BP CEO bats for investments in oil & gas projects along with energy transition

Posted By: Ajay Rawat Posted On: Aug 26, 2023
Bernard Looney, Chief Executive Officer of BP of UK, addresses the gathering on the second day of the three-day B20 Summit in New Delhi on August 26, 2023. (Photo by Arun SANKAR / AFP) (AFP)

New Delhi: Energy giant BP's chief executive officer Bernard Looney on Saturday said there is a need to invest in conventional energy, including oil and gas, along with renewables and energy transition.

Speaking at the sidelines of B20 Summit India 2023 Looney said “We must continue to invest to make sure that production is there. But at the same time, we must invest in the energy transition."

He was of the view that there is a need for investing in conventional energy sources along with accelerating the energy transition.

The BP CEO also noted that the company has increased its capital expenditure for energy transition from 3% in 2019 to 30% now.

“As BP, we spent 3% of our capital on our transition growth engines in 2019, just three years later, that number had risen to 30%. That number, we hope, will rise to 40% by the middle of the decade and 50% by the end of the decade."

He said that the company will spend $55-$65 billion in this decade for energy transition.

Further, Looney said BP in partnership with Reliance Industries is trying to get EV charging infrastructure at their retail outlets. At present, the joint venture has over 1,620 retail outlets.

“That's going to be so critical for India… not just for the net zero goal by 2070, but importantly, the energy independence goal by 2047," he said.

“If we can get the two-wheelers, the three-wheelers, and over time, the passenger vehicles converted to electric, I think that's going to be hugely important for the country. So, we're very excited to be investing in that."

He further said that the company is also investing in compressed natural gas.

Speaking at the B20 Summit organized by CII, Looney said that oil and gas will continue to be key sources of energy for decades and it will be critical to maintain a global demand-supply balance.

Source: Live Mint
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India to cut import tax on EVs

Posted By: Vanshika Pathak Posted On: Aug 25, 2023
Union Finance Minister Nirmala Sitharaman addresses at a special plenary session on Key Priorities for Sustained Global Economic Recovery at B20 Summit (PTI)

Union Finance Minister Nirmala Sitharaman on Friday denied the reports claiming that the government is mulling over slashing import tax on electric vehicles for automobile manufacturers if they tie up with a local manufacturing unit. The clarification came as earlier news agency Reuters reported that the central government is considering lowering the import duty to as low as 15% from the current levels of 100% for cars that cost above ₹33 Lakhs and 70% for the rest.

"No proposal is before me to lower import duty on electric vehicles," Union Finance Minister Nirmala Sitharaman said while speaking to reporters on the sidelines of the B20 summit.

The Reuters report mentioned that the reduction in import duty might have helped companies like Tesla who aspire to enter Indian markets and have recently made a proposal to establish a car factory in India. "There is an understanding with Tesla's proposal and the government is showing interest," the Reuters report cited the official familiar with the development.

Tesla's concerns around Indian market 

Tesla founder Elon Musk has expressed concerns over the high tariff rates in India and the company started to engage in discussions concerning the potential introduction of Tesla into the domestic automobile market after much deliberation. In 2021, Tesla endeavored to establish a presence in India by advocating for a reduction in the prevailing 100% import tax imposed on electric vehicles (EVs).

However, the prospective agreement between Elon Musk and India did not materialize as the Indian authorities emphasized the requirement for a firm commitment to local manufacturing as a condition for the arrangement.

The clarification by Nirmala Sitharaman dashed the hopes of many manufacturers which went up after the Reuters report. It is not clear at the moment if the decision to stay with the earlier import tax rate will impact Tesla's plan to set up the car factory.

Source: Live Mint
Related Posts: ELECTRIC VEHICLES,NIRMALA SITHARAMAN,B20 SUMMIT,TESLA,ELON MUSK,B20 SUMMIT EV,EV PUSH

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Many Gurugram tech firms keen to set up shops in London

Posted By: Jaydatt Chaudhary Posted On: Aug 25, 2023
Gurugram tech firms eye London for expansion due to funding and global demand.

