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State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

<ul><li>The FM also urges the industry to keep the Hydrogen Mission in mind.</li><li>She emphasised that the industry which has great potential should create manufacturing capacity.</li></ul> Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Thursday said the government will consider the <keyword id="8870884" type="General" weightage="50" keywordseo="production-linked-incentive" source="Orion">Production Linked Incentive</keyword> (PLI) scheme for Chemicals and <keyword id="120743" type="General" weightage="100" keywordseo="petrochemicals" source="Orion">Petrochemicals</keyword> sector to make India a manufacturing hub for such products. In view of stringent pollution control regulations and rising labour cost, she said, global manufacturers in the chemical industry are looking at diversifying their products and production capability and India stands out as an alternative destination for manufacturing. Besides, India offers a large domestic market, she said while addressing the third edition of the summit on 'Global Chemicals and Petrochemicals Manufacturing Hubs in India'. "If viable options exist, it exists in such markets where there is a domestic buffer and beyond which there is an export potential. So that is where the government's policies have been facilitating," she said. "We are in favour of having India becoming a manufacturing hub and therefore of course we will consider the PLI also for the chemicals and petrochemicals," she added. She emphasised that the industry which has great potential should create manufacturing capacity keeping in mind sustainability, carbon emission, general pollution and groundwater pollution etc. "We should remember that India has set its sights on becoming energy independent by 2047 and achieving net zero by 2070. So net zero cannot be achieved unless each industry and each sector contributes to it. "We are very focused on green growth. Carbon intensity has to be reduced and therefore each one of the sectors will have to contribute to this," she said. Energy efficiency and renewable energy commitments of India are also very important, she said, adding, India Inc should keep that in mind the Net Zero goal of India and 500 gigawatts of installed electricity capacities from non fossil fuel sources. <cmsannotation type="cmsannotation" annotationid="Focus on Hydrogen Mission: FM" text="Focus on Hydrogen Mission: FM">Focus on Hydrogen Mission: FM</cmsannotation> The Hydrogen Mission is also something which she urged industry to keep in mind. The government has approved a Rs 19,744-crore incentive plan to promote the manufacturing of green hydrogen in the country in a bid to cut emissions. The National Green Hydrogen Mission seeks to promote development of green hydrogen production capacity of at least 5 MMT (Million Metric Tonnes) per annum with an associated renewable energy capacity addition of about 125 GW in the country by 2030. Highlighting four challenges -- sustainability, recycling or becoming circular economy, skilling and technology adoption, she said, if Indian manufacturers focus on these issues, global investors would actively look at parking their money or forging joint ventures with Indian partners in chemicals and petrochemicals industry. With regard to the industry's task of addressing the issue of inverted duty structure on some of their items, the finance minister said, inversion on an item if corrected can have collateral somewhere. Inversion of duty is a great concern for industry but it should be in a holistic fashion, she said, adding, she would welcome suggestions in this respect and the ministry will look at them.

