Govt seeks legal opinion if privatized BPCL will be eligible to receive LPG produced by ONGC and GAIL

A two-decade-old LPG supply order restricting supply of domestically produced LPG to only state-owned oil companies has stymied plans to allow Bharat Petroleum Corporation Ltd (BPCL) to continue selling subsidised cooking gas (LPG) after its privatisation. A legal opinion has now been sought to ascertain if privatised BPCL will be eligible to receive liquefied petroleum gas (LPG) […]

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Indian cabinet note asks for 100% foreign investment on oil and gas PSUs: precursor to BPCL disinvestment

India’s commerce and industry ministry has floated a draft cabinet note seeking inter-ministerial views on a proposal to allow up to 100 per cent foreign investment under automatic route in oil and gas PSUs, which have an ‘in-principle’ approval for disinvestment. The move, if approved by the union cabinet, would facilitate privatisation of India’s second biggest oil […]

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BPCL Q4 profit rises to Rs 11,940 crore; firm announces record Rs 12,581 crore dividend

Bharat Petroleum Corporation Limited (BPCL) on May 26 reported an over four times increase in standalone profit at Rs 11,940.1 crore for the quarter ended March 2021 compared to Rs 2,777.6 crore in the previous quarter, moneycontrol.com reported. The profit included a one-time gain of Rs 6,992.9 crore during the quarter. “The company received Rs 9,422.42 […]

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BPCL to invest Rs 264 crore in setting up retail outlets in eastern India

In order to increase its retail presence in Eastern India, disinvestment-bound Bharat Petroleum Corporation (BPCL), will add 400 more retail outlets in FY22 at an investment of Rs 264 crore. This will be above its existing 2,738 retail outlets in the eastern region. The state-owned oil marketing company (OMC) is slated to increase its market share in […]

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LPG consumption up by 7.3% in the past three months, despite price rise

Cooking gas LPG consumption rose by 7.3 per cent in the last three months despite a steep price rise, with usage among the PMUY (Prime Minister Ujjwala Yojna) beneficiaries jumping by nearly 20 per cent, state-owned oil marketing companies said. “LPG consumption has improved amongst PMUY customers,” Indian Oil Corporation (IOC) said in a statement. An identical […]

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PM dedicates BPCL’s petro-chem complex in Kerala to India

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Prime Minister Narendra Modi  dedicated to the nation a Rs 6,000 crore petrochemical complex of oil major Bharat Petroleum in Kerala and Ro-Ro vessels of Inland Waterways at Willingdon Islands, asserting these projects would energise India’s growth trajectory. On a brief visit to Kerala, the Prime Minister also inaugurated the Cochin Port Trust’s International Cruise Terminal and Cochin Shipyard’s […]

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