Steel tycoon Lakshmi N Mittal's acquisition of 49 per cent stake in Hindustan Petroleum Corp's $3 billion Bhatinda refinery has violated his pact with Oil and Natural Gas Corp
In 12 hikes, petrol price has gone up by Rs 6.55 per litre and diesel by Rs 7.04 a litre.
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 three oil PSUs have told Air India that if it did not make the monthly lump sum payment, they will stop fuel supply from October 11 at six major domestic airports.
The Western Ghats Ecology Expert Panel report, submitted by ecologist Madhav Gadgil last year, was further delaying the Rs 30,000-crore (Rs 300-billion) refinery project of Hindustan Petroleum Corp Ltd (HPCL) in Maharashtra, a senior official of the state-run oil marketing firm said. The project has already been delayed due to bureaucratic red tape.
The official, who did not wish to be identified, said the government will wrap up the stake sale in HPCL by November.\n\n
India's oil ministry has decided to divert 30,000 barrels per day (bpd) of indigenous crude oil from refiner Hindustan Petroleum Corp, which is being privatised, to feed small state-run refineries in remote areas, officials said.
Global oil major British Petroleum and French oil giant Total are eyeing equity in Hindustan Petroleum Corp's Rs 8,336 crore
HPCL is Kingfisher Airline's largest aviation turbine fuel supplier.
ONGC has awarded the service contract for development of its B-192, B-45 and WO-24 fields, known as Cluster 7, south-west of the Mumbai High field to a consortium of HPCL, Prize Petroleum Comnpany Ltd and Malaysia's M3nergy Berhad (Trenergy). \n\n
Liquor baron Vijay Mallya on Wednesday met Oil Secretary S Sundareshan to discuss defaults by his group firm Kingfisher Airlines on payment of jet fuel bills, but did not say when he will clear the outstanding of Rs 176 crore (Rs 1.76 bilion).
An HPCL-led consortium had put the project on hold in 2009.
The Union Cabinet on Thursday allowed Non-Resident Indian steel baron Lakshmi N Mittal to pick up 49 per cent stake in state-run Hindustan Petroleum Corp's Bhatinda refinery.
NRI steel tycoon Lakshmi N Mittal may partner with Hindustan Petroleum Corp Ltd in the state-run firm's under-construction $3 billion refinery at Bhatinda in Punjab.
Indian Oil Corporation has been ranked as the number one oil trading company amongst national oil companies in the Asia Pacific region.\n
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.
Petrol and diesel price soared to an all-time high across the country on Friday after rates were hiked again by 25 paise and 30 paise a litre, respectively. The price of petrol in Delhi rose it its highest ever level of Rs 101.89 a litre and to Rs 107.95 in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates too touched a record high of Rs 90.17 in Delhi and Rs 97.84 in Mumbai.
Diesel price on Friday was hiked by 20 paise per litre - the first increase in rates in over two months - as international oil prices neared their highest since 2018. Price of diesel was hiked to Rs 88.82 per litre in Delhi and to Rs 96.41 in Mumbai, according to a price notification of state-owned fuel retailers. Petrol price was not changed. It costs Rs 101.19 a litre in Delhi and Rs 107.26 in Mumbai.
Private sector low cost airline SpiceJet has entered into a strategic tie-up with Hindustan Petroleum Corp Ltd to sell air-tickets through the latter's petrol stations.
British oil major BP Plc on Thursday signed an agreement with state-run Hindustan Petroleum Corp Ltd to negotiate a stake in HPCL's Rs 12,000 crore (Rs 120 billion) Bhatinda refinery in Punjab.
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.
State-run Hindustan Petroleum Corp Ltd plans to invest over Rs 13,000 crore to raise the capacity of its Vizag refinery and set up an aromatic plant there.
ChevronTexaco has bid for a stake in state-run Hindustan Petroleum Corp Ltd, India's second-largest oil refiner and retailer.
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.
State-run Oil and Natural Gas Corporation will buy 20.9 per cent stake held by banks and financial institutions in its subsidiary Mangalore Refinery and Petrochemicals Ltd for around Rs 370 crore.
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.
India plans to complete by 2006 a 180,000-bpd refinery, which has been under a cloud because of the proposed privatisation of the company that is building it, Oil Minister Ram Naik
The merged entity will become the third biggest refiner behind IOC and Reliance Industries.
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
The price of non-subsidised cooking gas (LPG) was on cut by Rs 21 per cylinder and that of jet fuel (ATF) by a steep 3 per cent on the back of falling international oil rates.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
Petrol price was on Wednesday hiked by a steep Rs 3.38 per litre and diesel by Rs 2.67 a litre, reversing a two-month declining trend.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored
Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.
SpiceJet grounded all its aircraft due to payment woes
The three state-owned oil companies have decided to defer snapping fuel supplies to Air India. The airline owes the three firms over Rs 5,000 crore in past fuel bills.
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
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