Page 4 - Bharat Petroleum Corporation

As Russian discounts erode, Indian oil refiners may shift back to the Gulf

Iraq and UAE are willing to offer credits for longer periods of time, and they are also located closer to the Indian shores

Bharat Petroleum Corporation to raise Rs 18,000 cr via rights issue

State-owned Bharat Petroleum Corporation Ltd (BPCL) on Wednesday said it will raise up to Rs 18,000 crore through an issue of equity shares on a rights basis to fund its net zero carbon emission projects. The government, which is the majority owner of the company, is likely to subscribe to the rights issue and infuse equity in the company. This as per the Budget announcement will provide Rs 35,000 crore of capital support to state-run fuel retailers -- BPCL, Indian Oil Corporation (IOC), and Hindustan Petroleum Corporation Ltd (HPCL) -- to support their energy transition and net zero initiatives. IOC and HPCL are likely to come up with similar schemes to get government capital. In a stock exchange filing, BPCL said its board at a meeting held on Wednesday "approved the proposal for raising capital up to an amount not exceeding Rs 18,000 crore. This capital will be raised by way of issue of equity shares on rights issue basis to eligible equity shareholders of the corporation as on t

Analysts cautious on OMCs; fuel price cut, uneven oil demand key overhangs

According to ICICI Securities, OMCs will have to adjust retail prices by Rs 0.53/litre to maintain margins at current levels, if international prices change by $1/barrel

After RIL-bp, Nayara Energy sells petrol, diesel at Re 1 less than PSUs

After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers. "To further stimulate domestic consumption and cater to local customers better, we have introduced a Re 1 discount in our retail outlets until the end of June 2023," a spokesperson for Nayara Energy said. "We believe in being a strong partner to India's energy needs and will continue to serve the country's consumption demand." Nayara Energy, which owns over 7 per cent of India's 86,925 petrol pumps, is selling petrol and diesel at Re 1 per litre less than that by IOC, BPCL and HPCL in

OMCs extend gains on improved operational performance; IOC hits 52-wk high

In the past six months, IOCL (up 28%), HPCL (up 22%) and BPCL (up 19%) have outperformed the benchmark S&P BSE Sensex index

Rosneft planning to build greenfield refinery in India with state refiners

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

As CNG and EVs expand in cities, fuel retailers look at the rural market

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

Bharat Petroleum gets MP state government approval for refinery expansion

Bharat Petroleum will invest 430 billion rupees ($5.27 billion) to 500 billion rupees for the two projects, adding that the petrochemical project would start production by fiscal year 2027-28

BPCL Q3 results: Net profit falls 36% to Rs 1,747 cr, revenue up 13%

BPCL's market sales for the December quarter stood at 12.81 MMT versus 11.21 MMT reported last year

India's crude import basket at 10-month low but pump prices to remain high

Fear of worsening economic slowdown in China has dealt the latest blow to global crude oil, with daily prices falling to their lowest since January 4, 2022

Analysts see a ray of hope for oil marketing firms after a difficult Q2

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

Govt okays Rs 22,000 crore one-time grant for OMCs to battle losses

This will help them tide over continuing losses in providing domestic liquified petroleum gas

IOC, HPCL, BPCL may post 2nd consecutive quarterly loss in July-Sept

State-owned oil marketing companies IOC, BPCL and HPCL may for the first time ever post the second consecutive quarterly loss with a combined loss of Rs 21,270 crore in July-September, on holding petrol and diesel prices below the cost of production. The three state-owned firms -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), had in the first quarter of the current fiscal year (April-June) posted a combined loss of Rs 18,480 crore due to erosion in the marketing margin on petrol, diesel and domestic LPG. "The three oil marketing companies IOC, BPCL and HPCL remain trapped in the quagmire of weak marketing losses and there is not enough traction in refining margins," ICICI Securities said in a sector report. The three firms are to announce second quarter earnings later this month or in early November. In the first quarter, record refining margins were wiped away by losses booked on not revising petrol and diesel

Indian oil refiners scout for term deals ahead of EU's ban on Russian crude

Indian state refiners plan to lock-in more of their crude supplies in term deals, worried that tighter Western sanctions on Russia, including from the EU

Petrol, diesel prices may not fall despite 30% dip in global crude price

In a bid to recover past losses the state-run oil companies may not immediately lift the six-month-long freeze on daily pricing of automobile fuel rates despite a nearly 30% decline in prices

Stocks to Watch: Torrent Pharma, ONGC, Dr Reddy's, BHEL, BPCL, Birla Corp

Stocks to Watch: Dr Reddy's has received US FDA nod for marketing Timolol Maleate, which is used to treat Glaucoma

Bharat Petroleum to incur gross marketing losses in current fiscal: Fitch

State-owned Bharat Petroleum Corporation Ltd (BPCL) is likely to incur gross marketing losses in the current fiscal as it is unable to pass cost to consumers, Fitch Ratings said Monday. The rating agency affirmed 'BBB-' rating on BPCL with stable outlook. "Fitch expects BPCL to generate gross marketing losses in FY23, as the Indian oil marketing companies (OMCs) bear the largest burden of surging crude oil prices, with only limited increases being passed on to consumers despite cuts in taxes on retail sales. "We believe near-term prices will remain a function of the government's efforts to balance OMCs' financial health with inflationary and fiscal pressures," it said. The marketing segment, however, should turn profitable from FY24 (April 2023 to March 2024) as crude oil prices fall. "We expect marketing margins to remain aligned with crude oil prices over the long term," Fitch said. The government previously allowed OMCs to recoup losses from the temporary suspension of daily p

India Inc braces for impact of rupee fall, rushes to take forward cover

In the short and medium term, chief financial officers are advising companies to take the right kind of derivatives products depending on their exposure

Divestment of BPCL off the table for now, says Hardeep Singh Puri

The plan to offload the Centre's 52.98 percent stake in the oil major could not go forward as there was not sufficient number of bids

BPCL disinvestment plans stalled as of now: Oil minister Hardeep Puri

The government currently owns a 52.98 per cent stake in BPCL. It had sought to sell its entire stake in the disinvestment process