OVL gets nod for investment in Venezuela, Qatar

On 03 March 2008, the Union Cabinet gave ONGC Videsh its approvals to invest $102.21 million in the Najwat Najem Appraisal project and the Development and Production Sharing Agreement (NNADPSA) project in Qatar. Accordingly, ONGC will invest through internal accruals and will not seek government funding in the projects. ONGC Videsh will also form a JV for San Cristobal Project in Venezuela.

Sri Lanka allots site for NTPC project

The Sri Lankan government has allotted NTPC a site - Veloor, to set up a 500 MW imported coalbased power project in Sri Lanka. This is after NTPC declined sites near Trincomalee and Sampoor, due to opposition from locals and the pro-LTTE forces. A JV formed between NTPC and the Ceylon Electricity Board will implement the project at an investment of Rs.2,500 crore. The project will requre 2.5 mln tpa of coal will be annually, which would cost around Rs.600 crore per annum at current prices. Project commissioning is expected in 2012, and the generated power will be sold to Sri Lanka.

RITES signs MoU for upgrading rail infrastructure in Namibia

RITES has signed a MoU with TransNamib Holdings to upgrade the railway infrastructure in Namibia. RITES will employ GPS-based technology to upgrade and rehabilitate the existing railway and the train control system. Old locomotives will be reahbilitated and RITES will supply new cape gauge rail cars, while providing technical and managerial assistance, advisory services for PPP and train the commercial and operating staff.

Gail, RIL to develop petro projects in Qatar, Russia

Gail (India) and Reliance Industries will jointly develop petrochemicals projects in Qatar and Russia. The two companies have set up a SPV and a joint working group, with the group expected to submit feasibility reports by April 2008. Of the 11 countries including Saudi Arabia, Algeria, Nigeria, United Arab Emirates and CIS countries, where such opportunities were conceptualised, two to three have been short-listed. Gail and RIL had entered into an agreement in 2007, to set up petrochemical complexes overseas.

Man Industries finalises location for HSAW facility in US

Man Industries plans to locate a helical submerged arc welded manufacturing facility at Little Rock Port in United States. The project will be built over 162 acres of land at an investment worth $100 million (approx. Rs.400 crore). The facility will have a production capacity of 3,00,000 tpa of HSAW (helical submerged arc welded) pipes, to be primarily used in the Petroleum industry. A coating facility will also be on site. Commercial production of HSAW is expected by mid-2009.

RPL picks 100 per cent stake in Indonesia coal mine

Reliance Power has bagged a deal to purchase a coal mine in Indonesia, South Sumatra. Based on its 2 bln tpa of reserves, the coal mine is estimated to be around Rs.20,000 crore, whereas Reliance Power has acquired it for about Rs.1,000 crore including 100 per cent interest. The coal mine, spread over 1,00,000 acres of land will require about 14 to 15 mln tpa of coal anually. It will be the prime fuel source for Reliance's ultra mega power project in Krishnapatnam, Andhra Pradesh.

L&T to supply world's largest coal gasifier to China

Larsen & Toubro bagged a 28 million euros (Rs.170 crore) contract to supply coal gasifier and syngas cooler assembly to Hebi Coal & Electricity Co. Hebi is a subsidiary of Zhongyuan Coal Chemical Industry Group of China.

The complete gasifier assembly and structure, with a capacity to handle 3400 tpd of coal is expected to weigh 1740 tpa. The methanol plant will have a capacity of 6,00,000 tpa. Equipment will be manufactured from advanced technology steels at L&T's state-of-the-art manufacturing facilities at Powai & Hazira.

GSHL signs iron ore, coal mining leases

Global Steel Holdings has signed mining leases for iron ore and coal reserves in Brazil, Colombia and Mozambique. In Brazil, the identified iron ore reserves are estimated to be of 500 to 750 mln tpa. In Colombia and Mozambique, around 100 to 110 mln tpa of coal reserves have been spotted of medium to high-grade coking and non-coking varieties. The Mozambique project is close to Arcelormittal, Tata Steel and CVRD coal projects in the Tete region on the African nation.