Cabinet gives approval to ONGC to buy govt s 51% stake in HPCL
Cabinet gives approval to ONGC to buy govt s 51% stake in HPCL
The Cabinet On Wednesday Approved The Sale Of Governmentâs 51.11 Per Cent Stake In Oil Refiner HPCL To Indiaâs Largest Oil Producer ONGC For A Potential Rs 26,000 Crore To Rs 30,000 Crore, A Top Source Said. PTI | Updated on: 20 Jul 2017, 08:46:55 AM
New Delhi:
The Cabinet on Wednesday approved sale of government’s 51.11 per cent stake in oil refiner HPCL to India’s largest oil producer ONGC for a potential Rs 26,000 crore to Rs 30,000 crore, a top source said.
Gas Based Economy
The Government of India seeks to increase the share of natural gas in India’s commercial energy basket from 6.3 percent in 2019 to 15 percent by 2030 to make India a ‘gas-based economy’. To reach the target of 15 percent, annual growth in consumption of natural gas has to increase from less than 5 percent in the last decade (less than 3 percent in 2019) to well over 10 percent in the next decade. India’s natural gas consumption in 2019-20 was about 175 mmscmd. To increase consumption to 600 mmscmd by 2030, the annual growth rate in consumption has to be more than 13 percent. This is not an impossible target. In the period 2008-2018, natural gas consumption in China grew by over 13 percent. Behind this double-digit growth rate for natural gas consumption in China was an annual average economic growth rate of over 8 percent, regulatory reform for transparency and flexibility along with focussed policy mandates.
HPCL Q3 profit rises to Rs 2,354.6 cr; revenue down 3%
Pre-tax profit stands at Rs 3,157.87 crore in Q3 against Rs 1,150.84 crore in Q3; tax outgo for quarter rose 99.4 per cent y-o-y to Rs 755.58 crore
BusinessToday.In | February 4, 2021 | Updated 16:24 IST
State-controlled Hindustan Petroleum Corp Ltd (HPCL) on Thursday reported 215.13 per cent rise on a year-on-year basis in net profit at Rs 2,354.6 crore for the third quarter ended December 31, 2020. The company had recorded Rs 747.20 crore profit during the same period last year.
The company s revenue dropped 2 per cent year-on-year to Rs 68,659.2 crore as compared to Rs 70,042.2 crore reported a year before. Pre-tax profit stands at Rs 3,157.87 crore in Q3 against Rs 1,150.84 crore in the same period last year. The company s tax outgo for the quarter rose 99.4 per cent y-o-y to Rs 755.58 crore compared to Rs 379 crore during Q3FY20.
REFINERY NEWS ROUNDUP: Gasoline output up in India; Petron’s Bataan plans temporary halt
India’s gasoline output climbed to a 14-month high in December, ending 2020 at pre-pandemic levels, as robust domestic demand spurred refiners to increase production of the motor fuel.
Gasoline production at the world’s third-largest energy consumer rose to 3.341 million mt in December, up marginally by 0.36% from the previous month, the latest data from the Petroleum Planning and Analysis Cell showed. December was the fourth straight month of increase in India’s gasoline production, the data showed. The rise in production comes amid strong domestic demand for gasoline, which has been backed by easing pandemic-related lockdowns as well as the resumption of driving activity over the fourth-quarter holiday season.