BHARAT PETROLEUM CORP
BPCL subsidiary gets NCLT nod to take over Videocon Oil
Bharat PetroResources secured the acquisition of Videocon Oil Ventures by matching offers and paying upfront, resulting in minimal creditor recovery. The resolution professional managed claims totaling Rs 30,640 crore from financial creditors.
NCLT approves BPCL subsidiaries acquisiton of VoVL
"The argument raised...that ROFR acts against there being a level playing field is equally fallacious. Being fully aware of the ROFR availbale to Bharat Petro and its implications PRIO submitted an offer for a commercial value that it believed would dissuade Bharat Petro from exercising its ROFR....There is no question on Bharat Petro's ROFR having an impact on the playing field between parties," the court said.
BPCL sees nearly flat annual crude processing, executive says
Bharat Petroleum Corp (BPCL) anticipates no major changes in its annual crude processing for the current fiscal year despite a planned maintenance shutdown. BPCL will temporarily close a 120,000 bpd crude unit at its 310,000 bpd Kochi refinery for a month starting mid-September, stated Sanjay Khanna, BPCL’s head of refineries. Last fiscal year, BPCL processed nearly 800,000 bpd across its three refineries. BPCL is also expanding its Bina refinery to 220,000 bpd by mid-2027 and constructing a petrochemical plant to be operational by mid-2028.
India's May oil imports: Russia at record high, Saudi lowest in 10-month
India's oil imports from Russia hit a record high of 2.1 million bpd in May as discounts widened due to lower demand from China. Some European nations avoided Russian oil after the Ukraine invasion, making Russian oil cheaper than similar grades from the Middle East.
IGL to diversify into solar rooftop, battery recycling
"With the exponential growth being witnessed in the electric vehicle market, demand for batteries has risen significantly. Many rare earth metals go into battery manufacturing, so IGL thinks recycling them could be a lucrative option, especially when not many companies are doing it," said another senior industry executive.
India eyes oil deals with nations including Russia, minister says
Indian Oil Minister Hardeep Singh Puri announced Bharat Petroleum Corp's plan to build a new refinery. The nation aims to sign more oil import deals with countries, including Russia, at discounted rates. Prime Minister Narendra Modi seeks to provide energy at affordable rates to cushion customers from volatile oil markets.
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Stocks in news: IndiGo, Mphasis, IRB Infra, Raymond, BPCL
Domestic markets opened lower with focus on various companies' developments including IndiGo, Mphasis, IRB Infra, Cintra, RVNL, Siemens, Raymond Realty, BPCL, JSW Steel, Bharat Petroleum Corporation, Lupin, Global private equity, and Central Railway project.
Big electoral bond buyer Megha Engineering to sell city gas business
Megha City Gas Distribution (MCGDPL), a wholly-owned subsidiary, has decided to consolidate operations and reached out to state-run Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Indraprastha Gas, among other players. It ventured into city gas distribution under the brand name Megha Gas in 2015 and continued to operate as MEIL till FY22.
India has a rare request for Reliance & state refiners on Russia oil deal
India has urged state-run oil refiners and Reliance Industries Ltd. to negotiate a long-term supply deal with Russia to shield the economy from volatile prices. While the government wants collaboration, Reliance's reluctance to share sensitive information poses a challenge. India seeks discounted oil amid tighter US sanctions.
Large PSUs' capital expenditure reaches ₹50,200 crore in April FY25, slower growth than previous year
Large public sector companies in India spent over Rs 50,200 crore on capital expenditure in April FY25, 6.46% of the annual target of Rs 7.77 lakh crore. Spending was lower than in April FY24. The Finance Ministry expects spending to increase. Railways, roads, and oil and gas sectors drove the expenditure.
Share market update: Most active stocks of the day in terms of total traded value
The NSE Nifty index was trading 154.21 points down at 22148.3
Hindustan Petroleum to set up a global oil trading desk
Hindustan Petroleum Corp. Ltd (HPCL) plans to establish an international oil trading desk as part of its Visakh Refinery Modernisation Project. The move aims to modernize the refinery, increase refining capacity, and improve distillate yields. A trading desk helps companies procure crude oil from the international market on a real-time basis, helping cut import prices.
Exceeding target: Oil PSUs made a capex of ₹1.28 lakh cr in FY24
State-run oil companies exceeded capex targets, with IndianOil leading in spending. ONGC focused on drilling more wells for energy prospects. HPCL invested in a refinery project, while GAIL and Oil India also increased spending.
LNG importers rush to buy spot cargoes as price hits 3-year low
LNG importers Gail, Gujarat State Petroleum Corporation (GSPC), Torrent Gas, Bharat Petroleum Corp (BPCL) and Indian Oil Corp (IOC), among others, are buying spot cargoes as the Asia spot LNG price has fallen between $8.3 and $9 per million British thermal units (mmBtu) due to weak demand and high inventory in both Asia and Europe, giving these companies room to expand sourcing and sales to the power, fertiliser, refining and other sectors.
BPCL: Bharat Petroleum signs 4-month US oil purchase deal with BP, sources say
Bharat Petroleum Corp has made a significant agreement with BP to purchase 1 million barrels per month of U.S. West Texas Intermediate crude for a four-month period, according to trade sources. The deal involves the refiner commencing the receipt of the oil starting from June.
