Adani Gas-Indian Oil combine, GAIL Gas, Gujarat Gas and Bharat Petroleum Corp Ltd​ (BPCL) are among 18 companies that have bid for licence to retail CNG to automobiles in 20 cities like North Goa and Bhatinda.

Of the 34 cities that oil regulator Petroleum and Natural Gas Regulatory Board​ (PNGRB) had offered in the sixth round of bidding, 56 bids from 18 companies were received for 20 cities, official sources said.

After three years, sale of branded petrol and diesel is getting back to normalcy for the three government-owned oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPC) and Hindustan Petroleum Corporation (HPC).

The government OMCs say the price differential between branded and non-branded fuel has come down, though the sales in branded petrol are better than for branded diesel. Branded fuels are regular fuels with additives supposed to enhance a vehicle's performance.

Shares of domestic oil marketing companies surged over 3 per cent on Wednesday on account of lower-than-expected cut in petrol and diesel prices.

At 10.14 am, shares of Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) were trading 2.55 per cent, 3.21 per cent and 2.82 per cent up at Rs 911, Rs 431 and Rs 833.45, respectively.

Shares of refinery companies are under pressure with the S&P BSE Oil & Gas index falling nearly 4% in late noon trades.

Hindustan Petroleum Corporation Limited (HPCL), Oil & Natural Gas Corporation (ONGC) and Cairn India have plunged more than 5% each, while Indian Oil Corporation (IOC), Reliance Industries and Bharat Petroleum Corporation (BPCL) down 3%-4% on the BSE.

Bharat Petroleum Corp Ltd is planning to launch an initial public offer (IPO) of its Bina refinery unit next year, chairman of the state-owned firm S Varadarajan said on Thursday.

India's second-biggest state refiner, BPCL will hold 50% in Bharat Oman Refineries Ltd (BORL), which had built the unit, while Oman Oil Company will hold the remaining 26%. The IPO "is planned for next year," Varadarajan told reporters.

Foreign companies are in talks to buy a stake of up to 24% in Bina refinery in Madhya Pradesh, which is jointly owned by Bharat Petroleum Corp and Oman's state oil firm, BPCL's chairman told Reuters on Thursday.

The two owners want to boost the refinery's capacity by about 30% from 120,00 barrels per day (bpd), said BPCL Chairman S. Varadarajan.

Mumbai: Bharat Petroleum Corp. Ltd (BPCL) will be investing Rs1 trillion between 2016 and 2021 for its next phase of growth, as lower crude price and reduced losses on fuel sales gives the company more headroom for business expansion.

The investments are mainly targeted towards increasing the company’s refining capacity by 40%, branching into the petrochemicals sector, expanding in the city gas distribution business and establishing itself as an oil and gas explorer and producer, the company informed the media on Wednesday.

At 11.15 am, shares of Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd were trading 4.82 per cent, 5.09 per cent and 6.61 per cent lower at Rs 398.10, Rs 878.65 and Rs 890, respectively. The BSE Sensex was trading 116 points lower at 27,750.

According to Reuters, April-June results were influenced by inventory gains but a 23 per cent slump in benchmark Brent QTD means less likelihood of such gains in September quarter.

Refiner Bharat Petroleum Corp Ltd is set to import a rare cargo of Sokol crude from Russia's Far East as it takes advantage of a regional glut to secure cheaper oil.

BPCL bought 1 million barrels of Sokol from Statoil ASA, traders said. It was BPCL's first purchase of the Russian crude grade, according to an industry source with direct knowledge the matter.

Bharat Petroleum Corp Ltd plans to expand its Bina oil refinery in Madhya Pradesh by 30% to 156,000 barrels per day at a cost of about $472 million, its chairman S Varadarajan told Reuters on Monday.

The expansion of the refinery, operated by a joint venture of BPCL and state-owned Oman Oil Co in Madhya Pradesh, will be completed by 2018, he said.

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