India saves Rs 5000 cr in forex after capitalising on global low oil prices

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India has saved Rs 5,000 crore in after it capitalised on the global low oil prices to fill its underground strategic oil storage to shore up insurance against any supply or price disruption, the Petroleum Ministry said on Wednesday.


While the 5.33 million tonnes of emergency storage — enough to meet India’s oil needs for 9.5 days — was built in underground rock caverns in Mangalore and Padur in Karnataka and Visakhapatnam in Andhra Pradesh by the government, state-owned oil firms were in April asked to buy import oil when global rates fell to a two-decade low.


“Taking advantage of low crude prices due to the Covid-19 situation, India filled its strategic reserves to full capacity,” the ministry said in a tweet adding this led to a forex saving of Rs 5,000 crore. Oil prices globally had slumped after coronavirus pummeled demand.



ALSO READ: Oil pips $40 for first time since March on OPEC cuts, demand recovery seen


The storages at Mangalore and Padur were half-empty and there was some space available in Vizag storage as well. These were filled by buying oil from Saudi Arabia, the

Ready to fund stalled projects of Amrapali Group: SBICAP to Supreme Court

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In a relief to hassled home buyers of now defunct Amrapali Group, the SBICAP Ventures, which manages the government sponsored stress fund for the real estate sector told the on Wednesday that it was ready to fund the stalled projects of embattled real estate firm.


The SBICAP Ventures told the top court that it would create a Special Purpose Vehicle (SPV) with court receiver on board and would appoint a Chief Executive Officer (CEO) to take over the construction of seven stalled projects.


It said that National Buildings Construction Corporation (NBCC) which is currently constructing the stalled projects of Amrapali shall be asked to enter into an agreement to undertake construction as a real estate contractor and funding shall be done through the SPV.


A bench of Justices Arun Mishra and U U Lalit was told by counsel appearing for SBICAP Ventures that it would apprise the court about its concrete proposal by next week.

 





We have considered the affidavit filed on behalf of the SBICAP. It is pointed out in the affidavit that they are ready to do the needful for stalled project and

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