Weekly media update 19 10_2020

70
(This document comprises news clips from various media in which Balmer Lawrie is mentioned, news
related to GOI and PSEs, and news from the verticals that we do business in. This will be uploaded on
intranet and website every Monday.)
Worst recession since Great Depression,
says World Bank
The world is experiencing one of the deepest
recessions since the Great Depression in the
1930s owing to the novel coronavirus, World Bank
President David Malpass has said, terming the
Covid pandemic a “catastrophic event” for many
developing and the poorest countries. He said
given the extent of the economic contraction,
there was a rising risk of disruptive debt crises in
countries. So that has got a lot of focus here at the
meetings, Malpass told the media on Wednesday
at the start of the annual meetings of the
International Monetary Fund and the World Bank.
“The recession has been deep, one of the deepest
since the Great Depression. And for many
developing countries, and for the people in the
poorest countries, it is truly a depression, a
catastrophic event. It is continuing to add to the
ranks of those in extreme poverty,” he said. That
is the focus of this meeting and the focus of their
actions, he said, adding the World Bank was
building as big a growth programme for countries
as they can in this fiscal year.
The Pioneer - 16.10.2020
https://www.tribuneindia.com/news/business/wo
rst-recession-since-great-depression-says-world-
bank-156574
FY21 GDP to see sharper 10.3% fall:
IMF
India’s economy is forecast to contract by
10.3% in 2020-21, sharper than the previous
estimate of 4.5% decline as the impact of the
Covid-induced lockdown hurts expansion, the
International Monetary Fund (IMF) said on
Tuesday. In its update to the World Economic
Outlook (WEO), the IMF expects the Indian
economy to rebound and grow by 8.8% in
2021-22, stronger than the 6% expansion
predicted earlier. IMF is the latest to project a
sharp contraction for Asia’s third-largest
economy. The World Bank expects the economy
to decline by 9.6%, while the RBI forecast GDP
to plunge 9.5% in 2020-21, but estimates
growth to be back in the fourth quarter.
“Revisions to the forecast are particularly large
for India, where GDP contracted much more
severely than expected in the second quarter,”
the IMF said. The US economy is projected to
contract by 4.3%, before growing at 3.1% in
2021. China is the only economy that is forecast
to grow 1.9% in 2020-21and is expected to
rebound to 8.8% next year.
The Economic Times - 14.10.2020
https://epaper.timesgroup.com/Olive/ODN/Ti
mesOfIndia/shared/ShowArticle.aspx?doc=TOI
KM%2F2020%2F10%2F14&entity=Ar01701&s
k=C3C0AAB2&mode=text
Economic activity softens amidst slowing
recovery
Economic activity in India slowed in the week
ended October 11 from the previous week amid a
downward revision of the country’s recovery
trajectory due to revised Google mobility data,
according to a report by Japanese brokerage
Nomura on Tuesday. The latest reading of Nomura
India Business Resumption Index (NIBRI), which
monitors high frequency indicators of
normalisation, decelerated to 80.9 after a reading
of 81.6 for the week ended October 4. Google
mobility data is an index of changes in various
types of mobility across regions and countries. The
index has recorded a downtrend after a post-
lockdown high of 82.3 in mid-September. The
tracker was at 82.9 in the week ended March 22
before a drastic fall to 44.7 in April. While retail
IMF sees shallower recession, tough
path back to full recovery
The International Monetary Fund warned that
the world economy still faces an uneven
recovery until the coronavirus is tamed even as
it offered a less-dire view of this year’s
recession following massive stimulus from
central banks and governments. The fund now
forecasts world gross domestic product to
shrink 4.4% this year, compared with the 5.2%
drop seen in June, according to the latest World
Economic Outlook released Tuesday. For 2021,
the IMF sees growth of 5.2%, down from 5.4%.
The report includes revisions to June’s forecasts
and other historical data to reflect updated
country weightings. The contraction would still
be the deepest since the Great Depression, with
Covid-19 having killed more than 1 million
WEEKLY MEDIA UPDATE
Issue 472
19 October, 2020
Monday

