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State-run oil marketing companies (OMCs) will be able to taper their third quarter losses after the government has committed itself to a Rs 12,000-crore cash subsidy to compensate them for selling cooking fuels at government-regulated prices.

NEW DELHI: Hindustan Petroleum Corporation Limited (HPCL) is planning to invest around Rs. 614 crore in two sugar mills it had bought in Bihar to manufacture ethanol to be blended with petrol. The HPCL board had already given its approval to the investment proposal.

Official sources said the two plants would produce 60 kilolitres of ethanol a day to blend with petrol.
Tender

Kalpana Pathak & Ajay Modi / Mumbai / Delhi April 22, 2009, 1:11 IST

After a brief honeymoon with over-recoveries on sale of petrol and diesel, the country

Rakteem Katakey / New Delhi November 15, 2008, 0:19 IST

After reporting losses in excess of Rs 12,000 crore in the July-September quarter, state-run refiners are likely to make marginal profits in the three months up to December 2008 as crude oil prices have plunged to 22-month lows of below $50 per barrel, five analysts tracking the companies said.

Not everybody is enthused by the crashing international crude prices. As prices dip below the strategically-significant $60 per barrel mark, recent investments made in exploration and production (E&P) activities in India could come under a cloud. Investments in E&P have gained momentum since 2006, while crude prices touched a high of $147 earlier this year.

Govt Tries Balancing Act To Protect Consumers And Burdened Oil Companies Rajeev Jayaswal NEW DELHI THE government is working on a dual strategy of fuel price hikes coupled with duty cuts to shield consumers and cash-strapped oil companies.

State-run Bharat Heavy Electricals Ltd (BHEL) on Monday announced it has bagged a Rs 1,150 crore turnkey contract for setting up an energy-efficient 153-MW captive power plant at Bhatinda in Punjab. The Rs 1,150 -crore order has been placed on the company by HMEL, a joint venture of HPCL and Mittal Energy Ltd. "Under international competitive bidding (ICB), the company won the contract to set up environment-friendly 153-MW captive power plant at the upcoming Guru Gobind Singh Refinery at Bhatinda,' a company release said.

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