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If sources were to be believed, oil supermajor Saudi Aramco is interested in acquiring stakes in Indian downstream major, BPCL. In the biggest privatization bid in the Indian history, the Government of India is aiming to farm out its stakes in BPCL to private investors. Sources revealed that the Saudi state-run behemoth is in the process of evaluating its Indian investments and viewing BPCL buy out as a good opportunity.
Total and Reliance Industries might not bid for acquiring India's BPCL. Further, BP wants to explore the offerings before making a decision to decide for bidding. The Indian government has decided to sell 53.29% stakes of oil refining and marketing company BPCL. The firm accounts for 15% of the total installed refining capacity of the nation. Saudi Aramco might alone bid for the stakes or may have another partner, ADNOC.
In a major shakeup to the fuel retailing sector, the Government of India has repealed the legislation that had nationalized the downstream major, BPCL. The move will do away with the requirement to look for a Parliamentary nod before selling it off to private and foreign firms. The state is mulling to farm out most of its 53.3% stake in BPCL to a strategic partner, to encourage competition.
India’s state-run refiner, BPCL registered a 41.48% plunge in profits for the first quarter. BPCL collected Rs 1,799.59 crore in profits, slipping from Rs 3,075.06 crore in the corresponding quarter last year. The oil guzzler’s income dipped 4.01% from Rs 83,605.07 crore to Rs 86,956.29 crore. Ebitda was Rs 2,981.9 crore against Rs 4,598 crore last year.
Keeping in line with their biggest-ever expansion of fuel retail network, state-owned oil majors have released letters of intent (LOI) for over 9,000 new petrol pumps. The companies are now moving swiftly to choose dealers for new pumps. An LOI contains the company’s intent to employ an applicant as a dealer at a specific location, subject to conditions.
Bharat Petroleum Corporation Limited (BPCL) has initiated a project which will be an exemplar for the entire state. The firm's new facility will produce 100 kilolitres (KL) second generation bio-ethanol per day near Bhandara. The bio-ethanol will be produced using paddy straw. Guardian Minister Fuke informed that they will soon hand over 74 hectares of land to BPCL. Further, the company will invest Rs1,300-1,500 crore in the project.
India's Bharat Petroleum Corporation (BPCL) planned to invest $2.2-2.4 billion in the Rovuma Offshore Area-1 gas field in Mozambique. This investment plan has got approval after being scrutinised by the group of ministers. But it is still waiting to get a nod from Cabinet Committee on Economic Affairs (CCEA). Apart from BPCL, ONGC Videsh and Oil India also have stakes in this field.
India's second largest fuel retailer, BPCL has reported an increase in its profit in the fourth quarter. Its profit jumped by 16% and was at Rs 3,125 crore by the end of the quarter. The company said, "The Corporation has accounted for compensation towards sharing of under-recoveries on sale of sensitive petroleum products of over Rs 882.65 Crores by way of subsidy from Government of India for the current period”.
In an inauguration ceremony yesterday, Prime Minister Narendra Modi unveiled BPCL’s integrated refinery expansion complex in Kochi. The integrated refinery comes with world class standards and would establish Kochi Refinery as the largest PSU refinery in India. The Prime Minister also laid the foundation stone for a new petrochemical complex at the Kochi refinery, apart from inaugurating a mounded storage vessel at the LPG bottling plant of the IOCL refinery.
In an interview last week, director for refineries at BPCL said that the downstream major will import 5mn tonnes of various grades of Iraqi crude in 2019. He also said that importing more crude from Iraq will let BPCL to displace some portion of the other Middle East crude. BPCL enhanced the capacity of Kochi refinery to 15mn tpa, which will allow them to process more dirty cheap crudes.
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.