Indian govt to consider PLI scheme for chemicals and petrochemicals industry

<ul><li>A no-poaching agreement will prevent employees of both groups from joining each other. </li><li>Legal eagles say no law prevents conglomerates from entering into such pacts. </li><li>Pact will prevent a talent war in media and new energy businesses.</li></ul>The <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>, led by the world’s third richest man <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, has entered into a no-poaching agreement with Mukesh Ambani-led <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>, such that both groups will be restricted from hiring talent from each other. The agreement has come into effect from May this year and will be applicable to all their businesses. Queries sent by Business Insider to both groups remained unanswered. What makes this pact interesting is that it is between two of India’s largest conglomerates and of late both have entered sectors where the other has a big play. Last year, <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group announced its entry into the petrochemical space with <keyword id="15047441" type="General" weightage="50" keywordseo="adani-petrochemicals-limited" source="Orion">Adani Petrochemicals Limited</keyword>, which is where Reliance has a large presence. The other area where their paths cross is the high-speed data services, for which Adani has bid for 5G spectrum. No poaching agreements have always been around in India as a practice and are increasingly becoming prevalent in India, as the war for talent intensifies and wage costs are soaring. Rising wage costs are a risk to companies, especially where talent is scarce and a potential bidding war can exacerbate this risk. A senior professional with a global executive search firm that works with both conglomerates, said on grounds of anonymity, “These pacts have always existed and they continue to be informal in nature. From here on both groups cannot poach from each other.” No poaching agreements are legal as long as they do not restrict an individual’s right to seek employment. One partner at a corporate law firm said that there is no law that prevents two entities from entering into such agreements, so long as they are not dominant players in that sector. Currently, both these entities do not have a dominant combined market share in any sector. In the past several corporations have built in such clauses into contracts of their employees, which prevent them from joining competition. And in some cases, employees could not join rivals even after the contract had expired. In these cases there is a cooling period before which employees cannot join rivals. The Adani Group has interests in renewable energy, power generation &amp; distribution, ports, airports, solar and natural resources. The Adani Group is also testing waters in petrochemicals and enterprise broadband space for which it has acquired spectrum worth ₹212 crore in the recently concluded auctions. The Adani Group seeks to serve enterprise customers in six licensed service areas through Adani Data Networks. Reliance Jio Infocomm is the world’s third largest mobile network operator with a subscription base of 426 mn and has emerged as the largest bidder for 5G spectrum. Given that Adani Group and Reliance Industries have global ambitions in several businesses, this pact allows them to ring fence their respective talent pools both in India and outside. <div type="Article" hostid="261" msid="94004700" title="The best Amazon Great Indian Festival deals and offers" mstype="2" mssubtype="0"></div> Reliance, on the other hand, also has massive ambitions in the new energy and solar space, where Gautam Adani has a lead. Given that both groups are present in several sectors, where talent is scarce in India, this pact could help prevent a war for talent. Media is another sector where both have a presence and there too employees down the line have been informed that they cannot accept offers from the other group. Senior management personnel who were in talks with either side for possible opportunities have now been informed by the executive search firms about the pact and have had to retract their candidatures. Most of these agreements are informal and may not hold up in the court of law, claim experts. However, with two large conglomerates entering into a no poaching agreement may prove to be restrictive for employees across the board. Business Insider has also learned that after the pact was actioned, letters have also been withdrawn in certain cases for junior employees. Between them, <keyword id="3820" type="General" weightage="50" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> (net worth $88.8bn) and Gautam Adani ($150bn) account for 59% of wealth held by the top 10 billionaires in India. While RIL’s market cap stands at ₹16,94,143 crore, The Adani Group’s listed companies have a combined market cap of ₹21,28,656 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/sundar-pichai-lost-a-fifth-of-his-wealth-last-year-check-the-net-worth-of-other-indian-origin-ceos/articleshow/94353534.cms">Sundar Pichai lost a fifth of his wealth last year – check the net worth of other Indian-origin CEOs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-second-adani-gautam-adanis-elder-brother-is-the-sixth-richest-indian/articleshow/94345471.cms">The second Adani: Gautam Adani’s elder brother is the sixth richest Indian</a>

Adani Group enters into a no-poaching pact with Mukesh Ambani led Reliance Industries

The large and mid cap funds of <keyword id="1707555" type="General" weightage="100" keywordseo="lic-mutual-funds" source="Orion">LIC Mutual Funds</keyword> has offered 12.49 per cent compound annual growth return since its inception in February 2015. As on July 31, 2022, the compounded annual growth returns performance of <keyword id="45316" type="General" weightage="80" keywordseo="lic-mf" source="Orion">LIC MF</keyword> large and mid cap fund under regular (G) option, for different periods -- 5 years, 3 years and 1 year -- stood at 11.44 per cent, 18.83 per cent and 9.16 per cent, respectively. The funds have Rs 1.17 lakh crore of net assets under management as on July 31, 2022. While LIC MF large and mid cap funds AUM stood at Rs 1,831.26 crore. Banks (15.62 per cent), <keyword id="14748877" type="General" weightage="20" keywordseo="it-software" source="Orion">IT &amp; Software</keyword> (9.67 per cent), <keyword id="14748878" type="General" weightage="20" keywordseo="chemicals-petrochemicals" source="Orion">Chemicals &amp; Petrochemicals</keyword> (8.81 per cent), Consumer Durables (8.69 per cent), and Industrial products (7.38 per cent) are among the top 5 sectors in the fund house's Large and Mid cap fund category. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tencent-fires-5-5k-workers-as-sales-down-for-1st-time-since-going-public/articleshow/93634989.cms">Tencent fires 5.5K workers as sales down for 1st time since going public</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/gig-jobs-are-popular-with-pocket-money-seeking-teens-for-primary-earners-its-a-burden/articleshow/93632374.cms">Gig jobs are popular with pocket-money seeking teens, for primary earners it’s a burden</a>

