ONGC Board Approves HPCL Takeover

ONGC Board Approves HPCL Takeover

The board of state-owned Oil and Natural Gas Corp (ONGC) today gave in-principle approval to acquire governments 51.11 per cent stake in Hindustan Petroleum Corp Ltd, the company said in a regulatory filing.

ONGC, HPCL Remaining Independent Listed Cos Makes Sense; MRPL Merger Good: HPCL CMD

ONGC, HPCL Remaining Independent Listed Cos Makes Sense; MRPL Merger Good: HPCL CMD

In line with government’s intention to create an integrated energy company with interests in exploration, production, refining and marketing of the fuel in both India and abroad, the he Union Cabinet on Wednesday gave an in-principle approval to the proposed acquisition of government’s 51.1% stake in Hindustan Petroleum Corporation (HPCL) by Oil and Natural Gas Corporation (ONGC), paving the way for an Indian oil and gas giant.

Iran retaliates to Indian oil cut plans

Iran retaliates to Indian oil cut plans

Iran has cut by one-third the time it gives to Indian refiners to pay for oil they buy from it and has also raised ship freight rates as a retaliatory measure to New Delhi’s decision to reduce Iranian oil imports.