Bharat PetroResources, a wholly owned subsidiary of BPCL and Videocon Industries, holds 40 per cent of the block. Brazil's Petrobras holds the remaining 60 per cent.
State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), who control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower.
The operation went on for 66 hours after a giant 120 feet x 120 feet hoarding collapsed on a petrol pump in the Chheda Nagar area during gusty winds on Monday evening, the official said.
Unlike the previous visit, where TDP MPs accompanied Naidu to meetings, sources termed the current visit as "low profile", with one-on-one meetings with key Union ministers.
The government on Tuesday provided enhanced financial autonomy to two public sector units -- Bridge and Roof Company and Bharat Pumps and Compressors -- by granting them the 'mini-ratna' status.
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
'Those betting against PSUs will likely be punished in this upswing.'
Petrol and diesel prices were cut by Rs 2 per litre each as state-owned oil companies ended a nearly two-year-long hiatus in rate revision, just hours before the general election schedule was announced.
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.
Bharat Petroleum Corporation Ltd is looking at 600 to 800 strategic sites across the country for its retail outlets expansion, a top official of the company said on Wednesday.
Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. Three state-owned fuel retailers -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in first half of 2022-23 fiscal year before easing oil prices propelled them to profitability.
Bharat Petroleum Corp, Hindustan Petroleum Corp and IBP will turn financially sick by next year as losses arising from freeze on fuel prices are set to erode their net worth, according to oil ministry estimates.
'The Paris Olympics has once again blessed the Indian sports marketing landscape with fresh faces and promises.' 'Expect at least one biopic.'
While BPCL has been ranked third in the poll, Reliance is at the fourth position adn HPCL 8th.
Bharat Petroleum Corporation Limited will invest Rs 7,500 crore in the next five years to modernise and expand its operations. \n\n
Bharat Petroleum Corp Ltd, which is expanding its Mumbai refinery to 12 million tonnes, will invest another Rs 1200 crore (Rs 12 billion) to produce auto fuel compliant with Euro-IV emission norms.
In a bid to boost its revenue in the LPG segment, public sector Bharat Petroleum Corporation Ltd will soon launch more value-added products such as domestic water heaters and mini generators powered by gas.
State-run Bharat Petroleum Corp has offered to take Hindustan Petroleum Corp as equal partner in the Rs 6,354 crore (Rs 63.54 billion) Bina refinery in Madhya Pradesh.
Oil marketing company Bharat Petroleum Corporation Ltd, on Monday announced a mega foray into oil exploration and production business and has earmarked a budget of Rs 1,000-1,500 crore (Rs 10-15 billion).
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
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.
The government is likely to sell 20 per cent of its equity in Bharat Petroleum Corporation Ltd in the overseas market while another 15 per cent stake would be offloaded in the domestic markets.
The state-owned refiner has offered 15,000 tonnes in a tender.
The government on Monday budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one general insurance company, in the next fiscal year beginning April 1. The amount is lower than the record Rs 2.10 lakh crore which was budgeted to be raised from CPSE disinvestment in the current fiscal year. However, the COVID-19 pandemic impacted the government's CPSE stake sale programme, and the target has been lowered to Rs 32,000 crore in the Revised Estimates.
For BCPL's branded petrol, Speed, the price differential with regular petrol is now between Rs 2.74 and Rs 3.75 per litre.
Most brokerages are betting that the new government will shift to a policy focussing on boosting rural incomes and consumption since that has clearly been a pain point.
S K Joshi, director (finance), BPCL, says that the Indian basket has fallen below $64 per barrel in September and he expects to receive oil bonds shortly.
'He was the best court craftsman that I have ever seen who could modulate his arguments in accordance with the judge and the mood.'
A consortium of Bharat PetroResources, Videocon Industries and the US-based Anadarko Petroleum Corp have discovered additional oil in their block in the Campos basin, off the Brazilian coast.
Sri Lanka has said it will go ahead with its deal with Bharat Petroleum Corporation Ltd in oil retailing in the island nation despite opposition from the Marxist JVP, or People's Liberation Front, in the coalition government.
Bharat Petroleum Corporation Ltd will import 1.4 million barrels (0.2 million tonnes) of Iraqi Basra Light crude oil during September-December.
State-run Bharat Petroleum Corporation Ltd on Wednesday said it will invest up to Rs 350-400 crore (Rs 3.5-4 billion) this fiscal to add about 1,500
The government will complete the sale of cash-rich oil refiners Hindustan Petroleum Corporation and Bharat Petroleum Corporation in six to eight months, Divestment Minister Arun Shourie said on Wednesday.
Bharat Petroleum Corporation (BPCL), the country's second largest oil marketing company, plans to diversify into bottled water and direct to home (DTH) services in an attempt to boost its profits.
The Union government may dilute its share in Bharat Petroleum Corporation Ltd to 26 per cent, an issue which goes to the Cabinet Committee on Divestment, company's director (marketing) S Radhakrishnan said.
The top 100 companies have accounted for 63% of the gains (Rs 51 trillion out of Rs 81 trillion), while firms beyond the top 100 have contributed 37 per cent (Rs 30 trillion).