LIC Mutual Fund's large & mid cap funds offer 12.49% CAGR since inception

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> plans to release about 5 million barrels of <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> from its emergency stockpile in tandem with the US, Japan and other major economies to cool international oil prices, a top government official said on Tuesday. This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast, is releasing stocks for such purposes. Of this, about 5 million barrels will be released, starting as early as 7-10 days, the official, who wished not to be named said. The stocks will be sold to refineries of <keyword id="184105" type="General" weightage="20" keywordseo="Mangalore-Refinery-and-Petrochemicals-Ltd" source="Orion">Mangalore Refinery and Petrochemicals Ltd</keyword> (MRPL) and <keyword id="170674" type="General" weightage="20" keywordseo="Hindustan-Petroleum-Corp-Ltd" source="Orion">Hindustan Petroleum Corp Ltd</keyword> (HPCL), which are connected by pipeline to the strategic reserves. "We may look at releasing more reserves later," the official said, adding a formal announcement was expected later in the day. The US had last week made the unusual request to some of the world's largest oil-consuming nations, including China, India and Japan, to consider releasing crude stockpiles in a coordinated effort to lower global energy prices. This after members of the <keyword id="108969" type="General" weightage="20" keywordseo="Organisation-of-the-Petroleum-Exporting-Countries" source="Orion">Organisation of the Petroleum Exporting Countries</keyword> (OPEC) and its allies rebuffed repeated requests to speed up their production increases. India has been the most forceful about flexing its muscles as a major oil consumer, cutting shipments from Saudi Arabia by about a quarter after OPEC+ extended production cuts. Oil Minister Hardeep Singh Puri last week in Dubai had said high prices will undermine the global economic recovery. "We are working on releasing stocks from our strategic reserves in coordination with other nations," the official said. "The release timing will depend on the US making a formal announcement." India is the world's third-largest oil consumer and importing nation and has been severely impacted by the relentless rise in international oil prices. OPEC and other ally producers -- including Russia, known collectively as OPEC+ -- have been adding around 4,00,000 barrels per day to the market on a monthly basis, which many see as not sufficient to cool prices that had been rising as demand returns to pre-pandemic levels. The threat of a coordinated release, along with new coronavirus-related lockdowns in Europe, has knocked the wind out of crude oil's rally. Brent crude fell to USD 78 per barrel this week, from USD 86.40 a barrel peak hit on October 26. Oil prices, however, inched up on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand. Brent crude is trading at USD 79 per barrel. Just like the US, India also believes that high prices are starting to produce unwanted inflation and undermine recovery from the COVID-19 pandemic. Retail petrol and diesel prices shot up to record levels earlier this month before the government cut taxes, costing it Rs 60,000 crore in revenue this year. While China has said it is working on a crude release, Japan has also signalled its readiness. India has built 1.33 million tonnes of storage at Visakhapatnam in Andhra Pradesh, 1.5 million tonnes at Mangaluru and 2.5 million tonnes at Padur (both in Karnataka). The official said the stocks from the reserves will be released in tandem with other countries. "Dates, etc are being worked out," he said. ADNOC of UAE has leased half of the Mangalore storage, while the remaining is with state-owned Mangalore Refinery and Petrochemicals Ltd (MRPL). State-owned firms and the government have stocked oil at the other facilities. While the US stocks 727 million barrels, Japan holds 175 million barrels of crude and oil products as part of the Strategic Petroleum Reserve (SPR). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/uk-based-supplycompass-to-ramp-up-india-operations-plans-to-hire-over-200-employees-in-the-next-12-18-months/articleshow/87869849.cms">UK-based SupplyCompass to ramp up India operations, plans to hire over 200 employees in the next 12-18 months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/amazon-prime-video-to-take-on-netflix-with-10-new-k-dramas/articleshow/87869220.cms">Amazon Prime Video may not be the early bird, but it still wants to catch the K-wave in India</a>

India to release 5 million barrels of crude oil from strategic reserves on US request

