Indian Oil, Bharat Petroleum and Hindustan Petroleum are likely to get oil bonds worth Rs 65,942 crore this week to make up for half of their revenue loss on fuel sale during the first nine months of 2008.
"Parliament has already approved (issue of oil bonds)....We expect Finance Ministry to intimate of the bonds anytime now," said Petroleum Ministry Additional Secretary S Sundareshan said in New Delhi.
BPCL is to announce on Thursday its earnings in July-September quarter, while HPCL and IOC are to do so on Friday. Without the oil bonds, the three would post huge losses.
"Even with oil bonds, things are not going to be any better," he said.
The three firms would get Rs 14,956.17 crore worth of oil bonds for selling petrol, diesel, domestic LPG and kerosene below cost in January-March quarter. They will get an additional Rs 24,408 crore compensation for April-June quarter and the remaining will be for July-September quarter.
Government compensates half of the losses resulting from its dictate to oil companies to not to raise fuel prices in line with cost, through issue of oil bonds.
For 2007-08, the oil companies reported a total revenue loss of Rs 70,579 crore of which Rs 35,289.50 crore is to be compensated through oil bonds. The government has already issued, oil bonds worth Rs 20,333.33 crore for April-December 2007 period.
IOC, BPCL and HPCL in April-September lost Rs 92,853 crore on fuel sales (audited figures) and are projected to lose Rs 1,47,486 crore in the full fiscal. Half of the projected revenue loss is to be compensated through oil bonds.
Showing posts with label BPCL. Show all posts
Showing posts with label BPCL. Show all posts
Thursday, October 30, 2008
Friday, September 19, 2008
Videocon-BPCL JV Completes Acquisition of EnCana Brasil Petroleo
The acquisition will cost Videocon-BPCL $165 million. The deal was signed in September last year.
Videocon Industries' 50:50 JV with BPCL-- VB (Brasil) Petroleo Private Ltd, has completed the transaction to acquire 100% stake of EnCana Brasil Petroleo Limitada , for $165 million. The JV firm has also paid an amount of $ 118 million as reimbursement of all the expenses of the Brazilian firm since January 01, 2007.
The unit was the Brazilian arm of Canadian gas producer EnCana and the Indian firms had entered into an agreement to acquire the stake in September last year with the effective date of the transaction agreed to be January 01, 2007. It marked EnCana's exit from Brazil as part of its refocus on natural gas and oil assets in North America.
EnCana Brasil's assets include ten deep water offshore petroleum exploration blocks in four basins in Brazil. Petrobras, the national oil Company of Brazil, operates three of these four basins whereas US-based Anadarko Corp is the operator in fourth basin. Out of the total 10 blocks Petrobras are operators in seven.
Videocon has been partnering public sector oil and gas firms in both India and overseas to expand its energy business. Besides its venture with BPCL, it also has domestic JV with ONGC among others in the Ravva oil and gas fields.
Most recently, it had partnered with BPCL in picking 10% stake each in an offshore oil exploration block in Mozambique. The capital outlay for the transaction was estimated at $75 million for Videocon
Videocon Industries' 50:50 JV with BPCL-- VB (Brasil) Petroleo Private Ltd, has completed the transaction to acquire 100% stake of EnCana Brasil Petroleo Limitada , for $165 million. The JV firm has also paid an amount of $ 118 million as reimbursement of all the expenses of the Brazilian firm since January 01, 2007.
The unit was the Brazilian arm of Canadian gas producer EnCana and the Indian firms had entered into an agreement to acquire the stake in September last year with the effective date of the transaction agreed to be January 01, 2007. It marked EnCana's exit from Brazil as part of its refocus on natural gas and oil assets in North America.
EnCana Brasil's assets include ten deep water offshore petroleum exploration blocks in four basins in Brazil. Petrobras, the national oil Company of Brazil, operates three of these four basins whereas US-based Anadarko Corp is the operator in fourth basin. Out of the total 10 blocks Petrobras are operators in seven.
Videocon has been partnering public sector oil and gas firms in both India and overseas to expand its energy business. Besides its venture with BPCL, it also has domestic JV with ONGC among others in the Ravva oil and gas fields.
Most recently, it had partnered with BPCL in picking 10% stake each in an offshore oil exploration block in Mozambique. The capital outlay for the transaction was estimated at $75 million for Videocon
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