Page 8 - Bpcl

IOCL to relaunch tender to set up a green hydrogen production unit

The recently closed other big green H2 tender was by Solar Energy Corporation of India (SECI) under the aegis of the Union Ministry of New and Renewable Energy

HPCL, BPCL, IOC slip up to 4% after CLSA recommends Sell; sees 37% decline

Analysts at CLSA believe that HPCL, BPCL and IOC were pricing-in much higher than historical marketing margins, and a notable premium to the global peers

CIAL, BPCL sign pact to set up first green hydrogen plant at Cochin airport

In a strategic move to bolster its pathbreaking green energy initiatives, Cochin International Airport Ltd (CIAL) has entered into a Memorandum of Understanding (MoU) with the Bharat Petroleum Corporation Ltd (BPCL) for setting up a green hydrogen plant in the premises of Cochin Airport. This collaborative effort will result in the world's first green hydrogen plant and fueling station located within an airport setting, CIAL said in a statement on Wednesday. Green hydrogen, produced from water using renewable energy sources, is recognized as a future fuel and aligns with zero-carbon energy strategies, it said. The agreement exchange ceremony for the green hydrogen plant was held at Legislative Complex, Thiruvananthapuram in the presence of Kerala Chief Minister Pinarayi Vijayan who is also the chairman of CIAL, the statement said. "As pioneers in sustainable aviation, CIAL is happy to start a groundbreaking journey with BPCL towards establishing the country's first green hydrogen .

HPCL, BPCL, IOCL: Here's why Morgan Stanley thinks OMC stocks can flare up

The S&P BSE Oil & Gas index has been an outperformer, surging nearly 20 per cent in CY24 as compared to the S&P BSE Sensex that has lost around 1 per cent during this period, shows data

Fuel retailers post Rs 69K cr profit in Apr-Dec, higher than pre-oil crisis

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 .

State refiners may face margin pressure as cheap Russian oil imports dip

Reduction in discounted Russian supplies will affect gross refining margins, as cheaper crude contributes to the profits of Indian Oil, Bharat Petroleum and Hindustan Petroleum

BPCL Q3 results: Consolidated net profit rises 82% to Rs 3,181 crore

The average gross refining margin (GRM) of BPCL for FY24 came in at $14.72 per barrel as against $20.78 a barrel in the first nine months of FY23

Servotech Power, BPCL to set up 1,800 EV charging stations pan India

Servotech Power Systems Ltd (SPSL) on Tuesday said it has secured an order worth Rs 120 crore from Bharat Petroleum Corporation Limited (BPCL) to install 1,800 fast EV charging stations across various locations in India. The project involves two charger variants, 60 kW and 120 kW, Servotech said, adding that it aims to complete this project by the end of this year. In a statement the company said it has bagged an order of 1,800 DC fast EV charging stations from BPCL and the order value is Rs 120 crore. "Our partnership focuses on establishing a dynamic EV charging network that makes EV charging accessible for EV owners nationwide. "Through cutting-edge DC Fast EV chargers, we aim to play a pivotal role in realizing India's ambitious goals in the E-Mobility sector, bringing the nation closer to becoming an EV-powered nation," Sarika Bhatia, Director of Servotech Power Systems said. Servotech Power Systems develops tech-enabled EV charging solutions.

BPCL Q3 results: Net profit jumps 82% on higher refining, sales margins

State-owned Bharat Petroleum Corporation Ltd (BPCL) on Monday reported an 82 per cent jump in its December quarter net profit on the back of higher-than-expected refining margins and a rise in margins on fuel sales. Its consolidated net profit of Rs 3,181.42 crore in October-December - the third quarter of the current fiscal year, stated on April 1, 2023 - compares to Rs 1,747.01 crore earnings in the same period of the previous financial year, according to a company statement. Its profit was, however, lower than Rs 8,243.55 crore earnings in the preceding quarter (July-September 2023). The continuing freeze in fuel prices, which is now 21 months old, despite a fall in input raw material (crude oil) prices helped raise marketing margins. BPCL earned an estimated USD 13.3 on turning every barrel of crude oil into fuel like petrol and diesel during October-December. Pre-tax earnings from fuel marketing soared to Rs 4,372.93 crore in the third quarter from Rs 2,618.95 crore a year ba

IGL Q3 results: Net profit rises 41% to Rs 392 crore, revenue falls 4%

On a sequential basis, however, the compressed natural gas (CNG) distribution company's net profit fell 26.6 per cent from Rs 534.8 crore registered in Q2 FY24

Stocks to Watch: SpiceJet, Embassy REIT, BPCL, Nippon AMC, DOMS, Varun Bev

Stocks to Watch on December 20, 2023: Mumbai-based businessman Harihara Mahapatra and his wife Preeti are likely to invest Rs 1,100 crore in SpiceJet for a 19 per cent stake

BPCL plans to buy Venezuela oil; deal not to harm Russian imports: Official

"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

10,000 fuel stations now offering EV charging facilities across the country

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

ONGC charges premium over Brent in oil supply deals with BPCL, HPCL

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

BPCL targets expanding retail network by 14,273 pumps to tap growing demand

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

GAIL signs Rs 63,000 cr deal to source petrochemical feedstock from BPCL

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

Cleared all payments pending for Russian oil purchases: BPCL official

The Indian government has expressed discomfort over settling payment for Russian oil in Chinese yuan

CPCB fines IOC, BPCL for not installing pollution control devices

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. ...

Net-zero emissions target by 2070 little too long-term: Hardeep Puri

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 offers first gasoil cargo in over a year via sales tender: Reports

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