Indian Oil, BPCL, HPCL want banks to cut MDR on card purchases by half
Posted on 8th January 2018 |
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State-run oil marketing companies (OMCs) Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp are looking for a solution to the high card transaction fees for petrol and diesel purchases. OMCs want banks to cut the card transaction fees on petrol and diesel purchases by half, Livemint reported while citing four people aware of the development. |
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Minimum wages for petrol pump employees stayed; oil firms suffer setback
Posted on 23rd December 2017 |
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The tussle between auto fuel dealers and the government over minimum wages for over one million petrol pump staff has intensified with the dealers getting stay orders from Ernakulam and Jammu high courts among others. On August 4, the government made it mandatory for retail outlets to pay Central minimum wages to retail outlet attendants. |
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Hindustan Petroleum asks Airtel to transfer LPG subsidies to bank accounts
Posted on 19th December 2017 |
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MUMBAI: State-run oil marketer Hindustan Petroleum on Monday asked Airtel Payments Bank to immediately transfer the cooking gas subsidies it had got back to the bank accounts of customers or to the oil companies. The move comes after LPG subsidies of millions of customers have been crdited to the Airtel Payments Bank accounts without their permission. |
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HPCL deal: ONGC seeks data room access to fix acquisition price
Posted on 12th December 2017 |
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State-owned Oil and Natural Gas Corp (ONGC) has sought access to a data room to help fix the price at which it can acquire government's 51.11 per cent stake in HPCL. India's largest oil and gas producer has so far been given an information memorandum (IM) by government's transaction advisor which ONGC feels is not sufficient to arrive at a valuation of Hindustan Petroleum Corp Ltd (HPCL), sources privy to the development said. |
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ONGC privatisation: Death by a thousand cuts? What Centre really must look at
Posted on 5th December 2017 |
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Given the government’s inability to take tough decisions on privatising PSUs, it is not clear how it plans to take away various performing oil/gas fields from ONGC and give these away on a profit-share to various private oilcos—the one that promises the most output will likely win the bid and get a 60% share in these fields. These fields produce around a fourth of ONGC’s oil and gas output, so logically the PSU’s board has to oppose the move—unless the government can demonstrate to it that the increase in oil/gas will be so much after the fields are given to the private sector that ONGC stands to gain with even a lower equity share in the fields. |
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Oil PSUs IOC, HPCL, BPCL betting on natural gas as next big thing
Posted on 20th November 2017 |
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India’s state oil refiners are planning an aggressive push into natural gas in coming years to meet Prime Minister Narendra Modi’s goal of making the fuel a bigger part of the country’s energy mix. State-owned oil companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum - are planning to raise gas contributions to between 5 and 15 per cent of their incomes over the next few years, up from nearly none now, company executives said. |
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ONGC yet to arrive at valuation for HPCL
Posted on 13th November 2017 |
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Oil and Natural Gas Corporation Ltd (ONGC) is not yet clear about the valuation of Hindustan Petroleum Corporation Ltd (HPCL), the oil marketing company it expects to acquire by around March next year. The country's largest driller is working independently to arrive at a fair price for the deal. |
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HPCL corruption case: Special CBI court acquits two
Posted on 11th November 2017 |
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A special CBI court here has acquitted two persons in a corruption case, citing lack of evidence and the prosecution’s failure to prove the charges. Special judge P S Tarare recently acquitted a former convener of the Oil Sector Officers Association (OSOA), Ashok Singh, and Hindustan Petroleum Corporation Limited (HPCL) executive Shishir Kumar Dubey. The CBI had filed the charge sheet against Singh, who was then Chief Regional Manager at HPCL’s Vashi Regional Office, and station manager Dubey for allegedly manipulating petrol pump meter readings and misappropriating funds between 2004 and 2007. |
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Stellar HPCL show
Posted on 10th November 2017 |
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New Delhi: The net profit of state-owned refiner HPCL zoomed 147 per cent to Rs 1,735 crore in the second quarter of the fiscal because of higher inventory gains and refinery margins.
"The increase in profit is due to higher crude throughput, better refinery margin, higher domestic market sales and inventory gains against inventory loss compared with the corresponding period of last year," HPCL chairman and managing director Mukesh K. Surana said. |
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HPCL assets valued at over 70% of its m-cap
Posted on 9th November 2017 |
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A new report has valued assets of Hindustan Petroleum (HPCL) at Rs 114,000 crore — nearly 70 per cent premium to its current market capitalisation of around Rs 66,000 crore. The higher valuation of HPCL’s assets by JM Financial, if accepted by the government, would mean a higher outgo for ONGC. The JM Financial report has been submitted to the government, which had mandated the Mumbai firm to advise it on the transaction. |
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