Hindustan Petroleum
20 сентября, 19:24

Saudi Aramco May Unveil Financials In Early 2018

If Saudi authorities decide this year which foreign stock market will be the venue of what would be the biggest IPO in history, and if the government finalizes energy subsidy reforms, Saudi Aramco may be ready to disclose its audited financial figures in early 2018, Reuters reports, citing three sources. If so, it would be the first time that the world is privy to Aramco financials. Saudi authorities have been hoping for a US$2-trillion valuation of the company, and have plans to sell a 5 percent of that $2-trillion pie by the end of next year…

20 сентября, 17:02

Clash In Oil-Rich South Sudan Region Kills At Least 25

South Sudanese authorities reported the deaths of at least 25 people on Tuesday following a clash between government forces and rebel groups in the oil-producing regions in the north of the world’s youngest country. The rebels pledge their loyalty to Former Deputy President Riek Machar, who has been exiled by the central government. On Monday, a village called Nhialdiu became the site of the clash, continuing a months-long pattern of the town changing hands unpredictably. "The number of the bodies that were found on the ground were 25," said…

20 сентября, 16:57

Lebanon Passes Oil Taxation Law Ahead Of First Licensing Auction

The Lebanese Parliament voted into law on Tuesday legislation that regulates the tax regime from oil and gas operations in the country, in a milestone law for bidders in Lebanon’s first tender for offshore exploration oil blocks. The draft law planned for a 20-percent income tax, and a stamp-duty fee fixed at the equivalent of US$3,316 (5 million Lebanese pounds), Bloomberg reports, citing the Lebanese National News Agency (NNA). After passing key legislation to advance its stalled oil and gas licensing tenders, Lebanon opened in…

19 сентября, 21:15

India’s Oil Majors To Lift Borrowing To Cover Dividends, Capex

India’s three major state-held oil refining and marketing firms—Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL)—will increase borrowings to keep their large dividend payments and high capital spend, Moody’s Investors Service said on Tuesday. “These companies’ large dividend payments and high capital spending levels will keep their credit metrics weak, particularly in relation to retained cash flow on debt,” Vikas Halan, a Moody’s Vice…

24 июля, 19:51

UAE’s Oil Firm ADNOC Negotiates Taking Up To $5B Loan

The Abu Dhabi National Oil Company (ADNOC), the state-held oil company of the United Arab Emirates (UAE), is in discussions to get a loan of up to US$5 billion, Reuters reported on Monday, citing banking sources, as low oil prices are forcing giant oil companies in the Middle East to tap debt markets to raise funding for expansion.   ADNOC is talking to international and regional banks to obtain a syndicated loan worth several billions of U.S. dollars, Reuters’ sources say, with one pinpointing the loan range between US$4 billion and…

24 июля, 19:51

Aramco’s Oil Facilities Set For Offshore Security Upgrade

Saudi Arabia’s offshore oil facilities are due for a security upgrade, according to a new report by Reuters. State-owned oil and gas giant Saudi Aramco has already received bids from defense contractors from around the world for the project. U.S.-based Raytheon Co. and Germany’s Rheinmetall AG are amongst the companies who responded to the tender. The contract currently open for bids will install long-range security systems at nine of the KSA’s offshore sites in the Persian Gulf, according to Aramco sources who spoke to Reuters.…

24 июля, 19:51

Credit Suisse Predicts Sub-$60 Oil Until 2020

Leading investment bank Credit Suisse believes crude oil will not reach above $60 per barrel before 2020, contrary to estimates by market analysts far and wide. The bank dropped on Monday its long-term growth forecast for West Texas Intermediate (WTI) by $5 a barrel to $57.50 by 2020. Brent will touch $60 that same year, according to the projections. A three-year glut in international crude supplies has caused severe downward pressure on oil prices. The downturn has led to hundreds of thousands of job losses and trillions of dollars in cut exploration…

24 июля, 19:51

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

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…

20 июля, 22:31

Natural Gas Prices Up Slighting After Lower Than Expected Storage Build

Working gas in underground storage in the Lower 48 states increased by 28 billion cubic feet (Bcf) in the week to July 14, the EIA said on Thursday, but the build was less than analysts had expected, sending natural gas prices higher. At 12:54pm on Thursday, natural gas futures for delivery in August were up 0.59 percent at US$3.084/MMBtu.   Analysts had expected a build of 32 billion Bcf. As of July 14, working gas in storage was 2,973 Bcf, the EIA has estimated. At the end of last week, stocks were 299 Bcf less than this time last year and…

20 июля, 22:31

South Korea To Ease Oil Terminal Rules In Bid To Become Trading Hub

South Korea is set to ease restrictions for international oil traders to blend fuels at the country’s oil storage terminals in its attempt to become a trading hub in Northeast Asia, which could potentially pose a challenge to the established oil hub in Singapore. Earlier this year, the government passed legislation that would allow international oil trading companies to blend fuels as per client specifications at the oil storage terminals. So far fuel blending at the terminals was only allowed for domestic refiners. Even though the South…

20 июля, 01:32

Indian Cabinet Backs Plan To Create State Oil Giant

State refiner Hindustan Petroleum Corp. will be allowed to sell a $4.6 billion stake of itself to India’s largest fossil fuel explorer and producer, according to a new report by Bloomberg. Crude price volatility in the past three years has seriously hurt the bottom lines of Indian oil firms, which have not been able to compete with multinationals such as Total and Royal Dutch Shell due to scale issues. Oil and National Gas Corp. (ONGC) is expanding its upstream and downstream capacities to become an international fossil fuel player by mitigating…

