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State-owned Oil and Natural Gas Corp (ONGC) is keen to acquire India's third-biggest fuel retailer <keyword id="6362419" type="CITY" weightage="20" keywordseo="HPCL">HPCL</keyword> in a Rs 42,254 crore deal after finding <keyword id="75662" type="CITY" weightage="100" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword> Corp Ltd (BPCL) too expensive to buy, according to a news report by PTI. Following up on Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>'s Budget announcement of creating an integrated oil company, ONGC evaluated options of acquiring either <keyword id="170674" type="COMPANY" weightage="20" keywordseo="Hindustan-Petroleum-Corp-Ltd">Hindustan Petroleum Corp Ltd</keyword> (HPCL) or BPCL - the two downstream oil refining and fuel marketing companies. While acquiring either one of them made a lot of business sense, ONGC found the nation's second-biggest fuel retailer, BPCL too expensive, sources privy to the development said. BPCL has a market cap of Rs 1,01,738 crore and buying government's 54.93 per cent would along have entailed an outgo of Rs 55,885 crore. So, ONGC is in favour of acquiring HPCL, which has a market cap of Rs 54,797 crore and buying government's entire 51.11 per cent stake would entail an outgo of Rs 28,006 crore. Another Rs 14,000 crore or so would be required in case open offer has to be made. Sources said while initially the government was looking at creating an integrated oil company through merge of an oil producer with a refiner, the idea was dropped for the fear of not repeating of the Air India-Indian Airlines merger. Similar differences in work culture and ethos prevail in upstream and downstream firms and so the exercise under consideration now is to only help government mop up resources and HPCL would become a mere subsidiary of ONGC. ONGC already has a refining subsidiary in Mangalore Refinery and Petrochemcials Ltd (MPRL). Sources said an open offer to buy another 26 per cent stake from other shareholders of HPCL would at current price cost ONGC another Rs 14,247 crore. As per Sebi's takeover code, if a company acquires more than 25 per cent in another listed company, it has to make an open offer to buy at least 26 per cent more in the target firm. Some reports have suggested that ONGC buying government stake in HPCL may not trigger an open-offer rule as the government's holding is being transferred to another state-run firm and the ownership is not going to change. But sources said that way back in February 2002, state- owned <keyword id="59622" type="CITY" weightage="20" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> (<keyword id="6354733" type="ORGANIZATION" weightage="20" keywordseo="IOC">IOC</keyword>) had acquired government's 33.58 per cent stake in fuel retailer IBP Co Ltd for Rs 1,153.68 crore and had to make an open offer for additional shares. Both IOC and IBP were government owned companies. Sources said the oil ministry and ONGC may try and seek exemption from the open offer to keep the acquisition cost low. ONGC has cash reserve of Rs 13,014 crore and to fund the government stake acquisition in HPCL it will have to borrow at least Rs 18,000 crore, they said. If the open offer is made, additional borrowings would have to be done. There are only six major companies in the oil sector - ONGC and Oil India Ltd being the oil producers, Indian Oil Corp (IOC), HPCL and BPCL in refinery business and GAIL in midstream gas transportation business. The rest such as ONGC Videsh, Chennai Petroleum Corp (CPCL), Numaligarh Refinery Ltd and MRPL are already subsidiaries of one of these six PSUs. Sources said the options were very limited and ONGC chose HPCL over BPCL. HPCL will add 23.8 million tonnes of annual oil refining capacity to ONGC's portfolio, making it the third-largest refiner in the country after IOC and Reliance Industries. ONGC already is majority owner of MRPL, which has a 15- million tons refinery. Sources said ONGC buying HPCL will require two sets of Cabinet approval - one where the government approves sale of its all or part of its 51.11 per cent stake to ONGC, and the other for allowing ONGC to spend the money on stake buy.

