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HPCL Q3 net falls 87% to Rs 248 crore on inventory loss
Posted on 6th February 2019
Inventory losses and lower refinery margins affected finances of state-run Hindustan Petroleum Corporation (HPCL), which on Tuesday announced a 87% year-on-year (y-o-y) fall in net profit to Rs 248 crore during the December 2018 quarter. The comparable figure a year ago was Rs 1,950 crore.

The oil marketing company had made an inventory gain of Rs 1,477 crore in the December 2017 quarter against a loss of Rs 3,465 crore in the December 2018 quarter.


HPCL unlikely to partner Total for LPG cavern in Mangalore
Posted on 16th January 2019
State-run Hindustan Petroleum Corp. Ltd (HPCL) may build its second liquefied petroleum gas (LPG) cavern in Mangalore, Karnataka, said two company officials, requesting anonymity. HPCL is planning to build an underground LPG storage facility and had been in talks with France’s national oil company, Total SA, to partner it. Total SA is also HPCL’s partner in the first LPG cavern in Visakhapatnam, Andhra Pradesh.

HPCL, Mangalore Refinery merger may not happen this fiscal year
Posted on 9th January 2019
The merger of two Oil and Natural Gas Corporation (ONGC) subsidiaries — Mangalore Refineries and Petrochemicals (MRPL) and Hindustan Petroleum Corporation (HPCL) — is unlikely to happen in FY19.

A source close to the development said, “At this pace, the deal is unlikely to happen in FY19. Neither the MRPL board has taken up the proposal nor a consultant has been appointed in this regard."


HPCL releases 1.6 cr LPG connections under PMUY
Posted on 3rd January 2019
The Government on Wednesday gave out the 6-croreth free cooking gas (LPG) connection as the scheme to make available cleaner fuel in every household kitchens runs ahead of schedule. Government of India introduced ‘Pradhan Mantri Ujjwala Yojana’ (PMUY) for which budgetary provision of Rs 12,800 crore has been provided for releasing 5 Crores LPG connections to women member of BPL households by March’19 and additional 3 Crore LPG connections by March 2020.

AI startup Tranzmeo raises funding from HPCL
Posted on 27th December 2018
Mumbai: Artificial intelligence (AI) startup Tranzmeo, which is part of NASSCOM 10,000 Startups accelerator programme, has secured an undisclosed pre-seed funding from Hindustan Petroleum Corp. Ltd (HPCL) for its AI-powered product, T-connect OneView, the industry body said in a statement on Wednesday.

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.

Tata Power, HPCL partner to set up electric vehicle charging stations
Posted on 27th September 2018
Private power producer Tata Power and state-run Hindustan Petroleum Corporation (HPCL) on Thursday announced a memorandum of understanding (MoU) for setting up the electric vehicle (EV) charging stations at HPCL retail outlets and other locations across India. The two companies will also explore other opportunities for collaboration in renewable energy.

Hindustan Petroleum Corp enters into a long-term agreement with HMEL
Posted on 22nd September 2018
Hindustan Petroleum Corporation (HPCL) on Friday entered into a long-term agreement with HMEL (HPCL-Mittal Energy) for operations and maintenance of its newly-commissioned bitumen terminal at Bathinda.

HMEL recently set up a bitumen blowing unit with a capacity of 550 million tonne per annum different grades of bitumen plant at Guru Gobind Singh Refinery, Bathinda. The agreement is for storing, handling and dispatching the product.


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,

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