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Written by fe Bureau | Updated: Jan 28 2011, 07:06am hrs
ONGC finds shale gas reserves in West Bengal

State-owned Oil and Natural Gas Corp (ONGC) on Thursday said it has struck natural gas reserves in its maiden well drilled to tap shale gas in West Bengal. This is the first time gas has been discovered in sedimentary shale gas rocks outside the US and Canada. ONGC created an exploration landmark when gas flowed out from the Barren Measure shale at a depth of around 1,700 metres, in its first R&D well RNSG-1 near Durgapur at Icchapur, West Bengal, the company said in a statement here. Though the well is still under assessment, the breakthrough is significant as India is the first Asian country where gas was discovered from shale outside US and Canada.

Govt nod to Tripura power project revised estimates

The government on Thursday approved revised cost estimates of 100 mw gas-based power project in Tripura, amounting to Rs 623.44 crore. A meeting of the Cabinet Committee on Economic Affairs, chaired by PM Manmohan Singh, approved the revised estimates. The revised cost estimates of the project, being constructed by North Eastern Electric Power Corporation (Neepco), includes interest amount of Rs 51.09 crore during construction at November, 2009 price level.

Tuticorin port renamed after Chidambaranar

The Union Cabinet on Thursday approved the renaming of Tuticorin Port Trust as VO Chidambaranar Port Trust. Hailing from Ottapidararn near Tuticorin in Tamil Nadu Chidambaranar was a Tamil scholar, writer and a trade union leader. According to a release from Tuticorin Port Trust, the proposal was mooted by the Union minister of shipping GK Vasan.

Indirect tax collection target upped by 7%

Boosted by higher revenue mop-up during April-December 2010-11, the government on Thursday said it has upped indirect tax collection estimates by 7% for this fiscal, from the Budget target of Rs 3.15 lakh crore. The decision comes on the heels of revenue secretary Sunil Mitra saying earlier this week that the direct tax collection target has been raised from Rs 4.30 lakh crore to Rs 4.46 lakh crore for the current fiscal.

Surat textile factories slowly starts operations

The ongoing textile labourers strike on the issue of wages hike has weakened finally, with morethan 65% of powerloom factories started their productions in Surat, from Thursday morning. The weavers have started only day shift while night shift are still closed. This comes after the factory owners had raised ten paisa hike per metre weaved in the wages of textile labourers.

Iran may halt oil supply in 2 weeks amid gridlock

Iran may halt crude shipments to India in two weeks if a gridlock over payments that threatens $9.5 billion of oil trade between the nations isnt resolved, an Iranian trade body official said. Indian refiners owe Iran about $900 million for crude oil after payments to the Persian Gulf state stopped more than a month ago, Mehdi Fakheri, vice-president of international affairs at the Iran Chamber of commerce, industries and mines, said in an interview in Mumbai on Thursday. If there is no payment solution, I am afraid Iran will be selling its oil to other countries, Fakheri said. Then our trade exchanges will drop to almost 20 percent of the current level, he said.