Bharat Petroleum is too expensive; ONGC plans to buy Hindustan Petroleum

Share prices of the oil marketing companies (OMC) dropped on Tuesday with the scrip of privatisation-bound <keyword id="155363" type="DOMAIN" weightage="20" keywordseo="Bharat-Petroleum-Corporation-Ltd">Bharat Petroleum Corporation Ltd</keyword> (<keyword id="44555" type="DOMAIN" weightage="20" keywordseo="BPCL">BPCL</keyword>) falling over 5 per cent. At 2.16 p.m., BPCL shares on the BSE were trading at ₹441.05, lower by ₹25.95 or 5.56 per cent from its previous close. Its shares fell amid reports of the company selling 4 per cent of treasury shares worth ₹3,774 crore in a bulk deal. Shares of other OMCs also declined on Tuesday with stocks of <keyword id="458519" type="DOMAIN" weightage="20" keywordseo="Indian-Oil-Corporation-ltd">Indian Oil Corporation Ltd</keyword> (<keyword id="181809" type="DOMAIN" weightage="20" keywordseo="IOCL">IOCL</keyword>) trading 3.67 per cent lower at ₹99.75 per share. Hindustan Petroleum Corporation's (<keyword id="6362419" type="DOMAIN" weightage="20" keywordseo="hpcl">HPCL</keyword>) shares were trading at ₹234.60, lower by 3.62 per cent from its previous close. Further, revenues of OMCs are likely to remain under pressure for some time now as official sources indicated that with fuel price rise becoming an election issue, the Centre would not like to further escalate the matter with more increases in the auto fuel prices required in the wake of firming of prices in the global oil market. The halt in retail price hikes, at a time when crude oil prices are surging would put immense pressure on the margins of the oil marketing companies, experts said. The May delivery contract of Brent crude on the Intercontinental Exchange is currently trading above $68 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/craftsman-automation-has-fixed-a-price-band-of-14881490-a-share-for-its-150-crore-ipo/articleshow/81408729.cms">Auto components maker Craftsman Automation’s ₹150 crore IPO to hit the capital markets next week — price band fixed at ₹1,488–1,490</a> <a href="https://www.businessinsider.in/india/news/india-is-using-the-quad-alliance-to-get-help-from-the-us-japan-and-australia-to-match-chinas-covid-19-vaccine-push/articleshow/81408044.cms">India is asking the QUAD for money to boost vaccine production and counter China’s moves on the global stage</a> <a href="https://www.businessinsider.in/business/corporates/news/elon-musks-net-worth-has-eroded-60-billion-in-just-two-months-as-teslas-market-cap-falls-35/articleshow/81407453.cms">Elon Musk’s wealth has eroded $60 billion in just two months as Tesla's market cap falls 35%</a>

Bharat Petroleum plunge 5% amid reports of the company selling 4% of treasury shares

<ul><li>At 8:00 am, the SGX Nifty was trading 0.54% lower, indicating a weak start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open in the red. At 8:00 am, the SGX Nifty was down 0.54%, tracking weak global cues from US markets as well as Asian peers. On Wednesday, the Dow Jones Industrial Average closed 0.13% higher and S&amp;P was down 0.46% as tech shares’ weakness outweighed the Fed’s commentary. US’ Federal Reserve has pledged to keep monetary support intact in the near future and indicated that the <a href="https://www.businessinsider.in/stock-market/news/fed-signals-near-zero-rates-will-last-through-2023-to-lift-economy-from-coronavirus-recession/articleshow/78156062.cms">near-zero rates</a> could last through 2023. Here’s a list of stocks to watch for in trade on September 17: Happiest Minds Tech After a bumper subscription in its ₹702 crore IPO last week, the company is geared up to list on stock exchanges today. The grey market premium shows an <a href="https://ipocentral.in/happiest-minds-ipo-gmp-grey-market-premium-trend/">upside of ₹145</a>. The issue was oversubscribed 151 times on the last day of IPO. HCL Tech The tech giant, HCL Tech today <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/a393df27-d142-4bcc-be72-ea6071e6cacc.pdf">announced the expansion </a>of its strategic partnership with Google Cloud to bring HCL’s Actian portfolio, starting with Actian Avalanche, to Google Cloud. The share price of HCL Tech closed 0.54% lower yesterday. IndiGo and SpiceJet Airlines have sought relief from the government by asking banks and financial institutions to defer repayments of loans to the aviation industry by six months, Puri said in his written reply to a question in the Rajya Sabha. The share price of IndiGo and SpiceJet closed nearly 2% lower on Wednesday. Infosys Despite an uncertain business environment, Infosys CEO Salil Parekh told <a href="https://economictimes.indiatimes.com/tech/ites/hikes-hirings-and-a-visa-workaround-three-cheers-for-infosys-amid-covid-gloom/articleshow/78145983.cms">ET Now</a> that the company has begun to get things moving on salary hikes and promotions. Plans are also afoot to start massive recruitments in many parts of the world including in India soon, he said. The share price of Infosys closed nearly 2% higher on Wednesday. Bharat Petroleum Corporation Ltd According to <a href="https://www.livemint.com/companies/news/bpcl-may-buy-oman-oil-s-share-in-bina-refinery-11600256462193.html">news reports</a>, state-owned BPCL may acquire its peer Oman Oil Company Ltd's stake in the joint venture Bharat Oman Refineries Ltd (BORL). "We will acquire Oman Oil's stake if they are willing to offer. So far there has been on such communication from Oman Oil," said N Vijayagopal, director finance, BPCL told <a href="https://www.livemint.com/companies/news/bpcl-may-buy-oman-oil-s-share-in-bina-refinery-11600256462193.html">Mint</a>. The share price of BPCL closed flat on Tuesday. Hindustan Petroleum The chairman, Mukesh K. Surana at the 68th annual general meeting of state-owned Hindustan Petroleum Corp, said the company would invest over ₹60,000 crore in the next five years to build infrastructure. The share price of HPCL closed nearly 2% lower yesterday. ICICI Bank The board of ICICI Bank has passed a proposal to resume seeking approval from the central bank for the appointment of Sandeep Batra as its whole-time director for five years. The share price of ICICI Bank closed nearly 1% higher yesterday. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/fed-signals-near-zero-rates-will-last-through-2023-to-lift-economy-from-coronavirus-recession/articleshow/78156062.cms" data-type="tilCustomLink">Fed signals near-zero rates will last through 2023 to lift economy from coronavirus recession</a> <a href="https://www.businessinsider.in/defense/news/pictures-of-special-indian-army-ambulance-helicopters-trucks-and-tanks-as-soldiers-prepare-for-winter-at-the-india-china-border/slidelist/78149159.cms" data-type="tilCustomLink">IN PICS: Special Indian Army ambulance, helicopters, trucks and tanks as soldiers prepare for winter at the India-China border</a>

