Oil Minister Dharmendra Pradhan today 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 on […]
Category: Oil & Gas
BPCL, SCI shares hit a 52-week high after privatisation move; pares gain later
NEW DELHI: Shares of Bharat Petroleum Corp Ltd (BPCL), Shipping Corp of India (SCI) and Container Corp of India (Concor) showed mixed trend on Thursday after the Cabinet approved sale of government’s stake in these companies. BPCL which opened the day 0.92 per cent higher at Rs 549.70 — its 52-week high — later erased […]
BPCL sale could help government achieve goal
NEW DELHI: Notwithstanding the government’s stance on completing the privatisation of public sector Bharat Petroleum Corporation Ltd (BPCL) by March 2020, there is a fear that few companies, including global majors, would be willing to mobilise as much as Rs 1 lakh crore to complete the transaction. ALSO READ: Overall tax mop-up could miss Budget […]
Government may permit ONGC to sell HPCL
NEW DELHI: The government will encourage ONGC, which acquired state-run HPCL at a huge cost of Rs 36,915 crore in a bid to help the government fulfil its disinvestment target, to sell the auto-fuels refiner and marketer in order to pare debt. A day after the Cabinet decided to sell off the government’s entire stake […]
Modi government selling the country: Congress on BPCL disinvestment decision
NEW DELHI: Criticising the government over its decision on disinvestment of BPCL and other companies, the Congress on Thursday accused it of “selling the country”. The Cabinet on Wednesday approved a strategic divestment of the government’s 53.29 per cent stake in BPCL, along with transfer of certain management control. This is excluding BPCL’s equity shareholding […]
Oil and Gas pavilion at Baliyatra
CUTTACK: Oil and Gas Pavilion was inaugurated at the fair ground by Leader of Opposition Pradipta Nayak in the presence of Subhajit Ghosh, State-level coordinator for Ministry of P&NG and Chief General Manager, Indian Oil, Odisha State Office. “The pavilion will help in spreading awareness on different initiatives undertaken by Ministry of P&NG in line […]
Negative diesel demand pushes Bharat Petroleum Corporation to export
MUMBAI: Bharat Petroleum Corporation Ltd (BPCL) had started exporting diesel in the July-September quarter, an unusual occurrence for public sector refining and marketing firm. BPCL said export of diesel continues in the current quarter as well, and it is trying to get term commitments so that it is able to get better price for exports. […]
With Aramco’s stock market debut, here’s the list of world’s biggest stock IPOs
RIYADH: Saudi Aramco on Sunday confirmed it planned to list on the Riyadh stock exchange, describing it as a “milestone” in the history of the energy behemoth. Depending on the size of the sale and Aramco’s valuation, it could be the world’s largest initial public offering (IPO). Chinese e-commerce giant Alibaba still holds the record […]
Petrol prices fall for 4th consecutive day, diesel prices down
NEW DELHI: Petrol prices dropped for the fourth consecutive day across the four metros on Monday, while diesel prices also registered a decline after a two-day break. Petrol prices in Delhi, Mumbai and Chennai were reduced by nine paise per litre, while in Kolkata there was a reduction of eight paise per litre. Diesel prices, […]
Riyadh awaits land to start $60-bn refinery project
Saudi Arabia, that has promised a massive $100 billion investment in India, says it awaits allocation of land to kick-off the world’s biggest greenfield refinery project planned on the west coast of India. On the sidelines of the Future Investment Initiative (FII), Dr Majid bin Abdullah Al Qasabi, the Minister of Commerce and Investment of […]
ONGC executives meet CM Jagan Reddy, seek help for offshore operations
VIJAYAWADA: A team from the Oil and Natural Gas Corporation (ONGC) Kakinada, along with executive director AJ Morbale, met Chief Minister YS Jagan Mohan Reddy on Thursday at his camp office and explained to him various developmental works taken up by the corporation. The officials sought the support of the State government to their eastern […]
Indian Oil profit nosedives by 83% in 2nd quarter
NEW DELHI: State-run Indian Oil Corporation has seen a sharp fall in its net profit during the second quarter of the current fiscal on account of inventory losses and lower refining margins. Net profit stood at Rs 563.42 crore during the July-Sept quarter, against Rs 3,246.93 crore profit it reported a year ago. The country’s […]