uel retailer to a global oil company as it explores options to give up its controlling stake in Bharat Petroleum Corp., people with knowledge of the matter said.
An Indian state-owned refiner has swooped in to buy American oil that was en route to China but due to arrive after new tariffs kicked in. Bharat Petroleum Corp. bought one or two cargoes of U.S. crude that were recently diverted from its original destination of China.
Indian Oil, Bharat Petroleum and Hindustan Petroleum will soon shuffle millions of cooking gas consumers between their agencies to expand the customer base for newly-appointed distributors and help make their business viable.
Major oil producer Saudi Aramco was still keen to invest in a joint venture with Indian Oil, Hindustan Petroleum and Bharat Petroleum, but Saudi Arabia’s state-owned oil company is still in the early stages of that investment, said N Vijaygopal, director of finance, BPCL, in an interview with CNBC-TV18.
Kerala’s first Aerial Hydraulic Platform (AHP) for firefighting and rescue at high elevations has been inducted into BPCL Kochi Refinery’s fire and rescue fleet.
The Indian benchmark indices have extended the morning gains with Nifty jumping 134 points, trading at 11,791 while the Sensex added 442 points and is trading at 39,253 mark.
After paying hefty returns to shareholders in the form of dividends and share buyback, state-owned oil marketing companies’ including Indian Oil Corporation, Bharat Petroleum Corporation and Oil India may see heightened pressure on and face the risk of government intervention in fuel prices during the elections.
Your fuel bill is set to rise as the oil marketing companies (OMCs) are expected to recoup the losses in the medium term, a rating agency said. While the crude oil has been on the rally this week, the OMCs increased the fuel prices only
Indian refiners are increasing their planned purchases from OPEC nations, Mexico and the United States to make up for any loss of Iranian oil if the U.S. enforces sanctions more harshly from next month, sources and company officials said.
The Election Commission (EC) has asked the three oil marketing companies (OMCs) — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — to stop allotment of petrol pumps for now.