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India plans Sovereign Fund to seek energy assets abroad
In an indication of India turning aggressive in its hunt for energy assets abroad, the government is drawing up ambitious plans to set up a Sovereign Fund that would help its state-run companies pursue acquisition of oil, gas, coal, LNG and other raw material in other countries in order to compete with China. Oil and Natural Gas Corporation Videsh Limited (OVL) had been told to pursue at least one major oil and gas asset every year. China, with $2.4 trillion of reserves and a $300-billion sovereign fund, has outpaced India in the global quest for resources to feed the worlds fastest-growing major economies. Chinese companies spent a record $32 billion last year buying oil, coal and metal assets abroad, while a $2.1-billion investment by OVL was Indias sole energy acquisition. OVL last year bought Imperial Energy Plc for 1.4 billion ($2.1 billion) in Indias biggest energy acquisition. ONGC has taken another stride towards earning green revenue with issuance of first set of certified emission reduction (CER) from its first registered CDM (clean development mechanism) project, waste heat recovery project at Mumbai High. According to a release, the UN Agency UNFC & CC (UNFCCC) issued the CERs on March 18. With this, the deck is clear for ONGC to earn revenue from CDM projects. Nuclear Power Corporation of India Limited (NPCIL) and NTPC joint venture is likely to build two 700 MWe nuclear power plants at a site identified by the Department of Atomic Energy (DAE). Under the agreement, the joint venture will have 51:49 shareholding between NPCIL and NTPC. NPCIL plans to build indigenously developed pressurised heavy water reactors (PHWRS) of 700 MW capacity each at four locations across the country. While two plants each are expected to come up at Rawat Bhata in Rajasthan and Kakrapar in Gujarat, plans are afoot to finalise sites in Haryana and Madhya Pradesh for atomic power plants. (Locate In Atlas)
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Energy The possibility of setting up the plant which could be in the region of 500-1,000 MW. Under the initial plan, power generated from the plant will be evacuated to India through a transmission network to be developed by the Power Grid Corporation of India Ltd. (PGCIL). NTPC and the Bangladesh Power Development Board will jointly develop the project. At present, Bangladesh has a power generation capacity of 5,000 MW, of which 83 per cent is gasbased. It has also appointed merchant bankers and legal consultants for the due diligence of a mine in Mozambique. NTPCs total coal requirement for the current financial year (2010-11) is about 145-150 million tonnes, of which the company is planning to import 14 million tonnes. (Locate In Atlas)
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CURRENT AFFAIRS FOR I.A.S. (PRE.) 2011 NBPPL will be setting up manufacturing facilities in Andhra Pradesh. It has already taken up EPC work for Namrup gas-based project of 100 MW in Assam and Palatana gas-based project of 726 MW in Tripura. will also take up execution of 500 MW Singrauli thermal power plant and 600 MW thermal power plant at Rayalseema of Andhra Pradesh Power Generation Corporation Ltd. (Locate In Atlas)
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Energy develop the Carabobo 1 Norte and Carabobo 1 Centro blocks, located in the Orino Heavy Oil Belt. Corporacion Venezolana del Petroleo, a unit of PdV, will hold the remaining equity. About half of the production from the joint venture, called PetroCarabobo SA, will be upgraded light crude oil for export. The project cost has been pegged at $1520 billion. North Americas largest solar energy services provider SunEdison announced its entry into the Indian market with the joint development of a 15-MW photovoltaic solar power plant in Gujarat in collaboration with domestic independent solar power producer Azure Power. Power generation will begin by January 2011, says a release. As part of the arrangement, SunEdison will participate in financing of the project and knowledge transfer of global technology expertise to Azure Power. It will also supply state-of-the-art monitoring technologies to Azure for projects up to 25 MW. The Gujarat project is the latest example of SunEdisons focus on enabling the growth of global solar markets through strong capabilities in project financing, system design and engineering, low-cost procurement, operations, and maintenance services, SunEdison Energy India Pvt. Ltd. CEO Pashupathy Gopalan said.
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