
Oil stocks rally; BPCL, HPCL, IOC hit 52-week highs
Among other state-owned OMCs, Oil India, GAIL (India), ONGC shares surged up to 4% amid strong volume trade.
Among other state-owned OMCs, Oil India, GAIL (India), ONGC shares surged up to 4% amid strong volume trade.
The oil company has secured an order from ONGC Petro Additions Ltd (OPaL) for supply of natural gas to their mega petrochemical complex at Dahej.
This mega project will be the largest-ever investment of Indian Oil at a single location, which will improve the petrochemical intensity index of the company
The company will acquire 100% stake in Unison Enviro, the city gas distribution arm of Ashoka Buildcon, for ₹531 crore.
Brent crude oil price has fallen 9.2% in the last two days to $78.01 per barrel, the lowest level since December 12, 2022.
The board of HPCL has given the approval to raise up to ₹10,000 cr via debt market to fund its oil refining and fuel marketing operations.
About 36 blocks in these regions are estimated to have an oil and gas resources potential of 1,775 metric million tonnes of oil equivalent (MMTOE).
Suresh P. Manglani transformed Adani Gas from a regional to a pan-India player with India’s biggest city gas pipeline network.
The state-owned oil company plans to achieve net zero carbon emissions by 2040 and to invest ₹1.4 lakh crore in the next five years
HPCL, BPCL, IOC reported a combined loss of ₹18,480 crore in the June quarter due to a decline in the margin on petrol, diesel, and domestic LPG in the backdrop of rise in international crude prices