Global crude oil prices push RIL’s growth in FY14

The turnover of Reliance Industries Ltd’s financial performance for the year 2013-2014 has been increased by 8.1 per cent to Rs.401,302 crore as compared to Rs.371,119 crore in the previous year. Higher prices accounted for

7.7 per cent growth in revenue while increase in volumes accounted for 0.4 per cent growth in revenue, the company said in the statement.

RIL and its partners (BP and NIKO) announced two significant hydrocarbon discoveries during the year—KG-D6 block off the eastern coast of India in May 2013 and deepwater block CY-DWN-2001/2 (CY-D5) off the east coast in the Cauvery basin in August 2013. In July 2013, RIL signed an agreement with ONGC for exploring the possibility of sharing RIL’s infrastructural facility in the east coast.

In March 2014, The Ministry of Energy of the Republic of the Union of Myanmar selected RIL for two offshore exploration blocks (M17 and M18) in Myanmar Offshore Block Bidding Round-2013. Both the blocks are located offshore in the Moattama basin of Myanmar in water depths up to 3000 ft and together encompass an area of 27,600 sq. km.

Standard & Poor’s, long-term corporate credit rating on Reliance raises to ‘BBB+’ from ‘BBB’, one of the highest ratings by S&P for an Indian corporate and the highest rating by S&P for an Indian Oil & Gas company. The new rating which is two notches above the S&P rating for the Indian sovereign is testament to Reliance’s strong financial and business profile.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Ltd, said, “FY 2013-14 was a satisfying year for RIL. Refining business delivered the highest ever profits with a sharp recovery in GRMs towards the end of the year. Petrochemical earnings grew sharply with margin expansion across polymers and downstream polyester products. While we continue to face technical challenges in growing domestic upstream production, the US shale gas business grew significantly during the year and has become a material contributor to our earnings.”

IL&FS Transportation emerges as lowest bidder for Kerala highways project.

Infrastructure developer IL&FS Transportation Networks Ltd. has emerged as the lowest bidder for road contracts worth Rs. 289.60 crore in South Kerala. The company had submitted bids with the Road Infrastructure Company Kerala Ltd. (RICKL) for rehabilitation of state highways and major district roads. The projects include rehabilitation of 96.72 km length roads under Package III (A) and 97.54 km in Package III (B) under design, build, finance, maintain and transfer (DBFMT) on annuity (fixed semi-annual payment) basis. These carry a concession period of 15 years including construction period of 730 days. The company had quoted an annuity of Rs. 35.35 crore for the project III (A) and Rs. 44.50 crore for the project III (B), it stated in a release to BSE. BS

Foster Wheeler awarded contract for incinerator in Vietnam

Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a contract for the design and supply of a carbon monoxide (CO) incinerator package for a residue fluidized catalytic cracker. The contract was awarded by JGC Corporation (UK) Ltd, which is acting on behalf of the engineering, procurement and construction consortium for the US$9 billion Nghi Son Refinery and Petrochemical complex to be constructed in the Nghi Son Economic Zone, Thanh Hoa Province, Socialist Republic of Vietnam.

“This award reinforces Foster Wheeler’s position as a leading supplier of CO incinerator technology”

The Foster Wheeler contract value was not disclosed and will be included in the company’s first-quarter 2014 bookings.

Foster Wheeler will design the incinerator in accordance with the CO emissions requirements of the new complex. The CO incinerator is expected to be shipped FOB (free on board) as one single module during the second quarter of 2015.

“This award reinforces Foster Wheeler’s position as a leading supplier of CO incinerator technology,” said Roberto Penno, Chief Executive Officer of Foster Wheeler’s Global E&C Group. “Supplying this equipment as a single module reduces field construction time, delivering major safety and schedule benefits. The incinerator will also be designed to help meet the low emissions targets of the new complex. This is a very important second award for this complex in Vietnam for our UK Fired Heater Division, and follows the first award, in 2013, of two Terrace Wall™ hydrogen reformers.”

Source: Business Wire

Hindustan Construction Company bags Rs. 300 crore Delhi Metro Rail Corporation Ltd. contract.

Infrastructure major Hindustan Construction Company (HCC) recently said it has won a Rs. 300 crore contract from Delhi Metro Rail Corporation Ltd. (DMRC) for design and construction of twin tunnel on Dwarka corridor. This is the third contract for underground metro received by HCC since October 2012 under the phase III development of Delhi Metro aggregating to Rs. 1,539 crore. "The contract is for design and construction of 1.54 km long twin tunnel on Dwarka-Najafgarh metro corridor of phase III of Delhi Metro," the company said in a statement.