and recreational mobility continued to improve
along with the Apple driving index, workplace
mobility largely stagnated, the note said. The
labour participation rate fell marginally to 40.6%
from 40.8% in the previous week. Similarly, the
unemployment rate stood elevated at 7.7%, after
logging a sharp rise to 8% a week earlier from
5.8% before.
https://epaper.timesgroup.com/Olive/ODN/TheEc
onomicTimes/shared/ShowArticle.aspx?doc=ETK
M%2F2020%2F10%2F14&entity=Ar01106&sk=7
560D6F9&mode=text
people and shut down large swaths of business.
The report sets the tone for this week’s annual
meetings of the IMF and World Bank -- being
held virtually, like April’s spring meetings, due
to the pandemic -- as global policy makers
discuss how to avert a wave of debt defaults in
poorer nations resulting from the virus’s impact.
Mint - 14.10.2020
https://www.livemint.com/news/world/imf-
sees-shallower-recession-tough-path-back-to-
full-recovery-11602593554931.html
Retail inflation hits 8-mth high of 7.3%
on food prices
Retail inflation accelerated to an 8-month high in
September and crossed the 7%-mark as food
prices hardened, dashing hopes of any interest
rate cut by the RBI to bolster a faltering economy.
Separate data showed industrial output contracted
for the sixth month in a row in August but the pace
of decline narrowed, indicating the pick-up in
activity as the economy opened for business after
the strict coronavirus-induced lockdown. But the
inflation numbers remained worrisome with food
inflation hitting the double-digit mark in
September. Data released by the National
Statistical Office (NSO) on Monday showed
inflation, as measured by the Consumer Price
Index (CPI), rose an annual 7.3% in September,
compared to the 6.7% increase in August. Rural
inflation was at 7.4%, while the rate in the urban
areas was 7.3%. The Food Price Index rose to
10.7% in September, higher than August’s 9.1%,
the data showed.
The Times of India - 13.10.2020
https://epaper.timesgroup.com/Olive/ODN/Times
OfIndia/shared/ShowArticle.aspx?doc=TOIKM%2
F2020%2F10%2F13&entity=Ar01511&sk=3AF4A
1BF&mode=text
Wholesale inflation at 7-mth high on
soaring food prices
Inflation based on the wholesale price index
(WPI) accelerated to a seven month high in
September on the back of hardening food
prices, including potatoes and vegetables,
prompting economists to say that the RBI is
likely to maintain an extended pause on interest
rates. Data released by the commerce and
industry ministry on Wednesday showed
wholesale price-based inflation rose an annual
1.3% in September, compared to 0.3% in the
yearago month and 0.2% in the previous
month. Food inflation shot up to an eight-month
high of 8.2% in September. The rise in potato
prices was the highest since the 2011-12 series.
The sharp increase was attributed by
economists to crop loss, owing to heavy rains in
parts of the country, reduced sowing area,
supply of inferior quality seeds and inadequate
stocks.
KM%2F2020%2F10%2F15&entity=Ar01518&s
k=D8C70FD7&mode=text
IIP contraction slows, but inflation at 8-
mth high
Industrial production contracted at a slower pace
in August than the month before as the economic
recovery gathered pace. However, retail inflation
climbed to an eight-month high in September,
driven by higher food prices, potentially delaying
further monetary easing. Industrial production, as
measured by the index of industrial production
(IIP), shrank 8% in August with all its constituents
contracting against a 1.4% decline in the same
period last year. Revised data showed industrial
production contracted 10.7% in July and 15.7% in
June. Earlier estimates had shown IIP shrinking
10.4% in July. Retail inflation accelerated to
7.34%, exceeding the target rate, in September
Exports rise 5.99% in September;
trade deficit narrows to $2.72 billion
Exports grew for the first time in seven months
at 5.99 per cent in September, boosted by items
such as pharmaceuticals and engineering
goods. The growth number was higher than
5.27 per cent estimated in the first week of
October by the government. The growth
assumes importance since it has been
contracting not only six months prior to
September but in all the previous months of the
current calendar year, barring February. The
outbound shipments stood at $27.58 billion in
September against $26.02 billion in the year-
ago month, showed the trade data released by
the commerce department on Thursday. The

