India to provide funds to Nepal for road projects

The Union Government is likely to provide funds for road projects in Nepal to help improve transport infrastructure. The Union Government is likely to provide nearly Rs. 687.5 crore to Nepal under the Nepal-India Cooperation Programme for road projects in the Terai region. The project envisages to construct over 1,450 km of black topped all weather roads in the Terai area of Nepal adjoining India in three phases. The Phase I includes 19 roads totalling 605 km. Work on these 19 roads is expected to commence in December 2010.

GAIL, Petronet eye LNG projects in Nigeria

GAIL India and Petronet LNG are in fray to acquire stake in liquefied natural gas (LNG) projects being set up in Nigeria to secure supplies for domestic energy needs. GAIL and Petronet may pick up stake in a $8-billion (approx Rs. 35,200 crore) LNG project which is located at Brass in Bayelsa in the Niger River delta. The Nigeria National Petroleum Corp has a 49 per cent stake in Brass LNG. Total SA of France, Eni SpA of Italy and ConocoPhillips Co each hold 17 per cent. Both the companies may also participate in BG Group's Olokola LNG expansion on the southwestern coast of Nigeria.

Nava Bharat to scrap coal mine, power project in Indonesia

Nava Bharat Ventures is expected to shelve its coal mine and thermal power projects in Indonesia. The decision comes after it failed to get a forest clearance and a tariff approval.

The company had in January 2009 agreed to buy a 75 per cent stake in South Kalimantan coal mine, with 100 per cent off-take rights, for about $18 million (approx Rs. 80 crore). Nava Bharat planned to ramp up the mine's production to one million tpa by March 2013 and use the coal for its 150 MW power project in Andhra Pradesh, which is to be commissioned in 2013-14.

The company had also emerged as the preferred bidder to develop a 300 MW power project for PT Aneka Tambang Tbk, at an investment of $230 million (approx Rs. 1,012 crore).

Videocon finds hydrocarbon in Indonesia

Videocon Industries has discovered hydrocarbons in the Badik discovery, located in the Tarakan Basin of Indonesia. It encountered approx 133 net ft of oil and gas pay. The well was drilled to a total depth of approx 14,300 ft in around 230 ft of water. Videocon holds 12.5 per cent working interest in the block through its overseas subsidiary Videocon Indonesia Nunukan. Anadarko operates the block with a 35 per cent working interest and other partners FT Medco E&P Nunukan holds 40 per cent working interest whereas BPRL Ventures Indonesia BV holds 12.5 per cent working interest.

RIL to invest in US shale assets

Reliance Industries (RIL) has drawn up a $15 billion (approx Rs. 66,800 crore) investment plan. The funds are to be infused in the next five years in its petrochemical business and to develop shale gas assets in the US.

RIL has already paid $943 million (approx Rs. 4,149.2 crore) to buy three shale gas assets in the US and will spend around $2.5 billion (approx Rs. 11,000 crore) towards drilling of wells at these assets.

While drilling had already begun for its Atlas and Pioneer shale gas acreages, it is likely to begin drilling at Carrizo during this quarter.

L&T bids for Oman refinery expansion

L&T has submitted bids for the proposal to expand Oman refinery.

The expansion contract is estimated at $300 million (approx Rs. 1,320 crore). The Sohar refinery has a capacity of 1,16,000 bpd which is likely to be increased to 1,90,000 bpd. The refinery expansion is expected to increase feedstock to Oman based industries, as well as contributing to the availability of refined fuels for export to international markets.

Wipro's Infocrossing mulls new facility in Cleveland

Infocrossing, a Wipro group company, plans to set up a new facility in Cleveland County in the USA. The company is likely to invest about $75 million (approx Rs. 337.5 crore) to set up the hi-tech data centre in Cleveland County. It has bought a building in Cleveland, which will be converted into the data centre as part of its expansion plans to grow its IT infrastructure business in Cleveland.

The new data centre will support all major platforms including mainframe, Windows, Unix, Linux and iSeries, and will have the company's cloud computing services.