Page 5 - Hpcl

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

Govt plans to ask ONGC to consider $1.9 billion rights issue to fund HPCL

The comments come after India's finance minister announced a plan this year to provide equity of 300 billion rupees ($3.6 billion) to help the big state oil refiners move towards cleaner energy

HPCL returns to black with Rs 5,827 cr profit after marketing margin boost

State-owned Hindustan Petroleum Corporation Ltd (HPCL) on Monday reported returning to profitability in the September quarter after a boost in marketing margin improved earnings. It logged a consolidated net profit of Rs 5,826.96 crore in July-September 2023-24. In the year-ago period, the company had a loss of Rs 2,475.69 crore, it said in a stock exchange filing. The profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high last year. Pre-tax earnings from the downstream oil refining and marketing business came at Rs 6,984.60 crore in the second quarter of the current fiscal. In the year-ago period there was a loss of Rs 2,462.57 crore. Last year, state-owned fuel retailers HPCL, Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) froze prices despite a spike in global oil prices following Russia's invasion of Ukraine. This was

Gogoro inks pact with HPCL to set up battery swapping stations across India

Nasdaq-listed battery swapping company Gogoro on Monday said it has signed an initial pact with HPCL to set-up battery swapping stations across the country in the coming years. As part of the collaboration, Gogoro will develop a broad battery swapping infrastructure for electric two-wheelers, as it will roll out battery swapping stations across HPCL's retail outlets throughout the country, the company said in a statement. HPCL (Hindustan Petroleum Corporation Ltd), a public sector oil marketing firm, has over 21,000 retail outlets, it added. "We are announcing a partnership with HPCL to roll out thousands of Gogoro battery swapping stations across its retail outlets throughout the country in the coming years," Horace Luke, founder and CEO of Gogoro said. India is in the early stages of a massive electric transformation of its urban two-wheeler transportation system, and it is increasingly evident that battery swapping is a critical component to broad adoption, so building out the .

OMCs unlikely to cut pump prices in 2023 despite windfall gains: Officials

Petrol prices unchanged for record 18 months now, OMCs continuing facing under recoveries

HPCL to set up 2G bio-refinery plant worth Rs 1,400 crore in Punjab

The 2G bio-refinery is designed for the utilisation of paddy straw for the production of ethanol for blending with petrol under the Ethanol Blending Program of the Central Government

MPCB asks HPCL, Tata Power to cut down production by 50% in Mumbai

Amid growing concerns over the rise in air pollution in Mumbai, the Maharashtra Pollution Control Board (MPCB) said it has asked the Hindustan Petroleum Corporation Limited (HPCL), Tata Power and a few other companies to cut down their production by 50 per cent with an aim to curb pollution. In its press statement on Wednesday, the MPCB said it gave this instruction in the notices issued on October 27 to the HPCL, Tata Power, Aegis Logistics at Mahul and Sealord Containers Ltd at Ambapada located in Trombay area of Mumbai. The MPCB also forfeited the bank guarantee of Rs 10 lakh of Aegis Logistics and Rs 5 lakh of Sealord Containers, it said. A similar notice was sent to the Rashtriya Chemicals and Fertilizers Limited (RCF) in Chembur on Wednesday, in which strict guidelines were issued for it. The board also closed down two ready-mix concrete (RMC) plants in the city, it added. The action comes in the wake of the Brihanmumbai Municipal Corporation's issuance of the standard operat

Petromin, HPCL partner to launch 1,000 vehicle service centres across India

Hindustan Petroleum Corporation Limited (HPCL India) in partnership with Saudi Arabia-based Petromin Corporation on Monday launched the first set of 16 express vehicle service centres in Bengaluru and Chennai. These are the first of 1,000 'HP Petromin Express Centres' planned across the country over the next few years, a joint statement said. Petromin Express India, a subsidiary of Petromin Corporation, had said last month that it will be partnering with HPCL to invest around USD 100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India. The Express Centres will offer the walk-in customer basic maintenance services that will be completed in just 30 minutes, the statement said. The business model conceived is expected to generate about 5,000 jobs over the next few years, it said. "The Express Centres are set to totally disrupt the current status of the automotive after-market in India", said CEO, Petromin India & SE Asia, Sanjay Nigam.

HPCL aims to cut diesel purchase from other cos following output boost

Vizag refinery will operate at 13.5 mtpa capacity in the current fiscal year and at full capacity of 15 mtpa in the next fiscal, Bharathan said

Govt constitutes three-member search committee to find new chairman of IOC

The panel will be headed by the government headhunter Public Enterprises Selection Board (PESB) chairperson and will include the oil secretary as a member, an official order said

After BPCL, ONGC signs up HPCL for sale of oil from Mumbai offshore fields

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

Rising crude, uncertainty ahead of elections keep analysts wary on OMCs

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

BPCL, IOC, HPCL stocks slide 1-3% on reports OMCs may bear LPG subsidy cost

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

Stocks to Watch on Aug 3: Titan, IndiGo, MMTC, Airtel, Adani Ent, Nykaa

Stocks to Watch today, August 3, 2023: Titan Co reported a lower-than-expected quarterly profit at Rs 770 crore

HPCL net profit zooms to Rs. 6,765 cr in Q1 as marketing margins improve

On a sequential basis, net profit shot up 87 per cent from Rs. 3,608.3 crore in Q4FY23

Hindustan Petroleum results: Net profit at Rs 6,765 cr; income down 1.6%

The total income for Q1FY24 came in at Rs 1,19,761.74 crore, compared to Rs 1,21,829.51 crore year-on-year

Govt to get significant stake in HPCL post preference issue: Officials

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

India's gasoline demand likely to recover from late August: HPCL official

The local sale of diesel by private refiners is also denting sales by state-run companies, the official said

Sensex sheds 505 pts from summit, ends 165 pts up; PSU banks crack; IT gain

CLOSING BELL ON JULY 13, 2023: The NSE Nifty50 hit a new high of 19,567, before finishing with a modest gain of 29 points on Thursday. Broader indices ended in red.