Energy Sector

RPL Appoints Mr. Joffery As Chevron’s Nominee Director

Reliance Petroleum Limited (RPL) has informed the National Stock Exchange that Mr. Joffery Reney Pryor, Vice President Business Development of Chevron Corporation, has been appointed as a nominee director of Chevron in place of Mr. Jagjeet Singh Bindra.

The company has also informed NSE regarding the appointment of Mr. John R. Digby, President of Chevron Petroleum India Pvt Ltd, as an alternate director to act for MR. Joffery Reney Pryor.

Rising Supplies Bring Crude Prices Down

Energy futures slipped further on yesterday (16 Jan) after the US government announced that crude oil supplies rose suddenly during last week.

In its weekly inventory report, the Energy Department’s Energy Information Administration stated that crude oil supplies climbed up by 4.3 million barrels last week, the initial rise since the week ended Nov. 9.

Light, sweet crude for the next month (February) delivery came down USD 1.06 to USD 90.84 per barrel on the New York Mercantile Exchange after decreasing as low as USD 89.26 earlier.

BPCL Buy Call

Stock analyst Ashwani Gujral is of the view that investors should buy BPCL stock to achieve a short term target of Rs 550.

Mr. Gujral said that the investors should keep a stop loss at Rs 425 for the said short-term target.

If the investors want to take advantage of this volatility, buy it on declines. The investors should hold the stock for at least 4 weeks.

Don’t worry, if the stock price declines, it still has much potential. So don’t miss the chance and make good profit. On BSE, the stock has seen a 52-week high of Rs 560 and a low of Rs 287.05.

Buy Neyveli Lignite

Technical Analyst VK Sharma has suggested traders to buy Neyveli Lignite, as it is a brilliant option for intraday dealings.

Investors can purchase Neyveli Lignite stock at around Rs 245.35 to achieve a target between Rs 253-255. If the stock market declines, investors should leave the stock.

For intraday trading the stop loss should be Rs 242.90. The stock has performed brilliantly on Jan 14, and marked its closure at Rs 248.15. The total volume of shares traded was 3,204,900 on BSE. On the Bombay Stock Exchange, the stock has touched 52-week high of Rs 273.9 and the low of Rs 49.

Essar Oil Arm Enters Pact To Buy 50% Stake In KRPL

Essar Energy Overseas, a division of Essar Oil, has signed up a deal in order to acquire 50 percent of Kenya Petroleum Refineries (KRPL) in Mombasa, Kenya.

The Kenyan government will hold the resting KRPL’s stake (50%). The acquisition process is likely to complete in early 2008.

Essar Oil will purchase the stake from the company’s subsisting shareholders, The Shell Petroleum, Chevron Global Energy and BP Africa.

The single refinery plant in Eastern Africa makes gasoline, LPG, diesel, kerosene and fuel oil.

GAIL Signs MoU With Coal India

GAIL (India) Limited has informed the NSE that it has signed a MOU with Coal India for the establishment of a surface coal gasification project for production of synthesis gas for fertilizer production.

Mr. A K Purwaha, Director (Business Development), GAIL and Mr. N C Jha, Director (Technical), CIL signed the deal, on Jan 10, 2008, in front of Dr. U D Choubey, Chairman and Managing Director, GAIL and Mr. Partha S Bhattacharyya, Chairman, CIL.

FII investment limit in Gujarat NRE Coke increased to 74 percent

Gujarat NRE Coke Ltd. stock may witness buying as RBI has notified that FII's can now purchase shares of the company up to 74% of the paid-up capital.

Gujarat NRE Coke is India’s largest independent producer of metallurgical coke. The company owns Coking coal mines in Australia.

ONGC Becomes First Indian Firm To Enter “World’s Most Admired Companies” List

The state-run Oil and Natural Gas Corporation Ltd (ONGC) has now become India’s first company to be featured in the Fortune Magazine’s annual list of the World’s Most Admired Companies.

In the analytical global survey published by Fortune in July 2007, the company ranks at 9th position among firms operating in the mining and crude oil production space for efficient human resource management.

ONGC has also ranked 369th among the Fortune Global 500 companies for the year 2007 based on its turnover while 121st based on profits.