Top stocks to watch— HCL, Infosys, Happiest Minds Tech, IndiGo, SpiceJet, Bharat Petroleum, Hindustan Petroleum, and more

<ul><li>The rise in profits was largely backed by a 43.22 per cent fall in its total expenditure during the period under review to Rs 48,284.06 crore.</li><li>Revenue from operations of the company, however, declined 41 per cent on a year-on-year basis to Rs 50,616.92 crore.</li><li>In a regulatory filing, the company said that the market sales of the company for the quarter ended June were lower at 7.53 MMT when compared to 11.11 MMT achieved a year ago.</li></ul> <keyword id="75662" type="CITY" weightage="20" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword> Corporation Ltd (<keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword>), the highlight among the host of state-run companies put on the block by the government, has reported a 93 per cent increase in its standalone net profit for the April-June quarter at Rs 2,076.17 crore. During the corresponding period of last fiscal, the company had reported a standalone net profit of Rs 1,075.12 crore. The rise in profits was largely backed by a 43.22 per cent fall in its total expenditure during the period under review to Rs 48,284.06 crore. Revenue from operations of the company, however, declined 41 per cent on a year-on-year basis to Rs 50,616.92 crore. In a regulatory filing, the company said that the market sales of the company for the quarter ended June were lower at 7.53 MMT when compared to 11.11 MMT achieved a year ago. "The Average Gross Refining Margin (GRM) of the corporation during the quarter ended 30th June 2020 is $0.39 per barrel (April-June 2019: $2.81 per BBL)," it said. It said that the outbreak of Covid-19 globally and resultant lockdown in many countries, including India, had an impact on the business of the corporation. "Consequently, lower demand for crude oil and petroleum products has impacted the prices and therefore refining margins globally. Since petroleum products are covered under essential services, the refining and marketing operations of the corporation were continued during the lockdown period," BPCL said. During this quarter, there was lower refinery throughput and revenue from operations which was mainly due to lower demand of petroleum products, the company said in its filing. However, with the gradual reopening of the economy, BPCL expects the refinery throughput and revenue from operations will improve and will be at normal levels, post Covid-19 impact and removal of complete lockdown restrictions. "Management has assessed the potential impact of Covid-19 based on the current circumstances and expects that there will be no significant impact on the continuity of operations of the corporation, on useful life of the assets, on financial position etc. on a long term basis," it said. As announced last year, the company is up for strategic sale, wherein the government plans to sell 52.98 per cent in the oil major along with the transfer of management control. The response from prospective buyers, however, has not been as expected, largely due to the pandemic and the deadline for the submission of Expressions of Interest (EoI) has been deferred for the third time till September 30. The government's decision of strategic sale of the profit-making PSU, has, however drawn criticism from several quarters. SEE ALSO: <a href="https://www.businessinsider.in/india/news/heres-how-indias-74th-independence-day-celebrations-will-take-place-this-year/slidelist/77523536.cms">Here’s how India’s 74th Independence Day celebrations will take place this year</a> <a href="https://www.businessinsider.in/careers/news/how-much-deloitte-kpmg-ey-and-pwc-accountants-and-consultants-make-from-entry-level-to-executive-roles/articleshow/77533447.cms">How much Deloitte, KPMG, EY, and PwC accountants and consultants make, from entry level to executive roles</a> <a href="https://www.businessinsider.in/science/news/a-dwarf-planet-between-mars-and-jupiter-has-a-salty-ocean-beneath-its-surface-making-it-a-contender-for-alien-life/articleshow/77495476.cms">A dwarf planet between Mars and Jupiter has a salty ocean beneath its surface, making it a contender for alien life</a>

