Latest news with #1948Act
Yahoo
21-05-2025
- Business
- Yahoo
BW LPG discontinues $10m investment in LPG import terminal project in India
BW LPG has announced the cessation of its investment in the planned liquefied petroleum gas (LPG) onshore import terminal at Jawaharlal Nehru Port Association (JNPA) in Navi Mumbai, India. The project, a joint venture (JV) with Confidence Petroleum India and Ganesh Benzoplast, announced in February last year, aimed to develop a cryogenic LPG storage facility. BW LPG had committed $30m (S$38.66m) to Confidence Petroleum as part of the alliance, through a preferential allotment of equity shares, amounting to an 8.5% stake on a fully diluted basis. The decision aligns with BW LPG's strategy to concentrate on its primary business drivers – shipping and trading. BW LPG CEO Kristian Sørensen said: 'We are deeply grateful to our partners in India for their commitment and collaboration throughout the project's planning phase. This decision was not made lightly but reflects a realignment of our business priorities in a changing environment. India remains a vital market for BW LPG, and we continue to support its energy transition through other strategic initiatives.' The initial investment for the project was approximately $10m. However, due to heightened market uncertainties and a strategic shift towards optimising resources, BW LPG has decided to withdraw from the project. This move is part of the company's efforts to maintain operational agility and ensure the effective allocation of its assets. Furthermore, the Indian Government recently asserted its right to pre-empt oil and natural gas production in the event of a national emergency. This is part of the draft rules under the recently amended oilfields legislation, which aims to protect national interests during crises. The Ministry of Petroleum and Natural Gas is seeking feedback on these draft rules, which update provisions from the 1948 Act, aiming to boost domestic production, attract investment and support India's energy transition goals. "BW LPG discontinues $10m investment in LPG import terminal project in India" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Scoop
15-05-2025
- Politics
- Scoop
Valuers Bill Passes First Reading
Hon Judith Collins KC Attorney-General Hon Chris Penk Minister for Land Information A Bill that modernises and re-enacts the Valuers Act 1948 passed its first reading in Parliament today, Attorney-General Judith Collins and Minister for Land Information Chris Penk announced. 'The Valuers Bill is on the Government's revision programme for 2024-2026 as part of our ongoing work to keep legislation current and accessible,' Ms Collins says. 'The Bill rewrites the 1948 Act in modern plain language and drafting style so the rules will be easier to understand and use.' The 1948 Act created the current scheme for the registration and discipline of land valuers and established the Valuers Registration Board and New Zealand Institute of Valuers. 'We have also released an Amendment Paper to fix small issues in the 1948 Act that cannot be addressed in the Bill as introduced under the statutory revision powers,' Mr Penk says. 'The changes include operational improvements consistent with other occupational regulation Acts, and amendments to promote consistency with legislation such as the New Zealand Bill of Rights Act 1990 and the Legislation Guidelines.' Releasing the Amendment Paper at the same time as introducing the Valuers Bill means the Primary Production Select Committee can call for public submissions on both the bill and the amendment paper, and consider them together.
Yahoo
13-05-2025
- Business
- Yahoo
India to acquire pre-emption rights over oil and natural gas during national emergencies
The Indian Government will retain pre-emption rights over all oil and natural gas produced within the country in the event of a national emergency, according to the draft rules under the recently amended oilfields legislation, reported the Economic Times. This measure is designed to safeguard national interests and maintain public welfare during crises. The Ministry of Petroleum and Natural Gas has opened a dialogue for feedback on the draft rules following the passage of the Oilfields (Regulation and Development) Amendment Bill by parliament earlier this year. The bill updates provisions from the 1948 Act to stimulate domestic production, attract investment and assist India's energy transition objectives. According to the draft: 'In the case of a national emergency in respect of petroleum products or mineral oil, Government of India shall, at all times, during such emergency, have the right of pre-emption of the mineral oils, refined petroleum or petroleum or mineral oil products produced from the crude oil or natural gas extracted from the leased area, or of the crude oil or natural gas where the lessee is permitted to sell, export or dispose of without it being refined within India.' Producers will be compensated at a 'fair market price prevailing at the time of pre-emption', ensuring they are not financially disadvantaged by the government's exercise of this right, the report said. However, the draft does not specify the conditions that would trigger a national emergency. Industry insiders suggest that scenarios such as military conflicts or natural disasters could activate this provision. "Government of India shall be the sole judge as to what constitutes a national emergency in respect of mineral oils, and its decision in this respect shall be final," the draft rules stated. Additionally, the draft rules stipulate that oil and gas operators may be exempt from their contractual obligations under force majeure circumstances, which encompass a wide range of unforeseeable events. In a related development, India has announced significant modifications to its domestic gas allocation policy, aiming to improve the supply and affordability of natural gas. From the first quarter of 2026, allocations for compressed natural gas and piped natural gas will be planned on a two-quarter advance basis. The updated policy also includes new well gas from the nomination fields of government-owned ONGC and Oil India. "India to acquire pre-emption rights over oil and natural gas during national emergencies" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Time of India