20 июля, 01:32

BP Reportedly Approached Potential Buyers Of Some North Sea Assets

BP has contacted possible buyers of oil and gas assets that it holds in the North Sea, The Wall Street Journal reported on Thursday, citing people familiar with the matter, but BP told the Journal that it stays committed to the UK North Sea. “At the minute, there’s been initial conversations,” one of the people told the Journal, while some of the sources said that conversations did not exclude any BP asset in the North Sea. Possible buyers include private equity firms, the Journal’s sources said. BP said that it remained…

03 июля, 21:22

HMEL lets contract for Bathinda refinery

HPCL-Mittal Energy Ltd. (HMEL), a joint venture of state-owned Hindustan Petroleum Corp. Ltd. and privately held Mittal Energy Investment Pte. Ltd., Singapore, has let a contract to Haldor Topsoe AS, Kongens Lyngby, Denmark, for a project designed to expand production of Bharat Stage (BS) 6-grade fuels (equivalent to Euro 6-quality fuels) at HMEL's 9 million-tonne/year Guru Gobind Singh refinery at Village Phullokhari, about 35 km from Bathinda in India's northern state of Punjab.

26 июня, 22:34

HMEL lets contract for Bathinda refinery

HPCL-Mittal Energy Ltd. (HMEL), a joint venture of state-owned Hindustan Petroleum Corp. Ltd. and privately held Mittal Energy Investment Pte. Ltd., Singapore, has let a contract to Haldor Topsoe AS, Kongens Lyngby, Denmark, for a project designed to expand production of Bharat Stage (BS) 6-grade fuels (equivalent to Euro 6-quality fuels) at HMEL’s 9 million-tonne/year Guru Gobind Singh refinery at Village Phullokhari, about 35 km from Bathinda in India’s northern state of Punjab.

16 июня, 01:16

Medallion Midstream Expands Permian Pipeline Capacity

Medallion Midstream has announced the end of its binding open season for commitments from crude oil shippers for two extensions in its Wolfcamp pipeline system that will see its capacity increase by a combined 120,000 bpd. The Wolfcamp Basin is one of the sweetest spots in the Permian shale play, after last year the U.S. Geological Survey reassessed its reserves, saying that now it may hold as much as 20 billion barrels of recoverable crude oil. The expanded system will begin partial operation by the end of September and will become fully operational…

16 июня, 01:16

Exxon Proceeds With $4.4B Liza Oil Development Offshore Guyana

ExxonMobil said on Friday that it had made a final investment decision to proceed with the first phase of development of the Liza field offshore Guyana, which is expected to cost just over US$4.4 billion. The Phase 1 development at Liza field—one of the largest oil discoveries of the past decade—will include a subsea production system and a floating production, storage, and offloading (FPSO) vessel designed to produce up to 120,000 barrels of oil per day, Exxon said. Production is expected to begin by 2020, less than five years…

16 июня, 01:16

Russia’s Central Bank Sees Oil Prices Down To $40 In 2018-2019

In view of the current price movements and the oil market outlook, Russia’s central bank is keeping its oil price forecast for this year at US$50 per barrel, and still believes that the price of oil will drop to roughly US$40 in 2018-2019, Bank of Russia Governor Elvira Nabiullina said in a statement on Friday, after the bank cut the key interest rate to 9 percent annually. Although the pace of economic recovery has somewhat exceeded the Bank of Russia’s expectations, medium-term inflation risks remain in place, governor Nabiullina…

15 июня, 17:57

DAPL Shutdown To Be Considered After New Assessment: Federal Judge

The controversy surrounding the Dakota Access oil pipeline is not over, after a federal judge yesterday ordered the U.S. Army Corps of Engineers to redo its environmental assessment of the project specifically in those parts concerning the environmental impact of a spill in the section that passes under Lake Oahe. According to the judge, the Army Corps “[…]did not adequately consider the impacts of an oil spill on fishing rights, hunting rights, or environmental justice, or the degree to which the pipeline’s effects are…

15 июня, 00:57

TransCanada Invests $1.5 Billion In Gas Pipeline Expansion

A US$1.5 billion investment by TransCanada Corp will expand an existing natural gas gathering pipeline in western Canada, according to nation’s second-largest pipeline operator. The project will allow greater quantities of Canadian gas to reach other North American markets by connecting Monterey, Duvernay, and Deep Basin’s resources to the NOSA transmission system in Alberta. Commercial use of the expanded pipeline will begin in 2021, with construction taking off in 2019, provided approvals from the National Energy Board. Production…

14 июня, 23:49

Saudi Aramco Enters Talks To Buy Share In New Indian Refinery

Saudi Aramco has begun talking up India to purchase a stake in the Asian giant’s upcoming west coast refinery, according to an announcement made by Oil Minister Dharmendra Pradhan. The official told reporters in New Delhi that selling part of the 1.2 million barrels per day (bpd) facility would give India a greater voice in the international oil trade. Current plans give Indian Oil Corp a 50-percent stake, while Hindustan Petroleum Corp and Bharat Petroleum Corp each get 25-percent stakes. Aramco, Saudi Arabia’s state oil company,…