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Domestic oil sales rise 7.3 per cent

New Delhi, Feb 26 (UNI) The country's domestic oil sales led by naphtha and diesel rose 7.3 per cent in January compared to last year.

Sale of domestic refined products also rose 10.46 million tonnes, official data today said.

Diesel sales, rose 8.2 per cent in January from a year earlier to 3.71 million tonnes (9,00,000 barrels per day) while domestic naphtha sales surged 28 per cent.

Data also showed a three fold increase in naphtha exports to 1.3 million tonnes for January, although this was partly offset by imports, which rose by nearly 154 per cent to 476,900 tonnes.

UNI

McNally Bharat consortium bags Rs 688cr contract

New Delhi, Feb 26 (UNI) McNally Bharat Engineering Company Ltd today said it has bagged a Rs 688 crore order in consortium with Russia's TYAZPROMEX PORT (TPE) from state-owned Rashtriya Ispat Nigam Ltd (RINL). The contract is for the construction of a new sinter plant at RINL's facility in Visakhapatnam. The value of the order awarded to McNally Bharat is Rs 555.67 crore, a statement said. UNI.....

Allahabad Bank opens first Overseas branch in Hong Kong

New Delhi, Feb 26 (UNI) Foraying into the outside market, Allahabad Bank, country's oldest joint stock bank, today announced it has opened its first overseas branch in Hong Kong. The bank opened a branch at the Lippo Centre to serve retail and corporate clients. As part of its China expansion plans, the bank also opened a representative office in Shenzhen from where it will explore opportunities in the dynamic southern China region. ''Having consolidated our business with 2,046 branches.....

Steel industry welcomes the 2007-08 proposed Railway budget

New Delhi, Feb 26 (UNI) The steel industry has welcomed the new initiative of cutting freight tariff on iron ore announced by the Railway Minister Lalu Prasad in his Railway budget for 2007-08. The industry feels that this initiative is in the right direction and hoped that it would be applicable to all steel plants. The industry said that the Railway Minister's shift to expanding new railway capacities is a welcome development after his earlier focus on utilising existing assets during.....
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