Mangalore Refinery and Petrochemicals Ltd (MRPL) today reported a 15 per cent rise in its second quarter net profit as refinery margins soared.
Hindustan Petroleum Corp Ltd (HPCL) is likely to acquire Mangalore Refinery and Petrochemicals (MRPL) in a share-swap deal to become India’s second-largest oil refiner.
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.
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.
The Centre has given green signal to MRPL for upgrading its existing facilities in Karnataka to produce and supply fuel as per BS VI specification, which would entail an investment of Rs 1,810 crore.
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.
Mangalore Refinery and Petrochemicals Ltd today reported its highest quarterly profit in the three month period ended March 31 after it reversed a foreign exchange provision.
Iran may cut the credit period on crude oil sales to IOC, MRPL to 60 days from 90 and reduce the discounts on shipping of crude to 60% from 80%, people familiar with the matter said.
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.
Mangalore Refineries and Petrochemicals Ltd (MRPL) may sell shares to comply with rules that mandate listed companies to have at least 25% of their equity with the public