Search Result for : Hpcl

The Dollar Business Bureau  With the first shipment of two million barrels of US crude oil, costing about $100 million, expected to reach India by the end of September and the volume of crude oil that India could buy in the future, it is very likely that the bilateral oil trade between the two countries could increase to $2 billion. With this, India will be in the league of Asian countries such as Japan, South Korea and China in purchasing American crude oil after OPEC reduced its production, leading to a price increase of the heavy-sour crude of Middle East. Tweeting about the development, the Indian Embassy in Washington said, “New breakthroughs! Oil shipments frm US to India has started,” on Wednesday, after ...

The Dollar Business Bureau  The Government plans to unveil a new policy for promoting the use of biofuels in the transport that will help in catalyzing about Rs.1 lakh crore of investment in the whole value chain, Oil and Petroleum Minister Dharmendra Pradhan said on Thursday.  India has to import around 80% of crude oil to meet its requirements and use of biofuels produced from non-edible oils help the country in meeting its target of cutting down the imports by 10% by 2022, Pradhan said at an event organised to mark ‘World Biofuel Day’.  The top three state-run oil companies of India Bharat Petroleum Corp Ltd (BPCL), Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) have pledged $2 billion investment for carrying ...

The Dollar Business Bureau  State-owned Oil Corporation Ltd (IOC) purchased 1.9 million barrels of crude from the US in its second tender to import oil from the US, which makes it the first Indian oil company to buy Eagle Ford shale oil, a senior official from the company revealed to the media on Friday.  IOC, India’s largest commercial enterprise, purchased 950,000 barrels of light sweet Eagle Ford shale oil and the same quantity of heavy sour Mars crude from trading company Trafigura, for delivery at October end, A.K. Sharma, Finance Director, IOC, told a leading international news agency.  The recent purchase by IOC comes after an earlier import tender where the refiner purchased 400,000 barrels of Western Canadian Select and 1.6 million barrels ...

The Dollar Business Bureau Diesel imports of India have increased with state-run oil refiner Hindustan Petroleum Corp (HPCL) on Tuesday entering the crude spot market for seeking its seventh consignment of the fuel for the month of July, according to trade sources. However, imports of the fuel could be slowed down as monsoon season begins in India, the sources told a leading international news agency. The state-owned refiner is seeking delivery of 60,000 tonnes of 40 ppm sulphur gasoil into Vizag during July 20-25 in a tender which ends on July 5. This is HPCL’s seventh consignment requirement for the month of July, however, it was not clear if all the earlier tenders have been given. HPCL-Mittal Energy Ltd (HMEL) was likely to begin its 230,000 barrels a day ...

PTI The government will on Monday sign contracts for the 31 small discovered oil and gas fields it had auctioned in the first bid round in more than six years. State-owned oil firms IOC, BPCL and HPCL had cornered a third of the fields whose award was confirmed by the Cabinet last month. “Contracts with successful bidders will be signed on March 27,” a senior official said. Touted as an auction round that would replicate the shale gas revolution of the US, half of the fields went to new and lesser known entrants like engineering company Megha Engineering & Infrastructure, KEI-RSOS Petroleum, Enquest Drilling and Nippon Power. The Cabinet Committee on Economic Affairs (CCEA) had approved award of 31 fields out of 34 that received ...

The Dollar Business Bureau  India’s state-owned oil major, Oil and Natural Gas Corporation Ltd (ONGC), will take control of the other public sector enterprise Hindustan Petroleum Corporation Ltd (HPCL) as a part of the government plan to set up an integrated public sector entity of oil and gas, reported a reputed media house on Monday quoting top officials. The government is planning to create a huge oil firm by combining state-run companies, Finance Minister Arun Jaitley had said in his Budget speech on February 1 as the country, which is the world's third biggest consumer of oil, is looking to compete with world’s major players in acquiring international assets. “It is a very big decision. A cabinet note will soon be moved. The government of India will ...

The Dollar Business Bureau Kakinada SEZ Ltd. (KSEZ), a subsidiary of GMR Infrastructure Limited (GIL) has signed a series of MoUs with firms interested in setting up of manufacturing units in Kakinada SEZ during the CII Partnership Summit 2017 held on January 27 and 28 at Visakhapatnam, AP. GMR Group is developing a world-class Industrial Zone – Kakinada SEZ, spread over 8500 acres and an all-weather, multi-cargo, deep water port, with an estimated phase 1 capacity of 16 million tonnes. Kakinada is often referred to as the “Houston of India” owing to the existence of Hydro-Carbon reserves and the Oil & Gas infrastructure. Acknowledging the advantage of Kakinada SEZ which is the largest industrial area with port connectivity in this region, Indian Oil & ...

The Dollar Business Bureau  Petroleum and Natural Gas Minister Dharmendra Pradhan said on Friday that key oil public sector units (PSUs) are planning to do investments of more than Rs.1.43 lakh crore in Andhra Pradesh in the next few years which would generate thousands of jobs in the state. The Minister said that investment will begin from the financial year 2017-18 and the entire investment will be finished by 2021-22.  Andhra Pradesh has huge potential in hydrocarbons and in the coming years the state is going to become the main petrochemical and petroleum hub, Pradhan stressed at the Partnership Summit organised by CII.  “Our oil PSUs are partnering with Andhra Pradesh to build new synergies in the hydrocarbon sector. The oil PSUs have invested more than ...