As part of its modernisation drive, Hindustan Petroleum Corporation Ltd (HPCL) has constructed a Rs.330-crore greenfield oil terminal at Ennore.

This will not only enable it to move petroleum products from Ennore Port to its terminal seamlessly through dedicated pipelines, but also decongest the Tondiarpet area in north Chennai. The new oil terminal is expected to start functioning soon. Talking to The Hindu, Y.V.N. Sarma, DGM - Ennore Project, HPCL Chennai New Terminal, said the current HPCL terminal was located on 15 acres of land having a tankage of 50,000 KL at Tondiarpet. HPCL had decided to discontinue its operations there and move POL products (petroleum, oil and lubricants) to Ennore in a phased manner.

IndianOil, Bharat Petroleum and Hindustan Petroleum have incurred a loss of Rs 2,600 cr on sale of petrol during Apr-Sep period

IndianOil, the biggest oil marketing company, has cut petrol prices by Rs 0.56 a litre, with effect from midnight on Monday The other oil marketing majors — Bharat Petroleum and Hindustan Petroleum — are expected to announce cuts shortly. In the capital, petrol will now cost around Rs 67.90 a litre.

New Delhi Petrol price may be cut by about Rs 1.60 per litre later this month as appreciation of rupee against the US dollar has helped state firms make profit on the fuel.

Indian rupee appreciated to five-month high since the government announced allowing foreign direct investment (FDI) in multi-brand retailing. This has eased the cost of imports for oil firms, helping them make profit on sale of petrol. "Yes, there is about Rs 1.60 per litre profit on petrol since October 1. But we want this trend to stabilise before we think of cutting retail prices," a senior executive at one of the three state-owned fuel retailers said.

Global kerosene and LPG prices divergent to those of diesel, petrol and ATF

In the first price revision after the government capped the number of subsidised cylinders for consumers, domestic liquefied petroleum gas (LPG) has become nearly 17 per cent dearer, thanks to firm international prices. From October 1, the consumer price of every non-subsidised domestic LPG cylinder has risen to Rs 883 from Rs 756 last month.

The Supreme Court has issued notice to Petroleum and Natural Gas Regulatory Board (PNGRB) while admitting an appeal of GAIL (India) Limited challenging the award of Rs 7,000-crore Mallavaram-Bhilwara-Vijaipur gas pipeline project to a consortium led by state-run Gujarat State Petronet Limited (GSPL). A bench headed by Justice TS Thakur on Monday, however, declined to grant stay on the work of the over 1,500 km long pipeline project.

Mumbai Government-run Hindustan Petroleum Corporation (HPCL) is eyeing stakes in overseas oil blocks, primarily in Africa and Kazakhstan, as it looks to beef up its portfolio of producing and disco

Kuala Lumpur Oil and Natural Gas Corp (ONGC), India’s biggest government-owned energy explorer, is considering bidding for part of ConocoPhillips Canadian oil sands holdings worth around $5 billion, a source with direct knowledge of the situation told Reuters on Tuesday.

The Houston-based company has been looking to sell assets in a number of countries including Nigeria as part of a global restructuring. ConocoPhillips recently completed the spin-off of its refining activities into Phillips 66, a newly created independent US company.

Securing timely payment from states against sale of subsidised cylinders beyond six would be a challenge

Oil marketing companies (OMCs) are wary of the populist step of states to increase the number of subsidised cylinders. Securing timely payment from states against sale of subsidised cylinders beyond six would be a challenge, the companies said. According to last week’s decision, a consumer would get only six subsidised cylinders a year, at Rs 399 in the capital, and would have to pay around Rs 750 for each additional refill. But Delhi, Haryana and Assam have announced a subsidy cover for three more cylinders.

IOC has been pleading with the government to move petrol back to a controlled regime

After two months of losses, oil marketing companies (OMCs) have started making profits on sale of petrol, thanks to the softening global price and an excise cut announced by the government last week. The OMCs have begun making a margin of around Rs 1 on every litre sold. The three — Indian Oil, Bharat Petroleum and Hindustan Petroleum — were losing around Rs 6 on every litre of petrol in the first fortnight of this month. To prevent any price increase in petrol, the government last Thursday cut the excise duty by Rs 5.30 a litre. Until then, it was charging Rs 14.78 through excise on every litre. The move almost covered the loss that the OMCs were incurring on petrol.

Public sector Hindustan Petroleum Corporation Limited (HPCL) is looking at reviving its plan to set up a greenfield refinery plant in Visakhapatnam. The company already operates an 8.3-million tonne (mtpa) capacity refinery at the port city.

The plan remained only on paper after HPCL was allotted 1,500 acre land five years ago. The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) recently cancelled the allotment and also paid back the money, which it had received towards land.