Bharat Petroleum reports 93% increase in its standalone net profit for April-June quarter

The Central government on Monday received a huge <keyword id="56600" type="General" weightage="20" keywordseo="dividend" source="Orion">dividend</keyword> tranche of ₹5,001 crore from the Maharatna company <keyword id="6354737" type="General" weightage="20" keywordseo="ONGC" source="Orion">ONGC</keyword>. This was informed by the Secretary of the Department of Investment and Public Asset Management (DIPAM), <keyword id="3969017" type="General" weightage="80" keywordseo="tuhin-kanta-pandey" source="Orion">Tuhin Kanta Pandey</keyword>. On November 11, the government received about Rs 690 crore from <keyword id="6594329" type="General" weightage="80" keywordseo="bharat-petroleum-corporation-limited" source="Orion">Bharat Petroleum Corporation Limited</keyword> (<keyword id="44555" type="General" weightage="80" keywordseo="bpcl" source="Orion">BPCL</keyword>) as a dividend tranche. A dividend is the distribution of a company's earnings to its shareholders and is determined by the company's board of directors. Dividends are often distributed quarterly and may be paid out as cash or in the form of reinvestment in additional stock. Common shareholders of dividend-paying companies are eligible to receive a distribution as long as they own the stock before the ex-dividend date. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nifty50-hit-new-all-time-highs-bharat-petroleum-reliance-industries-surge-metal-stock-drag/articleshow/95822928.cms">Sensex, Nifty50 hit fresh all-time highs – Bharat Petroleum, Reliance Industries surge</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/ten-major-trade-unions-boycott-pre-budget-meeting-with-fm/articleshow/95825047.cms">Ten major trade unions boycott pre-budget meeting with FM</a>

Centre receives ₹5,001 crore as dividend from ONGC

Mumbai, Shares of the state-run petroleum major <keyword id="9997688" type="COMPANY" weightage="20" keywordseo="bharat-petroleum-corp-ltd-">Bharat Petroleum Corp. Ltd.</keyword> (BPCL) fell nearly five per cent a day after the deadline for submitting bids for the strategic sale of the company ended. Investor sentiments dampened as major energy giants including <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword>, <keyword id="32848" type="COMPANY" weightage="20" keywordseo="BP">BP</keyword> gave the bidding process a miss and did not submit <keyword id="81620" type="COMPANY" weightage="20" keywordseo="Expressions-of-interest">Expressions of Interest</keyword> for the 52.98 per cent of the stake on sale. Shares of BPCL on the BSE plunged 4.9 per cent to touch an intra-day low of Rs 392.35 per share. At 10.54 a.m., it was at Rs 397.70, lower by 3.63 per cent from its previous close. The government on Monday said that multiple EoIs have been received for divestment of Centre's stake in the company. Sources, however, said that several global players did not pitch in for the stake sale. Total and Russia's Rosneft also did not bid for the stake sale. The lack of interest among the major players comes on the back of the poor oil demand globally amid the pandemic and low oil prices. SEE ALSO:<a href="https://www.businessinsider.in/science/health/news/moderna-says-its-coronavirus-vaccine-is-94-5-effective-against-covid-19-a-crucial-victory-in-the-fight-against-the-pandemic/articleshow/79247349.cms" data-type="tilCustomLink"> Moderna says its coronavirus vaccine is 94.5% effective against COVID-19, a crucial victory in the fight against the pandemic</a> <a href="https://www.businessinsider.in/stock-market/news/dow-soars-375-points-to-near-record-as-modernas-vaccine-update-boosts-investor-optimism/articleshow/79249468.cms" data-type="tilCustomLink">Dow soars 450 points to new record as Moderna's vaccine update boosts investor optimism</a>

