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 New Delhi February 19, 2014:-
Essar Energy said it would mothball a small crude unit and start a $100 million cost improvement programme at UK's second-biggest oil refinery as part of efforts to stem a sharp decline in refining margins.

A major planned maintenance shutdown and a furnace incident last year at the Stanlow refinery — which supplies about 15% of UK's transport fuel requirements — coupled with weak commodity prices hit output and refining margins.

Essar Energy, which received a possible 900-million-pound takeover offer from its largest shareholder, said third-quarter throughput at Stanlow fell 68% to 5.8 million barrels. Throughput at the refinery is expected to be about 56 million barrels in the current financial year, down from the company's previous estimate of 59 million barrels.

Essar Energy, the power and oil and gas arm of privately held Essar Group, said price gross refining margins at Stanlow were a negative $2.61 per barrel during the quarter, compared with $7.22 per barrel a year earlier.The Financial Express

 
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New Delhi February 26, 2013:-The Centre has dropped 
 Corporation from the proposed  undertaking (PSU) exchange-traded fund () basket following capital markets regulator Securities and Exchange Board of India ()’s  refusal to relax a norm, two people said.

Sources added the offer document for the Central Public Sector () ETF had been filed to Sebi and the government was launching the product before the end of this financial year.

The CPSE ETF will have 10 stocks, instead of the 11 cleared by a panel headed by Finance Minister P Chidambaram in January.

The government aims to raise Rs 3,000 crore from the ETF and to launch a new fund offer in early March.

“Most criteria, discussed in principle with Sebi, have been met and, therefore, the approvals should come soon,” said a source.

Typically, Sebi processes an offer document in less than 30 days.

Last month, the department of disinvestment, overseeing the ETF launch, had written to Sebi to relax a norm that barred a promoter from selling more shares after a public issue.

Power Grid, which potentially could have had a significant weightage in the ETF, had to be dropped as the Centre had sold 11 per cent of its stake in the company through a follow-on public offering in December.

As per the rules, there will be a restriction on the government from further stake sale in the company for a period of one year.

“Sebi has allowed Engineers India to be part of the ETF,” the source added. State-owned Engineers India, too, had launched an FPO earlier this month as a part of the disinvestment process.

The DoD has appointed Goldman Sachs as the fund manager and ICICI Securities as advisor for the CPSE ETF.

This first-of-its-kind ETF is also likely to have certain unique features like ‘loyalty incentive’ and ‘upfront discount, to attract retail investors.
 
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New Delhi February 28, 2014:- 
Tata Power on Thursday announced sale of its 30% stake in PT Mitratama Perkasa to Indonesia's Bakrie Group for around $120 million. "Tata Power through its Indonesian subsidiary PT Sumber Energi Andalan Tbk has signed with the Bakrie Group entity for the sale of its 30% stake in PT Mitratama Perkasa," the private power utility said in a BSE filing. 

The transaction is part of the $500-million deal to exit Indonesian coal company PT Arutmin and associated coal trading and infrastructure companies. The deal was announced on January 31. The aggregate consideration for PT Sumber Energi Andalan Tbk's 30% stake in PT Mitratama Perkasa is about $120 million (nearly Rs 744 crore), the filing said. 

"Prior to the sale, MP (Mitratama Perkasa) would be restructured to hold infrastructure assets in relation to PT Arutmin Indonesia," it added. Tata Power said it targets to complete the sale of PT Mitratama Perkasa in the next two months, subject to getting the requisite approvals. Shares of Tata Power closed at Rs 79 apiece on the BSE on Wednesday.
 
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New Delhi February 26, 2014:- The Government has decided to set up two special purpose vehicles (SPVs), headed by ONGC and Indian Oil Corporation (IOC), to set up renewable projects.

Currently, companies are doing it individually. Now, they can come together and set up large projects. A large population in rural areas that now uses unhealthy bio mass would be benefited, said Petroleum Secretary Vivek Rae.

Feasibility studies

The SPVs would function independently like commercial organisations, while utilising various promotional schemes of Ministry of New & Renewable Energy and State Governments for the purpose.

Rae said that feasibility studies would take three months and by August 15, the companies would be incorporated.

The first SPV is for installation of large scale grid connected power generation plants based on renewable energy.

Lead partner

ONGC will be the lead partner in this SPV, along with equity participation from Oil India Ltd (OIL), GAIL (India) and Engineers India Ltd (EIL) and also other the companies under MNRE such as Solar Energy Corporation of India (SECI) and Indian Renewable Energy Development Agency (IREDA).

The second SPV is for setting up renewable energy off-grid projects using advanced technologies and market based business solutions for promoting access to the energy deficient population.

IOC will be the lead partner in the second SPV, along with equity from Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd and also represented by SECI and IREDA.

 
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New Delhi February 28, 2014:- 
The company has asked interested parties to offer their power plants, whether operational, commissioned, synchronised, under construction or under planning stages

 issued an expression of interest (EoI) on Thursday, seeking to buy coal-based power plants, whether operational, commissioned, synchronised, under construction or under planning stages. The state-owned power generator wishes to use its huge cash pile to consolidate its presence as the country’s largest in the sector. In a sector that has been grappling with a slowdown, the move is expected to revive the merger & acquisition (M&A) activity.

State electricity boards (SEBs), independent power producers, power plant developers and captive power producers have been asked to offer projects based on domestic coal, imported coal or a mix of both. EoIs will have to submitted by April 7. Analysts said time was ripe for NTPC to make acquisitions as valuations were low. Besides, the company is among a handful of Indian firms with the balance sheet strength to pull off such deals. It had a cash reserve of Rs 16,867 crore as on March 31, 2013.

READYING SHOPPING LIST
  • NTPC floats global expression of interest for acquiring coal-based 
  • Move could trigger revival of M&A activity amid lower valuations in a sector grappling with a slowdown
  • Company says will buy projects with firm linkages, clearances and PPAs in place — whether in India or abroad
  • Assets could be at planning or construction stages, or already commissioned
  • Projects might be based on domestic coal, imported coal or a mix of both
  • Last date for submission of expression of interest: April 7

"This is appropriate time for acquisitions. A number of developers have realised that the high returns originally envisaged are not possible; they are willing to exit," said Salil Garg, director (corporate affairs), India Ratings and Research. Garg said no major acquisitions had occurred in the sector over the past year. He, however, cautioned that most projects likely to be sold had issues like regulatory hurdles.

Apart from the EoI, a sub-committee of NTPC board was also looking at a few proposals for acquisition, chairman & managing director, Arup Roy Choudhury, had said earlier this month. NTPC, which owns and operates 22 power plants, has a generation capacity of 42,400 Mw. around a fifth of India's total installed capacity. It had earlier evaluated at least six projects, including Larsen & Toubro's (L&T's) Rajpura project in Punjab and all thermal power projects of the debt-laden , beside Shapoorji Pallonji’s imported coal-based plant in Gujarat and state government’s projects in Bihar & UP.- Business Standard 
 

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