The three main state-owned oil refining and marketing companies have so far lost $2.25 bn (Rs 17,000 cr) due to the freeze on petrol and diesel price imposed by the government ahead of state elections in Uttar Pradesh, Punjab and Goa, according to a report by Moody’s. The rating agency pointed out that Indians are […]
State-owned oil marketing companies, Indian Oil, Hindustan Petroleum and Bharat Petroleum, are open to buying the land on which their retail outlets are located to offset rising real estate prices, oil minister Dharmendra Pradhan said. Pradhan was responding to a concern about how rising real estate prices in cities and towns are leading to landlords […]
ONGC said the government of Mozambique has approved the field development plan for a gas field in ‘Area 1’, one of the largest gas blocks in East Africa. ONGC owns 16% of the block, while 4% of the block is owned by Oil India Ltd and another 10% is controlled by Bharat Petroleum Corporation Ltd […]
A consortium of companies, including ONGC, Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd, have taken a 10% stake in Lower Zakum Concession. The “participation fee” paid by the Indian consortium is 2.2 billion UAE dirhams (Rs 3,850 cr). The onshore field is located inside the UAE and is owned by the Abu Dhabi […]
Private players such as Reliance Industries and Essar — owned by Russia’s Rosneft — have tripled the number of petrol and diesel outlets in India in the last two years, and could double their market share by implementing their ongoing expansion plans, India Ratings said. From practically nothing in 2014, private players including Shell and […]
