Directorate General of Hydrocarbons (DGH) has approved field development plan for what could be 23 million barrels of recoverable oil in a field. In an interview to CNBC-TV18, Shalabh Mittal, MD & CEO of Mercator spoke at length about the same.
Mercator Lines’ subsidiary has discovered oil from its first two wells. In an interview to CNBC-TV18, Shalabh Mittal, MD & CEO of Mercator Lines spoke about the latest happenings in his company and sector.
The Singapore unit was suffering losses for over two years now, and with the sale of this arm, the company will manage to pare its debt by Rs 1,000 crore, said Atul Agarwal, Joint MD at Mercator.
New Delhi is proposing importers sign 5-year contracts with local shipping firms in a move designed to shift freight worth billions of dollars to Indian flag carriers and help boost fleet companies like Shipping Corp of India , Mercator Ltd , Great Eastern Shipping Co and Essar Shipping
According to Atul Agarwal, softening of oil prices will be good for the industry. However, the deal will help only if Europe lifts its sanctions against insurance and banking facilities on shipping crude from Iran to India, he adds.
Atul Agarwal, joint managing director of Mercator Lines joins CNBC-TV18 to clear the air of rumours of the company defaulting in its loan repayment. "We might, in fact, pre-pay the loan in the next three months," he says.