Many Gurugram-based technology companies are keen to set up shops in London, said a senior official in the office of the Deputy Mayor of London for Business, adding that the reasons behind it vary from the availability of venture capital funding to global demand and talent.

London and Partners is the UK capital's trade and business growth agency operating under the aegis of the Mayor of London, according to a report published by the news agency PTI.

Speaking on the sidelines of the B20 Summit, London and Partners Country Director for India and senior leadership team member Hemin Bharucha acknowledged that funding for startups is not as readily available as before.

He said that his firm works with MSMEs (micro, small, and medium enterprises) because big companies either already have a presence in London, or they can afford a big consulting firm.

"We see Gurugram really coming up... in the EV, sustainability, and technology space. These are very big sectors...we are also seeing a little bit of creative companies in AR and VR. We don't tell every company to come to London because if they are not ready, then they will go there...and fail. It's a problem for them and us also," Bharucha told PTI.

He added that most MSMEs set up their first international office in London unless they have a strong connection in the United States, owing to similarities in the tax and legal system, and the language of business being the same.

"So companies initially set up with five to ten people, but scale up to 100, 200, 300 people very quickly because the revenue is coming... number one customer, number two is global VC funding," he added as quoted by PTI.

The UK narrowly avoided falling into recession last year as February statistics revealed a flat output in the last few months of 2022. The UK government had warned that the economy was not out of the woods in the present year.

(With PTI inputs)

Source: Live Mint
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Mukesh Ambani's Reliance Industries Limited may sell 8-10% stake in RRVL

Posted By: Tarun Kumar Posted On: Aug 25, 2023
Reliance Industries is planning to sell 8-10% stake in Reliance Retail Ventures Ltd

Ahead of the proposed IPO of Reliance Retail Ventures Ltd (RRVL), Mukesh Ambani's RIIL is planning to sell an additional 8-10% stake in RRVL, reported Economic Times citing inputs from industry experts.

The report said that the sale of stake would be completed in a duration of 12-15 months. The sale of stake would pave way for a successful public listing of RRVL in future. The current valuation of $100 billion is considered too large for the market to absorb, reported ET. The company is planning to sell stake to make its IPO size manageable.

On Thursday, Qatar Investment Authority (QIA) announced an investment of ₹8,278 crores into Ambani's Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (Reliance Industries).

The investment will help the company secure a minority equity stake off 0.99% in RRVL. The investment will prove to be a giant infusion into India's largest retail giant, read a post on the official website of Qatar Investment Authority (QIA).

About Reliance Retail Ventures Limited

Reliance Retail Ventures Limited, through its various subsidiaries and associates, currently operates India's most extensive and rapidly expanding retail empire.

With a network comprising over 18,500 brick-and-mortar stores and digital commerce platforms spanning groceries, consumer electronics, fashion and lifestyle, and pharmaceuticals, RRVL holds a preeminent position in the Indian retail landscape.

Isha Mukesh Ambani, director, Reliance Retail Ventures Limited, expressed her enthusiasm about this partnership, saying, "We are delighted to welcome QIA as an investor in Reliance Retail Ventures Limited. We look forward to benefiting from QIA's global experience and strong track record of value creation as we further develop Reliance Retail Ventures Limited into a world-class institution, driving transformation in the Indian retail sector."

“The investment by QIA is a strong endorsement of a positive outlook towards the Indian economy and Reliance's retail business model, strategy, and execution capabilities," she added.

Source: Live Mint
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Reliance Industries to hold AGM on August 28

Posted By: Jaydatt Chaudhary Posted On: Aug 04, 2023
Labourers rest in front of an advertisement for Reliance Industries at a construction site in Mumbai(File Photo) (REUTERS)

Reliance Industries on Friday said its annual general meeting (AGM) of shareholders will be held on August 28, 2023 through video conferencing.

The company in an exchange filing said,"This is to inform that the Forty-sixth Annual General Meeting (Post-lPO) ("AGM") of the Members of the Company wilI be held on Monday, August 28, 2023 at 2:00 p.m. (IST) through Video Conferencing ("VC") / Other Audio-Visual Means ("OAVM"), in accordance with the applicable circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India.

