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Government gives due recognition to ONGC as HPCL’s promoter
June 24, 2019

Government gives due recognition to ONGC as HPCL’s promoter

While India’s refinery major, HPCL continues to acknowledge its majority shareholder ONGC as a promoter, the Government of India has now stepped up and started giving ONGC its due credit. Sources have revealed that state headhunter PSEB called on ONGC Director to assist in picking the new Director (Finance), HPCL. ONGC completely acquired Government’s 51.11% stake in HPCL last year, the refiner has consistently listed "President of India" as its promoter.

HPCL seeks 8k crore rupees in loan to fund expansion
May 22, 2019

HPCL seeks 8k crore rupees in loan to fund expansion

Refinery major, HPCL is looking to borrow ₹8k crore to carry out its expansion plans. HPCL Chairman, MK Surana said that the proposed plan of raising Rs 12,000 crore in debt has been approved by shareholders. While HPCL is yet to decide upon the time or size of borrowings, it is clear that the fundraising does not involve borrowing plans of subsidiaries.

HPCL-MRPCL merger affected by ONGC's decision
April 29, 2019

HPCL-MRPCL merger affected by ONGC's decision

India's HPCL is planning the acquisition of MRPL which has hit a cash hurdle at the moment. The parent company of HPCL, ONGC, wants to go for cash instead of a share-swap, informed the sources. ONGC acquired HPCL for Rs 36,915 crore last year. However, all this time HPCL has been talking about the acquisition through the Oil Ministry and media and is not yet ready with a concrete proposal.

Despite Govt order, ONGC not recognised as promoter by HPCL
April 22, 2019

Despite Govt order, ONGC not recognised as promoter by HPCL

HPCL’s stance on the promoter classification has remained resolute one year after its Rs. 37000 crore-acquisition by ONGC. In a recent regulatory filing, HPCL continued recognizing the Government as its promoter and ONGC as a public shareholder. HPCL’s shareholding pattern hasn’t changed despite a government directive asking it to acknowledge ONGC as the promoter. In response to an inquiry, HPCL has said that it is awaiting certain clarifications from authorities.

HPCL Shapoorji's LNG terminal gets MoEF approval
March 19, 2019

HPCL Shapoorji's LNG terminal gets MoEF approval

India's HPCL Shapoorji Energy Private Ltd (HSEPL) is planning to develop new LNG storage and re-gasification terminal at Chhara in Kodinar. The company has received approval by the ministry of environment, forest and climate change (MoEF). HSEPL is planning to set up 5 million tonnes per annum LNG terminal. The project cost is expected to be Rs 5,408.82 crore.

HPCL asked to recognize ONGC as a promoter
Feb. 5, 2019

HPCL asked to recognize ONGC as a promoter

If sources were to be believed, the Government of India has asked refinery major HPCL to recognize state-run ONGC as a promoter in its filings. ONGC acquired HPCL in a ₹37,000-crore acquisition deal in 2018, but HPCL management has persistently blocked ONGC to establish its authority. The government is now looking to end the feud between the entities which has been obstructing synergy gains from the merger.

Big revelation about ONGC GSPC deal
Oct. 22, 2018

Big revelation about ONGC GSPC deal

The former chairman of India's ONGC, DK Sarraf revealed that ONGC bought the stakes of Gujarat State Petroleum Corp (GSPC) in KG basin block at Rs 8,000 crore when the asking price was Rs 20,000 crore. He said that unlike the comments of opposition, ONGC’s move to meet the disinvestment target through GSPC by selling the stake in HPCL was “strategic and of immense value proposition”.

Saudi Arabia to supply crude to India
Oct. 11, 2018

Saudi Arabia to supply crude to India

If sources were to be believed, Saudi Arabia will supply additional 4 million barrels of crude to Indian buyers in November. This act by Saudi Arabia shows that the world’s biggest oil producer wants to curb the supply gap that will be created due to US sanctions against Iran. According to the sources, HPCL, RIL, BPCL and Mangalore Refinery will buy 1 million barrels each from the oil producing nation.

