BPCL's impending privatisation and RIL's stake sale to Saudi Aramco raise questions about the future of the West Coast Refinery, once touted as the world's largest.
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.
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.
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.
The multilateral lending agency holds 3.9 crore (Rs 39 million) shares in Petronet LNG, which at today's trading price of Rs 114.85 is worth Rs 448 crore (Rs 4.48 billion).
HPCL, BPCL shares may yield Rs 1000 cr bonanza for employees
The government on Thursday approved Rs 20,001 crore in additional cash subsidy to state-owned oil companies to compensate them for selling fuel below cost in 2010-11 fiscal. With this, the government has paid a total of Rs 40,912 crore in subsidy to oil companies in 2010-11 financial year, an oil ministry official said.
ONGC Videsh Managing Director R S Butola and Bharat Petroleum Director (Refineries) R K Singh are among the 17 candidates in the fray for the top job at Indian Oil Corp, the nation's largest oil firm.
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.
Bharat Petroleum Corporation Ltd has posted a net profit of Rs 2330 million for the quarter ended December 31, 2002 as compared to Rs 719 million in the quarter ended December 31, 2001
A meeting of the board of directors of Bharat Petroleum Corporation Ltd is scheduled on January 24, 2003, inter alia, to take on record the unaudited financial results (provisional) for the quarter ended December 31, 2002. \n\n
Vijay Mallya-promoted Kingfisher Airlines has turned second time lucky; the state-run Bharat Petroleum Corporation (BPCL) has granted it a three-month reprieve to pay jet fuel dues. KFA owes BPCL Rs 220 crore (after adjustment of interest) for fuel dues.
Bharat Petroleum Corporation (BPCL) on Tuesday hiked petrol prices by about Rs 2.96 a litre effective midnight tonight, and other state-owned oil companies IOC and HPCL will follow suit on Wednesday.
KFA owes BPCL Rs 220 crore or Rs 2.2 billion (after adjustment of interest).
The Indian racing ace was named Brand Ambassador of Bharat Petroleum and their product Speed on Wednesday.
He still owes hundreds of crores to OMCs.
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.
A refiner embarking on an alternative fuel strategy may end up selling bottled water to quench the thirst of millions.
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 Petroleum Ministry on Wednesday sought over Rs 19,620 crore (Rs 196.20 billion) in compensation for state retailers Indian Oil, Bharat Petroleum and HPCL, which sold cooking fuels below cost in 2009-10 fiscal.
The finance ministry has restricted tax holidays to only new refineries run by public sector firms and has barred units under construction by private sector companies like Essar Oil from the benefit.
Diesel rates had gone up by Rs 12.55 a litre between June 7, when oil firms resumed revising prices in line with cost, and July 25.
The tank, designed, developed, and manufactured by the Defence Research and Development Organisation's Combat Vehicles Research and Development Establishment and made in Tamil Nadu, will be used to protect northern borders.
Banking and energy sector companies are the highest advance tax paying corporates in the country, owing to a surge in business and personal lending coupled with rising energy consumption, according to finance ministry sources.
Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation Ltd (BPCL), a document detailing steps needed to complete India's biggest privatisation showed. Billionaire Anil Agarwal's Vedanta group as well as two US funds -- Apollo Global and I Squared Capital - had last year submitted initial bids to buyout the government's entire 52.98 per cent stake in India's third-biggest oil refiner and second-largest fuel retailer. Detailing the 'Next Step', the 'Brief Note on BPCL Disinvestment' said Transaction Advisor and Asset Valuer are to submit an inception report, bidders have to complete due diligence of the company and sale purchase agreement has to be finalised.
State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending programme to spur economic growth. Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23). The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents.
The total requirement of regassified-LNG for operation of Block number 2 and 3 at base load is 5.7 million standard cubic meters per day. However from December 14, suppliers of RLNG -- GAIL, Indian Oil, Bharat Petroleum -- are supplying only 4.506 mmscmd.
Oil Minister Hardeep Singh Puri on Thursday indicated that the much-delayed privatisation of oil major BPCL may not happen in the near future, saying there is "no proposal whatsoever" on his table for now. As part of its asset monetisation plan, the government had in November 2019 put Bharat Petroleum Corporation (BPCL) on the block and said it would completely sell its 52.98 per cent stake in the country's second largest state-run oil refiner and marketer. Though it had received three tentative bids, it got only one financial bid from Vedanta group, forcing it in May 2022 to shelve the plan pending a "comprehensive review".
ONGC, Hindustan Petroleum, Bharat Petroleum, Indian Oil and Oil India listed the spending as part of their mandatory CSR commitment, but CAG noted that the Sardar Patel statue did not qualify for CSR funding.
The government may retain oversubscription of the public offering of shares of India's largest carmaker, Maruti Udyog Ltd, a top divestment ministry official said on Tuesday.\n\n\n\n
Excerpts from Prime Minister Manmohan Singh's speech at the release of the book The Indian CEO: A Portrait of Excellence on July 18 in New Delhi.
Essar Oil has decided to cut petrol and diesel prices in the range 50 paise to Rs 2.50 per litre effective from July 16.
Top seed Arvind Bhat and seasoned campaigner B R Meenakshi, both 29 and from Bangalore, clinched the men's and women's singles titles in the Rs five-lakh prize money Tata Open All India Badminton Tournament in Mumbai on Thursday.
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 Indian Railway Catering and Tourism Corporation has tied up with the Bharat Petroleum Corporation and launched an e-ticketing initiative to help people book tickets at BPCL outlets.
Iran on Tuesday denied existence of any contract for export of liquefied natural gas to India while stating that it cannot wait endlessly for New Delhi to join the Iran-Pakistan-India gas pipeline project.
Automaker MG Motor India on Monday said it has partnered with Bharat Petroleum Corporation Ltd (BPCL) to bolster EV charging infrastructure across the country. The partnership with BPCL will add momentum to EV adoption by expanding opportunities for intercity travel as the two entities will install EV chargers across highways and within cities, the automaker said in a statement. With BPCL's vast customer reach and operations and MG's strides in the EV space, the two entities can combine expertise to strategically identify charging sites, garner consumer insights, devise loyalty programs, and create technology to manage charging systems, it added.
Indian badminton ace Saina Nehwal has set sights on attaining the world No 5 ranking by the end of the year, and "if all goes well, top the ranking by the year 2010". The world No 10, who is in Pune to participate in the 29th PSPB Inter-Unit Badminton Tournament, organized by Bharat Petroleum, said she "always dreamt of becoming world No 1".
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