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Big revelation about ONGC GSPC deal category
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 category
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 category
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 category
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 category
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 category
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 category
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 category
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 category
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 category
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 category
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 category
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.

Relief for state owned oil firms as they pay 16 percent less dividend income category
March 16, 2018
Source: Economic Times

Relief for state owned oil firms as they pay 16 percent less dividend income

State owned oil firms will be paying 16% less dividend income to the government in FY2018. This development occurred as the government gained Rs. 37,000 crore from sale of its stake in Hindustan Petroleum Corp. to ONGC. Oil firms happen to be biggest contributors of dividend income for the Indian government and must pay a minimum annual dividend of 30% of its net profit or 5% of its net worth.

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