National
RIL closes Marcellus shale assets in US sale for $126 mn
Mumbai, Nov 24 (IANS) Reliance Industries (RIL) on Friday announced that a subsidiary of its Reliance Holding USA has closed the sale of its upstream Marcellus shale assets in America to BKV Chelsea for $126 million.
The Mukesh Ambani-led RIL said that Reliance Marcellus II has sold its interest in the shale gas assets in northeastern and central Pennsylvania state in the US to BKV Chelsea, an oil and gas affiliate of American investment firm Kalnin Ventures.
The sale transaction of the assets, currently operated by Carrizo Oil and Gas, closed on November 21, an RIL statement said here.
In a transaction announced last month, “Reliance agreed to sell its entire working interest in these upstream assets to BKV Chelsea for purchase consideration of $126 million with an effective date of April 1, 2017,” it said.
“Additionally, under the definitive documents, a contingent amount of up to $11.25 million may be paid to Reliance between years 2018 to 2020 based on certain gas price thresholds being achieved,” it added.
RIL had bought a 60 per cent stake in the assets for $392 million in 2010. Its operator, the Houston-based Carrizo Oil & Gas has also exited from the investment, Reliance had said.
In 2010, RIL invested in the US shale gas business, which began incurring losses owing to the extended global crude oil price slump. Prior to making a recovery this year, oil prices had earlier fallen by more than 50 per cent in less than two years due to a supply glut, from levels of over $120 a barrel.
In fact, the 13-nation rganization of the Petroleum Exporting Countries (OPEC) cartel is due to meet on November 30 to consider extending production cuts introduced since the start of this year in a bid to lower global inventories and support prices.
–IANS
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National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.