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Farmers in Bhatinda belt ecstatic over refinery project
Balbir Singh (50) of village Rampura Phool near Bhatinda is a happy man these days. He is getting queries from buyers for his patch of land, on which he has been growing cotton for over 30 years. He found it less remunerative for the past few years and wanted to relocate to some fertile belt of Punjab from the semi-arid belt of Malwa in the state.

Sun Pharma rises 2.3% on nod for generic drug
Sun Pharmaceutical Industries scrip rose Rs 32 or 2.3 per cent to close the day at Rs 1,429.20 on reports of US Food and Drug Administration’s (USFDA’s) nod for a generic drug.

News of the day

Just imagine
Forty years ago, man landed on the Moon. Also in 1969, the Vietnam war ground on, high hippydom ruled Western youth culture, feminism was in its so-called second wave, and the collectivist kibbutz movement in Israel was at the peak of its post-war efficacy. In 1969, Ursula Le Guin was just gaining renown as a writer. In that year she turned 40, and published her best-known science fiction novel. In 2009 the author turned 80 and her book, still in print and now a classic, turned 40.
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Essar's Shell acquisition may cost $1.2 billion

Ruias-controlled Essar Oil (EOL) is looking to seal a deal with Royal Dutch Shell at $1-1.2 billion (between Rs 4,670 and 5,600 crore) for acquiring the global petroleum giant’s three refineries in Europe. EOL has presented its valuation of assets to the Shell management and the negotiations are on verge of completion, said banking sources close to the development. - Reaction from double top - India-Africa oil summit opens today - India-Myanmar gas pipleline may take shape in 2-3 yrs - Essar Oil soars on hopes of Shell refinery buy - Essar, Shell extend talks on refineries" sale - Essar, Shell to continue talks beyond exclusivity period A team of Essar Oil is in London, discussing the issues related to integration of assets. Group chief executive Prashant Ruia, son of chairman Shashi Ruia, has already completed the a few rounds of talks with Shell management, said company sources. Essar Group is looking to acquire the assets in an all-cash transaction. “The company has already received financial commitments from global banks to fund the acquisition,” said the sources. Standard Chartered is believed to be the lead arranger of funds. A spokesperson of EOL said, “We are in exclusive discussions with Shell and it is not our policy to comment on our negotiations and timelines.” The Hamburg unit has a capacity to process 110,000 (bpd) of crude oil (5.5 million tonne a year), while Heide has a capacity of 91,000 bpd (4.55 million tonne). Stanlow, Britain’s second-largest refinery, can process 233,000 bpd (11.65 million tonne).


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