Free Press Journal

Corporate Briefs


BPs Dudley writes to Oil Min, seeks quick approvals for KG- D6

NEW DELHI: With bureaucratic hurdles delaying its plans to boost output from flagging KG- D6 block, UKs BP plc CEO Bob Dudley has written to Oil Minister S Jaipal Reddy

seeking immediate approvals so as that the blocks potential can be fully exploited. BP, which recently bought 30 per cent stake in KG- D6 and 20 other blocks of Reliance Industries for USD 7.2 billion, is keen to undertake sea- bed surveys this winter season – the only four months weather window available in Bay of Bengal for such jobs, to acess potential of satellite discoveries in the block and draw blue- print of their development. ” As I said during our meeting in Doha, I am deeply concerned that unless we get approvals and permits to begin these sea- bed surveys this December, we will lose a year in our goal of bringing materially new amounts of gas to the Indian market,” he wrote to Reddy last month. RILs USD 1.529 billion plan to develop four satellite fields surrounding the currently producing D1& D3 fields in KG- D6 block is awaiting oil ministry nod. The survey is part of the development plan.

AI offers to lease 5 Boeing planes

NEW DELHI: Within days of deciding to sale and leaseback the first seven Boeing 787 Dreamliners it will receive till this June, Air India has offered to lease five of its eight Boeing 777- 200 planes for 8- 10 years, officials said on Monday. The move came days after the ailing national carrier decided to sale and leaseback seven of its Dreamliners and started looking for bridge financing worth $ 230 mn. These B 777s are on US Exim Guaranteed financing and are being offered as sub- lease, the officials said. The national carrier has floated a global tender to drylease these B 777- 200 ( Long Range) aircraft, four of which were manufactured in 2007, one in 2008 and three in 2009.

The second Dreamliner would be inducted in March, the third in April and two each in May and June. The officials said the composite- material built Dreamliners would replace the B- 777s on the long- haul, non- stop routes like those to the US and Canada.

Coal India approves new pricing system

NEW DELHI: State- owned Coal India ( CIL) said its board has approved switching over to internationally- accepted Gross Caloric Value- based pricing mechanism.

The new system will incentivise improvement in quality, resulting in better quality of coal to consumers and commensurate revenue realisation for coal firms, the the Coal Ministry had said. The new system is based on the recommendations of the Integrated Energy Policy Committee and the Expert Committee on Road Map for coal sector reforms.

L& T bags orders worth Rs 2,056 cr

NEW DELHI: L& T Construction said it has bagged new projects worth Rs 2,056 crore across various categories in the last month. Of these projects, two orders worth Rs 1,262 crore in the water and effluent treatment segment was bagged by the company, L& T Construction said in a statement.