DECEMBER 20239TOP STORIESINOXGFL GROUP PLANS TO FUNNEL RS10K CRORE IN RENEWABLE ENERGYAccording to a corporate official, the chemical and renewable energy giant InoxGFL Group intends to establish an independent power producing platform dubbed INOXGFL Renewable Energy (IGREL)."The plan to set up a renewable IPP platform within the umbrella of the InoxGFL Group has been in the works for some time from the perspective that there's a significant amount of power requirement across our group companies and that the C&I (commercial and industrial) market is just exploding," said Devansh Jain, executive director, InoxGFL Group.He said IGREL is looking to invest more than 10,500 crore over the next five years to build 1.5 GW hybrid renewable power capacity, as per economic times. "We are in discussions with multiple partners. 10,500 crore is the total capex for the platform. The debt-to-equity mix will be either 70:30 or 75:25," said Jain.The group had an IPP company called Inox Renewables, which it sold in 2017 to Chennai-based wind energy startup Leap Green Energy for an unknown fee. "At that point in time, there were fairly high returns," said Jain, without elaborating. Inox Renewables possessed 260 MW of assets spread across Rajasthan, Maharashtra, Madhya Pradesh, and Tamil Nadu. ONGC SIGNS PACT WITH REFINERS TO SELL CRUDE OILONGC, the leading producer of oil and gas in India, has entered into long-term agreements with refiners to sell the crude oil produced from Mumbai offshore fields at a premium to the global benchmark Brent. Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have each inked agreements to purchase around 4.5 million tonnes of crude oil from Oil and Natural Gas Corporation (ONGC). According to corporate sources, the oil has been priced at the current Brent crude oil price + one percent.Brent, the world's best known benchmark for the raw material that is converted into fuels like petrol and diesel in refineries, is trading at $80 per barrel. As per the pricing in the term contracts, ONGC would get $80 plus $0.8 for the oil it will sell to HPCL and BPCL, as per economic times. ONGC's resources in the Arabian Sea, off the coast of Mumbai, yield 13­14 million tonnes of crude oil annually. A provision requiring the sale of oil from blocks given before 1999 to government-nominated clients, mostly state refiners, was eliminated by the government in June of last year. Producers like ONGC and Oil India were not receiving the greatest market price as a result of the previous norm.Following that modification to the regulations, ONGC began holding quarterly auctions for crude oil extracted from the western offshore fields of Panna/Mukta and Mumbai High.
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