"Our refineries are capable of processing Venezuelan oil and we have given our international trade (department) okay to buy it," Khanna said in an industry event
The government has mandated that all petrol pumps set up after 2019 must have one alternate energy supply besides petrol and diesel. The alternate fuel could be CNG, biogas, or EV charging facility
India's top oil and gas producer ONGC has signed term contracts with refiners to sell crude oil it produces from Mumbai offshore fields at a premium to international benchmark Brent, sources said. Oil and Natural Gas Corporation (ONGC) has signed deals to sell about 4.5 million tonne of crude oil each to Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL). The oil has been priced at the prevailing Brent crude oil price plus 1 per cent, company sources said. Brent, the world's best known benchmark for the raw material that is converted into fuels like petrol and diesel in refineries, is trading at USD 80 per barrel. As per the pricing in the term contracts, ONGC would get USD 80 plus USD 0.8 for the oil it will sell to HPCL and BPCL. ONGC produces 13-14 million tonne per annum of crude oil from its fields in the Arabian Sea, off the Mumbai coast. In June last year, the government abolished a rule that said oil from blocks awarded prior to 1999 mus
As the demand for petrol and diesel continues to rise due to new vehicle sales, BPCL is moving ahead with its fuel network expansion plans
State-owned gas utility GAIL (India) Ltd has signed a Rs 63,000-crore deal to source feedstock for its upcoming petrochemical plant at Usar in Maharashtra from Bharat Petroleum Corporation Ltd for 15 years, the two companies said. "The 15-year supply contract, estimated at a value of over Rs 63,000 crore, will see GAIL procuring 600,000 tonnes per annum of propane from BPCL's LPG import facility at Uran, which is presently capable of handling 1 million tonnes per annum of LPG imports and is undergoing expansion to accommodate 3 million tonnes a year of propane and butane imports," GAIL said in a statement. GAIL is constructing India's first propane dehydrogenation (PDH) plant at Usar in Maharashtra with a nameplate capacity of 500,000 tonnes per annum. The facility, which is likely to commence operations in 2025, will have a propylene production seamlessly integrated into a polypropylene (PP) plant of equal capacity. "This pioneering venture aligns perfectly with the surging demand
The Indian government has expressed discomfort over settling payment for Russian oil in Chinese yuan
Central Pollution Control Board (CPCB) has fined state-owned Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) for not installing pollution control devices at their petrol pumps. IOC has been fined Rs 1 crore and BPCL Rs 2 crore, the two firms said in separate stock exchange filings. "The company has received a direction from CPCB to pay compensation of Rs 1 crore for non-installation of Vapour Recovery Systems (VRS) at retail outlets in National Capital Region (NCR)," IOC said adding the fine was for not installing VRS at petrol refuelling stations within the timeline prescribed by the Supreme Court. When a vehicle is refilled at a fuel station, petrol vapour tends to dissipate into the atmosphere. The vapour contains cancer-causing substances like benzene, toluene and xylene. Petrol pumps were in 2016 ordered to install VRS at fuel stations to prevent petrol vapours from escaping. "There is no impact on the operation and other activities of the company. ...
