Vivek Rae

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  Seventh Pay Panel Split on Four Recommendations

  The Seventh Pay Commission was on Thursday split on continuing the supremacy of IAS and IFS over other services like IPS with its member and former secretary Vivek Rae differing with the recommendation of the chairman for parity.

• India ready to pay $1.5 billion to Iran for oil: official

  India is ready to pay $1.5 billion to Iran to clear part of a backlog of payments for shipments of oil following the partial easing of western sanctions on Tehran, Oil Secretary Vivek Rae said on Tuesday.

• NELP: 46 blocks on auction, area grabbed from Reliance Industries included

  The government has put on auction the gas discovery area it snatched from Reliance Industries in KG-D6 block and the field that Cairn India is seeking to regain around its Rajasthan block.

• Government considering raising subsidised LPG cap to 12: Oil Minister

  Oil Minister M Veerappa Moily has said the government is considering increasing the quota of subsidised LPG cylinders to 12 per household per year.

• Ministry to move Cabinet for reducing subsidy burden on ONGC: Oil Secretary

  The Oil Ministry plans to go to the Cabinet seeking a minimum $65 per barrel price for state oil and gas explorers like ONGC to help bring 70 million tonnes of oil to production, Oil Secretary Vivek Rae said on Thursday.

• Bulk diesel price hike may be partially rolled back

  India has asked bulk buyers to pay market rates for diesel since last January and has also been raising the price of subsidised diesel in small amounts every month in an effort to cut its ballooning fuel subsidies.

• Panel to consider Indian Oil disinvestment on January 9: Oil Secretary

  The Empowered Group of Ministers, headed by Finance Minister P Chidambaram, will meet on Thursday to discuss the possibility of selling 10 per cent of government stake in Indian Oil Corporation (IOC), which may fetch over Rs 3,800 crore to the exchequer.

• No proposal to raise subsidised LPG cylinder quota: Oil Secretary

  Finance Minister P Chidambaram had last week stated that there were demands from "several chief ministers" for raising the quota of subsidised cylinders and the government "will look into" them.

• Govt to offer 56 oil & gas blocks in new licensing round

  The government will offer at least 56 oil and gas blocks in its next round of auction of exploration blocks that will be launched next week, oil secretary Vivek Rae said on Monday.

• Tenth round of oil and gas block auction in January: Oil Secretary

  India may launch its largest ever auction of oil and gas block next month at completely revamped terms after the current profit-sharing regime came in for sharp criticism from the Comptroller and Auditor General (CAG).

• Finance Ministry in-principle backs Oil Ministry's plan on RIL gas price: report

  The Finance Ministry has in-principle agreed to a proposal to allow Reliance Industries to raise gas prices from April provided it gives a bank guarantee to cover for liability in case gas hoarding charges are proved.

• India, Japan eye joint tenders for cheaper LNG

  India and Japan are stepping up the pressure for cheaper liquefied natural gas (LNG) with potential joint tenders as two of the world's biggest gas buyers try to ease the pain of high prices and rising demand.

• Divest non-core assets: Oil Secretary to ONGC

  With ONGC diversifying into non-core areas like power and fertiliser, Petroleum Secretary Vivek Rae has said the country's high profit making PSU should sell its non-core assets and concentrate on increasing oil and gas production.

• India looking at more Iranian oil this year and next

  India could buy more crude from Iran in the next four months and intends to increase purchases further in the next fiscal year, its top oil bureaucrat said.

• India delegation to visit Iran to discuss oil payment mechanism: oil secretary

  Iran and six world powers reached a deal on Sunday to curb Tehran's nuclear programme in exchange for limited relief from sanctions imposed by the U.S. and European Union (EU) that have slashed Tehran's oil exports.