The Cabinet Committee on Economic Affairs (CCEA) last week gave Wholesale O ring in-principal approval of Oil and Natural Gas Corp (ONGC) buying out governments entire 51. But that does not mean government has sold the company.From being a mere oil and gas producer, it will also have downstream oil refining and fuel retailing business.11 per cent stake in fuel retailing and marketing company Hindustan Petroleum Corp Ltd. So now ONGC will be able to better manage its risks," he said. HPCL will continue to be a separate listed company.8 million tonnes of annual oil refining capacity to ONGCs portfolio, making it the third-largest refiner in the country after IOC and Reliance Industries.

11 per cent stake as the deal wont trigger takeover norms as did the IOC-IBP merger in 2002, a senior government official said. "IOC and IBP merger had happened through bidding route."So, if one of the companies keeps the shares of the other, it is a related party transaction.ONGC will not have to make an open offer to minority shareholders of HPCL as the governments holding is being transferred to another state-run firm and the ownership isnt really changing. "Through this vertical integration, what private sector could not achieve, the government has achieved," he added."The company suspected something fishy was happening and complained to us, and during investigations we found this was an organised ring," he said.

More than 75 people, many drivers and contractors working at the oilfield, are still wanted in connection with the heists, said district police chief Gangandeep Singla.The oil was sold to two small factory owners nearby, who stockpiled the crude in underground tanks before selling it on to clients across India.India imports nearly 82 percent of its crude oil to meet its energy requirements. More than 30 trucks have been seized, with numbers likely to grow, police said.The drivers were disabling their GPS devices to avoid tracking and detection.Local media reported Rs. 49 crore worth of oil could have been stolen in total from the oilfield run by a subsidiary of British mining giant Vedanta Resources.In February, police in Uttar Pradesh arrested nearly a dozen people accused of stealing nearly Rs.

"Oil producing nations like Russia know how punishing the markets can be, so they may well reduce supply this time around because failure to do so Skeleton oil seal Manufacturers would be disastrous," he said.45 a barrel on Monday – its highest price in a year after Vladimir Putin indicated Russia was ready to join measures to limit oil production.The price of a barrel of West Texas Intermediate rose to $51.45 — a $1. "In the current situation, we believe a freeze or a cutting of the production of oil is the only way preserve the stability of the energy sector and accelerate a rebalancing of the market," Putin said at the World Energy Congress in Istanbul. "Russia is prepared to join joint measures limiting production and calls on other exporting countries to do the same," he added.. "Putin’s comments have taken the market by a bit of a surprise," said Forex.46 — its highest level since June.

The OPEC oil cartel, of which Russia is not a member, agreed two weeks ago to limit their production and thereby limit the overcapacity that has brought down global oil prices.Brent North Sea crude rose to $53.05 a barrel. Fry until the noodles are cooked through. You can make this dish with chicken or beef also. After the oil is heated, fry the onions and carrots, until semi soft and then add garlic, green onions and mushrooms and fry for 30 seconds. Add the cooking oil in a wok or large saute pan on high heat and blend well. When water is boiling, add the noodles and cook for five minutes. Then add the spinach, soy sauce, sugar and the noodles. Cut noodles into shorter pieces if you like and set aside.— as told to Namita Gupta.. Drain again and toss with only one tsp of the sesame oil.

79 per cent at 1,296.Investors have been unnerved by signs of a tightening presidential race between Democrat Hillary Clinton and Republican Donald Trump. The solid US jobs report that supported expectations for a Federal Reserve rate hike next month did little to soothe traders' nerves. They say 10 square kilometer offering, one-tenth of the smallest block ever offered in the previous bid rounds, is too small.Previously, the last date of bidding for the Discovered Small Field Bid Round was October 31 but was extended to November 21.The small size of the offering places prohibitive operational costs on big companies and such fields are viable only for small players with one-rig operation, they said.

 In 2015 alone, the IMF estimated that GCC countries lost oil revenue worth USD 300 billion. To balance their budgets, the GCC and Algeria would need to cut current public spending by about a third, it said.Raghuram Rajan, India’s banking czar, will be history by September 2016. He enjoys unprecedented popularity and near cult status as Reserve bank governor. While some of this has to do with his youthful looks and fresh demeanour — very unusual in a profession peopled by dour old men, much of his appeal is related to the confidence and skill he brings to the job, which he plunged into in weeks rather than months, that is the usual learning curve.Industry — Y ring for sale usually taciturn about rooting for bureaucrats, came out openly in support of his conservative strategy to keep the rupee stable, build foreign reserves, check inflation and keep the interest rates at levels that give real returns to the large mass of middle-class savers.

International capital flows are as much about fundamentals as about the rutba — the credibility and charisma — of the Central bank. Dr Rajan is the first RBI governor who came to the job with considerable experience in international finance (in the IMF) and even more significantly, a long spell in American academia, working in the same area. To the billionaires who make the markets move, Dr Rajan is a familiar face, with a track record of original thinking and practical foresight. He is best known for disagreeing with mainstream economists and foretelling the 2008 financial meltdown.In India, his legacy is the exquisite symphony, he wrote, of caution mixed with big-bang reforms.

 On interest rates, he was consistently cautious. His mantra was that flooding the economy with cheap money is not a quick-fix for growth. Instead, it can spark off high inflation, as in Brazil.To the common man, this resonates well with the millennium’s conundrum of jobless, inequitable, high growth. Given these flaws in today’s post-industrial, service-oriented growth, Dr Rajan preferred to focus on keeping inflation low, preserving the real incomes of the disadvantaged who don’t have the luxury of inflation-indexed incomes.His historic big reform was to publicly finger banks that had lent inefficiently, destroyed capital and most likely enhanced corruption — given the magnitude of bad loans accumulated by them since 2011.He shone a bright light on the bad loans overburden rather than keeping them hidden under furtive refinance Ponzi schemes.