Union Minister Hardeep Singh Puri on Monday said achieving the net zero emissions target by 2070 is "little too long-term", indicating that the country may achieve the milestone ahead of the deadline. Under the net zero target, India will completely switch to renewables by 2070. Addressing the 26th Energy Technology Meet, Puri said: "Our net zero target by 2070 is a little too long-term." He is of the view that India is moving fast towards energy transition and stated that for GAIL, Bharat Petroleum Corporation Limited (BPCL) and others the energy transition target is 2035 to 2040. He explained that energy transition in India will first be from fossil-based to cleaner fuels and further to renewables. He also noted that global uncertainty is a dynamic driver for energy transition. On the Israel-Palestine conflict, he said such crises make the energy transition faster towards biofuel, renewables etc. Israel came under attack by Hamas militants on Saturday and since then, both side
BPCL is seeking to sell at least 40,000 metric tons of 10ppm sulphur gasoil loading Oct. 26-27 from Kochi, according to a document seen by Reuters
Indus Towers and IOC Phinergy (IOP) have inked a pact for the deployment of 300 zero-emission energy systems to optimise diesel consumption at Indus' telecom tower sites. This move accelerates Indus Towers' progress towards its sustainability priorities, according to a release. "Indus Towers Limited and IOC Phinergy Private Limited (IOP) have signed an agreement for deployment of 300 zero-emission energy systems based on aluminium-air technology, to optimise diesel consumption at Indus' telecom tower sites," the release said. Indus Towers' CEO Prachur Sah said as part of the company's ESG vision, Indus Towers believes in nurturing environmental stewardship, being socially responsible and having robust governance. "Indus Tower's agreement with IOP is a testimony of the company's commitment to build eco-friendly telecom tower sites by investing in solutions for resource optimisation," Sah added. IOP is a joint venture company formed by IOCL and Phinergy Ltd, Israel to manufacture, s
State-owned Oil and Natural Gas Corporation (ONGC) has signed an agreement to sell crude oil it produces from Mumbai offshore fields to HPCL - the second such agreement in as many months, as India's top oil and gas producer prefers term contracts over auctions where refiners hammer deep discounts. In a post on X, formerly known as Twitter, ONGC said it has inked "term agreement with HPCL for sale of crude oil from Mumbai offshore." While it did not give details, sources aware of the matter said the pact for sale of about 4.5 million tonnes per annum of crude oil to Hindustan Petroleum Corporation Ltd's (HPCL) Mumbai refinery. "This is the second term agreement sealed for sale of Mumbai Offshore crude oil post marketing freedom," ONGC said. Last month, ONGC had signed a similar pact to sell 4 million tonnes per annum plus an optional 0.5 million tonnes of crude oil to Bharat Petroleum Corporation Ltd (BPCL), which too has a refinery to convert the crude oil into fuels like petrol an
Analysts say the already weakening marketing margins will be a concern ahead as the fate of OMCs remains tied to uncertain crude prices and the inability to raise prices amid the coming elections
The move is also sentimentally negative for OMC stocks as investors fear that price cuts on petrol and diesel could be next in line ahead of the assembly and general elections
The nation has set itself a target to reach net zero by 2070. Many Western countries have set a mid-century goal to meet net zero
Five years after it exited the company, the government is set to get a significant stake in Hindustan Petroleum Corporation Ltd (HPCL) as it looks to infuse equity in fuel retailers that lost money on selling petrol and diesel at discounted rates last year, officials said. The government had in the annual Budget for 2023-24 (April 2023 to March 2024 fiscal) announced Rs 30,000 crore of capital support to state-run fuel retailers -- Indian Oil Corporation (IOC), HPCL and Bharat Petroleum Corporation Ltd (BPCL) -- to support their energy transition and net-zero initiatives. In June, the government asked IOC and BPCL to launch rights issues (to get the capital), and advised HPCL to make a preferential share allotment to the government. Board of IOC earlier this month approved raising up to Rs 22,000 crore by inviting existing shareholders to purchase additional new shares in the company (this type of issue gives existing shareholders securities called rights). BPCL board too has appro
Electric scooter maker Ather Energy on Friday said it has partnered with Bharat Petroleum Corporation Limited (BPCL) to expand its charging network. Through the collaboration, Ather will gain access to BPCL's network of over 21,000 fuel stations across the country, facilitating the installation of Ather's public fast-charging grid. Ather already has more than 1,400 chargers across 100 cities. "Our partnership with BPCL builds the momentum even further to create a widespread, nationwide fast-charging network," Ather Energy Chief Business Officer Ravneet Phokela said in a statement. As electric vehicle adoption continues to grow, the company believes that strategic alliances like these play a crucial role in making charging infrastructure more accessible, he added.
Reuters last month reported that BPCL is in talks to buy up to 6 million metric tons of Russian oil under a term deal with Rosneft
Company recorded a loss of Rs. 6,148 crore in the year-ago period
Sequentially, the net profit was up 54.9%; in Q4FY23, the net profit of the company was Rs 6,870.47 crore
IOC, the country's top refiner, has not specified which projects the newly raised funds would target