• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 44 mins WTI @ $75.75, headed for $64 - 67
  • 15 hours The Dirt on Clean Electric Cars
  • 5 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 3 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 6 hours These are the world’s most competitive economies: US No. 1
  • 22 hours Uber IPO Proposals Value Company at $120 Billion
  • 5 hours The end of "King Coal" in the Wales
  • 49 mins EU to Splash Billions on Battery Factories
  • 5 hours Coal remains a major source of power in Europe.
  • 13 hours Poland signs 20-year deal on U.S. LNG supplies
  • 1 hour U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 1 day UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
Why Is This Little-Known Element Up Over 300%

Why Is This Little-Known Element Up Over 300%

Scalable sustainable energy storage has…

The Implications Of A Fractured U.S., Saudi Alliance

The Implications Of A Fractured U.S., Saudi Alliance

With tensions between the United…

India Approves Sale Of 51% Stake In Its Third-Largest Local Refiner

Refinery

India’s cabinet has approved a plan to sell its entire 51.1-percent stake in the third-largest local refiner Hindustan Petroleum Corp (HPCL) to the country’s biggest explorer, state-held Oil and Natural Gas Corporation (ONGC), and aims to finalize the deal by the end of the current Indian financial year through March 2018, Oil Minister Dharmendra Pradhan said on Monday.  

In early February this year, India’s Minister for Finance and Corporate Affairs, Shri Arun Jaitley, said in the presentation of the 2017/18 budget in Parliament that the country was planning to create an integrated public-sector oil major to match the performance of huge international private sector oil and gas companies.

Speaking to ET Now on Monday, the minister said that it was too early to speculate on a price of the deal. The stake sale is reportedly valued at around US$4.6 billion.

India has decided to create a panel led by finance minister Jaitley to speed up the ONGC-HPCL merger process, Pradhan has said to lawmakers.

That panel “will help in taking quick decision with regard to the timing, price, terms and conditions and other related issues to the transaction,” Reuters quoting Pradhan as telling lawmakers in a statement.

According to Pradhan, there will be significant synergies and enhanced capacity from the sale of HPCL stake to ONGC, and HPCL can maintain its brand identity post-stake sale to ONGC.

Related: Daily OPEC Oil Prices Now Public For The First Time Ever

Just last week, reports emerged that India’s top refiner Indian Oil Corporation (IOC) may buy out the government’s 66-percent stake in exploration company Oil India, in a second deal involving oil firms that is part of India’s plan to create a giant integrated oil company.

Today, minister Pradhan said that after the ONGC-HPCL deal, the government will be looking at its capacity and energy requirements to see what other oil firms it could integrate.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News