<ul><li>RIL’s overall exports declined 34.8% to ₹ 32,681 crore compared to the corresponding period of the previous year. </li><li>The company said that the fall in overseas revenue was “partially offset by increase in export volumes of petrochemicals and refining products.”</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Petrochemicals segment makes for about quarter of Reliance Industries’ revenue in the last financial year ending March 2020. Traditionally, 80% of its revenue came from India and the rest from exports. However, the coronavirus pandemic and the subsequent lockdown brought business at home to a grinding halt. “RIL inverted its business model from 20%/80% (exports/domestic) to 80%/20% within the first 10 days of the lockdown, including exports from sites typically serving only domestic markets,” the company said in its first quarterly report for the current financial year. <div type="image" title="RIL revenue mix." msid="77266378" hostid="261"></div> Although RIL’s overall exports declined 34.8% to ₹ 32,681 crore compared to the corresponding period of the previous year. But that was only because the global prices had fallen. However, if it had tried to sell the same in India, the sales could have been much lesser because customers had shut shop due to the lockdown. That was Ambani’s trade-off in the quick pivot. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Petrochemical Segment </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April-June 2020 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April to June 2019 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment Revenue </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹25,192 crore </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 37,611 crore </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-33% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment EBITDA </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,430 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 8,810 crore </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-49.70% </td></tr></tbody></table>*EBITDA stands for earnings before interest, tax, depreciation and amortisation The company said that the fall in overseas revenue was “partially offset by increase in export volumes of petrochemicals and refining products.” “RIL optimized its refining operations to provide feedstock to Petrochemicals while meeting other supply commitments. RIL used flexibility in its refining configuration to swing significant production of ATF into Diesel and other products as ATF demand was severely impacted due to air travel restrictions,” the company said in a statement. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/jio-continues-to-be-reliance-industries-beacon-with-182-jump-in-profit/articleshow/77265976.cms" data-type="tilCustomLink" style=""> Jio continues to be Reliance Industries’ beacon with 182% jump in profit</a> <a href="https://www.businessinsider.in/business/corporates/news/ril-has-a-sobering-quarter-if-not-for-jio-and-bp-stake-sale-it-would-have-been-much-worse/articleshow/77264366.cms" data-type="tilCustomLink"> RIL has a sobering quarter⁠— if not for Jio and BP stake sale it would have been much worse</a>

RIL says it took just 10 days to flip the petchem business model to 80% exports

New Delhi, Feb 11 () The government has no proposal to curb import of chemicals and petrochemicals by raising customs duty, Chemicals and Fertilisers Minister D V Sadananda Gowda said in Parliament on Tuesday. The import of chemicals and petrochemicals is on the rise in the last five years due to insufficient domestic supply, he said in a written reply to the Lok Sabha. "Currently, there is no proposal under consideration of the Department of Revenue to increase import duty to cut down imports," Gowda said. Import of chemicals and petrochemicals rose to 12.66 million tonne in 2018-19 fiscal from 12.34 million tonne in 2017-18. It stood at 11.33 million tonne in 2016-17, 11.04 million tonne in 2015-16 and 10.10 million tonne in 2014-15 fiscal, he said. "This increase of imports of chemicals and petrochemicals is due to insufficient domestic production capacity to meet the growing domestic demand, comparatively higher cost of production in the country, also due to comparatively smaller scale of operations," Gowda noted. The Minister also made it clear that the government has no plan to increase exports incentives under the Merchandise Exports from India Scheme (MEIS). LUX RVK

