iPhone | iPad
Android
Huawei
Shorter iPhone 16 shipping times signal soft demand
KT APPDOWNLOAD
Govt changes plans to set up Rs80b refinery in Rajasthan
NEW DELHI — In a sudden volte-face, the government is veering around the idea of setting up a Rs80 billion refinery in Rajasthan to process crude oil found in the state, a proposition that may result in a three-year delay in starting production and huge revenue loss to the exchequer.
Cairn India, which made the nation's biggest oil find in more than two decades, was set to produce 7.5 million tonnes from early-2009. But Petroleum Ministry now wants output cut to half and ONGC/MRPL — the official buyers of the crude — to build a 4 million tonnes a year refinery, a top official said.
Even though the refinery will take a minimum of four years to build, the ministry has withheld approval to build a pipeline to take the crude to refiners in Gujarat, he said.
The ministry has asked oil regulator Directorate- General of Hydrocarbons (DGH) to look at prolonging the 150,000 barrels per day output for 8 years to at least 15 years by reducing it to 80,000 barrels per day.
Interestingly, ONGC/MRPL, which had originally mooted the idea of setting up a 7.5 million tonnes refinery in the state, had backed off citing the project uneconomical. A similar capacity project in Kakinada in Andhra Pradesh is also being upgraded to 15 million tonnes to make it economically viable.
Besides, slashing output would result in decline in government's share in revenues from the field to Rs30.9 billion from Rs60.8 billion. Corporate tax will dwindle to Rs10.54 billion from Rs10.91 billion and royalty will dip to Rs10.31 billion from Rs20.3 billion.
More news from
Easing dollar index making bullion more attractive to buyers holding other currencies
Offline capacity in Gulf of Mexico supports prices
Course offers training in English language, interviewing skills, resume writing, and job search tips
Beloved to tourists as well as residents, these spots not only fulfil your food and shopping cravings, but also provide experiences in nature
It means that residents are within a quarter-hour walk or bike ride from everything they need to a lead a good life
The Minister of Youth shared some exercises — from walking to fitness and balance training — integral to his reconditioning programme
Pezeshkian's remarks came as the Islamic republic marked the anniversary of the September 2022 death of 22-year-old Iranian Kurd Mahsa Amini in police custody