Page 2 - Petroleum Sector

Continental Petroleums Q3FY25 results: Net profit grows to Rs 1.41 cr

Continental Petroleums on Monday posted a net profit of Rs 1.41 crore in the December quarter. Operating income on a standalone basis increased to Rs 29.22 crore during the quarter as against Rs 9.16 crore same period last year, a company statement said. According to the statement, Continental Petroleums registered 90.54 per cent growth in standalone net profit to Rs 1.41 crore for the third quarter, up from Rs 0.74 crore same period last year on the back of a steady demand and increased share of high-margin value added products. Earnings per share increased to Rs 2.53, as against Rs 1.33 a year ago. Madan Lal Khandelwal, Chairman and Managing director, CPL, said, "Common treatment disposal/incineration facility (CTDF) has substantially contributed to our bottomline while the EPC vertical has significantly contributed to both the topline and bottomline of the company." Continental Petroleums Ltd (CPL) is one of the leading manufacturers of industrial Lubricants & Greases in India.

Tamilnadu Petro Q3 result: PAT rises to Rs 10.31 cr, income at Rs 465.13 cr

Petrochemicals manufacturer Tamilnadu Petroproducts Ltd reported a standalone profit after tax of Rs 10.31 crore for the October-December 2024 quarter, driven by efficient cost management and improved realisations, the company said on Wednesday. The Chennai-based company, a leader in the production of industrial intermediate chemicals and chlorine, had recorded a profit after tax of Rs 2.44 crore during the corresponding quarter of the previous year. Standalone revenue for the October-December 2024 quarter grew to Rs 465.13 crore from Rs 351.98 crore in the year-ago period. In a statement, Tamilnadu Petroproducts Ltd said its operating performance reflected optimal production, efficient cost management, and improved realisations in the current competitive environment. The company incurred Rs 86 lakh in material damage and plant restoration expenses during the quarter under review, following the impact of Cyclone Michaung in December 2023. "Our Q3 results reflect revenue growth and

Budget 2025: Strategic petroleum reserves see Rs 5,597 cr allocation boost

Petroleum Ministry gets funding to explore sedimentary basins for hydrocarbons

Govt to provide $647 mn to support strategic reserve oil purchases in FY26

The budget proposals also include an allocation of about Rs 180 crore for operation and maintenance of the SPRs and about Rs 335 crore for purchase of land and construction of new caverns

BPCL ties Rs 31,802 cr funds for Bina refinery expansion, petchem project

State-owned Bharat Petroleum Corporation Ltd (BPCL) on Friday said it has achieved financial closure for its Bina refinery expansion cum petrochemical project with the signing of a loan agreement of Rs 31,802 crore with a consortium of six lenders led by the State Bank of India. The project, estimated to cost Rs 48,926 crore, aims to set up a petrochemical complex comprising a 1.2 million tonnes per annum (MTPA) ethylene cracker unit and increase the refinery's capacity from 7.8 MTPA to 11 million tonnes. "This expansion will enable BPCL to produce downstream petrochemical products such as Linear Low-density Polyethylene (LLDPE), High-density Polyethylene (HDPE), Polypropylene (PP) and other aromatics, thereby reducing India's dependence on imports," the company said in a statement. The expansion project aims to cater to the projected rising demand for fuel in central and northern India in the near future. The project construction is expected to be completed within 48 months from t

Over 20 energy ministers, 90 CEOs to attend IEW 2025: Petroleum Secretary

Battery storage, 2nd and 3rd generation biofuels, green ammonia, and green hydrogen to be in focus

Held discussions with professionals of India's energy sector: Hardeep Puri

Union Minister Hardeep Singh Puri here on Friday held comprehensive discussions with "captains and professionals of India's energy sector entities" and officials of the Ministry of Petroleum and Natural Gas.Taking to X, Puri informed that the discussions were focused on green energy transition, leveraging artificial intelligence along the entire hydrocarbon value chain and expansion and strengthening of existing infrastructure."Held comprehensive and detailed discussions with captains & professionals of India's energy sector entities & officials of @PetroleumMin in Mangaluru on the journey ahead for the sector under the visionary & decisive leadership of PM @narendramodi Ji," Puri wrote on X."As India pivots toward transforming into a global energy hub, the sector is experiencing unprecedented growth & offers abundant investment & employment opportunities. Key focal areas of the day-long discussion today included green energy transition, leveraging ...