BPCL shares plunge 5% as major energy companies including RIL, Saudi Aramco and BP skip the race for stake sale

New Delhi, Mar 31 () Shares of oil marketing companies, led by Bharat Petroleum, on Tuesday zoomed up to 15 per cent owing to a fall in crude prices. Bharat Petroleum Corporation Ltd (BPCL) advanced 15.07 per cent to Rs 316.05, Hindustan Petroleum Corporation Ltd (HPCL) jumped 13.12 per cent to Rs 190.15 and Indian Oil Corporation Ltd (IOCL) gained 6.66 per cent to close at Rs 81.65 on the BSE. "Today (on Tuesday), share price of BPCL and HPCL are up owing to fall in crude prices to near 18-year low (crude oil price slipped below USD 20 per bbl). Fall in crude prices leads to an increase in net marketing margins of BPCL, HPCL, and IOCL," Yogesh Patil, research analyst, Reliance Securities, said. The BSE's oil and gas index was the top gainer in the deck, rising 8.72 per cent. Meanwhile, in the equity market, the 30-share BSE Sensex closed in the positive territory, ending 1,028.17 points or 3.62 per cent higher at 29,468.49. SUM HRS

Oil marketing companies gain; BPCL rises 15 pc

New Delhi, Feb 5 () Russia's largest oil producer Rosneft is keen to bid for acquisition of Bharat Petroleum Corp Ltd (BPCL), sources said after the Russian firm's CEO Igor Sechin met Oil Minister Dharmendra Pradhan on Wednesday. Rosneft, which is the majority owner of India's second biggest private oil refinery, is keen to expand in the world's third largest and the fastest growing energy market. Sechin first met Pradhan over breakfast, and then in delegation-level talks expressed interest in bidding for acquisition of government stake in Bharat Petroleum Corp Ltd (BPCL), an official privy to the discussions said. The government is selling all of its 53 per cent stake in BPCL in the country's biggest privatisation plan. The official said the government is expecting national oil companies from the Middle East, such as Aramco of Saudi Arabia and ADNOC of UAE, to join the bidding for BPCL. ANZ ANSANS

Russia's Rosneft keen to bid for BPCL

The export of <keyword id="6367091" type="General" weightage="20" keywordseo="petrol" source="Orion">petrol</keyword> by Indian oil marketing companies (<keyword id="88586" type="General" weightage="20" keywordseo="OMCs" source="Orion">OMCs</keyword>) rose 142% in a year between 2020-21 and 2021-22, while there was a minuscule rise of less than 1% in the export of diesel during the same period. According to official figures, the OMCs exported 668 thousand metric tonnes (TMT) of petrol in 2021-22, which was 142% more than 276 TMT of petrol exported by the country in 2020-21. In 2020-21, the OMCs exported 1,985 TMT of diesel, while in 2021-22, it exported 1,994 TMT of diesel, a growth of less than 1% over the previous year. The three OMCs, namely the <keyword id="6356834" type="General" weightage="50" keywordseo="indian-oil-corporation" source="Orion">Indian Oil Corporation</keyword>, <keyword id="6374014" type="General" weightage="80" keywordseo="hindustan-petroleum" source="Orion">Hindustan Petroleum</keyword>, and <keyword id="156368" type="General" weightage="50" keywordseo="bharat-petroleum-corporation" source="Orion">Bharat Petroleum Corporation</keyword>, export petrol and diesel to several nations across the world. OMCs export surplus petrol and diesel to other countries only after meeting domestic demand in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/verdict-on-demonetisation-cannot-be-interpreted-as-upholding-the-move-cpim/articleshow/96682871.cms">Verdict on demonetisation cannot be interpreted as upholding the move: CPI(M)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rishabh-instruments-files-draft-papers-with-sebi-to-mobilise-funds-via-ipo/articleshow/96683706.cms">Rishabh Instruments files draft papers with SEBI to mobilise funds via IPO</a>

