BPCL CRUDE UNIT
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.
BPCL adds fuel to capex fire, hires I-bank for Rs 31,000 crore loan
Bharat Petroleum Corp Ltd has mandated SBI Capital Markets to arrange a Rs 31,000 crore loan for the planned capital expenditure at its Bina refinery complex in Madhya Pradesh.
Nifty hits fresh record high, Sensex soars 500 pts on gains in IT stocks; Fed outcome in focus
Indian shares kicked off Wednesday's trading session on a positive note, driven primarily by gains in IT stocks. The market anticipates the release of a crucial U.S. inflation report and the Federal Reserve's policy decision, both of which are likely to impact near-term interest rate trends.
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.
Sensex surges over 500 points to fresh peak; Nifty above 22,650
Domestic benchmark indices hit new highs with Nifty leading the gains. Energy, metals, and realty sectors shine, while IT companies' performance remains crucial.
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.
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US-bound ship from Reliance's Sikka port hits BPCL crude import facility, sources say
The tanker was carrying gasoline-blending fuel known as alkylate for Reliance Industries' U.S. unit from a refinery in Jamnagar in Gujarat state, according to the sources, who added the extent of damage was not yet known.
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.
Energy stocks gain up to 8% led by IOC, IREDA, and others. Here's why
The Nifty Oil & Gas index hit a fresh 52-week high for the second session in a row. It hit a peak of 11,368.30 as 9 out of 15 stocks in the index were trading in the green.
Energy stocks gain up to 10% led by BPCL, RIL, IREDA. Here's why
Renewable energy stocks were also in action since a slew of announcements by Finance Minister Nirmala Sithraman in her last budget of the Modi 2.0 government. Shares of Indian Renewable Energy Development Agency (IREDA), Waaree Renewable, Gensol Engineering, KPI Green Energy and Inox Wind were up 5% each.
Fuel price cut reports speculative: BPCL
"The global situation remains volatile. Therefore, it would be difficult to comment on when and whether the prices will be changed, at this stage due to the sensitivity of the matter."
Stocks of oil marketing companies surge up to 7% as crude oil slips to 3-month lows
Crude oil prices fell on Wednesday to their lowest in over three months, after industry data showed a steep build in US crude supplies, while mixed Chinese economic data raised worries about global demand for crude, a Reuters report said.
As India frowns on paying for Russian oil with yuan, some payments held up, sources say
The Indian government's reluctance to allow state-controlled refiners to pay for Russian oil imports with Chinese currency has caused delays in payment for at least seven cargoes. While the tussle over payment has not affected deliveries, Indian refiners are seeking alternative ways to settle the payments. Indian refiners have been using yuan to pay for some oil from Russian sellers, but the government has become uncomfortable with this practice.
Fuel retailers will report EBITDA loss if crude oil prices touch $100: Moody's
"We estimate that the OMCs will start incurring EBITDA losses in the second half of fiscal 2024 if crude oil prices increase to around $100/bbl. Nonetheless, we believe high oil prices are unlikely to be sustained for long as global growth weakens," Moody's analyst Sweta Patodia said.
Prime Minister Narendra Modi to lay foundation stone for Rs 50,000 crore expansion project of BPCL refinery in MP's Sagar
Prime Minister Narendra Modi will lay the foundation stone of Bina Refinery's expansion project entailing Rs 50,000 crore investment as well as that of new units at Hadkal village, some 70 kilometres from the district headquarters, he said. The Bharat Petroleum Corporation Limited's Bina Refinery was inaugurated by then prime minister Manmohan Singh in May 2011.
Crude oil price @ $90: Election year burden haunting petrol, diesel retailers once again
Due to lower Brent prices and unchanged retail fuel prices in Q1, the implied marketing gross margin (GMM) for OMCs had improved to Rs 8.8 per litre from Rs 3.1 per litre in the previous quarter.
