IOCL, HPCL, BPCL open to buying petrol pump land – Pradhan

State-owned oil marketing companies, Indian Oil, Hindustan Petroleum and Bharat Petroleum, are open to buying the land on which their retail outlets are located to offset rising real estate prices, oil minister Dharmendra Pradhan said. Pradhan was responding to a concern about how rising real estate prices in cities and towns are leading to landlords […]

ONGC, IOCL, BPCL acquire 10% in Abu Dhabi oil block

A consortium of companies, including ONGC, Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd, have taken a 10% stake in Lower Zakum Concession. The “participation fee” paid by the Indian consortium is 2.2 billion UAE dirhams (Rs 3,850 cr). The onshore field is located inside the UAE and is owned by the Abu Dhabi […]

Reliance, Essar triple petrol outlets in 2 yr, continue to expand fast – India Ratings

Private players such as Reliance Industries and Essar — owned by Russia’s Rosneft — have tripled the number of petrol and diesel outlets in India in the last two years, and could double their market share by implementing their ongoing expansion plans, India Ratings said. From practically nothing in 2014, private players including Shell and […]