CITY GAS DISTRIBUTION
GAIL says Urja Ganga gas pipeline completion delayed to March 2025
The Jagdishpur-Haldia-Bokaro-Dhamra Pipeline, part of the Urja Ganga project, connects refineries and has a significant transmission capacity, supporting gas supply to eastern states. Despite delays, the project aims to make gas more affordable and accessible in the region.
India's downstream oil and gas profits to fall; upstream to remain strong: Fitch Ratings
India's oil and gas sector is forecasted to have mixed fiscal performance in FY24, with downstream profits expected to decline while upstream growth remains robust, driven by a 3-4% increase in petroleum product demand for FY25. Diesel and petrol will dominate consumption, with anticipated stable marketing margins for oil marketing companies. Upstream companies will continue high capex for production growth, while crude oil import dependency is projected to increase despite rising domestic production.
IGL to diversify into solar rooftop, battery recycling
"With the exponential growth being witnessed in the electric vehicle market, demand for batteries has risen significantly. Many rare earth metals go into battery manufacturing, so IGL thinks recycling them could be a lucrative option, especially when not many companies are doing it," said another senior industry executive.
Big electoral bond buyer Megha Engineering to sell city gas business
Megha City Gas Distribution (MCGDPL), a wholly-owned subsidiary, has decided to consolidate operations and reached out to state-run Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Indraprastha Gas, among other players. It ventured into city gas distribution under the brand name Megha Gas in 2015 and continued to operate as MEIL till FY22.
Reliance seeks access to ATF pipelines, storages of PSU oil firms
RIL aims to expand its market share in aviation turbine fuel (ATF) by accessing pipelines at major Indian airports like Delhi, Mumbai, Bengaluru, Hyderabad, Kochi, and Lucknow, competing with state-owned firms like Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL).
IGX launches ssLNG contracts, to take gas availability beyond national grid
"The introduction of ssLNG contracts on IGX aims to address the growing gas demand from industries and CGD (City Gas Distribution) companies that do not have access to pipeline networks," IGX said in a statement.
Is all the bad news and views priced in ? 4 stocks from the natural gas sector for contrarian trade.
Gas stocks have been underperforming the market for quite some time. The argument against them has been multifold, right from stagnation in terms of volume growth, companies not being able to expand in newer areas and the latest one being the threat from EV. Couple of months back, an announcement about pushing the electric vehicle (EV) more aggressively in Delhi, brought pressure on the stocks like IGL. While there is no doubt that over a period of time, EV will dominate, does it mean the end of the business of the gas companies? The answer is probably no, there are many other use cases and narrative about negative impact might be over stretched. Also the street might be ignoring the fact that these companies have enough cash on the balance sheet and also cash flows from existing lines of business to move into new areas which are part of the EV eco system.
AG&P Pratham, Think Gas set for $1.1-billion merger
The combined entity will be valued at over $1.1 billion, acquiring the heft that will help it compete with rivals. It will be a stock-for-stock merger — a share of one company for each of the other. Currently, I-Squared holds 100% stake in Think Gas Distribution and 73% in AG&P Pratham, the India arm of Singapore-based Atlantic Gulf & Pacific (AG&P) City Gas.
Gas distributor AG&P Pratham cuts CNG price by Rs 2.5 per kg in Kerala
AG&P Pratham has announced a price cut of Rs 2.5 per kilogram in compressed natural gas sold at its outlets in Kerala and Andhra Pradesh. The reduction took effect from March 7. The price of CNG sold at Thiruvananthapuram, Alappuzha, and Kollam is now Rs 85.50. In Andhra Pradesh, the reduction is the same but the prices will vary between Rs 90.50 and Rs 91.50.
MGL's monopoly on Mumbai's city gas network has ended: PNGRB
The end of MGL's monopoly in Mumbai and VGL's exclusivity in Vadodara could increase competition and affordability for natural gas customers. City gas companies profit from CNG but the government wants to expand piped natural gas to households.
Full benefit of gas reforms hasn't reached end user: Hardeep Puri
Monopoly over licensed areas for too long has ensured strong profits for city gas companies. Listed city gas companies have routinely shown far higher returns on investments than natural gas producers or refiners. “The fact of the matter is if you have low punitive provisions and you are not able to enforce compliance, you have difficulty,” Puri said. “So, I’m very clear in my mind, that we’ve finished all bidding. And we will take all the measures necessary. It doesn’t matter who goes to the court and does what.”
Indraprastha Gas Ltd plans to set up 19 compressed biogas plants
Indraprastha Gas Ltd (IGL) announced plans to establish 19 compressed biogas (CBG) plants to integrate with its city gas distribution network. According to the company's statement, IGL has entered into preliminary agreements with two technology partners to set up these plants across Delhi, Haryana, Rajasthan, and Uttar Pradesh.
Oil regulator PNGRB launches drive to increase piped gas adoption
While PNG has gained currency in the last few years after PNGRB expanded city gas networks to most parts of the country, sizable households continue to use either LPG or conventional fuels like firewood and cow dung for cooking. India is about 50 per cent dependent on imports to meet cooking gas LPG needs and use of conventional fuels is considered a health hazard.
PNGRB received 20 bids for six city gas distribution licenses in northeastern states and Jammu & Kashmir
Eight entities submitted bids for 6 GAs. Six bids came in for Meghalaya, four for Sikkim, four for Nagaland, three for Manipur, two for Arunachal Pradesh, and one for J&K. No bid was received for Ladakh.
PNGRB chairperson meets Himanta Biswa Sarma, highlights importance of City Gas Distribution
The Chairperson briefed the CM about the progress of Oil & Gas Infrastructure in the state of Assam and role that Assam is playing towards realising the Prime Ministers vision for creation of Gas based economy.
Tokyo Gas joins race to acquire stake in Think Gas Distribution
Tokyo Gas, Japan's largest city gas provider, is in the running to acquire a minority stake in Think Gas Distribution, an Indian natural gas supplier owned by private equity fund I Squared Capital. The potential investment involves Tokyo Gas purchasing about a 30% stake in Think Gas, valuing the company at $1-1.2 billion. Mubadala Investment, the sovereign wealth fund of the UAE, is also a major contender for the minority stake.
Torrent Gas appoints Manoj Jain as Managing Director
City gas distribution company Torrent Gas Limited has announced the appointment of Manoj Jain as its Managing Director, effective from January 1, 2024. Prior to this role, Manoj Jain served as the Chairman and Managing Director of GAIL (India) Limited, a prominent state-owned natural gas processing and distribution company, from February 2020 to August 2022. This transition marks an important development in the leadership of Torrent Gas Limited.
Oil regulator to penalise gas companies for failing to meet household demand
The Petroleum and Natural Gas Regulatory Board (PNGRB) is prioritizing consumer protection, and it plans to take strict action against city gas companies failing to meet household demand for new connections or supplies, according to PNGRB's chairman, Anil Kumar Jain. He emphasized that some city gas distributors have been lax in providing connections or initiating gas supply, and PNGRB is ready to address this issue. Jain also highlighted the need for policy intervention to encourage household piped natural gas (PNG) connections.
Govt opens 12th city gas bid round
Petroleum and Natural Gas Regulatory Board (PNGRB) offered seven geographical areas (GAs) of Arunachal Pradesh, Meghalaya, Manipur, Nagaland, Sikkim, Union territory (UT) of Jammu & Kashmir and Ladakh under the 12th city gas distribution (CGD) bidding round for retailing of CNG to automobiles and piping the fuel to household kitchens and industries.
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