No plan to curb import of chemicals and petrochemicals: Govt

<ul><li>Under the terms of the agreement, INEOS will pay BP a deposit of $400 million and will pay a further $3.6 billion on completion.</li><li>BP staff is expected to transfer to INEOS on completion of the sale.</li><li>In India, BP works in partnership with <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>.BP has exploration and production rights in more than 20 offshore oil and gas blocks and operates fuel retail pumps.</li></ul><keyword id="154952" type="COMPANY" weightage="20" keywordseo="British-energy-group">British energy group</keyword> <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-agrees-to-sell-its-petrochemicals-business-to-ineos.html">BP sold its petrochemicals business to rival INEOS</a> for $5 billion due to the subdued demand for oil amidst <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. The company said this move will further strengthen BP’s balance sheet and will deliver its target for agreed divestments a year earlier than originally scheduled. <div type="Article" hostid="261" msid="76686318" title="The price of petrol and diesel in some of the big cities in India" mstype="2" mssubtype="0"></div> “With today’s announcement we have met our $15 billion targets for agreed divestments a full year ahead of schedule, demonstrating the range and quality of options available to us,” said Brian Gilvary, BP’s chief financial officer. Under the terms of the agreement, INEOS will pay BP a deposit of $400 million and will pay a further $3.6 billion on completion. An additional $1 billion will be deferred and paid in three separate instalments of $100 million in March, April and May 2021 with the remaining $700 million payable by the end of June 2021. BP currently employs over 1,700 staff worldwide. The staff is expected to transfer to INEOS on completion of the sale, the company said in a statement. In India, BP works in partnership with Reliance Industries. BP has exploration and production rights in more than 20 offshore oil and gas blocks and operates fuel retail pumps. Early signs of cash crunch This came after BP earlier this month announced its plans to axe “close to 10,000” jobs, or almost 15% of its workforce globally. The company in an email to employees said that oil prices had plunged <a href="https://energy.economictimes.indiatimes.com/news/oil-and-gas/british-oil-giant-bp-to-cut-10000-jobs/76273722">“well below the level” the group</a> needed “to turn a profit”. BP also raised around <a href="https://energy.economictimes.indiatimes.com/news/oil-and-gas/british-oil-major-bp-raises-nearly-12-billion-in-hybrid-bonds-issue/76444023">$11.9 billion in debt through an issue of hybrid bonds</a> in multiple currencies earlier this month. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/foreign-investment-seems-to-be-trickling-back-but-still-has-some-catching-up-to-do/articleshow/76686162.cms" data-type="tilCustomLink">Foreign investors bring ₹9,400 crore to Indian markets in June so far, but there's still some catching up to do</a> <a href="https://www.businessinsider.in/business/news/fossil-latest-solar-powered-watch-with-straps-made-out-of-plastic-waste-is-now-available-in-india/articleshow/76685912.cms" data-type="tilCustomLink">Fossil’s latest is a solar powered watch with straps made out of plastic waste – but there are only few pieces available</a>

BP sells its petrochemicals business to rival INEOS for $5 billion — meets its divestments target ahead of schedule

New Delhi, Feb 7 () The Competition Commission has dismissed a complaint filed against state-owned Assam Petrochemicals Ltd alleging abuse of dominant position. Assam Petrochemicals is a public sector undertaking of Government of Assam established for production of methanol and formalin. The order came on a complaint filed by Assam Plywood Manufacturers Association which alleged that Assam Petrochemicals is abusing its dominant position by charging a discriminatory price of formalin in Assam and West Bengal. While it charges Rs 15,300 per metric tonne (PMT) in Assam, it charges only Rs 11,000 PMT in West Bengal. Assam Petrochemicals stated that the production capacity of its factory is much more than the market requirement of formalin in Assam, Nagaland and Arunachal Pradesh, and therefore it is dependent on market outside these states. It said that ex-factory formalin price is calculated on the basis of prices being offered by competitors and thereby, it sells formalin below the cost price in the region outside Assam, Nagaland and Arunachal Pradesh on account of low prices offered by its competitors, due to which it has also incurred losses. "The Commission is of the opinion that irrespective of the fact that whether the relevant product market of supply of formalin is confined to state of Assam or whether it is extended upto the adjacent states including West Bengal, it is apparent from the submission made by OP that there are multiple players in the market," the Competition Commission of India (CCI) said. Opposite party (OP) refers to Assam Petrochemicals. It further added that the presence of multiple players indicates that buyers have the option to choose their supplies in Assam and in the adjacent states including West Bengal. Therefore, it appears that no purchaser is dependent on a single formalin supplier. "Neither OP appears to be dominant in the market for supply of formalin in the state of Assam nor does the impugned conduct appear to be abusive," CCI said. SRS RVK