from 6.69% on dearer food inflation that reached
the double-digit level of 10.68%. In the first five
months of FY21, India’s factory output shrank
25% compared with 2.4% growth in the year-ago
period. “Though economic activities are yet to
reach the pre-Covid-19 level, it is gaining traction
with each passing month, albeit at a reduced
pace,” said India Ratings principal economist Sunil
Kumar Sinha.
onomicTimes/shared/ShowArticle.aspx?doc=ETK
M%2F2020%2F10%2F13&entity=Ar00103&sk=B
CCBB7E7&mode=text
export number in September was just slightly
lower than pre-Covid level of $27.65 billion in
February. Twenty-two of the 30 major products
saw growth in exports. “The reasonably broad-
based pick-up in merchandise exports in
September has come as a relief, and signals on
its sustainability are anxiously awaited in the
light of the second wave of Covid-19 infections
being experienced in many trading partners,”
Aditi Nayar, principal economist at ICRA said.
Business Standard - 16.10.2020
https://www.business-
standard.com/article/economy-policy/exports-
rise-for-the-first-time-in-seven-months-up-
almost-6-in-september-120101501510_1.html
Govt plans to implement labour codes on
April 1, starts shaping rules
The National Democratic Alliance (NDA)
government plans to bring into effect new labour
laws across the country from April 1. “We intend
to implement the new labour codes from April 1.
We have begun the process of giving shape to the
rules that are to be framed under the codes and
we are confident of finalising them in the last
quarter of this fiscal year,” Union Labour and
Employment Secretary Apurva Chandra said here
on Wednesday. Industries will have to file a single
return to the authorities under the new labour law
regime. Further, the number of minimum wages
that industries have to comply with is set to reduce
to 12, from 540 under central labour laws and to
180-200 under state laws, from 9,000 at present.
An important task would be that states also frame
their rules by March 2021. The new codes give
powers to state governments to make rules as
they will have jurisdiction over most of the
establishments. For instance, while the central
government will frame around 57 rules for the
Industrial Relations Code, 2020, states will have
to come up with around 40 rules.
Business Standard - 16.10.2020
https://www.business-
standard.com/article/economy-policy/govt-plans-
to-implement-labour-codes-on-april-1-starts-
shaping-rules-120101400887_1.html
Cabinet to soon consider new PSE
policy: Sources
The Union Cabinet will soon consider new public
sector enterprises policy that will define
strategic sectors, which will not have more than
four PSUs, Finance Ministry official sources said
on Tuesday. As part of the 'Aatmanirbhar
Bharat Abhiyan' package, the government in
May had announced that there will be a
maximum of four public sector companies in the
strategic sectors, and state-owned firms in
other segments will eventually be privatised.
Under the policy, a list of strategic sectors will
be notified where there will be at least one and
a maximum of four public sector enterprise,
apart from private sector companies. In other
sectors, central public sector enterprises
(CPSEs) will be privatised, depending on the
feasibility. According to the sources, it is before
the Cabinet and it will be taken up soon. "PSEs
will continue to play an important role in defined
areas. We need a coherent policy because
sometimes you open up some sectors in
piecemeal... Now we shall define the areas...
where their presence will be impactfully felt,"
Finance Minister Nirmala Sitharaman had said
while announcing the package in May.
Millennium Post - 14.10.2020
http://www.millenniumpost.in/business/cabine
t-to-soon-consider-new-pse-policy-sources-
420993
IPOs, buybacks to fuel government’s
divestment plan: Dipam Secretary
The government will push forth with initial public
offers and share buybacks in key public sector
enterprises in the remaining months of this
financial year, a top official said, following the
successful public listing of Mazagon Dock
Shipbuilders Ltd. and other offers for sale. “We
have made use of the market opportunities
through three very successful transactions in the
Centre mandates all ministries, public
depts, CPSUs to use BSNL, MTNL
services
The central government has mandated all
ministries, public departments and public sector
units to use telecom services of State-run
Bharat Sanchar Nigam Limited (BSNL) and
Mahanagar Telephone Nigam Limited (MTNL).
“The government of India has, inter-alia,
approved the mandatory utilisation of capacities

defence sector... There are IPOs planned,” said
Tuhin Kanta Pandey, secretary in the Department
of Investments and Public Asset Management.
Public offers will be one of the “very big priorities”
as they will generate future value for the
government, Pandey said. He added that
buybacks will be another high priority area.
“Wherever our CPSEs have extra cash after
meeting the capex needs, we’re requesting them
to come with buyback if the stock price is lower
than the book value, or even if the stock price is
high – in this case, they can reward shareholders,”
Pandey said.
https://economictimes.indiatimes.com/news/eco
nomy/policy/ipos-buybacks-to-fuel-govts-
divestment-plan-dipam-
secy/articleshow/78737466.cms
of BSNL and MTNL by all ministries/departments
of government of India, CPSEs, central
autonomous bodies,” a memorandum issued by
the Department of Telecommunications (DoT)
said. The memorandum dated October 12, was
issued to all secretaries and departments under
the Centre following consultation with the
finance ministry. The Department of
Expenditure’s note accompanying the
memorandum mentioned that the decision to
mandate the use of BSNL and MTNL telecom
service was taken by the Cabinet.
The Hindu - 15.10.2020
https://www.thehindu.com/news/national/cent
re-mandates-all-ministries-public-depts-cpsus-
to-use-bsnl-mtnl-services/article32850372.ece
Swachh Bharat Plan 2.0 scaled down by
₹63,869 crore
The urban development ministry has scaled down
Swachh Bharat Mission 2.0, which has been
awaiting the finance ministry’s nod for at least
eight months. Against an earlier outlay of Rs
2,11,869 crore, the final proposal the ministry
drafted stands at Rs 1.48 lakh crore, including the
central share of Rs 48,000 crore. The first phase
involved construction of individual household
toilets and community toilets to make cities open
defecation free (ODF) and increase the solid waste
management capacity. While cities are officially
ODF, barring a few local bodies in West Bengal,
solid waste management capacity has increased
from 17% in 2015 to 67% in 2020. The second
phase envisages treatment of household and
community waste. “It envisages sustainable
sanitation and complete waste water treatment to
make all cities ODF++ by 2024. It would entail
complete treatment of faecal sludge and waste
water before discharge into water bodies in cities
with less than 1 lakh population,” a ministry
spokesperson told ET.
onomicTimes/shared/ShowArticle.aspx?doc=ETM
%2F2020%2F10%2F17&entity=Ar00203&sk=0C
87B511&mode=text
India moving 'cautiously' on BPCL's
privatisation: Pradhan
India is "treading very cautiously" in its plan to
privatise state-run oil refiner Bharat Petroleum
Corp Ltd, Oil Minister Dharmendra Pradhan said
on Tuesday, in a sign that the process could be
delayed. New Delhi's plan to sell its 53.29%
stake in BPCL was first announced in November
2019, and is part of a broader programme to
spin off or sell stakes in dozens of state-owned
companies. India had planned to sell the stake
by the end of the fiscal year to March 2021.
"Bharat Petroleum divestment is very much on
the cards," Pradhan told a virtual energy
conference. "But we all will appreciate looking
into the net worth and looking into the size ...
the government is treading very cautiously (on)
how to offload (the stake) through (a) proper
process". Reuters last month reported that
BPCL's privatisation could spill over into the
next fiscal year that begins in April 2021 and
that Saudi Aramco and Russia's Rosneft may
not participate in the bid as low oil prices affect
their investment plans.
Yahoo.news - 14.10.2020
https://news.yahoo.com/india-moving-
cautiously-bpcls-privatisation-125310692.html
Govt hopeful BPCL strategic sale to sail
through without further extensions
After four extensions, the government is hopeful
that strategic sale of Bharat Petroleum
Corporation Ltd. (BPCL) may go through without
any further need to postpone the bidding
deadlines. The deadline for submitting the
Expressions of Interest (EoI) for 52.98 per cent
IEA: India will lead global recovery in
energy demand
India will lead the global recovery in energy
demand but much will hinge on how soon an
effective Covid-19 vaccine is found and whether
current practices such as work from home and
aversion to travel outlast the pandemic,
according to the International Energy Agency.

