Even as Minister of State for Petroleum Dinsha Patel has told the Rajya Sabha that new connections are easily available for genuine customers, householders all over India are facing an acute shortage of LPG cylinders.
Steel baron Lakshmi N Mittal is eyeing to buy half of Hindustan Petroleum Corp's exploration arm Prize Petroleum for about Rs 200 crore (Rs 2 billion). Mittal, which made rapid advances in oil sphere this year first with a 49 per cent stake in HPCL's Bhatinda refinery and then partnering the state-run firm for a separate refinery on the east coast, is in talks with financial institutions to buy out their 50 per cent stake in Prize Petroleum.
The fuel delivery scheme mainly targets consumers that buy in bulk.
Hindustan Petroleum Corporation's upcoming Bathinda refinery in Punjab has forced Indian Oil Corporation to reconsider its plans to expand its refinery at Panipat to 21 mtpa.
The India story got stronger on the global arena with the country expanding its presence on the elite list of Fortune Global 500 companies, as the PSU banking major State Bank of India has become the sixth domestic firm to feature in the league.
Hindustan Petroleum Corporation, the state-owned company, could find itself becoming a major player in the oil and gas sector both within the country and overseas with huge capital being pumped in by the L N Mittal-promoted Mittal Investments.
India-born billionaire Lakshmi N Mittal may take 49 per cent stake in Hindustan Petroleum Corp Ltd's under-construction $3 billion refinery at Bhatinda in Punjab.
Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd have restarted their Mumbai-based refineries, which were partially shut following incessant rains.
NRI steel tycoon L N Mittal pays Rs 500 crore (Rs 5 billion) as first instalment for picking up 49 per cent stake in HPCL's Bhatinda Refinery.
The government on Wednesday broadly hinted about a hike in petrol and diesel prices, saying although it has kept retail prices unchanged it cannot do so for long given the rise in crude oil rates.
Israeli firm, Rapac Technology, has announced that its subsidiary, Orpak Industries, has won a contract to automate HPCL fuel stations in India, according to a media report.
Several members of Parliament have opposed privatisation of public sector oil firms like IOC and have asked the government not to seek a review of the Supreme Court verdict halting privatisation of HPCL and BPCL, Petroleum Minister Ram Naik said.
The government on Friday night decided to approach the Supreme Court for clarification on certain aspects of the judgement halting the privatisation of two public sector oil units.
In a bid to break the virtual deadlock over privatisation programme, Divestment Minister Arun Shourie on Friday met Deputy Prime Minister L K Advani.
McDonald's said on Friday it has signed an agreement with Hindustan Petroleum Corporation Ltd to open restaurants at the latter's retail outlets in Kolkata and Delhi.
The company is in advanced talks with Hindustan Petroleum Corp, Chennai Refinery and Kochi Refineries for sale of 34,000 barrels per day of oil it will start producing from the gas-rich KG-D6 block on Krishna Godavari basin from September. The company is investing $2.234 billion in developing the MA-1 and MA-2 oil fields in the predominantly gas-rich block.
India-born billionaire Lakshmi N Mittal's proposed Rs 3,365 crore investment in Hindustan Petroleum Corp Ltd's Bhatinda refinery in Punjab will have to wait for government approval as the Cabinet did not take up the issue on May 24.
McDonald's India, with an eye to expand in East, may open restaurants at Hindustan Petroleum Corporation Ltd (HPCL) outlets in Kolkata during the year.
There seem to be some more delays in the pipeline for the decade-old Bathinda refinery project of Hindustan Petroleum Corporation in which Mittal Investments recently announced its decision to pick up 49 per cent stake.
Reliance Industries Ltd will give Rs 750 crore (Rs 7.5 billion) discount on LPG and kerosene to public sector petro retailers in 2005-06.
Mittal, who is partnering HPCL for the project, will bring to the joint venture his vast expertise in project execution and unparalleled skills in managing governments.
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