Page 8 - Oil Companies

Oil companies defer decision to suspend fuel supplies to Air India

The decision was taken after Air India made a written request and also promised regular payments to clear over Rs 5,000 crore in overdue fuel bills.

Oil cos say Air India not paying Rs 100 cr a month, threaten to snap supply

The monthly payment was besides the airline being put on cash-and-carry where it was given fuel only against cash payment

OMCs flag roadblocks in govt's plan of rationalising taxes on jet fuel

Currently, airlines have to pay taxes for certain services, such as 'throughput charges', 'into-plane charges' and 'fuel-infrastructure charges' when they take the ATF at any airport for their planes

Govt to offer six oil & gas blocks in unexplored Vindhyan, Bengal basins

The government sees this as a milestone in the country's hydrocarbon sector, as investments so far were limited to only seven of the 26 sedimentary basins in the country

State oil cos recover as oil prices drop, but that's not helping consumers

In October, companies were told to gradually recover the reduction in the margins if crude prices fell, two finance ministry officials said

India opens Padur strategic reserves for foreign oil companies

The SPR facility at Padur is an underground rock cavern with a total capacity of 2.5 million tonnes (MT) having four compartments of 0.625 MT each

Fuel price cut may dent EBITDA of IOCL, HPCL, BPCL by Rs 65 bn: Moody's

These three OMCs account for about 95 per cent of the country's retail fuel sales

When it comes to paychecks, oil firms looks like best bet for US workers

Is it time to move over Wall Street titans and Silicon Valley giants, when it comes to doling out America's fattest paychecks?

Govt may ask oil firms to share LPG, kerosene subsidy burden: India Ratings

India Ratings said ONGC's acquisition of Hindustan Petroleum Corp Ltd (HPCL) will be credit neutral for ratings of HPCL

Oil companies likely to use improved cash flows to expand asset base: S&P

Indian oil and gas companies are likely use their improved cash flows from market-linked fuel prices to expand their asset base and enhance operational quality, S&P Global Ratings said today. They are expected to step up investments in upgrading refineries to meet cleaner fuel standards, improve yields and create flexible refinery configurations in product pipeline and gas infrastructure capacities, it said. "The combination of reform-driven improvements in financial health, lower crude oil prices, and forecasts of mid-single-digit demand growth for petroleum products puts Indian oil companies in a sweet spot to invest in growth," S&P Global Ratings credit analyst Vishal Kulkarni said. "We expect the fuel-price reforms in India since late 2014 to continue and enhance business and financial prospects for the oil and gas companies. Making fuel prices market linked has improved oil marketing companies' profitability, bolstered cash flows, and lowered their debt."

Worries around OMCs appear to be overdone?

In sync with historical trends, govt may look to reduce excise duty to curtail impact of rising crude oil prices, believe analysts

Petronet chief wants oil, gas firms to jointly acquire assets abroad

The new model can involve floating either a consortium or an SPV that will scout for opportunities abroad