Aramco also plans to invest in building India's largest oil refinery on the country's west coast.
For the first time in seven months, state-run fuel retailers are making losses on selling diesel and together with negative returns on petrol, LPG and kerosene, the companies may lose Rs 38,700 crore (Rs 387 billion) in revenues this year.
Reliance has shut all of its 1,432 petrol pumps in the country after sales dropped to almost nil as it could not match the subsidised price offered by public sector competition. Public sector currently sells petrol at a loss of Rs 13.97 a litre and diesel at a discount of Rs 20.97 per litre. This revenue loss is made up by the Government through issue of oil bonds. Private firms were not entitled for the subsidy and priced fuel from their pumps at Rs 8-10 a litre higher.
Public sector Hindustan Petroleum Corporation is planning to invest $1.5 billion in its petrochemical complex project, featuring refinery, naphtha cracker and aromatic plant.
Share prices of both upstream and downstream public sector oil companies fell up to two per cent on Monday. Even Essar Oil, a private fuel retailer, fell 1.50 per cent on the Bombay Stock Exchange.
State-run oil companies on Wednesday raised prices of aviation turbine fuel, or ATF, for the third time in a month, this time by about 6.7 per cent, in step with international rates, which are firming up.
The petroleum ministry has invited bids from companies willing to share Hindustan Petroleum Corporation Ltd's proposed Rs 1,367 crore Mundra-Delhi product pipeline capacity.
Public sector oil firms plan to set up over 4600 petrol stations and 907 LPG sale agencies in the current fiscal, Petroleum Minister Mani Shankar Aiyar said on Thursday.
Bharat Sanchar Nigam Ltd Employees Union on Friday extended support to the proposed indefinite strike of employees of public sector oil companies against privatisation of HPCL and BPCL.
Oil and Natural Gas Corporation said on Thursday that it would like to acquire public sector oil companies -- Hindustan Petroleum Corporation and Bharat Petroleum Corporation.
In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.
The Supreme Court on Monday in-principle agreed to reconsider its earlier judgement on Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd divestment, and stayed proceedings before all high courts concerning divestment.
Divestment Minister Arun Shourie will meet Law Minister Arun Jaitly in New Delhi on Thursday to consider options before the government and chalk out future strategy.
Angry Congress, Samajwadi Party and Left party members on Thursday stalled Question Hour in Lok Sabha for about 15 minutes.
Government has begun drawing contingency plans to avert any shortage of domestic cooking gas as a result of go-slow agitation by employees of the country's largest oil company Indian Oil Corp.
No divestment of oil PSUs during during the month-long recess of the current Budget session of Parliament beginning March 14, Parliamentary Affairs Minister Sushma Swaraj categorically assured Lok Sabha on Thursday.\n\n
The government on Wednesday ruled out privatisation of Indian Oil, Oil and Natural Gas Corporation and Gas Authority of India Ltd and assured all security concerns would be taken care of while divesting public sector oil
In 13 hikes, petrol price has gone up by Rs 7.11 per litre and diesel by Rs 7.67 a litre.
Kicking off the divestment process in the two public sector oil companies, Hindustan Petroleum Corporation and Bharat Petroleum Corporation, the government
Petroleum ministry strongly supported the proposal of 26 per cent government holding in Hindustan Petroleum Corporation in the post disinvestment era to prevent new management from stripping or re-selling of company's assets to third party.\n\n
The Cabinet Committee on Divestment failed to take any decision on the divestment of public sector oil companies -- Hindustan Petroleum Corporation and Bharat Petroleum Corporation.
The government has put a spanner in the plans of oil companies like Reliance Industries Limited and Hindustan Petroleum Corporation Limited to make ethanol directly from sugarcane, without producing sugar.
Faulty laws helped oil majors IOC, HPCL and BPCL -- to avoid excise payment of Rs 713 crore (Rs 7.13 billion) to the government during April-December 2002, the Comptroller and Auditor General of India has said.
The cut reflects changes in global prices of the two fuels since the last revision.
The companies that have signed these pacts with the India chapter of the Berlin-based Transparency International include PSU majors such as GAIL (India), Coal India, Oil and Natural Gas Corporation, Steel, Hindustan Petroleum Corporation, Steel Authority of India, National Mineral Development Corporation and Rashtriya Ispat Nigam. In fact, 12 of the 14 companies that signed the pact, did so in the last six months.
The government is understood to have deferred 'indefinitely' the financial bidding for Shipping Corporation of India and Hindustan Copper Ltd in the wake of a spate of petitions challenging the divestment process in various courts.\n\n\n\n
Global oil major British Petroleum and French oil giant Total are eyeing equity in Hindustan Petroleum Corp's Rs 8,336 crore
The divestment ministry would concentrate on "legal option" to resolve the divestment impasse arising out of the Supreme Court verdict on HPCL and BPCL, but would continue with residual stake sale plans in companies like CMC Ltd and VSNL.
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