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OVL, OIL, BPCL and others to invest $20 billion in Mozambique LNG project
Posted on 20th June 2019
ONGC Videsh, Oil India and Bharat Petroleum Corporation along with operator US-based Anadarko Petroleum and other partners announced the final investment decision (FID) of $20 billion for Rovuma Offshore Area-1 Mozambique LNG project.

The investment will go towards construction of a gas liquefaction and export terminal and the project will initially consist of two LNG trains with a total nameplate capacity of 12.88 million tonne per annum,


BPCL’s investment plan for Mozambique gas field gets approval
Posted on 18th June 2019
A ministerial group headed by home minister Amit Shah has given its nod to Bharat Petroleum Corporation’s (BPCL) plan to invest $2.2-2.4 billion in the Rovuma Offshore Area-1 gas field in Mozambique. The group — including finance minister Nirmala Sitharaman, commerce and railway minister Piyush Goyal, external affairs minister S Jaishankar and petroleum and steel minister Dharmendra Pradhan — had met on June 4 to scrutinise the investment plan, as it is still to be approved by the Cabinet Committee on Economic Affairs (CCEA).

BPCL, HPCL take 25 per cent stake each in IOC’s Rs 9,000 crore LPG pipeline project
Posted on 4th June 2019
Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) have joined in the country’s longest LPG pipeline project being laid by state-owned Indian Oil Corp (IOC) to cater to cooking fuel needs of a fourth of the country’s population. BPCL and HPCL will take 25 per cent stake each in the Rs 9,000-cr project that involves laying of a pipeline from Kandla in Gujarat to Gorakhpur in Uttar Pradesh, the companies said in separate but almost identical regulatory filings.

HPCL, BPCL and Indian Oil Corp drop up to 3% as crude oil prices rise
Posted on 8th April 2019
Shares of oil marketing companies (OMCs) such as Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) dropped up to 3 per cent in the morning trade on Monday as the international crude oil prices rose to their highest level since November 2018, owing to OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, and strong US jobs data.

At 10:30 am, HPCL was trading over 3 per cent lower at Rs 255.15 apiece on BSE while BPCL was down 1.66 per cent at Rs 352. Shares of IOC were trading over a per cent lower at Rs 156.45 apiece on BSE.


BPCL to bring 1 MTPA natural gas from Mozambique to India
Posted on 12th February 2019
MUMBAI: State-run Bharat Petroleum Corporation Ltd (BPCL) will bring to India the much-awaited natural gas from its Rovuma basin in Mozambique in the next five years, said officials aware of the development.

BPCL will bring in 1 million metric tonnes per annum (mmtpa) of gas from the Rovuma field where its upstream arm, Bharat Petro Resources Ltd (BPRL) holds 10% stake.


BCPL to shut crude unit at Kochi refinery for about 3 weeks from Dec 1
Posted on 30th October 2018
India's state-run Bharat Petroleum Corp will shut a 120,000 barrels per day (bpd) crude unit and some secondary units at its Kochi refinery for about three weeks from early December for maintenance, its head of refineries said.

"It (this shutdown) is mandatory to inspect the new plant after you run it for a year. We will open up some of the critical equipment to see if things are intact," R. Ramachandran told Reuters on Tuesday.


Morgan Stanley turns cautious on HPCL, BPCL shares on petrol price cut
Posted on 8th October 2018
After the government last week announced reduced excise duty on fuel by Rs 1.50 a litre and asked oil companies to absorb a Re 1 slash, global firm Morgan Stanley see heightened pressure for oil and gas majors HPCL and BPCL. Notably, Morgan Stanley says that the development will have a material earnings impact, if the slash continues even after 2019 elections. The lack of policy clarity also adds to the challenges, notes Morgan Stanley.

BPCL, HPCL, IOCL tank up to 29% as government cuts fuel prices
Posted on 5th October 2018
Shares of state-owned oil & gas companies, including oil marketing companies (OMCs), are reeling under pressure falling by up to 29% on the BSE in intra-day deals, extending their Thursday’s fall after the government, on Thursday, asked the them to absorb a Re 1 a litre cut in excise duty on petrol and diesel. The government also cut the excise duty on petroleum products by Rs 1.50 a litre with immediate effect. This is the first time in over four years that prices of either petrol or diesel are being controlled.

Adani, IOC, BPCL, Torrent big winners of city gas licences
Posted on 17th September 2018
Oil regulator PNGRB Monday declared the final list of winners of city gas retailing licences that had billionaire Gautam Adani’s group, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Torrent Gas as the big winner. Adani Gas won rights to retail CNG to automobiles and piped cooking gas to households and industries in 13 cities on its own and another nine, including Allahabad, in a joint venture with IOC,

No plans on absorbing fuel prices: BPCL
Posted on 12th September 2018
Mumbai: The Bharat Petroleum Corporation Limited (BPCL) on Tuesday said that it has no plans to absorb the rising fuel prices, adding that no communication has been received from the central government on the same.

Addressing media post the firm's Annual General Meeting, BPCL Chairman and Managing Director D. Rajkumar said, "There's no communication from the (central) government whatsoever at this point in time to absorb the prices.


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