Russia’s disrupted oil trade crimps margins for Indian refiners
India's state-run refiners are facing challenges as Russian oil becomes more expensive and less accessible due to higher freight rates and US sanctions. The attacks in the Red Sea by Houthi rebels have disrupted fuel trade, impacting Indian refiners and potentially eroding their competitive edge.
BPCL to set up first-ever green hydrogen plant in an Indian airport
Green hydrogen, which is produced from water using renewable energy sources, is recognised as a future fuel and aligns with carbon-neutral strategies. Indian companies are investing billions of dollars to reduce emissions to meet the country's goal of net zero emissions by 2070. India is also expanding the use of biofuel in its transport sector to achieve this goal.
Russian oil: India’s state oil refiners in talks with Rosneft to secure Russian crude for long term
Indian state oil refiners, Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp, are in talks with Rosneft Oil Co PJSC for long-term supplies of Russian crude. The refiners aim to secure about 500,000 barrels per day of Russian crude supplies to diversify their sources.
BPCL avoiding Russian Sokol crude oil purchases due to payment issues: Source
Urals oil, Russia's flagship export blend loaded from its western ports, is mostly supplied to Asia due to a European Union embargo on Russian oil, with India becoming its top buyer for seaborne oil. Meanwhile, there have been no disruptions in BPCL receiving Russian crude due to the Red Sea crisis and the company will buy crude from any source as long as it is financially viable, head of refineries Sanjay Khanna said on the sidelines of the India Energy Week event in Goa.
BPCL to shut 4.5 mln ton/year crude unit at Kochi refinery in Sept-Oct
However, the company is also looking to expand its refining capacity by 25% in the coming four years, an executive told Reuters. Earlier this month, BPCL announced a net profit of Rs 22,449.32 crore in the 9-month period of current fiscal as compared to a loss of Rs 4,607.64 crore in the same period last year.
ONGC, IOC, other oil PSUs to invest Rs 1.2 lakh crore in FY25
ONGC, IOC, and other oil PSUs plan to invest Rs 1.2 lakh crore in oil and gas exploration, refineries, petrochemicals, and pipelines in the coming fiscal year. ONGC's capital spending will be Rs 30,800 crore, slightly higher than the previous year. OVL, ONGC's overseas arm, will invest Rs 5,580 crore abroad. IOC will invest Rs 30,910 crore, primarily in refinery expansion. BPCL plans to spend Rs 13,000 crore, while HPCL will invest Rs 12,500 crore.
India may halve Budget support to state-run oil firms for energy transition
Modi government had set aside Rs 35,000 crore in the 2023-24 budget for “priority capital investments towards energy transition and net zero objectives, and energy security.” This included Rs 30,000 crore to be allocated to state-owned fuel retailers, with the rest earmarked for strategic petroleum reserves.
Indian refiners set to ask for extra Saudi oil after sharp price cut
Indian Oil Corp and Bharat Petroleum Corp are considering lifting an additional 1 million barrels of oil each from Saudi Aramco in February. The move comes after the kingdom cut the official selling price of its key export grade for February to the lowest in 27 months. The Indian Oil Corp is also seeking more oil from Saudi Arabia and West Africa due to difficulties in buying Russian light sweet crude Sokol.
India set to halve oil refiners' FY24 energy transition equity support
India intends to slash equity investment to $1.8 billion in 2023/24 to aid state oil refiners' eco-friendly initiatives, aiming to restrain fiscal deficit. With plans to cap fiscal deficit at 5.9% of GDP, Bharat Petroleum Corp, Hindustan Petroleum Corp, and Indian Oil Corp target carbon neutrality by 2040-2046. The reduced $3.61 billion equity support will be staggered, with $1.8 billion allocated in 2023/24. Refiners' solid financial state led to halving the funds, prompting planned rights issues adjustments. ONGC aims to increase government stake through share issuance, while financing options for HPCL include ONGC's rights issue.
Bharat Petroleum may join Reliance, IOCL to secure oil from Venezuela
Bharat Petroleum Corp (BPCL) is looking at buying Venezuelan oil., said BPCL's refinery head Sanjay Khanna. However, he said that these imports won't overshadow BPCL's Russian oil purchases. Reliance, Indian Oil Corp, and HPCL-Mittal Energy had already booked Venezuelan oil cargoes post-sanctions.
Q2 Review: Profits of 9 PSUs grow faster than sales; which stocks should you bet on?
The companies that saw profits grow faster than sales were REC, Power Finance Corporation, Coal India, NTPC, Bharat Electronics, IRCTC, Container Corporation of India, Gail India, and Oil and Natural Gas Corporation.
BPCL offers first gasoil cargo in over a year
According to three industry insiders, BPCL has recently put up its initial spot gasoil shipment for sale through a sales tender in over a year. BPCL aims to sell a minimum of 40,000 metric tons of gasoil with a 10ppm sulphur content, which is scheduled to be loaded on October 26-27 from Kochi. The tender will be open for submissions until October 3, with the sale being finalized on the same day.
Delhi HC upholds OMCs tender conditions for LPG cylinders
The Delhi High Court has upheld the eligibility criteria set by three leading oil marketing companies (OMCs) for their tenders for procurement of LPG cylinders. The criteria stated that cylinder manufacturers with common business ownership could only submit a single bid.
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