India, Bangladesh ink deal for power project, transmission link

The Union Government on 20 February 2010 signed a deal with the Bangladesh Government to jointly set up a 1,320 MW coal based power project in Bangladesh and a cross-border transmission link. The two countries are likely to establish a Rs 882- crore, 130 km cross-border transmission link. Tenders for this project are likely to be invited shortly and orders are likely to be placed in June 2010. This will enable India to export up to 500 MW a year to Bangladesh. The proposed power plant is to be set up near Dhaka in a span of three years, in which NTPC will be involved in jointly building the station and managing it.

OIL-IOC kickstarts hydrocarbon hunt in Libya

Oil India (OIL) - Indian Oil Corporation (IOC) combine has commenced a drilling campaign on five onshore blocks in Libya in January 2010. The consortium acquired the five exploratory blocks in Area 86 and 102 during bidding rounds in 2004 and 2005, respectively. IOC and OIL own 50 per cent interest each in all the blocks with OIL being the operator.

Apart from the five blocks, OIL-IOC conglomerate also acquired non-operating interests in four more blocks in Area 95 and 96 in 2008. Algeria's Sonatrach Petroleum Corporation is the operator in these four blocks.

OVL, IOC, OIL plan investment in Venezuela oil field

OVL, Indian Oil Corporation (IOC) and Oil India (OIL) propose to invest around $2.25 billion (approx Rs 10,350 crore) initially, in the development of the oil project they bagged in Venezuela.

The Carabobo-1 project of the Orinoco extra-heavy oil belt of Venezuela is expected to involve a total investment of $19 billion (approx Rs 87,400 crore) over 25 years. Of the $2.25 billion initial investment proposed, $1.13 billion (approx Rs 5,198 crore) will come from OVL while IOC and OIL are expected to chip in about $433-435 million (approx Rs 199-Rs 200 crore) each.

Spain's Repsol-YPF, OVL and Petronas will each hold 11 per cent stake in Carabobo-1, with 7 per cent being split between IOC and OIL. The balance 60 per cent stake will be with Petronas de Venezuela.

The project is expected to give India 3.6 million tpa of crude oil out of the envisaged output of 4,00,000 bpd (20 million tpa).

CCEA okays ONGC, GAIL's stake in China gas pipeline

The CCEA has accorded approval to GAIL and ONGC to pick 12.5 per cent stake in a pipeline that China is building in Myanmar and also allowed them to invest $1billion (approx Rs 4,600 crore) in fields that will provide gas to be shipped to China through the pipeline.

OVL, the overseas arm of ONGC plans to invest $167.84 million (approx Rs 771.88 crore) in taking 8.35 per cent stake in the pipeline while GAIL will invest $83.88 million (approx Rs 385.94 crore) for taking 4.17 per cent stake in the pipeline being constructed by China National Petroleum Corporation (CNPC) to transport gas found in block A-1 and A-3 off the Myanmar coast.

Indian Hotels to manage three properties in Egypt

Indian Hotels Company, under the Taj Hotels Resorts and Palaces chain, has signed an agreement with Palm Hills Developments to run three high-end hotels in Egypt. The first deluxe boutique hotel, with 200 rooms, is expected to open in 2013 at Hacienda Bay on Egypt's Mediterranean Sea coast. The other two hotels are to be located at Ain El Sokhna on the Red Sea and in Aswan.