Mangalore Refinery and Petrochemicals Ltd (MRPL) on Thursday loaded for the first time a Railway rake of 59 wagons with pet-coke produced in the refinery. The MRPL, with this, will be supplying its pet-coke to major industries across the country partly through railway wagons (rakes). While supply to the nearer destination through truck shall continue. […]
Category: Oil & Gas
Saudi Aramco raises $25.6 bn in largest-ever IPO
Saudi Arabia’s state oil company Aramco launched its initial stock offering on Thursday, pricing at the high end of the target range and raising $25.6 billion, two sources told AFP. The sum raised by the oil giant surpasses the $25 billion garnered by the Chinese online trading group Alibaba in 2014 when it entered Wall […]
OPEC considers output cuts as global growth slows
Major oil-exporting countries met in Vienna Thursday amid speculation they want to deepen output cuts as slowing global economic growth and abundant reserves put pressure on oil prices. The current cuts of 1.2 million barrels per day from October 2018 levels were originally fixed in December last year and we’re already extended at OPEC’s last […]
J-K gas cylinder blast: Six dead as two more succumb
Two critically injured minor siblings Saturday succumbed to burn injuries at a hospital, raising the death toll in a gas cylinder blast at a house in Ramban district of Jammu and Kashmir to six, officials said. With their death, Bishan Dass had lost his wife and five children — four daughters and a son — […]
CCI approves Total Group’s stake-buy of Adani Gas
The Competition Commission on Thursday said it has given approval to the acquisition of 37.4 percent shareholding and joint control by Total Group in Adani Gas. The proposed combination represents an investment opportunity for Total along with its subsidiaries and affiliates (Total Group) given the future of natural gas business in India. “Total Group believes […]
RIL first Indian co to hit Rs 10 lakh-cr m-cap
Mukesh Ambani-controlled Reliance Industries Ltd (RIL) has become the first Indian company to test Rs 10 lakh crore market valuation. The company opened the day’s trade at the valuation of Rs 9.95 lakh crore, but as its scrips rallied in the Indian market, the market capitalization of the firm zoomed passed Rs 10 lakh crore […]
Awaiting the switchover to BS-VI fuels
New units and facilities to produce BS-VI compliant fuel, a desalination plant and fixing the logistics are some of the areas the Mangaluru based Mangalore Refinery & Petrochemicals Ltd (MRPL), an ONGC subsidiary, is focussing on, in the coming quarters. The company has started to produce BS-VI grade diesel and petrol, which will be available […]
Aramco, Exxon Mobil may be approached for BPCL sale
The government will approach Exxon Mobil of US, BP Plc of UK, Total SA of France and Saudi Aramco as it plans to sell public sector oil major BPCL in before March 2020. At its current prices, BPCL is expected to fetch close to Rs 63,000 crore to the exchequer as against the asset sale […]
IOC, other PSUs to not bid for BPCL, hints Pradhan
Oil Minister Dharmendra Pradhan on Thursday hinted that public sector firms such as Indian Oil Corporation (IOC) may not be allowed to bid for buying government stake in Bharat Petroleum Corporation Ltd (BPCL), for which a buyer may have to shell out as much as Rs 90,000 crore. The Cabinet Committee on Economic Affairs had […]
BPCL, SCI stake sale to bring fresh investments: FICCI
Industry body FICCI on Thursday hailed the centre’s go-ahead to the sale of its stake BPCL, SCI and Concor stating that the move would strengthen the performance of these companies and bring in fresh investments for both modernisation and expansion. “It is encouraging to see the government take further steps to push the reforms agenda […]
Cabinet approves stake sale in BPCL, four other PSUs
The Union Cabinet on Wednesday approved the sale of the government’s stake in five blue-chip public sector companies, including Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and Container Corporation of India along with its management control to strategic buyers. The move comes in the wake of a tardy sale of PSUs so […]
Oil prices steady after 2-day drop amid growth concerns
Oil prices were steady on Wednesday, after falling the past two days, as a surge in U.S. stockpiles reinforced concerns about lacklustre global economic growth amid the trade war between the United States and China, the world’s two biggest oil consumers. West Texas Intermediate (WTI) crude futures rose 11 cents, or 0.2%, to $55.32 a […]