stake in the BPCL is ending on November 16. Prior
to this, the bid start date was September 30, but
it got postponed due to bidders' request in wake
of prevailing situation arising out of Covid-19
pandemic. BPCL disinvestment has received
interest from several large global oil and gas
companies and a few Indian entities as well. In
fact, the process so far has generated close to 100
enquiries in a clear signal that investors remain
interested in the maharatna oil PSUs despite the
disruptions caused by Covid-19 pandemic, official
source privy to the development said. According
to them, Abu Dhabi National Oil Co (Adnoc), Exxon
Mobil intend to participate in the bidding process
for the PSU. Indian oil majors are not behind their
global counterparts and are also actively pursuing
the prospects of bidding for BPCL. Oil-to-telecom
major Reliance Industries is understood to have
shown interest for the bid.
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/govt-hopeful-bpcl-strategic-sale-
to-sail-through-without-further-
extensions/78719765
“Prior to the crisis, energy demand was
projected to grow by12% between 2019 and
2030. Growth over this period is now 9% in the
‘stated policy scenario’ (STEPS) and only 4% in
the ‘delayed recovery scenario’ (DRS). With
demand in advanced economies on a declining
trend, all of the increase comes from emerging
market and developing economies, led by
India,” says the IEA’s World Energy Outlook
released on Tuesday. The report sees global
energy demand shrinking by 5% this year and
energy investments by 18%. Oil demand is
expected to decline 8% and coal 7% in sharp
contrast to a marginal rise in the contribution of
renewables. It says global oil demand will
recover to pre-crisis level by 2023 if a vaccine
comes out in 2021 under STEPS. But this will
not happen before 2025 if the pandemic
prolongs and the economic slump deepens.
KM%2F2020%2F10%2F14&entity=Ar01411&s
k=FDDA46CE&mode=text
Pandemic could delay energy demand
recovery to 2025: IEA
A slow economic recovery from the pandemic
threatens to delay a full rebound in world energy
demand to 2025, the International Energy Agency
said on Tuesday. In its central scenario, a vaccine
and therapeutics could mean the global economy
rebounds in 2021 and energy demand recovers by
2023, the IEA, which advises Western
governments on energy policy, said in its annual
World Energy Outlook. But under a "delayed
recovery scenario", the timeline is pushed back
two years, it said. In such a case, the IEA predicts
"a deeper near-term slump erodes the growth
potential of the economy, high unemployment
wears away human capital, and bankruptcies and
structural economic changes mean that some
physical assets become unproductive as well." The
Paris-based IEA sees global energy demand falling
by 5 per cent in 2020, CO2 emissions related to
energy by 7 per cent and energy investment by 18
per cent. Demand for oil is set to fall by 8 per cent
and coal use by 7 per cent while renewables will
see a slight rise.
ws/oil-and-gas/pandemic-could-delay-energy-
demand-recovery-to-2025-iea/78632763
IEA says oil producers may struggle to
gauge demand amid second wave
Global oil stocks which rose during the height of
the pandemic are being steadily reduced, the
International Energy Agency (IEA) said on
Wednesday, but a second wave is slowing
demand and will complicate efforts by
producers to balance the market. OPEC+
producers - OPEC members and others
including Russia - plan to boost supply by 2
million barrels per day (bpd) from January and
the IEA predicts a ceasefire in Libya will raise
output there to 700,000 bpd in December from
300,000 bpd currently. "There is only limited
headroom for the market to absorb extra supply
in the next few months," the IEA said in its
monthly report. "Those wishing to bring about a
tighter oil market are looking at a moving
target." OPEC+ producers are currently cutting
output by 7.7 million bpd. The IEA said "the
efforts of the producers have shown some
success", noting relatively stable oil prices and
a strong draw on storage, with implied global
stocks falling by 2.3 million bpd in the third
quarter and by a predicted 4.1 million bpd in the
fourth.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/iea-says-oil-producers-may-
struggle-to-gauge-demand-amid-second-
wave/78657217

