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India’s Bharat Petroleum Corp Ltd (BPCL) released its second quarter earnings. Mumbai refinery unit of the organization was closed by a fire which had a negative impact on the overall earnings. The profit of this quarter, 12.18 billion Indian rupees, was below the expectations of the analysts. The Q2 profit of this year halved the profit of corresponding quarter of the last year which was 23.57 billion rupees.
Bina Refinery is a joint venture (JV) of India’s BPCL and Oman Oil Company. Strategizing its expansion plans, BPCL has decided to abandon its IPO plans for the JV. The reason behind this decision is that Bina is generating enough liquidity to finish the ongoing expansion and also “because Kuwaiti Petroleum is keen to pick up a stake”. IPO would have offered an exit option to Oman Oil.
Bothered by a series of fire accidents this year, the Indian PSU Bharat Petroleum Corporation Limted (BPCL), is preparing to move its LPG facility out of Mumbai. In an attempt to strengthen safety, the LPG facility will be shifted to Rasayani. The move is expected to help cut down 43% of truck movement near the refinery. Similar relocation might come for its other refineries in Kochi, Numaligarh, and Bina as well.
Post the Annual General Meeting of BPCL, India, the Chief MD of the company cleared the air on rising fuel prices. The government has not communicated anything regarding pulling down the oil prices and thus, the company seeks no future plans on absorbing the same. The ongoing turmoil in the country w.r.t the upsurge in fuel prices had no effect on the prices, it climbed up on Tuesday.
India’s state-owned BPCL will be increasing its Cherlapalli LPG bottling plant’s storage capacity. State head of BPCL informed that an extra 1200 tonnes will be added to the present storage capacity of the bottling unit. The construction of 1200 tonnes is planned to be completed by January-February of next year. The oil giant this year has facilitated the state with 1.5 lakh new connections with the help of Ujjwala Scheme.
Even though BPCL’s unit in Kochi suffered a crude supply shortage amidst floods in the state, output from the refinery stayed largely uninterrupted, said Ex-director Prasad K Panicker. The Kochi refinery processes 15.5 million tonnes of crude oil per annum (MMTPA). Indian state Kerala suffered severe floods for almost a fortnight. Life is slowly crawling back in the state to normal.
A second-generation ethanol plant project of state-backed BPCL has been approved by the Environment Ministry of India. BPCL is investing Rs. 747.46 crores in the ethanol bio-refinery of 100 kilo litre per day capacity, to be set-up in Odisha. The project has come off when the Indian Government is targeting 5% petrol-ethanol blend by 2020. BPCL is planning to use Lignocelluloses biomass as a feedstock for the bio-refinery.
Strong refining margins helped Indian state-owned BPCL to take a big jump in its first-quarter earnings. The firm reported a three-fold rise in profits from the previous year to USD 334.16 million in the first quarter. The difference between the cost of processed crude and the prices of refined products, called the average gross refining margin, climbed to $7.49 per barrel.
State-owned Bharat Petroleum Corp. Ltd. (BPCL) refinery at Mahul, India witnessed an explosion yesterday when a hydrocracker unit caught fire, leading to 40 injured workers. The official statement from BPCL assured safe shutdown of the unit. Fire-fighting teams are keenly monitoring the refinery. BPCL will, additionally, set up an investigative team for the matter. The hazard was categorised as a level III (major) blaze.
India’s state-owned firms, reportedly, spent only about 20% of the planned CAPEX in the first quarter. The expenditure in Q1, which amounted to some 18, 000 crores, came largely from IOCL, BPCL, and ONGC. While IOCL spent about a quarter, BPCL’s expenditure was close to 28% of their planned CAPEX. The expenses were planned for exploration and production and expanding the refining, transport and marketing infrastructure.
The Competition Commission of India (CCI) yesterday dismissed an allegation made against Indian oil firms – BPCL, IOCL, and HPCL – pertaining to unfair business practices. The unidentified complainants had blamed the oil majors of putting on anti-competitive terms in the notice seeking tenders floated "identically/ jointly/ parallelly" in different states. Concerns were also raised on the introduction of an identical price band within which bidders were forced to quote.