Oil major ONGC is believed to have been kept out of the bidding process for the two oil PSUs.
Hindustan Petroleum Corporation Ltd will invest Rs 1,040 crore (Rs 10.40 billion) in 2004-05 in its refineries and pipeline projects to attain organic growth, the Lok Sabha was informed on Thursday.
J R D Tata and Air India... Mrigank Warrier explores one of India's eternal love stories.
The government has been able to mobilise Rs 3,000 crore to Rs 3,500 crore (Rs 30-35 billion) by way of divestment during the first nine months of the current financial year, Divestment Minister, Arun Shourie.
Petroleum Minister Ram Naik said the terms and conditions of the strategic sale of HPCL and and public offer in BPCL would be worked out by a core group of secretaries on divestment.
A decision on sale of government equity in HPCL, BPCL could be delayed beyond the Dec 7 deadline with PetroMin Naik stating he has no idea about the next CCD meet.\n\n\n\n
Oil giant Shell says it is serious about bidding for Hindustan Petroleum and is eagerly watching developments on the refiner's divestment process.
Hindustan Petroleum Corporation Ltd is to set up three liquefied petroleum gas bottling plants with an investment of Rs 55 crore (Rs 550 million) even as it plans to introduce the 5-kg LPG cylinders in the urban areas.
A shortfall in LPG supply from Aramco has led to huge booking backlog across states. To meet the backlog, India has asked Abu Dhabi National Oil Company for two additional cargos of LPG, but that may take another 10 days to reach.
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.
Low bids caused state oil refiner Hindustan Petroleum Corporation to cancel a rare tender to export the high sulphur fuel oil it usually sells at home, a company source said on Monday.\n\n\n\n
HPCL advanced further on Monday on buying support from institutions following reports that a inter-ministerial group is likely to meet on Thursday to shortlist the names of bidders for the state-run oil refiner.
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.
Oil and Natural Gas Corporation is likely to buy 16.9 per cent stake of Hindustan Petroleum Corporation in loss-making Mangalore Refinery and Petrochemicals for close to Rs 550 crore.\n\n
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
HPCL, BPCL shares may yield Rs 1000 cr bonanza for employees
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
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.
Adani is the fastest growing energy company in Asia-Pacific and the second fastest in the world
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
Petrol price was on Monday hiked by Rs 2.19 a litre and diesel by 98 paise per litre.
Cover inadequate for even one refinery.
Human memory about policy issues is short. That alone can explain why many are deliriously happy with his latest slogans and ignore seven years of poor 'doing business' climate, taxtortion, extortionate oil prices, and high dependence on babus and the big State that has kept the enterprise system stifled, observes Debashis Basu.
India's fuel consumption slumped by over 66 per cent in the first week of April as a nationwide lockdown halted economic activity and travel, which eviscerated demand. Petrol and diesel demand is down 66 per cent in April, while aviation turbine fuel (ATF) consumption has collapsed by 90 per cent as most airlines have stopped flying, industry officials said.
The Oil Ministry has fixed the subsidy payout by upstream firms like Oil and Natural Gas Corporation and Oil India Ltd at Rs 15,546.65 crore (Rs 155.46 billion) for the April-June quarter.
The state-owned Hindustan Petroleum Corporation Ltd has posted a 95 per cent increase in the net profit at Rs 1537.36 crore (Rs 15.37 billion) for the financial year ended March 31, 2003 as against Rs 787.98 crore (Rs 7.88 billion) in 2001-02.
At present, India has 56,999 fuel outlets. Of those, only 6,276 are owned by private companies
Aramco also plans to invest in building India's largest oil refinery on the country's west coast.
Jet fuel (ATF) price was on Monday hiked by a steep 56.5 per cent and that of non-subsidised cooking gas LPG by Rs 11.5 per cylinder on the back of firming up of international oil rates, but petrol and diesel prices continued to remain on freeze for a record 78th day. Aviation turbine fuel (ATF) price was hiked by Rs 12,126.75 per kilolitre (kl), or 56.5 per cent, to Rs 33,575.37 per kl in the national capital, according to a price notification by State-owned oil marketing companies.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
The mid-cap index fell while small-cap advanced.
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
He is acknowledged as the person behind transforming Tata Steel into the world's 11th largest steel-maker.
BPCL gained nearly 4% to Rs 674, while HPCL gained more than 2% to Rs 451.
On Tuesday, Petroleum Minister Dharmendra Pradhan met Russian oil giant Rosneft's chief executive officer Igor Sechin and discussed raising crude imports from that country, in addition to talks about going for more acquisitions.
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