State-owned Indian Oil Corporation (IOC), Oil India (OIL) and Bharat PetroResources (BPRL), among themselves, will pay Russia’s Rosneft $3.3 billion for buying equity stakes in the latter’s two oil and gas projects in September, two officials privy to the deals told Siddhartha P Saikia in New Delhi.

In one of the deals, IOC, OIL and BPRL are picking up 29.9% in the Rosneft-operated Taas-Yuryakh oil and gas fields in East Siberia for $1.28 billion. Besides this, the consortium would fork out another $2.02 billion for 23.9% stake in Rosneft arm Vankorneft that runs the Vankor oil field in East Siberia, the sources added.

Shares of state-owned oil marketing companies such has Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) were trading higher between 2%-5% on the bourses as oil prices dropped on Monday, extending Friday’s sharp decline after Britain's vote to leave the European Union.

“Brent crude futures were down 15 cents at $48.26 a barrel by 0238 GMT on Monday, after settling down $2.50, or 4.9 percent, at $48.41 on Friday,” the Reuters report suggests.

A consortium led by state-run Indian Oil Corp (IOC) oil companies IOC, BPCL and OIL signed an agreement on Friday to buy 23.9 per cent stake in Russia’s Vankor oil field from Rosneft for $2.1 billion, IOC said in a statement.

The agreement between IOC, Oil India and Bharat PetroResources, a subsidiary of Bharat Petroleum Corp Aand state-run Rosneft was signed on Friday in St.Petersburg, being visited by India’s Petroleum Minister Dharmendra Pradhan at the head of a delegation to the St.

Bharat Petroleum Corporation (BPCL) shares gained as much as 1.9 per cent in the early trade on Thursday after the Reserve Bank (RBI) allowed foreign investors to raise their holdings in the oil marketing company to up to 49 per cent.

At 10.18 am, shares of BPCL were trading 1.67 per cent up at Rs 996.45. The scrip opened at Rs 990.50 and has touched a high and low of Rs 999 and Rs 988.60, respectively, in trade so far. Sensex was trading 161.15 points, or 0.60 per cent, down at 26,853.71.

State-owned IOC, BPCL and HPCL have struck a temporary deal with Reliance Industries and Essar Oil to resume buying petrol and diesel from private refiners on revised terms.

Short of own production, state refiners Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp (BPCL) buy about 12 million tonnes of diesel annually from Jamnagar refineries of RIL and the Vadinar unit of Essar.

Hindustan Petroleum Corporation Limited (HPCL)'s performance for the quarter ended March, like that of Bharat Petroleum Corporation Limited (BPCL), was impressive and much ahead of estimates.

HPCL' profit at Rs 1,553 crore declined 28.2 per cent year-on-year (y-o-y), but beat Bloomberg consensus estimate of Rs 1,087 crore by 43 per cent. The topping of the estimate was led by better-than-expected operating performance. Ebitda at Rs 2,643 crore was substantially higher than Rs 2,378-crore Bloomberg consensus estimate.

Bharat Petroleum Corporation (BPCL) posted a net sales at Rs 44,146 crore for the March quarter, down 14 per cent over the year-ago quarter. Inventory loss was at Rs 990 crore against Rs 1,430 crore in the year-ago period. Overall, revenues were ahead of Bloomberg consensus estimate of Rs 40,522 crore.

Lower crude oil prices, sharp fall in tax rate which came down from 32.7 per cent in March 2015 quarter to 27.1 per cent. This metric registered lower fall than revenues in March quarter.

The Union Cabinet on Wednesday approved an increase in investment by Bharat Petroleum Corporation in its Oman arm, Bharat Oman Refineries to a maximum of Rs 3,000 crore.

“The investment amount could be enhanced up to a maximum of Rs. 3,000 crore by way of subscription of convertible warrants/other instruments giving right to convert it into equity shares to be issued by BORL...” the government said in a release.

State-owned fuel retailer BPCL has got green nod for its Rs 694-crore project of developing LPG import terminal as well as storage, bottling and bulk distribution facilities at Haldia Dock Complex in West Bengal.

At present, domestic production of LPG is around 12.38 million metric tonne per annum (mmtpa), much lower than the estimated demand of 18.65 mmtpa for this year. The proposed project aims to boost supply and help achieve the government's target of making LPG available to each household by 2018.

Shares of Bharat Petroleum were up nearly 2% at Rs 935 on the Bombay Stock Exchange after the company said it has bought additional stake in Petronet CCK Ltd (PCL).

The company in a release said that the board of directors at its meeting held on April 11 has approved the proposal to acquire Petronet India Ltd's 26% equity in PCL at a total cost of Rs 78.60 crore.

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