OPEC+ fears second virus wave could
lead to oil surplus in 2021
OPEC and its allies fear a prolonged second wave
of the COVID-19 pandemic and a jump in Libyan
output could push the oil market into surplus next
year, according to a confidential document seen
by Reuters, a gloomier outlook than just a month
ago. A panel of officials from OPEC+ producers,
called the Joint Technical Committee, considered
this worst-case scenario during a virtual monthly
meeting on Thursday. In September, the panel
had not seen a surplus under any scenarios it
considered. Such a surplus could threaten plans by
OPEC, Russia and allies, known as OPEC+, to taper
record output cuts made this year by adding 2
million bpd of oil to the market in 2021. The
Organization of the Petroleum Exporting Countries
has not indicated any plan so far to scrap that
supply boost. "The earlier signs of economic
recovery in some parts of the world are
overshadowed by fragile conditions and growing
scepticism about the pace of the recovery,"
according to the document used in the panel's
monthly meeting in October. "In particular, a
resurgence of COVID-19 cases across the world
and prospects for partial lockdowns in the coming
winter months could compound the risks to
economic and oil demand recovery," it said.
ws/oil-and-gas/opec-fears-second-virus-wave-
could-lead-to-oil-surplus-in-2021/78713070
Global oil demand to recover by 2022:
Aramco
Global demand for crude could recover to pre-
coronavirus levels by 2022, Saudi Aramco said
Tuesday, as the International Energy Agency
projected it could take at least a year longer.
"The worst is definitely behind us" in the oil
market, Aramco's chief executive Amin Nasser
told the Energy Intelligence group. "My
prediction is hopefully we will recover by 2022."
Nasser's comment came as the Paris-based IEA
on Tuesday predicted the recovery could take
longer. After an unprecedented eight percent
drop this year, global consumption was set to
return to pre-crisis levels in 2023 provided the
pandemic was brought under control, the IEA
said. The Covid-19 pandemic has plunged the
global economy and oil demand into a tailspin
and sparked speculation that the world might
have reached peak oil demand. But Nasser
voiced optimism, insisting the world's top crude
exporter was seeing a recovery. "Most of the
demand comes from developing countries," he
said. "We see a big pick-up from East Asia,
especially China."
news/oil-and-gas/global-oil-demand-to-
recover-by-2022-aramco/78654082
India's diesel sales rise above pre-
COVID-19 levels in October - Industry
data
India's gasoil sales rose in October for the first
time since the nation imposed COVID-19
restrictions in late March, preliminary data shows,
signalling a pick-up in industrial activity ahead of
key festivals. Diesel sales by the country's three
state fuel retailers rose 8.8 per cent year on year
in the first half of October, according to provisional
data compiled by Indian Oil Corp, the country's
biggest refiner and fuel retailer. Sales of gasoil,
which account for about two fifths of the country's
overall fuel demand, totalled 2.65 million tonnes,
up more than 24 per cent from the previous
month. Rising diesel sales in the world's third-
biggest oil consumer and importer would help
refiners that have had to cut crude-processing
runs during the coronavirus crisis, said an official
at one of the state refiners, though he cautioned
that diesel sales growth could be temporary.
Rising gasoline and gasoil demand in India should
also aid other markets hit by slow demand
recovery.
OPEC+ will ensure oil prices do not
plunge again, says OPEC chief
The OPEC+ alliance will ensure oil prices do not
plunge steeply again when it meets to set policy
at the end of November, OPEC's Secretary
General said on Thursday, adding that demand
has been recovering more slowly than
expected. "I want to assure you that the OPEC,
non-OPEC partnership will continue to do what
it knows best, by ensuring that we don't relapse
into this almost historic plunge that we saw,"
Mohammad Barkindo said. Barkindo was
answering a question at the Energy Intelligence
Forum on whether there was room for a planned
increase in oil output from January by OPEC+,
a grouping that includes OPEC states, Russia
and other allies. "We have to be realistic that
this recovery is not picking up pace at the rate
that we expected earlier in the year," he said.
"Demand itself is still looking anaemic." A
technical OPEC+ committee meeting is taking
place on Thursday to discuss compliance with oil
cuts and market fundamentals. The group had
102% compliance with its cuts in September,
two OPEC+ sources told Reuters.

