fetching latest news
News tagged in:
Auto fuel net marketing margin plummeted into the red at minus Rs 9.9 per liter in March 2022.
GAIL Gas Ltd, a unit of state gas utility GAIL, won the license for the Kodagan, Bastar, Sukma, Bijapur and Dantewada districts in Chhattisgarh.
They plan to spend ₹1,11,000 crore in the current fiscal year. ONGC spent ₹26,621 crore, against its budgeted expenditure of ₹29,800 crore. Its overseas arm, ONGC Videsh, fell far short of its target.
Under the Visakha Refinery Modernisation Project (VRMP), the capacity of the refinery would be expanded from the present 8.3 to 15 Million Metric Tonne Per Annum.
Hindustan Petroleum Corp’s increased profit by 157% to Rs 2,252 crore in the April-June quarter capitalizing on inventory gains and increased marketing margins. The gross refining margin for the quarter was $.04 per barrel compared to $0.75 in the year-ago quarter. Crude prices have more than doubled to $45 a barrel since late April. Product prices too have similarly risen.
India's downstream major, Hindustan Petroleum Corp Ltd (HPCL) yesterday informed about commissioning its first petrol pump in Bhutan in its bid to foray into the Himalayan Kingdom. The petrol pump is the first in line of the planned 22 outlets according to the MoU signed with Bhutanese state-run STBCL at select high-potential sites in the country. The ONGC-subsidiary had earlier commissioned its first retail outlet in Bhutan on March 11.
Aimed at expanding its capacity, an investment of around Rs 74,000 crore will be made by Hindustan Petroleum Corporation over the next five years. It will invest Rs 14,900 crore in the current year. HPCL's Chairman said, "We are focused on strengthening refining and marketing through expansion of our refining capacity, supply chain capabilities and customer reach".
HPCL on Tuesday finally recognised ONGC as its promoter in public filings. This has come after several warnings from the Government and the Securities and Exchange Board of India (SEBI). After the act of ignorance, SEBI gave HPCL a deadline of August 13 and warned of “appropriate action” if it failed. Friction between the two companies cannot end overnight but the resolution of the promoter issue is a good step.
The third-largest fuel retailer of India, HPCL has reported a substantial drop in the first quarter's profit. The company has informed 53% slump in net profit, at Rs 811 crore due to lower refining margins. "During April- June 2018, loss of Rs 537.73 crores on account of foreign currency transactions and translations was Included in Other Expenses," said HPCL. The crude throughput of the company reduced to 3.92 Million Tonne.
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.
Hindustan Petroleum Corp Ltd (HPCL) has refused to recognise ONGC as its promoter. The company made it clear that only after receiving clarifications from necessary agencies will it follow the government advise to list ONGC as a promoter. In January last year, ONGC bought entire 51.11% government stake in HPCL, for Rs 36,915 crore.
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.
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.
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.
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.
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.
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.