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UT to hire consultant to get green nod for mkt

UT to hire consultant to get green nod for mkt

Time of India15 hours ago

Chandigarh: The Chandigarh administration is set to appoint a consultant to obtain environment clearance for the much-delayed bulk market in Sector 56. This clearance is required from the ministry of environment.
The total area of the project may necessitate environmental clearance, which will also require holding a public hearing.
"As per the rules related to the environment, the clearance is necessary for projects where the built-up area is 20,000 square metres or more. For this, work on the project cannot start without approval as per the guidelines of the Environment Impact Assessment (EIA) on the instructions of the ministry of environment, forest and climate change.
Therefore, it is imperative for the administration to obtain this approval for the market," said an official.
In the bulk market to be built in Sector 56, the Dhanas marble market and furniture market businesses are to be rehabilitated. The estate office plans to auction booths and other properties in this market. There are one-kanal 200 plots and 55 booths in the market. tnn
The market has been in the works for several years now. Last year, the administration finalised the plan to develop the market in Sector 56. The proposed market will offer an opportunity for operators from the marble and furniture markets to purchase plots or booths in the bulk market. Consequently, these illegal markets will be shifted to the new market. The administration planned to demolish both markets after the start of the bulk market.

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UT to hire consultant to get green nod for mkt
UT to hire consultant to get green nod for mkt

Time of India

time15 hours ago

  • Time of India

UT to hire consultant to get green nod for mkt

Chandigarh: The Chandigarh administration is set to appoint a consultant to obtain environment clearance for the much-delayed bulk market in Sector 56. This clearance is required from the ministry of environment. The total area of the project may necessitate environmental clearance, which will also require holding a public hearing. "As per the rules related to the environment, the clearance is necessary for projects where the built-up area is 20,000 square metres or more. For this, work on the project cannot start without approval as per the guidelines of the Environment Impact Assessment (EIA) on the instructions of the ministry of environment, forest and climate change. Therefore, it is imperative for the administration to obtain this approval for the market," said an official. In the bulk market to be built in Sector 56, the Dhanas marble market and furniture market businesses are to be rehabilitated. The estate office plans to auction booths and other properties in this market. There are one-kanal 200 plots and 55 booths in the market. tnn The market has been in the works for several years now. Last year, the administration finalised the plan to develop the market in Sector 56. The proposed market will offer an opportunity for operators from the marble and furniture markets to purchase plots or booths in the bulk market. Consequently, these illegal markets will be shifted to the new market. The administration planned to demolish both markets after the start of the bulk market.

US oil/gas rig count falls for 4th month to Oct 2021 low, Baker Hughes says
US oil/gas rig count falls for 4th month to Oct 2021 low, Baker Hughes says

Mint

time15 hours ago

  • Mint

US oil/gas rig count falls for 4th month to Oct 2021 low, Baker Hughes says

June 27 (Reuters) - U.S. energy firms cut the number of oil and natural gas rigs operating for a fourth month in a row to the lowest since October 2021, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by seven to 547 in the week to June 27. Baker Hughes said oil rigs fell by six to 432 this week, also their lowest since October 2021, while gas rigs decreased by two to 109. In June, drillers cut 16 oil and gas rigs, putting the total count down for a fourth month in a row for the first time since June 2024. The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. The independent exploration and production (E&P) companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by around 3% in 2025 from levels seen in 2024. That compares with roughly flat year-over-year spending in 2024, and increases of 27% in 2023, 40% in 2022 and 4% in 2021. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projected an 84% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. The EIA projected gas output would rise to 105.9 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023. (Reporting by Scott DiSavino Editing by Marguerita Choy)

Iran: Is the cost of closing the Strait of Hormuz too high?
Iran: Is the cost of closing the Strait of Hormuz too high?

Time of India

timea day ago

  • Time of India

Iran: Is the cost of closing the Strait of Hormuz too high?

AP image For a few days, the world held its breath. It seems the conflict between Israel, the US and Iran is not going to escalate any further, at least for now. Iran opted to save face by launching an attack on a US military base in Qatar, which the stock market interpreted as a de-escalatory gesture. This retaliatory strike by Tehran was "loud enough for headlines, quiet enough not to shake the oil market's foundations," Stephen Innes of SPI asset management commented to Reuters. Immediately after the strike on Monday evening, the oil price fell again sharply. And yet Iran holds a powerful trump card. It could do immense damage to the global economy by blockading the Strait of Hormuz. But would this really be to its advantage — or would it be more of an own goal? Why oil exports are so important for Tehran The US energy information administration (EIA) says that "Iran's economy is relatively diversified compared with many other Middle Eastern countries." However, the goods produced by the country's industry are primarily sold on the domestic market. The export of oil and petroleum products is therefore an important source of income for the government. These constitute more than 17 percent of the country's total exports, with natural gas at 12 percent. According to the EIA, Iran was the fourth-largest producer of crude oil among the OPEC countries in 2023, and in 2022 it was the world's third-largest producer of dry gas (natural gas that is at least 85 percent methane, containing only negligible quantities of condensable gases such as hydrogen). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trending in in 2025: Local network access control [Click Here] Esseps Learn More Undo Iran exports oil, despite sanctions Although it has been subject to sanctions for many years, this has not prevented the Iranian regime from exporting oil. China in particular has benefited: In 2023, it took almost 90 percent of the oil exported by Iran. In March 2024, the Financial Times quoted Javad Owji, Iran's minister of petroleum at the time, saying that Iran's oil exports "generated more than 35 billion dollars" in 2023. According to the World Bank, between April and December 2023 the oil sector represented more than 8 percent of Iran's GDP. And based on estimates from the data analysis company Vortexa, it is believed to have exported even more the following year. China: an important trade partner Iran would therefore damage itself if it blocked the Strait of Hormuz. Not only would its own oil revenue be affected, it would also upset its trading partner China, which profits from buying the oil at low cost. The London-based TV station Iran International estimates that Tehran sells its oil at a 20 percent discount on the world market price, because its buyers risk getting into trouble on account of the US sanctions. The broadcaster explained that Chinese refineries are the biggest buyers of Iran's illegal consignments of oil. Intermediaries mix it with deliveries from other countries, and the oil is then declared in China as having been imported from Singapore or other countries of origin. According to Rystad Energy, an independent energy research company based in Norway, China imports a total of almost 11 million barrels of crude oil per day, around 10 percent of which comes from Iran. Blockade would affect neighbouring countries A blockade would also have caused trouble for Iran's neighbours. Kuwait, Iraq and the United Arab Emirates also transport their oil through the passage. In a post on LinkedIn, the economist Justin Alexander, a Gulf region analyst, commented that if Tehran were to close the strait, this would "undermine remaining alliances" it still has with countries in the region. Whether Iran could actually maintain a blockade is also doubtful. Homayoun Falakshahi from the analytics firm Kpler told German TV that he believed a blockade would provoke a swift and forceful military response from both the US and European countries, and that Iran would only have been able to close the strait for a day or two. Iran's struggling economy Furthermore, if Iran's economic situation were to deteriorate even further, it would go down very badly with the Iranian people. Djavad Salehi-Isfahani, professor of economics at Virginia Tech in the US, told DW that the standard of living in Iran had already dropped to the level of 20 years ago as a result of sanctions. These apply not only to the oil industry, but also to international payment transactions with Iran, which drives up inflation. This has been rising steeply since the beginning of the year, to more than 38.7 percent in May 2025 compared with May 2024. The combination of sanctions and the low exchange rate is making daily life ever more expensive for people in Iran.

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