M A Pathan, former chairman of the Indian Oil Corporation, on Friday resigned as chief of the Petroleum Federation of India, citing his pre-occupation with Tatas and other multinational oil firms.
The official, who did not wish to be identified, said the government will wrap up the stake sale in HPCL by November.\n\n
The multinational oil firm, however, is required to furnish a Rs 500 crore bank guarantee to the government.
Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list released on Monday. Reliance took a beating on the rankings as revenues dropped owing to the COVID-19 pandemic. This is its lowest ranking since 2017. Walmart continues to top the Fortune list with a revenue of $524 billion, followed by China's State Grid at $384 billion.
Shell India, the domestic arm of Royal Dutch Shell Plc, had offered for sale 20 of its 80 operational retail outlets and around 20 sites acquired earlier for setting up such outlets.
The Supreme Court on Monday issued a notice to the Centre on a Public Interest Litigation challenging the legality of the government's decision to privatise public sector oil firms Bharat Petroleum Corporation and Hindustan Petroleum Corporation.
Indian Oil Corporation and Bharat Petroleum Corporation have backed out of Gail's Vizag-Secunderabad LPG pipeline.
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.
Balmer Lawrie & Company, whose 61.97 per cent stake is slated to be divested by the Centre, is unlikely to be sold off during the current fiscal.
The divestment ministry said on Thursday that the inter-ministerial group on the divestment of Bharat Petroleum Corporation would meet next week to discuss the quantum of shares to be offered in the domestic and global markets.
The divestment ministry is now all set to flag off the process of divestment in Bharat Petroleum Corporation with the Inter-Ministerial Group scheduled to meet on February 13.
Attorney General Soli Sorabjee has said the sale of stakes in two state-run oil refiners does not need parliamentary approval.
Attorney-General Soli Sorabjee's response on the privatisation of Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd is likely to be known later this week.
A day ahead of a crucial meeting of the Cabinet Committee on Divestment, Defence Minister George Fernandes said he favoured public sector units like Oil and Natural Gas Corporation to be allowed to bid for HPCL.
The company is also looking to expand the supply of gas by roads and is evaluating creation of small storage hubs along the highways.
Disinvestment Minister Arun Shourie said Tuesday the SEBI has initiated an investigation into the fall of share prices of BPCL and HPCL.
State-owned Indian Oil Corporation (IOC) and a joint venture of billionaire Gautam Adani's gas arm and Total of France -- Adani Total Gas Ltd -- have bid for maximum number of licenses to retail CNG to automobiles and piped cooking gas to households in the latest city gas bidding round.
Divestment Minister Arun Shourie will soon make a statement on stake sales in two state-run oil firms following a consensus reached on the issue by a group of top ministers.
The target of mopping up Rs 1.75 lakh crore from divestments of some of the public sector companies, including LIC and BPCL during the current fiscal, is on track and groundwork is being prepared for the goal, Chief Economic Advisor Krishnamurthy Subramanian said on Monday. On the COVID-19 pandemic, Subramanian said the impact of the second wave is lesser than that of the first one. In an interactive session, organised by Federation of Telangana Chambers of Commerce and Industry, the CEA said robust GST collections, over Rs one lakh crore per month for eight months in a row shows that consumption is picking up indicating positive signal for growth.
State-owned oil firms have decided to "wait-and-watch" the international scenario and the rupee-dollar rate before deciding to cut petrol prices.
Public sector oil firms spent over Rs 800 crore (Rs 8 billion) on advertisements during the last three years with Indian Oil Corp topping the list with an expenditure of Rs 275.35 crore.
S Rajendra Babu, a Supreme Court judge, was on Thursday appointed the Chief Justice of India with effect from May 2.
India's plan to produce ethanol from second-generation (2G) sources -- mainly farm waste -- is taking time to materialise even as the government is set to dedicate to the nation on Wednesday a Rs 900-crore plant set up by Indian Oil Corporation (IOC) in Panipat. Though state-run oil companies had decided to set up at least 12 plants in 2016-17 with an investment of around Rs 10,000 crore, this will be the first unit coming on track while others are stuck in various stages owing to issues like capital expenditure, lack of feedstock, and high rates of finished products compared to traditional ethanol units. According to industry sources, three more second-generation plants are coming up.
The government is planning a moderate hike of Rs 1-1.50 per litre in the prices of petrol and diesel in view of the rising global crude tags.
Public sector oil retailing firms have lost over Rs 5,800 crore in the first six weeks of current fiscal due to non-revision of petrol, diesel, LPG and kerosene prices.
The sugar industry is gearing up to offer the entire quantity for the tenders, which will close on September 2.
Petroleum Minister Ram Naik has mooted sale of 12-15 per cent of government equity in oil refiner Indian Oil Corporation and exploration giant Oil and Natural Gas Corporation in the capital markets to shore-up state finances.
Deputy Prime Minister L K Advani on Thursday termed as an "obstacle" the Supreme Court ruling halting the privatisation of oil firms HPCL and BPCL and said the government will "manoeuvre" it to keep the momentum of divestment programme.
ONGC Videsh Managing Director Ranbir Singh Butola was selected to head Indian Oil Corp, the nation's largest refining and fuel marketing firm.
State-run Bharat Petroleum Corporation Ltd (BPCL) is planning to expand its fuel retail outlets with food courts, cinema halls and provision stores in Haryana, Punjab, Andhra Pradesh and Tamil Nadu.
After Indian Oil Corporation, state-run Bharat Petroleum Corporation is planning to take over petrol stations in Sri Lanka, company chairman and managing director S Behuria said on Friday.
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