ws/oil-and-gas/indias-diesel-sales-rise-above-
pre-covid-19-levels-in-october-industry-
data/78696022
news/oil-and-gas/opec-will-ensure-oil-prices-
do-not-plunge-again-says-opec-
chief/78681866
India to gradually move towards
alternative fuels: Oil secretary Tarun
Kapoor
India will gradually transition from use of fossil
fuels towards clean energy resources, Tarun
Kapoor, secretary, Ministry of Petroleum and
Natural gas has said. He was addressing a virtual
event on alternative fuels. “The plan is to reach a
level in major cities where diesel vehicles will be
ultimately eliminated to be replaced by affordable
and accessible Compressed Natural Gas (CNG),”
Kapoor said. He said Ethanol is a big focus area in
the government's plan towards clean energy
sources. The government has set a target of 20
per cent ethanol blending with petrol by 2030. He
mentioned the successful implementation of a bio-
ethanol pilot project in Pune and how it is
contributing towards fulfilling the targets set by
the government. Also, another pilot project for
blending 10 per cent Hydrogen with CNG will be
set up in Delhi to improve efficiency and reduce
emissions of vehicles. The oil secretary also talked
about huge resources of bio-diesel available in
India and expensive prices hindering its large
scale use. He said the government has plans to
initiate research and investment to make biodiesel
more affordable.
ws/oil-and-gas/india-to-gradually-move-towards-
alternative-fuels-oil-secretary-tarun-
kapoor/78742426
IEA says refining throughput set for
quarterly rise
Global refining throughput will increase in the
last quarter of the year by more than 2 million
barrels per day (bpd), the International Energy
Agency (IEA) said on Wednesday, though the
rise will not be sufficient to balance oil products
markets. The sharp fall in demand for transport
fuels owing to coronavirus lockdowns has
placed significant pressure on refiners
worldwide, weighing on margins and dragging
down utilisation rates to their lowest in 35
years. The IEA's monthly report said that global
refinery crude throughput was at 73.7 million
bpd in the third quarter, almost 9 million bpd
down from the same period last year. It
predicted the crude intake would rise by 2.1
million bpd to 75.8 million bpd in the final
quarter of the year. "Nevertheless, runs will be
almost 3 million bpd below the levels required
to balance the product markets, leading to stock
draws," the agency said. Average global
throughput in 2021 will rebound by 4.9 million
bpd to 79.4 million bpd, the agency forecasts.
Refineries have also faced the challenge of a
structural shift in oil use, moving away from
transport fuels such as gasoline, diesel and jet
fuel towards petrochemicals feedstock.
news/oil-and-gas/iea-says-refining-
throughput-set-for-quarterly-rise/78660875
Fitch expects marketing, refining volume
of oil firms to fall 15 per cent in FY21
With coronavirus lockdowns pummelling fuel
demand in India, Fitch Ratings expects the
marketing and refining volume of state-owned oil
firms to fall by more than 15 per cent in the
current fiscal year before a gradual recovery in
2021-22. "Pent-up demand and the upcoming
festival season may support fuel sales in 3QFY21
(October-December), but a sustainable recovery
would be subject to risks from the continuing
spread of the coronavirus hindering mobility and
economic activity," Fitch said in a note. India's fuel
demand recovered sharply in June from April
before slowing due to the reimposition of
restrictions in certain cities because of coronavirus
and flooding in some regions. Fitch expects gross
refining margins (GRMs) to remain under pressure
Export from crude oil caverns
The Narendra- Modi government on Wednesday
dropped its stand on an export ban from the
country’s giant crude storages in south India as
the Union cabinet gave permission to Abu Dhabi
National Oil Company (ADNOC) to export its
crude stored inside the Mangalore strategic
petroleum reserve facility. The move may
enhance foreign participation as India seeks to
expand its storage capacity. Union minister
Prakash Javadekar told reporters after the
cabinet meeting that the council of ministers
have decided “to allow Abu Dhabi National Oil
Co (ADNOC) to trade the oil it has stocked at
the strategic reserves”. The permission to
ADNOC — the national oil company of Abu
Dhabi — to export its oil mirrors a model
adopted by countries such as Japan and South

