Rish Trader

Saturday, February 10, 2007

ONGC, Russian gas major sign pact

The country’s largest upstream company, Oil and Natural Gas Corporation (ONGC), today signed an agreement with the largest gas company in the world Gazprom, of Russia, to extend their co-operation in exploration projects in India and Russia and other countries.

In a move that is likely to boost India’s chances of picking up stakes in various oil and gas blocks in Russia, the gas major has invited the participation of the country’s oil major in eight projects in far east Russia and Eastern Siberia, ONGC said in a statement.

India is keen on bidding for a minimum 20 per cent stake in the Sakhalin 3 project in far east Russia. “ONGC, in turn, has extended an invitation to Gazprom for participation in integrated petrochemicals, LNG and power projects in the country,” the statement said.

ONGC Videsh, the overseas investment arm of ONGC, is interested in bringing its share of gas from the Sakhalin 1 fields in the form of LNG.

The company, which holds 20 per cent in Sakhalin 1, is reported to be in talks with Shell for using the latter’s liquefaction plant under Sakhalin 2. Gazprom owns 25 per cent stake in Sakhalin 2.

ONGC and Gazprom have signed a memorandum of understanding for technical and scientific co-operation in underground coal gassification, coal bed methane and laying and operating pipelines all

over the world.

India had earlier invited Russia to participate in its downstream sector, especially in refineries. “We would like the names of Russian companies to feature in the list of global entities interested in our downstream sector,” a senior official in the petroleum ministry said.

Earlier, Gazprom had also shown interest in the Iran-Pakistan-India pipeline. The pipeline, delayed owing to geopolitical tangles and gas pricing issues with Iran, is expected to move ahead with the Indian government saying a deal would be signed by June.

ONGC had also signed an agreement with Rosneft, another Russian company, for cooperation all along the hydrocarbon chain.

haunted sugar

In a phase where India stock market witnessed its fastest and biggest gain(Mad Bull),Sugar sector witnessed massive slump. Sugar has become one haunted sector where investors are scared even to look at.
let me remind this sector used to be flavour of market , Traders & Investors used to swear on sugar sector performance.
I myself know many investors who are invested in sugar and yes at high rates and t

hey kept averaging it which eventually compounded the trouble as there was no revival in sugar sector stock prices(example averageing can be suicidal at times)all the sugar stocks are trading below there 52 week low and still they are not showing any resistance to fall.
READ MORE ABOUT SUGAR FALL Sugar may witness corrective phase.

In short sugar sector in BEAR GRIP (a phase in market where stock prices fall a

nd keep falling slowly which frustrates investors).It will be a long long way to recovery if at all things turn in sugar industry favour as every rise will attract selling from the ones struck in it for long time they will try to be the first to get relieved from the agony of holding a loss making stock for a long time, and this process continues till sellers get exhausted after that only we can witness fresh virgin upmove in sugar.
check out the charts to see the deep ridges in sugar stock prices.

NOTE:-I myself was stuck in sugar but was brave enough to book loss in it :-) and yes quite relieved now after watching the outcome.