India’s emergence as a global refining hub received a big boost with the three downstream PSU oil majors, Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (BPCL),
The three heavy-weights of the Indian downstream sector — Indian Oil Corporation (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum (BPCL) – on Wednesday signed a Joint Venture (JV) agreement to create the world’s largest refinery-cum petrochemicals complex at Babulwadi
India’s top explorer Oil and Natural Gas Corp (ONGC) is keen to acquire the government’s stake in oil refiner Hindustan Petroleum Corp (HPCL), the country’s oil minister said on Wednesday.
Centre-owned oil firms IOC, BPCL and HPCL today signed an agreement to jointly set up India’s biggest refinery at Ratnagiri district of Maharashtra at a cost of USD 30 billion or Rs 2 lakh crore.
The consolidation among public sector oil companies could start with a merger, rather than a takeover. Senior government officials say a merger or an amalgamation could obviate the need for an open offer to buy equity from minority shareholders.
The government is said to be planning to combine the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp by December this year by selling its 51.1% stake in the former to the latter for $4.5 billion (about Rs 29,000 crore), ET Now reported citing wire reports, which in turn cited unidentified sources.
India’s state-owned oil companies aim to sustain spending near a three-year high, encouraged by falling oil-services costs and expanding demand.
Hindustan Petroleum Corp Ltd is seeking gas oil amid planned maintenance at its 1,80,000 barrels-per-day Bathinda refinery, three industry sources said on Thursday.
State-owned Hindustan Petroleum Corporation Ltd (HPCL) and its partner Lakshmi N Mittal will invest about USD 3 billion in setting up a petrochemical complex at their Bhatinda refinery in Punjab
In most of the advanced markets globally, petrol and diesel prices are revised on a daily basis. India too is following the path, implementing the procedure of daily changes in fuel prices in select towns, in sync with international rates