State-owned fuel retailers IOC, BPCL and HPCL will go in for increased borrowings to sustain high dividend payments and capital spending this fiscal, keeping their credit metrics weak, Moody’s Investors Service said today.
State-run Hindustan Petroleum Corp. Ltd (HPCL) and France’s Total SA may revive their plan to build an underground liquefied petroleum gas (LPG) storage facility in Mangaluru, said Mukesh Kumar Surana, chairman and managing director of HPCL.
State-owned oil marketer HPCL has drawn up investment plans of Rs 7110 crore for business growth in the current fiscal.
Bharat Petroleum Corporation Limited (BPCL), India’s second largest state-owned oil marketer is mulling a merger with GAIL (India), India’s largest gas distributor, and Oil India
The results for the eighth round of city gas distribution bidding for Karnal, Kurukshetra, Ambala and South Goa were disclosed during the week. Organized development of network through bids and government’s initiatives to promote cleaner fuels has facilitated rapid expansion of city gas distribution in Indian cities in the last decade.
Mergers of big oil companies will allow them to bid for international asets and absorb fluctuations in fuel prices, according to Utpal Bora, CMD, Oil India. He told this to ET Now during an interview.
Six central oil & gas PSUs, viz., IndianOil, ONGC, BPCL, HPCL, GAIL and OIL, under the administrative control of the Ministry of Petroleum & Natural Gas, have contributed Rs. 15 crore to the Flood Relief Fund of the Chief Minister of Bihar to aid the flood-affected people of the State.
Indraprastha Gas (IGL), Indian Oil-Adani Gas combine and Hindustan Petroleum-Oil India joint venture are set to win licenses to distribute gas in one city each in the latest round of auction, according to people with direct knowledge of the matter.
Cash rich Oil and Natural Gas Corp (ONGC) will raise its first debt ever, of Rs 25,000 crore, to part fund the Rs 37,000 crore acquisition of government’s stake in Hindustan Petroleum Corp Ltd (HPCL).
JM Financial has been appointed as the transaction advisor to the government’s over Rs 37,000 crore stake sale in HPCL to ONGC.