The Company has fixed Monday, August 21, 2023 as:

(a) the "Cut-off Date" for the purpose of determining the Members eligible to vote on the resolutions set out in the Notice of the AGM and to attend the AGM;

(b) the "Record Date" for the purpose of determining the Members eligible to receive dividend for the financial year 2022-23. The dividend, if declared at the AGM, will be paid within a week from the conclusion of the AGM.

Source: Live Mint
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Fortune Global 500 list

Posted By: Ramesh Sharma Posted On: Aug 03, 2023
(Representative image)

Fortune Global 500 list has been released and eight Indian companies have been featured in the list. Notably, billionaire Mukesh Ambani's Reliance Industries has maintained its high rank, furthering another sixteen places. Reliance Industries is now ranked at number 88.

Reliance Industries had been ranked at number 104 in the 2022 ranking and in the 2023 ranking it is placed at number 88, according to the publication. The company has gained a whopping 67 places in the last two years from number 155 in 2021, according to a report by PTI.

The ranking of number 88 is the best-ever achieved by Reliance on the Fortune Global 500 ranking list.

Meanwhile, Life Insurance Corporation of India (LICI) which slipped nine places to rank at 107. Notably, LICI had been featured in the Fortune Global 500 list for the first time in 2022.

A total of eight companies had featured in this years Fortune Global 500 list.

In that state-owned Indian Oil Corporation (IOC) jumped 48 places to rank at number 94.

Further, Oil and Natural Gas Corporation was ranked at number 158, Bharat Petroleum Corporation Ltd at number 233, and State Bank of India was placed at number 235 on the list. These were also the other state-owned firms on the list.

Tata Motors rose 33 places to rank at number 337 and Rajesh Exports jumped 84 spots to number 353.

It is now the 20th year of Reliance being a part of the Fortune Global 500 list - much longer than any other private sector company in India.

Fortune Global 500 list ranks companies by total revenues for their respective fiscal years ended on or before 31 March 2023.

Reliance Industries closed FY23 with record-high consolidated revenues of ₹9,76,524 crore, up 23.2 per cent, and EBITDA of ₹1,54,691 crore, up 23.1 per cent, with each of the O2C, retail and digital services businesses posting all-time high revenues.

(With inputs from PTI)

Source: Live Mint
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ONGC signs term contract with BPCL for sale of crude oil

Posted By: Ajay Rawat Posted On: Aug 03, 2023
ONGC signs term contract with BPCL for sale of crude oil.

New Delhi: Oil and Natural Gas Corp. Ltd. (ONGC) has inked a term contract with Bharat Petroleum Corp. Ltd. (BPCL) for the sale of crude oil from the Mumbai region, the company said in a statement on Thursday.

The signing ceremony took place at ONGC NBP Green Heights, Mumbai, with key representatives from both companies in attendance. ONGC's Executive Director - Chief Marketing, Sanjay Kumar, and BPCL's Executive Director (IT), Manoj Heda, were among the dignitaries present at the event.

The contract follows the Indian government's decision to grant marketing and pricing freedom for domestic crude oil, replacing the previous allocation mechanism. Under the new regime, ONGC had initiated the first-ever e-auction of Mumbai Offshore crude oil.

BPCL's Mumbai refinery has a longstanding association with ONGC, processing their crude oil since 1976. The pipeline connection between the two entities facilitates seamless logistical operations, making BPCL an ideal partner for ONGC's crude oil sales.

As the energy market dynamics continue to evolve, ONGC remains steadfast in its pursuit of innovation and excellence in the sector, reinforcing its position as a key player in India's oil and gas industry.

Source: Live Mint
Related Posts: ONGC,BPCL,CRUDE OIL ,OIL AND NATURAL GAS CORP. LTD,BHARAT PETROLEUM CORP. LTD,CRUDE OIL SALE,MUMBAI REGION,TERM CONTRACT

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