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ONGC, Mitsui sign pact for gas, LNG businesses in India

The MoU between ONGC and Mitsui is expected to pave the way for setting up a re-gasification terminal in India including the marketing of re-gasified LNG

 
Mumbai: State-run oil and gas giant Oil and Natural Gas Corp (ONGC) on Friday said it has signed an agreement with Japanese Mitsui & Co for a wide ranging cooperation in the gas and LNG businesses, reports PTI.
 
Both the companies have signed a memorandum of understanding (MoU) on 14th August, ONGC chairman and managing director Sudhir Vasudeva told reporters on the sidelines of an HR round table.
 
The MoU is expected to pave the way for setting up a re-gasification terminal in the country including the marketing of re-gasified LNG, he added.
 
"We have signed an MoU that will work on an entire value chain of sourcing LNG to setting up re-gasification terminal. We will study the opportunities," Vasudeva said.
 
Under the agreement, which is aimed at meeting the rising demand for natural gas, both ONGC and Mitsui would make reasonable efforts to source LNG from international suppliers on spot, short- and long-term contract basis.
 
Meanwhile, Vasudeva said ONGC is expected to invest Rs1.64 lakh crore during the 12th Plan. While its fully-owned subsidiary OVL will invest Rs95,000 crore and another state-owned company MRPL will invest Rs10,000 crore towards the respective expansion plans, Vasudeva added.
 
Commenting on long-term plans, Vasudeva said ONGC will invest around Rs11 trillion over next 18 years, the company hopes to increase the oil production from 62 million and market cap will increase by four times, he said.
 
 

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RPower partners with China Datang for power and energy projects

China Datang will help RPower to develop its coal mines including investments and also provide O&M services to the Indian company's plants

 
Mumbai: Reliance Power on Friday said that it has signed an agreement with China Datang Corp for a strategic partnership to develop and operate power and energy projects both here as well as overseas, making it the first partnership between the two countries in the power sector, reports PTI.
 
The agreement is between China Datang Overseas Investment Co (CDTO), a wholly-owned subsidiary of China Datang Corporation (CDT).
 
The partnership envisages cooperation in Reliance Power's three coal mines in South Sumatra, Indonesia to develop coal mines including investments in mines; to develop transportation infrastructure for these mines apart from off-taking coal from these mines.
 
Under the agreement CDTO will also provide operations and maintenance (O&M) services to RPower plants in the country and other identified markets.
 
Commenting on the development, Reliance Power said, "this is an important milestone in our move towards becoming the country's largest private sector integrated power and resources company. This will help us draw from CDTO's vast talent pool of experienced O&M resources. We will also be able to deploy best operating practices for equipment sourced from China and other global suppliers."
 
China Datang said, "the partnership with RPower provides us a platform to expand our footprints in emerging markets like India and Indonesia, which hold enormous business opportunities for us."
 
Reliance Power has the largest portfolio of power projects in the private sector based on coal, gas, hydro and renewable energy, with an operating portfolio of 1,540 mw.
 
The company also claims to have the largest domestic captive coal reserves in the private sector, estimated at over two billion tonnes, apart from three coal mines in Indonesia.
 
A Fortune 500 company with assets over $83 billion, CDT has a generating capacity of 1.1 lakh mw which is more than 50% of India's total generation, and is one of the large-scale power generation groups in China.
 

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