ONGC plans oil-to-chemical plants in pivot towards energy transition
India's top oil and gas producer, ONGC, plans to establish two oil-to-chemical plants in India to convert crude oil directly to high-value chemical products, as the company prepares for the energy transition. The production of chemicals using crude oil is regarded as a new avenue since companies worldwide are looking for alternatives as the world gradually moves away from fossil fuels.
Centre profiteering by mercilessly imposing taxes on petrol, diesel: Cong
The Indian Congress has accused the Modi government of being engaged in looting citizens and has demanded the benefits of falling crude oil prices be passed onto the public. Congress party general secretary, Jairam Ramesh, said if fuel taxes were lowered to pre-Modi levels, petrol and diesel prices could be reduced by 35 per cent.
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Russia oil discount to India shrinks to $4, delivery charges remain opaque
Russia bills Indian refiners at a price shade less than the USD 60 per barrel price cap imposed by the West but charges anything between USD 11 to USD 19 per barrel, twice the normal rate, for delivery from the Baltic and Black Sea to the west coast, three sources with knowledge of the matter said.
Oil companies to turn profitable on fuel marketing in FY24: Fitch
Fitch Ratings expected India's petroleum product demand in the financial year ending March 2024 (FY24) to grow by a mid-single digit percentage after a 10 per cent rise in FY23, which was aided by the post-pandemic pent-up demand.
India is starting to reach the limits of its Russian oil splurge
Moscow accounted for 46% of India’s oil imports last month, according to data from analytics firm Kpler, a staggering leap from less than 2% before the invasion of Ukraine. In absolute terms, May marked a high. Granted, China too has taken far more Russian crude over the past year, with imports hitting records, but it is India, a strategic US partner, that has stepped in from the wings to prop up the Russian economy.
BPCL to shut half of Mumbai refinery for a month from Sept 21
The refiner plans to shut a 120,000 bpd crude unit, a fluid catalytic cracker (FCCU), continuous catalytic reformer, and a catalytic cracker among other units at the refinery, a company spokesman said. BPCL also plans to shut a bitumen unit there for 15 days from mid-August, he said.
BPCL in talks with Rosneft to buy oil priced on Dubai benchmark -sources
Under the pending deal, Rosneft would deliver the equivalent of 6 to 7 cargoes of about 700,000 to 720,000 barrels each per month through March 2024 to Bharat Petroleum Corp Ltd (BPCL) , according to the sources, who declined to be named as they were not authorised to speak to media.
Rosneft sends JV feelers to PSU refiners for India unit
Russian energy company Rosneft is reportedly looking to develop a greenfield refinery in India in partnership with state-owned local refiners. India's state-run refiners are pursuing a new project as they scale-down plans for a proposed $44bn refinery on the country's west coast. Rosneft is understood to have had preliminary conversations with officials from state-run refiners and the Indian government regarding the new project, which would be separate from its current Gujarat refinery operation. It is unclear which local refiner will partner Rosneft but Indian Oil and Bharat Petroleum Corp Ltd. could be amongst potential candidates.
Reliance, BPCL among buyers using UAE currency for Russian oil
Buyers have shifted some transactions to the currency, according to people with direct knowledge of the matter. Payments vary from cargo to cargo, depending in part on the demands of specific traders, said the people, who requested anonymity as the details are private.
Indian refiners scout for oil deals ahead of EU ban on Russian crude
Indian Oil Corp, the country's top refiner, and Bharat Petroleum Corp are seeking term deals with countries, including the United States, industry sources said. The move towards term deals marks a shift in refiners' purchasing strategy, which had been geared towards maximising spot purchases in past years when supplies were abundant.
Indian refiners scout for oil deals ahead of EU ban on Russian crude
Indian Oil Corp, the country's top refiner, and Bharat Petroleum Corp are seeking term deals with countries, including the United States, industry sources said.
BPCL unit's $1.6-billion investment in Brazilian oil block okayed
BPRL has a 40% participating interest in the Brazilian block- BM-SEAL-11 - which is expected to start production in 2026-27. With 60% participating interest, Petrobras, the national oil company of Brazil, is the operator of the block.
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