Hindustan Petroleum Corporation Ltd

The government on Wednesday named interim chairmen for top oil firms, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL), as appointment of full-time heads is work in progress. Satish Kumar Vaduguri, Director (Marketing), IOC has been appointed interim chairman of the company for three months starting September 1, an oil ministry order said. He replaces Shrikant Madhav Vaidya who completes his extended term at month-end. In a separate order, the ministry appointed Rajneesh Narang, Director (Finance), HPCL as the chairman and managing director of the company for three-month period starting September 1. He would replace Pushp Kumar Joshi who superannuates on completion of 60 years of age on August 31. With government headhunter PESB not finding anyone suitable, three-member search-cum-selection committees are looking for heads at both IOC and HPCL. On August 11, the panel interviewed nearly a dozen candidates and is learnt to have zeroed in on Sandeep Gupta

State-owned Hindustan Petroleum Corporation Ltd (BPCL) on Monday reported a massive 90 per cent drop in net profit in the June quarter, as refinery margins fell and a fuel price reduction slashed marketing margins. HPCL reported a consolidated net profit of Rs 633.94 crore in April-June -- the first quarter of the current 2024-25 fiscal year -- compared to a profit of Rs 6,765.50 crore a year back, according to a stock exchange filing by the company. Net profit also declined sequentially, when compared to an earning of Rs 2,709.31 crore in the January-March period. Pre-tax earnings from downstream fuel retailing businesses slumped 90 per cent to Rs 907.86 crore. The company and other state-owned fuel retailers -- Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (HPCL) -- had last year made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses BPCL and other two retailers ha

Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a 25 per cent fall in its March quarter net profit on lower refining margins and announced one bonus share for every two shares held. Its consolidated net profit of Rs 2,709.31 crore in January-March - the fourth quarter of the 2023-24 fiscal - compares to Rs 3,608.32 crore in the same period of the previous financial year, according to a company's stock exchange filing. The firm earned USD 6.93 on turning every barrel of crude oil into fuel in the quarter against the USD 8.50 per barrel refining margin in the preceding quarter. HPCL board also approved a 1:2 bonus issue - 1 share for every 2 shares held. Turnover was higher at Rs 1.22 lakh crore when compared to Rs 1.15 lakh crore in January-March 2023. For the full 2023-24 fiscal, HPCL reported a record net profit of Rs 16,014.61 crore as opposed to a loss of Rs 6,980.23 crore in the previous year.

Even after reduction, discounts on Russian crude oil may be contributing $1.5 to $2.5 a barrel to refiners' gross refining margins

Hindustan Petroleum Corporation Ltd (HPCL) will commission the country's newest oil refinery at Barmer in Rajasthan by January next year that will help meet rising fuel demand in the north India, a senior company executive said. "The 9 million tonnes a year refinery is 76 per cent mechanically complete and will be completed by year end or so. First product from the refinery will flow in December or January next year," HPCL director for refineries S Bharathan told reporters on the sidelines of India Energy Week here. The project is part of India's target of having an installed capacity to turn 450 million tonnes of crude oil into fuels such as petrol and diesel to meet the energy needs of the world's fastest growing major economy. India's current refining capacity is a shade under 254 million tonnes. He said the Barmer refinery will operate at 75 per cent to 80 per cent of the capacity in the first year as various units get commissioned. "The full capacity will be reached by ...

State-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd reported bumper profit totalling over Rs 69,000 crore in the first nine months of the current fiscal which far exceeded their annual earning in pre-oil crisis years. The combined net profit of IOC, BPCL and HPCL in April-December FY24 was better than their annual earning of Rs 39,356 crore in pre-oil crisis year, regulatory filings by them showed. The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that their past losses have not been fully recouped. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw .

Shares of HPCL surged 10 per cent to Rs 378.80, its highest level since March 2018 on the BSE in Monday's intra-day trade on the back of heavy volumes.

State-owned oil and gas giants including IndianOil and GAIL (India) Ltd have been slapped with fines for the second quarter in a row for failing to meet listing requirements of having the requisite number of independent directors on board. Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, gas utility GAIL, refiners Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), and Engineers India Ltd Rs 5.42 lakh, stock exchange filings showed. In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it. The fines were for not having the requisite independent directors in the second quarter. They had faced fines for the same reason in the first quarter as well. While the companies have now been slapped with a unifor

