State-run Hindustan Petroleum Corporation Limited (HPCL) has said it might set up the proposed Rs 37,229-crore greenfield refinery-cum-petrochemical complex at Barmer in Rajasthan, not in Lilala, a

State-owned oil and gas firm Hindustan Petroleum (HPCL) has teamed up with gas company GAIL to revive an ambitious . 32,000-crore petrochemicals project in Andhra Pradesh.

The Barmer refinery-cum-petrochemical complex is likely to be relocated to Pachparda tehsil following protest by farmers at Leelala over compensation.

State govt assures the court it will compensate the loss to the oil companies

The Kerala high court on Thursday directed public sector oil companies -- Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL) -- to supply diesel to the Kerala State Road Transport Corporation (KSRTC) at subsidised rate. In a petition filed by the corporation, a single bench opined that the stand of the oil companies was discriminatory. The state government has assured the court it would compensate the loss to the oil companies.

The company will on March 13 sign a MoU with the Rajasthan government for setting up the refinery-cum-petrochemical complex

State-owned Hindustan Petroleum Corp Ltd (HPCL) plans to invest Rs 37,000 crore in setting up a nine million tonne oil refinery and a petrochemical complex at Barmer in Rajasthan. The company will on March 13 sign a Memorandum of Understanding (MoU) with the Rajasthan government for setting up the refinery-cum-petrochemical complex, a source privy to the development said.

JAIPUR: In what will be the biggest ever investment in the state, the board members of Hindustan Petroleum Corporation Limited (HPCL) approved the Rajasthan government's proposal to set up the 19th oil refinery of the country in Barmer.

"The memorandum of understanding (MoU) to set up the refinery at Barmer will be signed in Jaipur on March 14 in the presence of Union minister of petroleum and natural gas Veerappa Moily," said a delighted state chief minister Ashok Gehlot. Talking to TOI, Gehlot said that the proposed refinery is a landmark achievement for the entire state and it will translate into revolutionary growth. "I immediately called Mr Moily and welcomed the decision," he added.

The Competition Commission of India (CCI) is issuing a notice to three state-owned oil marketing companies (OMCs) on a probe on whether they form a cartel to fix petrol prices.

The commission is also looking at the coal and fertiliser sectors, where government-owned companies dominate the market. “Law does not distinguish between government and private companies,” said Ashok Chawla, chairman of CCI, addressing the annual global investor conference here of Kotak Institutional Equities. “After the government clarified that it does not have a role to play in petrol pricing after deregulation, we have taken up the issue.”

Despite the uncertainty surrounding re-insurance for oil refineries over crude oil import from Iran, companies here are not perturbed yet about the United States’ sanctions in this regard. They said they believe the government would come out with a solution by June.

Hit largely by the sanctions are the country’s largest importer of Iranian crude oil, Mangalore Refinery and Petrochemicals ( MRPL), a subsidiary of Oil and Natural Gas Corporation (ONGC), and Indian Oil’s ( IOC’s) Chennai Petroleum Corporation.

Indian Oil Corporation review meeting later this week

The next phase of rise in diesel prices seems, unlike earlier, to be a non-combined exercise from the three government oil marketing companies ( OMCs). On January 17, the government allowed Indian Oil Corporation ( IOC), Hindustan Petroleum Corporation (HPC) and Bharat Petroleum Corporation (BPC) to eliminate the loss on sale of diesel to bulk consumers at one go and do a gradual rise in prices at monthly intervals for retail outlets — the government had suggested a 45-50p/litre rise at a time. A month gets over this Sunday, since the decision

Kolkata/Ranchi: Coal India (CIL) is foraying into the solar power sector with a view to make use of its whopping cash reserve of above R60,000 crore in a meaningful way.

CIL chairman and managing director S Narsing Rao told FE there are business opportunities in the solar power sector and a scope to take some climate mitigation initiatives as well. “Foraying into solar power is expected to give us returns higher than the interest we are earning. It would also be a carbon mitigating project,” Rao said.