ONGC repays a portion of loan
Aug. 20, 2018

ONGC repays a portion of loan

If sources were to be believed, ONGC has used its internal resources to pay for the third of Rs 24,881 crore loan it had taken to buy HPCL. Earlier this year, the company got approval from the government to sell its stake in IOC and GAIL to repay the loan but has now decided otherwise. Acquisition of HPCL by ONGC led to the creation of nation’s first integrated oil company.

Oil Ministry clarifies over HPCL promoter classification
Aug. 10, 2018

Oil Ministry clarifies over HPCL promoter classification

Clearing the confusion over HPCL promoter classification issue, Oil Minister Dharmendra Pradhan said that Oil and Natural Gas Corporation (ONGC) is the promoter of the state-run refiner. Replying to a question posed by media Pradhan informed at a press conference “Today it is ONGC. Do not get into the technicalities of it.” Earlier this year, ONGC bought a 51.1 percent stake in HPCL for Rs 37,000 crore.

HPCL reports first quarter earnings
Aug. 9, 2018

HPCL reports first quarter earnings

Fuel retailer, Hindustan Petroleum Corporation (HPCL) reported a hike of 86% in its net profit for the first quarter at Rs 1,719 crore. The company’s income from operations increased by 21% in the recent quarter. In the corresponding quarter last financial year, HPCL reported a net profit of Rs 925 crore. The crude throughput increased only by less than 1% to 4.52 MT in this quarter.

ONGC writes to HPCL over promoter classification
Aug. 6, 2018

ONGC writes to HPCL over promoter classification

Indian E&P major, ONGC has written to HPCL to correct its stock exchange filing to display the true promoter, sources related to the matter said. The Government of India’s 51.1% stake in HPCL was acquired by ONGC this year, in Rs 36,915 crore. However, HPCL's latest filing to the stock exchange listed 'President of India' as the promoter, and ONGC under 'Public Shareholder'.

Report on Indian PSUs accidents released
July 28, 2018

Report on Indian PSUs accidents released

An Indian Parliamentary panel has reported a drop in number of accident in the facilities of the government oil firms, but the number of such cases in ONGC, HPCL and other state run explorers continues to be high. 149 accidents were recorded by HPCL while GAIL recorded the least number of accidents. The committee has recommended an increase in the safety and security of the facilities.

Clash over access to Mumbai ATF Pipelines
July 15, 2018

Clash over access to Mumbai ATF Pipelines

The battle for access to Mumbai’s ATF pipelines is heating up with aviation companies, like Emirates, now standing alongside RIL for third-party access to the pipelines. PNGRB, which acts as a watchdog for oil and gas industry related matters, in May, sought opinions on making Mumbai’s ATF pipelines, operated by HPCL-BPCL, a common carrier. While RIL is supporting the thought, the PSUs are negatively opinionated on the matter.

CCI dismisses unfair business practice complaint
July 9, 2018
Source: Economic Times

CCI dismisses unfair business practice complaint

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.

HPCL and MRPL merger update
July 5, 2018
Source: Economic Times

HPCL and MRPL merger update

If sources were to be believed, HPCL is planning to use a combination of shares, oil bonds and cash to complete the payment required to acquire and merge MRPL. To acquire the 83% of MRPL’s share, HPCL will have to expend nearly ₹11,500 crore. The agreement between HPCL and MRPL might put off the planned merger of ONGC Mangalore Petrochemicals Ltd (OMPL) with parent MRPL, considering tax benefits.

HPCL and MRPL merger likely in 2019
May 23, 2018
Source: Economic Times

HPCL and MRPL merger likely in 2019

HPCL's CMD Mukesh K. Surana has stated that HPCL is looking towards acquiring MRPL by the end of the financial year 2018-19. A lot of synergies will arise from this merger for both HPCL and MRPL, all the while boosting HPCLs refining capacity and adding more products to its output. HPCL was acquired by ONGC earlier this year for Rs. 36,915 crores.

HPCL to set up Rs 136-cr LPG plant in Bihar
April 7, 2018
Source: Economic Times

HPCL to set up Rs 136-cr LPG plant in Bihar

Hindustan Petroleum Corporation Limited (HPCL) has received the clearance from the Indian Union Environment Ministry for establishing a new LPG plant with bottling and storage facilities in East Champaran, Bihar that will require an investment of Rs.136.4 crore. The objective is to increase rural penetration of bottled LPG cylinders in Bihar in a safe and environmental-friendly way.

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