Hindustan Petroleum Corporation Ltd (HPCL) will stop buying diesel from companies like Reliance Industries Ltd and Nayara Energy once it completes expansion of its Visakhapatnam refinery in Andhra Pradesh and builds a new one in Rajasthan next financial year, company officials said. HPCL owns almost a quarter of petrol pumps in the country but does not have commensurate oil refining capacity to produce petrol and diesel. So to make up for this, it buys products from refiners such as Mangalore Refinery and Petrochemicals Ltd (MRPL), Reliance Industries' Jamanagar units in Gujarat and Nayara's Vadinar refinery. At an investor call post announcing second quarter earnings, HPCL chairman Pushp Kumar Joshi says the firm's focus on capital spending in the last five years in "strengthening quality and capacity" of assets has "started yielding results now". The company has already expanded its Mumbai refinery capacity to 9.5 million tonnes per annum from 7.5 million tonnes and would complete

Nasdaq-listed battery swapping company Gogoro on Monday said it has signed an initial pact with HPCL to set-up battery swapping stations across the country in the coming years. As part of the collaboration, Gogoro will develop a broad battery swapping infrastructure for electric two-wheelers, as it will roll out battery swapping stations across HPCL's retail outlets throughout the country, the company said in a statement. HPCL (Hindustan Petroleum Corporation Ltd), a public sector oil marketing firm, has over 21,000 retail outlets, it added. "We are announcing a partnership with HPCL to roll out thousands of Gogoro battery swapping stations across its retail outlets throughout the country in the coming years," Horace Luke, founder and CEO of Gogoro said. India is in the early stages of a massive electric transformation of its urban two-wheeler transportation system, and it is increasingly evident that battery swapping is a critical component to broad adoption, so building out the .

The local sale of diesel by private refiners is also denting sales by state-run companies, the official said

State-owned Power Finance Corporation (PFC) on Thursday said it has provided Rs 9,187 crore finance to HPCL Rajasthan Refinery Ltd. This is the first project where PFC has extended its financial assistance to the refinery and petrochemical sector, a company statement said. PFC is extending its support in nation building not only through the power sector but also in the infrastructure segment, it stated. "PFC, a Maharatna company and India's leading NBFC in the power sector, has extended its financial assistance of Rs 9,187 crore to HPCL Rajasthan Refinery Ltd for its 9 MMTPA refinery-cum-petrochemical complex located at Barmer, Rajasthan," it said. HPCL Rajasthan Refinery Limited (HRRL) is setting up a green-field refinery-cum-petrochemical complex in Barmer district, Rajasthan, at a project cost of Rs 72,937 crore. On July 4, 2023 HRRL executed a loan agreement under a consortium arrangement for Rs 48,625 crore, wherein the share of PFC Ltd was Rs 9,187 crore. HRRL is a Joint Ve

Indian Oil Corporation and Bharat Petroleum are expected to be likely candidates for the JV

In the last three financial years, 88 per cent of the 16,190 new fuel pumps set up by Indian Oil, Hindustan Petroleum, and Bharat Petroleum were located in rural areas and highways

India's state-run Hindustan Petroleum Corp is facing difficulties in paying for Russian oil imports following a Dec. 5 price cap imposed by Western nations as banks shy away from processing payments

Petroleum Minister Puri to take stock of the delayed project on Tuesday

After two consecutive quarters of losses, Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a net profit of Rs 172.43 crore in October-December 2022 as a fall in oil prices helped it recoup some of the losses on sale of petrol and diesel. Standalone net profit of Rs 172.43 crore in the third quarter of the current fiscal compared with Rs 868.86 crore profit in the same period a year back, according to a stock exchange filing by the company. HPCL and other state-owned fuel retailers did not revise petrol and diesel prices when international oil prices touched multi-year high last year. That led to them booking losses in two back-to-back quarters. However, rates softened in the third quarter. This should have warranted a reduction in petrol and diesel prices but the oil companies held on to retail prices to recoup the losses they had booked in the previous six months. Revenue from operations rose to Rs 1.15 lakh crore from Rs 1.03 lakh crore in October-December 2021. T

India, the world's third biggest oil importer and consumer, buys over 80% of its oil needs from overseas

Hindustan Petroleum Corporation Ltd (HPCL) will raise Rs 10,000 crore in debt from domestic or overseas market to fund its oil refining and fuel marketing operations, the company said on Thursday. The board of the company at its meeting on Thursday "approved a proposal for borrowing through further issuance of secured/unsecured redeemable non-convertible debentures/bonds/notes etc. up to Rs 10,000 crore on private placement basis in the domestic market and/or in the overseas market from the date of such approval". In a stock exchange filing, HPCL said the borrowing was within the overall borrowing powers of the company. Separately, the company raised Rs 750 crore through issue of debentures on private placement basis to refinance "existing borowing and/or funding of capial expenditure". The 10-year debenture will carry a coupon rate of 7.54 per cent per annum.

Although the Indian crude basket fell from an average of $109.5 per barrel in Q1 to an average of $97.87 a barrel in Q2, prices remained high in absolute terms