from weak product demand and crack spreads in
the near term until the global economy recovers
significantly from the coronavirus crisis.
ws/oil-and-gas/fitch-expects-marketing-refining-
volume-of-oil-firms-to-fall-15-per-cent-in-
fy21/78678781
Korea which allow producers to re-export the
crude in their storages. The Mangalore storage
has a total capacity of 1.5 million tonnes. Of
this, half had previously been hired by ADNOC.
The Telegraph - 15.10.2020
https://www.telegraphindia.com/business/exp
ort-from-crude-oil-caverns/cid/1794755
India, Arab countries can partner to
develop oil, gas reserves: MEA
India and Arab countries, in the Gulf and West
Asia, can explore the forging of partnerships and
investments to develop the oil and gas reserves in
India which would provide "win-win solutions", a
top official of the Ministry of External Affairs (MEA)
said on Wednesday. "We can explore the forging
of partnerships and investments to develop the oil
and gas reserves of India. Developing the
significant fields in Kutch district, Cauvery basin,
Mahanadi basin, Hugli basin and offshore locations
in the Bay of Bengal will broaden hydrocarbon
production and provide win-win solutions longer
into the future," said the MEA Secretary
(CPV&OIA) Sanjay Bhattacharyya said at LEADS
2020 FICCI Seminar on Gulf and West Asia
Reimagining Business Beyond Oil. He further said
that the movement towards alternate energy
sources is leading to a "new partnership" in
renewables adding that India is "happy" that a
number of countries in the region are associated
with the International Solar Alliance.
ws/oil-and-gas/india-arab-countries-can-partner-
to-develop-oil-gas-reserves-mea/78672052
Domestic natural gas output falls 9.5%
in August
Domestic natural gas production fell 9.5% year-
on-year (y-o-y) to 2,427 million metric
standard cubic metre (MMSCM) in July. The 2.6
million tonne (MT) of crude oil produced in the
country during the month was also 6% lower
than the production in the year-ago period.
Indigenous natural gas production caters about
51% of the country’s requirements, while
around 85% of the country’s crude oil is
imported. As noted earlier by CARE Ratings, the
gross production of domestic natural gas will fall
by 10.6% during FY21 as “no company would
aggressively want to increase production or get
into high-risk projects with such a low gas
price”. The current price for gas produced from
local fields has been revised to an all-time low
of $2.39/mmBtu by the government, which is
even below the breakeven point for most fields,
the agency noted. Indigenous natural gas
production caters about only 51% of the
country’s requirements.
The Financial Express - 15.10.2020
https://www.financialexpress.com/industry/do
mestic-natural-gas-output-falls-9-5-in-
august/2083131/#
Petroleum Minister Dharmendra Pradhan
seeks Kuwaiti investments in India
Petroleum Minister Dharmendra Pradhan on
Monday invited Kuwait to invest in India as he saw
the oil-rich Gulf nation as an important and trusted
partner in achieving energy security. Pradhan, on
a two-day visit to Kuwait, first called on Sheikh
Nawaf Al-Ahmed Al-Jaber Al-Sabah, the Emir of
Kuwait, to offer condolences on the passing away
of its former Emir Sheikh Sabah Al-Ahmed Al-
Jaber Al-Sabah. He was carrying letters from
President Ram Nath Kovind and Prime Minister
Narendra Modi to the new leadership of Kuwait.
“On behalf of Govt. of India, PM Shri
@narendramodi and the people of India expressed
sincere condolences to the Al-Sabah family, the
Kuwait Govt. and its people, on the sad demise of
HH Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah,
Late Emir of the State of Kuwait," Pradhan
tweeted. The late Emir was known as the 'Dean of
Arab Diplomacy' for his vast diplomatic experience
Oil PSUs to float website to promote
Aatmanirbhar Bharat
Public sector oil companies such as IOC and
ONGC will launch a portal to provide information
on their capital goods requirements to domestic
industry in line with the government's
Aatmanirbhar Bharat campaign. The portal
"aims to highlight the capital goods requirement
of oil and gas majors besides the items related
to maintenance, repair, and overhaul (MRO),"
an Indian Oil Corp (IOC) press release said
here. It will provide opportunities to new
entrepreneurs and existing manufacturers to
invest and expand their manufacturing base in
India. "This portal shall also provide real-time
data, along with visual indicators in the form of
graphs and charts, to facilitate decision making
for the apex management and other
stakeholders," it said. For this, a special Task
Force, under the leadership of the Oil Secretary
has been formed. The Taskforce comprises the

