The government is likely to finalise by the third week of this month, the advisor for divestments of Bharat Petroleum Corporation Ltd for which over half a dozen merchant bankers are in the race.\n\n\n\n
State-owned Bharat Petroleum Corporation Ltd will commission the Rs 6,354 crore (Rs 63.54 billion) Bina refinery in Madhya Pradesh in two years' time.\n\n\n\n
Petronet India Ltd is likely to formally shelve the Rs 2,450 crore (Rs 24.5 billion) central India petroleum product pipeline project this month as its promoters are no longer keen on the project.\n\n\n\n
Kicking-off the process of divestment in Bharat Petroleum Corp, government has invited bids for appointment of a global advisor for sale of 35.2 per cent stake in the oil PSU through public offer.
Struggling to meet budget targets, the government had in the just concluded fiscal asked cash-rich PSUs to pay second interim dividend as well as undertake share buyback.
Aramco also plans to invest in building India's largest oil refinery on the country's west coast.
Bharat Petroleum Corporation Limited will invest Rs 7,500 crore in the next five years to modernise and expand its operations. \n\n
Government-owned companies are more generous in rewarding their shareholders with dividends.
Indian Airlines thumped Tamil Nadu 6-1 while the policemen beat Bharat Petroleum 2-0 in the Nehru hockey semi-finals.
Both made the last four of the Nehru hockey tournament with golden goals.
Jet fuel (ATF) price was on Monday hiked by a steep 56.5 per cent and that of non-subsidised cooking gas LPG by Rs 11.5 per cylinder on the back of firming up of international oil rates, but petrol and diesel prices continued to remain on freeze for a record 78th day. Aviation turbine fuel (ATF) price was hiked by Rs 12,126.75 per kilolitre (kl), or 56.5 per cent, to Rs 33,575.37 per kl in the national capital, according to a price notification by State-owned oil marketing companies.
Oil major ONGC is believed to have been kept out of the bidding process for the two oil PSUs.
The State-run Oil India Ltd will raise its stake in Numaligarh Refinery Ltd to 26 per cent to strengthen its position as an integrated oil company.
The government has been able to mobilise Rs 3,000 crore to Rs 3,500 crore (Rs 30-35 billion) by way of divestment during the first nine months of the current financial year, Divestment Minister, Arun Shourie.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
Petroleum Minister Ram Naik said the terms and conditions of the strategic sale of HPCL and and public offer in BPCL would be worked out by a core group of secretaries on divestment.
A decision on sale of government equity in HPCL, BPCL could be delayed beyond the Dec 7 deadline with PetroMin Naik stating he has no idea about the next CCD meet.\n\n\n\n
Asian Development Bank and ExxonMobil-promoted RasGas of Qatar have taken 10 per cent equity each in Petronet LNG Ltd, the public sector joint venture firm which will begin importing liquefied natural gas from January next year.
The Oil Ministry has fixed the subsidy payout by upstream firms like Oil and Natural Gas Corporation and Oil India Ltd at Rs 15,546.65 crore (Rs 155.46 billion) for the April-June quarter.
The government is believed to have zeroed in on DSP Merill Lynch for appointment as advisor and UBS and I-Sec as lead manager for the proposed public offer in Bharat Petroleum Corporation.
Oil and Natural Gas Corp, said on Monday it had signed an agreement to supply crude oil to refiner Bharat Petroleum Corp Ltd for two years ending March 2004.\n\n\n\n
Indian state-run oil giants HPCL and BPCL reported on Wednesday no supply disruptions as result of a two-day-old strike by workers opposing privatisation of the refiners.
Automobile company Tata Motors, metals and mining major Vedanta, oil marketing firm Bharat Petroleum Corporation (BPCL), private sector IndusInd Bank, and two-wheeler major Bajaj Auto have witnessed their market cap slip below the Rs 1-trillion mark this year.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
HPCL, BPCL shares may yield Rs 1000 cr bonanza for employees
With the government giving limited freedom to state-run oil companies to fix auto fuel prices within a narrow price band, petrol prices are set to go up by Rs 0.57 per litre and diesel by Rs 0.92 per litre from August 1.
Oil PSUs to pay Rs 2,500 cr interim dividend.
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
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Companies such as Indian Oil Corporation, Tata Steel Ltd and Tata Power Company Ltd will remain highly leveraged over the next 12 months because of weak industry dynamics and resulting constraints on cash flows, it said.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The fire was brought under control after three hours, a Mumbai Fire Brigade official said, adding that cooling operations were underway.
On Tuesday, Petroleum Minister Dharmendra Pradhan met Russian oil giant Rosneft's chief executive officer Igor Sechin and discussed raising crude imports from that country, in addition to talks about going for more acquisitions.
