Hindustan Petroleum Corporation Ltd (HPCL) has reported a 53 per cent rise in net profit for the October-December 2016 quarter owing to better operational performance. For the December 2016 ended quarter, HPCL's net profit was Rs 1,590.31 crore, 53 per cent higher from Rs 1,041.25 crore reported last year.
Category: Oil & Gas
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GAIL Q3 net profit up 46 per cent
GAIL has posted a 46 per cent rise in third-quarter profit aided by a boost in the petrochemicals business.
Profits rose to Rs 983 crore in the October-December quarter from Rs 676 crore a year ago. Sales fell 9 per cent to Rs 12,294 crore on a drop in natural gas sales. The revenue from natural gas marketing dropped by 20 per cent to Rs 9,414 crore and profit fell 38 per cent to Rs 300 crore in the quarter.
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Essar Projects wins contract for laying gas pipeline from Jalandhar to Amritsar
Essar Projects, a leading EPC (Engineering Procurement & Construction) company, has announced that it has won a contract for a 100-km pipeline from GSPL India Gasnet Ltd. (GIGL).
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Deepak Premnarayen, President, Indian Merchants Chambers
The Budget is likely to continue its pro-poor image with a slew of concessions for agriculture, skilled labour and the rural sector, along with incentivisation to move to a digital payment economy. Employment-related incentives are likely to go up considerably.
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HPCL, GAIL sign pact with AP for Rs.40,000-crore petro project
HPCL and GAIL India Ltd have signed a pact with Andhra Government for setting up a Rs 40,000 crore petrochemical plant in the state. The 50:50 joint venture will set up a 1.5 MT ethylene derivatives plant, which will produce a wide range of petrochemical raw materials for the manufacture of detergents, paints and coatings, cosmetics, textiles and adhesives.
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Cairn gets nod for 64 exploratory wells
A committee under the Ministry of Environment, Forests and Climate Change has given the green signal to Cairn India for undertaking drilling works of 64 exploratory and appraisal wells in KG-OSN-2009/3 block in KG basin at Prakasam and Guntur districts of Andhra Pradesh.
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Petroleum sector attracts FDI worth $1.18 billion in last two fiscals
The oil & gas sector has attracted foreign direct investments worth $ 1.18 billion in the past two financial years between April 2014 and March 2016, the government said in its ´achievement report´ for the petroleum sector.
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Oil PSUs plan major investments in Andhra Pradesh
Major oil public sector units are planning to invest over Rs 1.43 lakh crore in Andhra Pradesh in coming years which would create jobs for thousands of people in the state, according to Oil Minister Dharmendra Pradhan.
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GAIL plans to raise Rs.750 cr via bonds
GAIL (India) Ltd is planning to raise Rs 750 crore in bonds via private placement to finance its ongoing projects.
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India signs pact with UAE to boost strategic oil reserves
India has signed a deal with the United Arab Emirates, allowing the Gulf nation to fill the country´s strategic storage facility in southern India.