deduction of the match fee. But, since he expressed his apology, we have let him off with a warning and the 25 per cent fine," he explained. "He will be under scrutiny," he added.The match referee also said that if there was a repetition of the misdemeanour Harbhajan could even face the extreme punishment of a ban.

Wednesday, November 09, 2005

Chemical City

Chemical City Planned in Vizag:
On Tuesday plans were announced for setting up a mega chemical complex on a sprawling 15,000-acre site at Visakhapatnam as part of the AP state government effort to give a boost to industrial development in this city.the complex would be promoted jointly by the State and Central Governments to attract foreign direct investment in the chemical sector.