Decks are cleared for the ONGC-HPCL merger with the Cabinet giving the go-ahead on Wednesday. While the government mops up roughly Rs 26,000 crore, or 40 per cent of its FY18’s disinvestment target, ONGC-HPCL will now have presence in the entire value chain.
Even as the Union Cabinet is getting all set to bless the mega ONGC-HPCL merger, ET Now exclusively learns that the Narendra Modi government has already zeroed in on another mega transaction between PSUs to create yet one more oil behemoth.
India’s reliance on Middle East oil imports shrunk in June to the smallest since October 2015 as the world’s third-biggest importer tapped other sources amid OPECsupply cuts, ship tracking data from industry sources and data available on Thomson Reuters Eikon showed.
“Dhamra LNG terminal is a step closer towards realising PM’s dream of development of Eastern India, for overall growth of our nation: Dharmendra Pradhan
Indian companies have stepped up purchases of high-sulphur crude oil from the Middle East and Russia in the spot market to feed demand from expanded refining capacity, trade sources said.
India’s largest refiner Indian Oil Corp is setting up an office in Singapore that will handle crude oil purchases and the sales of oil products from its refineries later this year, trade sources said on Friday.
Indian state-controlled refiners have formally committed to building a huge refinery and petrochemical complex on the country’s west coast, despite continuing doubts over how the project fits into the government’s long-term energy strategy.
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
IndianOil sets up 24×7 control rooms to attend Dealer’s issues on Daily Price Revision of Petrol and Dies
Come June 15, Indian Oil will be setting up 87 control rooms pan India for addressing technical glitches / system issues that may be arising at Dealer’s end.
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.