contributed immensely to regional peace, security
and stability, he said. "A humanitarian leader, (he)
was instrumental in strengthening our bilateral
ties, and always cared for the Indian community
in Kuwait."
https://economictimes.indiatimes.com/news/inte
rnational/uae/petroleum-minister-dharmendra-
pradhan-seeks-kuwaiti-investments-in-
india/articleshow/78620333.cms
heads of various oil and gas PSUs such as IOC,
Oil and Natural Gas Corp (ONGC), Engineers
India Ltd, GAIL, Bharat Petroleum Corp Ltd and
Hindustan Petroleum Corp Ltd, as well as
private refiners.
news/oil-and-gas/oil-psus-to-float-website-to-
promote-aatmanirbhar-bharat/78672084
India set to lose Farzad-B gas field in
Iran: Sources
India has all but lost the ONGC Videsh Ltd-
discovered Farzad-B gas field in the Persian Gulf
after Iran decided to prefer domestic companies
over foreign firms for development of the field,
sources said. ONGC Videsh Ltd (OVL), the
overseas investment arm of state-owned Oil and
Natural Gas Corp (ONGC), had in 2008 discovered
a giant gas field in the Farsi offshore exploration
block. OVL and its partners had offered to invest
up to $11 billion for development of the discovery,
which was later named Farzad-B. After sitting over
OVL's proposal for years, the National Iranian Oil
Co (NIOC) informed the firm in February this year
about its intention to conclude the contract for
Farzad-B development with an Iranian company,
sources with direct knowledge of the development
said. OVL, however, continued its engagements
with NIOC over the development of the field and
sought terms and conditions of the proposed
contract for its evaluation, they said, adding that
Iran has so far not responded to the Indian firm's
request.
ws/oil-and-gas/india-set-to-lose-farzad-b-gas-
field-in-iran-sources/78740420
Unused LTC as stimulus bait in festive
season
At a time, air and train travel has virtually dried
up, the Modi government is looking to unlock
spending in the leave travel concession (LTC)
which is not being availed and by reintroducing
the Rs 10,000 festival advance. “This is
expected to create a consumer demand of about
Rs 28,000 crore,” finance minister Nirmala
Sitharaman said, voicing a plan to boost the
economy ahead of the festival season when
people tend to spend more. There is a rider:
employees will need to spend three times their
entitlements in order to qualify for the tax
breaks they get. LTC is tax free for government
employees in two years out of a block of every
four years. The plan is to persuade government
employees to spend the LTC amount on
purchases of GST items that attract a rate of 12
per cent or more. This will hopefully catalyse
spending in white goods and home appliances,
she said. The festival advance scheme is being
brought back as a one-time measure and will
involve a disbursal of Rs 4,000 crore.
The Telegraph - 13.10.2020
https://www.telegraphindia.com/business/unu
sed-ltc-as-stimulus-bait-in-festive-
season/cid/1794618
Domestic air passenger traffic up 39%
MoM in September
Domestic air traffic jumped the most since the
lockdown, with a month-on-month growth of 39
percent in September. Data from industry
regulator DGCA showed that 39.43 lakh people
took to the air in September compared to 28.32
lakh in August. The growth rate in August was
34.4 percent. Year-on-year, however, the
numbers are still lower and was down 65.82
percent from September 2019. At the same time,
the drop was less steep. In August, year-on-year
traffic declined by 82.3 percent. For the year till
September, the industry saw a total of 4.4 crore
passengers, a drop of 58.39 percent from the
same period a year ago. Domestic flights had
resumed on May 25, after they had been
Amazon India-IRCTC partnership: How
to book train tickets on e-commerce
platform
Amazon India announced last Wednesday it had
joined hands with the Indian Railway Catering
and Tourism Corporation (IRCTC) to let Amazon
users book reserved train tickets through its
platform. Various features of this facility include
cashback on first booking (12% for Amazon
Prime members, 10% for non-Prime members)
without any additional service charge, option to
check seat and quota facility across all classes,
option to check PNR status etc. Also, customers
booking through Amazon Pay will get instant
refund in case of train cancellation or booking
failures. The facility is available to both iOS and
Android users and can be availed till November

suspended in end-March owing to the COVID-19
pandemic. Since then, latest data from the
Ministry of Civil Aviation shows, more than 12.8
million passengers have flown on over 1.35 lakh
flights. Civil Aviation Minister Hardeep Singh Puri
had recently commented that the domestic
aviation sector will reach pre-pandemic levels by
the first quarter of 2020.
Moneycontrol - 15.10.2020
https://www.moneycontrol.com/news/business/c
ompanies/domestic-air-traffic-up-39-mom-in-
september-5962761.html
15. This facility is available only on the latest
version of Amazon app and website. Also, if you
are using mobile, you will have to scan a QR
code to open train tickets booking feature.
The Hindustan Times - 15.10.2020
https://www.hindustantimes.com/business-
news/amazon-india-irctc-partnership-how-to-
book-train-tickets-on-e-commerce-
platform/story-
JEtIVpASV6QrRXSolkdW1K.html
Amit Banerjee is appointed as the New Director (Rail and Metro Business) at BEML
Amit Banerjee on Friday assumed charge as the Director (Rail and Metro Business) and Member on the
Board of BEML Limited. A graduate in Mechanical Engineering from IIT (BHU), Varanasi, Banerjee had
joined BEML as an assistant engineer in 1984, the company said in a statement. In his professional
career spanning over three decades in BEML, Banerjee has worked in the research and development
and manufacturing functions. His experience involves the design and development of various products
like SSEMU, Metro cars, Catenary Maintenance Vehicle, etc. His team has also received the Raksha
Mantri Award for Design Effort towards Design and Development of Austenitic Stainless Steel EMU and
Intermediate metro cars for Delhi Metro.
Moneycontrol - 12.10.2020
https://www.metrorailnews.in/amit-banerjee-is-appointed-as-the-new-director-rail-and-metro-
business-at-beml/

Weekly media update 19 10_2020

Recommandé

Recommandé

Contenu connexe

Tendances

Tendances (20)

Similaire à Weekly media update 19 10_2020

Similaire à Weekly media update 19 10_2020 (20)

Plus de BalmerLawrie

Plus de BalmerLawrie (20)

Dernier

Dernier (20)

Weekly media update 19 10_2020