Ratna and R-Series oil contract in Sept
The decision on signing of contract for development of Ratna and R-series oil fields in Gujarat will be finalised on September 18 after determining the Financial capability of the awardees and other factors, Rajya Sabha was told on Monday. Replying to supplementaries during the question hour, Petroleum and Natural Gas Minister, Ram Naik, said due to the review of discovered field policy by the government, the discussion on the Production Sharing Contract for the project started only in December 1999 after which sittings had been held, with the last one being held on July 18. In the first stage of the process, the development of the field was awarded to the Consortium of Essar Oil Ltd and Premier Oil Plc, Uk in March 1996. However, the project did not take off as agreements could not be signed in the wake of political uncertainty following change of governments at the centre since 1996, Naik said. Oil and Natural Gas Corpration (ONGC) has 40 per cent participating interest in the development of the field inaccorance with the terms of Notice Inviting Offers (NIO).UK petrol-pump price war
A price war at UK petrol pumps hotted up when the country's second-biggest supermarket group, J Sainsbury Plc , announced a cut in prices. Sainsbury, which has over 220 petrol stations nationwide, said it would reduce the price of standard unleaded petrol and diesel to 79.9 pence per litre from an average of 83.9p - matching a recent move by supermarket chain Wm Morrison . Morrison, based in northern England, has brought its price down to 79.9p per litre, citing a fall in crude prices. "We are simply following the trend in cost prices," a Morrison spokesman said.
UK motorists have bridled against petrol prices, which are among the highest in Europe, with tabloid newspapers running campaigns for the government to cut fuel taxes. Retail prices have broadly tracked the crude price, which has only recently come off highs of around $30 per barrel.
Waste, Cone yarn prices dip
Prices of selective Waste and Cone yarn drifted on the local cotton yarn market today due to slackness in buying activity and closed with minor lossses. On the other hand, Hank and Hoseiry yarns remained stable on little doing. Volume of business remained small.
Traders said downward trends in cotton deshi amid streduced enquiries from duster manufacturers and handlooms industries attributed fall in prices. In the waste yarn section, Jyot, Diamond and Deepak 2counts yarn quoted Re 1 each down at Rs 122, Rs 124 and Rs 124.50 per 4.54 kilo bundle respectively due to slackness in demand form duster and carpet manufacturer. In the cone yarn section, Hindustan fibre 2 and 6 counts quoted Re 1 each down at Rs 199 and Rs 219 per 5 kilo respectively. KSL 6 and Bhatinda 10 counts yarn were down by Rs 2 eachat Rs 253 and Rs 318 per five kilos bundle respectively.
Dull trading in steel Rathi tor steel saria quoted lower in an otherwise dull trading on the local steel and iron market today for want of necessary support. In the Ingot and scrap section, mill heavy and cast iron scraps also declined due to poor enquiries from re-rolling steel mills. Elsewhere, prices generally moved in a limited range and closed around previous levels. The vlume of business was small. Rathi tor steel Saria 8-mm, 10-mm, 12-mm, 16-20mm and 25-mm traded Rs 100 each down at Rs 17,500, Rs 16,130, Rs 16,650 and Rs 16,700-16,800 per tonne respectively due to slowed down in construction activities.
Poly-propylene prices decline
Barring fall in Poly-propylene(PP), prices in the local plastic market, after moving in a narrow range, closed around previous levels today. Arrivals and offtake too remained at a low ebb andvolume of business restricted. Traders said prevailing tight money market conditions too influenced trading. PP No. 100, PP imported and PP colour shed Re 1 each to close at Rs 42.50, Rs 42 and Rs 64 per kilo respectively due to reduced industrial demand. LD No 40 and LD No 400 were maintained at Rs 55.50-56 and Rs 58-59 per kilo respectively on some enquiries.
Following were today's quotations per kilo: Ld No 40 55.50-56, LD No 400 58-59, Ld No 1035 57-58,HD Moulding (deshi) 47-48, HD moulding imported 46.50-47.50, HD Colour 52, PP No 100-42.50 , PP Imported 42, PP Colour 64, ABS (Indian) 74, ABS imported 75, Colour 80-84, Crystal (Indian) 55, Crystal (imported) 57, Crystal colour 62, Nylon No-6-140-144, Nylon No 66 - 178-180, Pvc resin deshi 46, PVS pest grade 65 and DOP standard 60.
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