State-run oil marketing companies (OMCs) Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp are looking for a solution to the high card transaction fees for petrol and diesel purchases.

OMCs want banks to cut the card transaction fees on petrol and diesel purchases by half, Livemint reported while citing four people aware of the development.

New Delhi: Indian Oil and Bharat Petroleum Corp (BPCL) are both keen to acquire gas utility GAIL India to become fully integrated energy companies.

IOC and BPCL have separately indicated to the petroleum ministry their interest in taking over GAIL to help add natural gas transportation and marketing business to their kitty, official sources said. GAIL, on the other hand, feels a merger with oil and gas producer ONGC would be more appropriate.

Bharat Petroleum launched a tender seeking a spot liquefied natural gas (LNG) cargo for delivery in January and a separate tender for three cargoes for May, August and October, trade sources said.

Bharat seeks a spot cargo for January 19-21 delivery into the Dahej import terminal, with bids due on or before December 5 and the award due to be made on December 7, one trader said.

India’s state oil refiners are planning an aggressive push into natural gas in coming years to meet Prime Minister Narendra Modi’s goal of making the fuel a bigger part of the country’s energy mix.

State-owned oil companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum - are planning to raise gas contributions to between 5 and 15 per cent of their incomes over the next few years, up from nearly none now, company executives said.

New Delhi: Fuel retailers Indian Oil Corp. Ltd., Hindustan Petroleum Corp. Ltd. and Bharat Petroleum Corp. Ltd. are expanding their network of liquified petroleum gas (LPG) dealerships by appointing more than 6000 new distributors, the oil ministry said on Friday.

This will mainly be in rural areas and in addition to the locations for which selection has already been made and the process of commissioning distributorship is underway, the ministry said in a statement.

Reliance Industries and its partner BP plc of UK have submitted to the government a $2 -2.5 billion plan to bring to production India's deepest gas discovery by 2021-22.

The partners yesterday submitted to the Directorate General of Hydrocarbons (DGH) a field development plan (FDP) for the MJ-1 gas find, which is located about 2,000 meters directly below the currently producing Dhirubhai-1 and 3 (D1 and D3) fields in the eastern offshore KG-D6 block, sources with direct knowledge of the development said.

Mumbai: State-run Bharat Petroleum Corp. Ltd (BPCL) will shortly hit the market to raise $500 million to partly fund its planned capital expenditure of Rs8,000 crore for this fiscal, two people aware of the development said.

“We are planning to raise $500 million shortly. We are still working on the timeline and the instrument we would be using to raise the funds,” a senior BPCL official said on condition of anonymity as he is not allowed to speak to reporters.

Shares of all three state-owned oil marketing companies (OMCs) were trading higher by up to 4% on BSE in early morning trade after the government cut the excise duty on both branded and unbranded petrol and diesel by Rs 2 a litre from Wednesday.

Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation (IOCL) have gained between 3% and 4%, extending their gains for the past 2 days on the BSE.

Mumbai: Wary of being left behind in the race for renewables and electric vehicles, oil marketing companies are quietly drawing up plans to expand their modest presence in renewable energy space.

Indian Oil Corp. Ltd, the largest of the three big oil marketers, is exploring opportunities for setting up battery charging stations and battery replacement facilities for electric vehicles in its petrol pumps. “We are also looking at opportunities for manufacturing and retailing lithium-ion batteries,” the company said in its annual report for 2016-17.

Shares of the state-run oil marketing companies IOC, BPCL and HPCL dived up to 2.8% after Moody’s Investors Service said that the state-owned fuel retailers have to increase borrowings. IOC, BPCL, and HPCL will have to go in for increased borrowings to sustain high dividend payments and capital spending this fiscal, keeping their credit metrics weak, Moody’s Investors Service said yesterday.

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