ISPRL seeks private firms to build 2.5 mn tonnes petroleum reserve at Padur

In 2021, India overhauled its policy to allow part of SPRs to be used commercially, mirroring a model adopted by countries such as Japan and South Korea that allows private lessees, mostly oil majors

Petrol, diesel sales soar in December as holiday travel boost demand

India's petrol and diesel consumption soared in December 2024 as holiday travel boosted demand, reversing the fall witnessed in previous months, preliminary data of state-owned fuel retailers showed on Wednesday. While petrol sales had shown a year-on-year increase in recent months, diesel has been a laggard since monsoon. November was the first month that saw growth in diesel consumption and the trend continued into December. Petrol sales of three state-owned firms, which control 90 per cent of the fuel market, soared 9.8 per cent to 2.99 million tonne in December compared to 2.72 million tonne of consumption in the same month last year. Diesel demand during the month was up 4.9 per cent to 7.07 million tonne. This is the second straight month of auto fuels posting handsome increase in consumption. Petrol demand was up 8.3 per cent year-on-year in November and diesel consumption rose 5.9 per cent. Road trips as well as air and rail travel during the holiday season in the second h

Oil and gas CPSEs set to exceed IEBR capex for fifth-straight year

More than 145 projects costing Rs 100 crore under implementation by govt oil and gas firms

Govt allows Adani Krishnapatnam Port to import petroleum up to March 2026

The Centre has allowed Adani Krishnapatnam Port in Andhra Pradesh to import petroleum into India up to March 1, 2026, according to an official notification. The port has been allowed to import petroleum by sea from August 28, 2024, till March 1, 2026, in public interest, according to the notification by the Ministry of Ports, Shipping and Waterways. Owned and operated by Adani Ports and Special Economic Zone Limited (APSEZ), Adani Krishnapatnam Port Ltd is an all-weather deep water port located on the East Coast of India in Andhra Pradesh. Adani Ports & SEZ shares were trading higher by 0.56 per cent at Rs 1,267.30 on BSE in the pre-close session.

Tax contribution of petroleum sector set to drop rapidly in FY 2024-25

Collections from windfall tax collections had cooled before it was withdrawn on December 2

Refined petroleum product export rose 12% in October, shows PPAC data

Globally, supplies have continued to rise despite ongoing production cuts by the Organization of the Petroleum Exporting Countries (OPEC)

India boosts global share in petroleum, gemstone, sugar exports over 5 yrs

India's export competitiveness has witnessed healthy gains in multiple sectors -- particularly petroleum, gemstones, agrochemicals and sugar -- during the last five years, as these segments have increased their share in global trade, according to the commerce ministry data. The other sectors where the share of India's exports has increased during 2018 and 2023 are electrical goods, pneumatic tyres, taps and valves, and semiconductor devices. The ministry data analysis showed that petroleum exports rose to USD 84.96 billion in 2023, with India's market share surging to 12.59 per cent last year from 6.45 per cent in 2018, positioning it as the second-largest global exporter. It was ranked fifth in 2018. In the precious and semi-precious stones segment, the country's share in global shipments has soared to 36.53 per cent last year from 16.27 per cent in 2018. It has propelled the country to the top position in the category, with exports reaching USD 1.52 billion in 2023 from USD 0.26 .

ONGC chairman should also lead as subsidiary HPCL's head: Synergy panel

The oil and Natural Gas Corporation Chairman and Managing Director should also be the chair of the firm's subsidiary Hindustan Petroleum Corporation in line with the universal practice of a corporate group having only one chairman, a panel appointed to work out synergies between the two firms said in its report. India's top oil and gas producer Oil and Natural Gas Corporation (ONGC) had, in January 2018, bought the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore. The nation's third-biggest oil refining and fuel marketing company thereafter became a subsidiary of ONGC. But Hindustan Petroleum Corporation Ltd (HPCL), which initially did not even recognise the new owner, continues to be headed by a chairman and managing director, who does not report to parent firm ONGC or its board. ONGC has got just one board position on HPCL following the acquisition. On a prod from the Ministry of Petroleum and Natural Gas, ONGC appointed a three-member panel to work out synergi

India eyes $87 bn investment in petrochemicals over next decade: Puri

Indian state-run and private oil companies such as Nayara Energy and Haldia Petrochemicals have already announced plans to boost production

India to award leases to top up strategic oil reserves amid Gulf tensions

India must expedite the award because its strategic petroleum reserves, which hold a fraction of the crude storage capacities in Western nations and China, are highly inadequate in an emergency

India, Brazil eye year-end date for finalising GBA headquarters, charter

More than a year after the alliance was launched, the bloc has no physical, diplomatic presence

Venezuelan crude flows to public sector refiners via third parties

Venezuela was the 9th largest source of crude for India in Q1 FY25

Govt slashes windfall tax on petroleum crude to nil effective Sep 18

The Indian government reviews the windfall tax every fortnight, and the cut comes after a significant decline in crude prices