Petrol export by OMCs rose 142% between 2020-21 and 2021-22

<ul><li><keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> is the biggest consumer of ‘<keyword id="1700399" type="PERSON" weightage="20" keywordseo="petcoke">petcoke</keyword>’ in the world, consuming 27 million annually. </li><li>Due to the drastic increase in <keyword id="55910" type="ORGANIZATION" weightage="20" keywordseo="Air-Pollution">air pollution</keyword> levels, the government has decided to <keyword id="6354651" type="PERSON" weightage="20" keywordseo="ban">ban</keyword> the import of petcoke to be used as fuel. </li><li>But, there are still domestic producers of petcoke in India like Indian Oil Corp, <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> and <keyword id="75662" type="DOMAIN" weightage="20" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword> Corp.</li></ul>India is the largest importer of <keyword id="1058899" type="ENTERTAINMENT" weightage="20" keywordseo="petroleum-coke">petroleum coke</keyword>, consuming <a href="https://www.pressreader.com/india/hindustan-times-delhi/20180419/281625305898083">nearly</a> 27 million tonnes per year. With an unthreatening name like ‘petcoke’, it’s hard to fathom that burning it as a fuel produces 11% more greenhouse gases than ordinary coal. That being said, the import of petcoke for use as fuel is being <a href="https://www.thehindubusinessline.com/markets/commodities/india-bans-pet-coke-import-for-use-as-fuel/article24716341.ece?homepage=true">banned nationwide</a>. There are pockets that can still use shipments that are intended to be used as feedstock in other industries. With 14 of the world’s most polluted cities in the world being in India, its a welcome initiative. The plans to implement such a measure have been in the work since the Supreme Court’s <a href="https://www.reuters.com/article/us-health-pollution-india-petcoke/india-govt-plans-to-propose-nationwide-ban-on-petcoke-as-a-fuel-sources-idUSKCN1ID095">order</a> in October last year that specifically banned the burning of petcoke in the national capital region of New Delhi, the most polluted city in the world according to WHO. Most of the petcoke comes from the US, where oil <keyword id="48128" type="DOMAIN" weightage="20" keywordseo="refineries">refineries</keyword> can’t find buyers for it back home so they export huge quantities of it overseas instead, to energy-hungry nations like India. Last year, one-fourth of US exports of ‘fuel grade’ petcoke came to India. All said and done, there’s still a loophole. The ban is specifically on <keyword id="35091" type="CITY" weightage="20" keywordseo="imports">imports</keyword>. And, while that may solve a great percentage of the problem, there are companies back home who produce it locally like Indian Oil Corp, Reliance Industries and Bharat Petroleum Corp. What do the numbers say? According to the Environmental Pollution Control Authority, petcoke produces nearly 17 times more sulfur than the limit that is in place for burning coal. And, in comparison to diesel, it is a whopping 1,380 times worse. In a country where 1.1 million people <a href="https://timesofindia.indiatimes.com/home/environment/pollution/india-reported-1-1-million-deaths-due-to-air-pollution-in-2015-says-a-global-study/articleshow/57145119.cms">die</a> due to ‘outdoor’ air pollution, being the dumping ground for the rest of the world isn’t a strategy that is saving on costs, the environment...or anything for that matter. India has enough problems with seasonal crop burning exercises and forests of cement, and petcoke is a problem that can easily be negated from the equation. And, it has been, partially anyway. The industries that are still allowed to use the product will be using it in its actual condition. No burning, hence, no pollution in the air.

You Searched For "Bharat Petroleum" and got 10 results

Bharat Petroleum is too expensive; ONGC plans to buy Hindustan Petroleum

BI India Bureau

Bharat Petroleum plunge 5% amid reports of the company selling 4% of treasury shares

IANS

Top stocks to watch— HCL, Infosys, Happiest Minds Tech, IndiGo, SpiceJet, Bharat Petroleum, Hindustan Petroleum, and more

Navdeep Yadav

Bharat Petroleum reports 93% increase in its standalone net profit for April-June quarter

IANS

Centre receives ₹5,001 crore as dividend from ONGC

IANS

BPCL shares plunge 5% as major energy companies including RIL, Saudi Aramco and BP skip the race for stake sale

IANS

Oil marketing companies gain; BPCL rises 15 pc

PTI

Russia's Rosneft keen to bid for BPCL

PTI

Petrol export by OMCs rose 142% between 2020-21 and 2021-22

IANS

World’s highest consumer of petroleum coke bans its import

Prabhjote Gill

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