12-05-2025
- Business
- Time of India
Govt to hold pre-emption right over oil, gas in national emergency: Draft rules
The government will hold pre-emption rights over all oil and natural gas produced in the country in any event of national emergency, according to draft rules being framed under a revamped oilfields legislation. A pre-emption right (or preemptive right) is the legal right of a party - often a government or existing shareholder - to purchase or claim a product, asset, or resource before it is offered to others. The inclusion of such rights over crude oil - extracted from underground or beneath the seabed and refined into fuels like petrol and diesel - as well as natural gas, which is used for power generation, fertilizer production, CNG for vehicles, and piped cooking gas, is intended to help the government prioritize national interests and ensure public welfare during emergencies. The producer of oil and natural gas will be paid a "fair market price prevailing at the time of pre-emption", the draft rules said. Ministry of Petroleum and Natural Gas has invited comments on draft rules after Parliament earlier this year passed the Oilfields (Regulation and Development) Amendment Bill which replaced outdated provisions from the 1948 Act, to boost domestic production, attract investment, and support the country's energy transition goals. "In the case of a national emergency in respect of petroleum products or mineral oil, Government of India shall, at all times, during such emergency, have the right of preemption of the mineral oils, refined petroleum or petroleum or mineral oil products produced from the crude oil or natural gas extracted from the leased area, or of the crude oil or natural gas where the lessee is permitted to sell, export or dispose of without it being refined within India," the rules stated. This right will be exercised by providing a "fair market price prevailing at the time of pre-emption to the lessee by Government of India, for the petroleum or petroleum or mineral oil products or the crude oil or natural gas taken in pre-emption." The rules however did not define what would constitute a national emergency. Industry sources said war or war-like situations - like the one that the country faced in the military standoff with Pakistan - or natural disasters could constitute a national emergency. "Government of India shall be the sole judge as to what constitutes a national emergency in respect of mineral oils, and its decision in this respect shall be final," the rules said. The draft rules also provide for oil and gas operators being exempt from their obligations under the Act in force majeure conditions. Force majeure includes an act of God, war, insurrection, riot, civil commotion, tide, storm, tidal wave, flood, lightning, explosion, fire, earthquake, pandemic and any other happening which the lessee could not reasonably prevent or control, the rules added.
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Business Standard
11-05-2025
- Business
- Business Standard
Govt to hold pre-emption right over oil, gas in emergency: Draft rules
The government will hold pre-emption rights over all oil and natural gas produced in the country in any event of national emergency, according to draft rules being framed under a revamped oilfields legislation. A pre-emption right (or preemptive right) is the legal right of a party - often a government or existing shareholder - to purchase or claim a product, asset, or resource before it is offered to others. The inclusion of such rights over crude oil - extracted from underground or beneath the seabed and refined into fuels like petrol and diesel - as well as natural gas, which is used for power generation, fertilizer production, CNG for vehicles, and piped cooking gas, is intended to help the government prioritize national interests and ensure public welfare during emergencies. The producer of oil and natural gas will be paid a "fair market price prevailing at the time of pre-emption", the draft rules said. Ministry of Petroleum and Natural Gas has invited comments on draft rules after Parliament earlier this year passed the Oilfields (Regulation and Development) Amendment Bill which replaced outdated provisions from the 1948 Act, to boost domestic production, attract investment, and support the country's energy transition goals. "In the case of a national emergency in respect of petroleum products or mineral oil, Government of India shall, at all times, during such emergency, have the right of preemption of the mineral oils, refined petroleum or petroleum or mineral oil products produced from the crude oil or natural gas extracted from the leased area, or of the crude oil or natural gas where the lessee is permitted to sell, export or dispose of without it being refined within India," the rules stated. This right will be exercised by providing a "fair market price prevailing at the time of pre-emption to the lessee by Government of India, for the petroleum or petroleum or mineral oil products or the crude oil or natural gas taken in pre-emption." The rules however did not define what would constitute a national emergency. Industry sources said war or war-like situations - like the one that the country faced in the military standoff with Pakistan - or natural disasters could constitute a national emergency. "Government of India shall be the sole judge as to what constitutes a national emergency in respect of mineral oils, and its decision in this respect shall be final," the rules said. The draft rules also provide for oil and gas operators being exempt from their obligations under the Act in force majeure conditions. Force majeure includes an act of God, war, insurrection, riot, civil commotion, tide, storm, tidal wave, flood, lightning, explosion, fire, earthquake, pandemic and any other happening which the lessee could not reasonably prevent or control, the rules added.