CCI dismisses abuse of dominant position complaint against Assam Petrochemicals

Mumbai, May 8 () The impact of the COVID-19 crisis on petrochemicals and chemicals sector will differ across value chains, with segments like packaging witnessing an uplift, a report said. In the chemicals sector, the crisis has resulted in several Indian companies getting order inflows from global chemical players to meet the short-term supply disruptions from China, which is a credit positive for these players, rating agency Icra said. The report further said the lockdowns have adversely affected the demand for chemicals and petrochemicals owing to decline in consumption and shutting down of manufacturing plants, supply chains and distribution networks. Packaging, especially food packaging, sanitary and medical applications, are seeing an uplift mainly due to stockpiling, an increase in delivery services and the high healthcare-focused activities, it added. "The sharp decline in crude oil prices has significantly altered the ethylene cost curve. While earlier, natural gas and ethane-based crackers enjoyed a large cost advantage vis-a-vis mixed feed or naphtha-based crackers, the competitiveness of the latter has improved owing to the decline in crude oil and consequently naphtha/LPG prices," Icra Senior Vice President and Group Head, Corporate Ratings, K Ravichandran said. Accordingly, naphtha/LPG-based crackers are beneficiaries of a lower crude oil price environment, he added. "As for the Indian petrochemicals industry, which is primarily naphtha-based, it is a key beneficiary as tolling margins of ethylene crackers have improved. "While prices of various petrochemicals have declined for Indian manufacturers, the decline in prices of feed stocks has been higher, thereby improving the spreads," he added. Regarding impact on the chemicals industry, Icra said with pesticides getting placed under the essential commodities category, the functioning of the industry has been close to business as usual. Additionally, since the application of the agrochemicals begins by end-May and continues till September, the product off-take is not expected to be impacted, it added. While domestic demand is expected to remain stable, exports are expected to witness headwinds owing to challenges related to port handling and international logistics. Indian agrochemical industry imports a major portion of its raw material requirements from Chinese technical manufacturers. Nevertheless, with easing of the lockdown in China and the Chinese government offering export rebates to pesticide manufacturers, the production levels in China have reached around 70 per cent of the normal production levels. For the upcoming kharif season, agrochemical players are not expected to witness any shortage of raw materials. Icra Vice President and Co-Head, Corporate Ratings, Prashant Vasisht said in the initial phase of the lockdown in India, several specialty chemical players had to shut down their manufacturing plants, barring production of chemicals classified under essential commodities. "The production, however, is expected to resume soon as the government has relaxed various norms related to the lockdown. Additionally, owing to the over-dependence of global chemical players on Chinese supplies, the disruptions have sent global players scrambling for alternate supply sources. "As a result, several Indian players have witnessed order inflows from global chemical players to meet the short-term supply disruptions from China, which is a credit positive for these players," he added. SM ABMABM

COVID-19 opens up opportunities for chemicals sector; puts margin pressure on petrochemicals: Icra

<ul><li>Refining margins have been muted last few months due to the fall in demand for oil products.</li><li>Oil product demand growth stalled to nearly zero and there is oversupply of gasoline and naphtha, Morgan Stanley said.</li><li>Petrochemicals are the biggest contributor to Reliance Industries' turnover and profits.</li><li>However, the increasing traction for its telecom vertical Jio as well as the retail business may provide some relief.</li></ul> Refining margins have been muted last few months due to the fall in demand for oil products. And that is bad news for Reliance Industries, which will announce its quarterly earnings on Friday, where petrochemicals is the biggest contributor to the company's revenue and profit. However, the increasing traction for its telecom vertical Jio as well as the retail business may provide some relief to Chairman Mukesh Ambani, who has often said in the recent past that "data is the new oil". Oil product demand growth stalled to nearly zero and there is oversupply of gasoline and naphtha, Morgan Stanley said in a report on July 10. According to research firm CGSCIMB, margins from petrochemicals have dropped sharply since April 2019 and the decline has been sharpest in paraxylene, which has flowed through across the polyester chain. That would mean the decline in profit would be pronounced in Reliance mainstay business, the report added. However, Jio and Reliance Retail may come to the rescue, at least partially. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The fear of slump in one of the important business segment has weighed on Reliance's share price in recent months. Even on Thursday (July 18), a day before the company declares the quarterly earnings, the stock of Reliance Industries fell over a percent, that's a loss of over a billion dollars in investor wealth. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 While Jio may be the rising star in Reliance Industries portfolio spanning from oil and gas exploration to petrochemicals to retail, the telecom venture brings its share of anxiety to the investor's mind-- debt. The company's total debt has increased over 58% in the last two years largely due to the investments made in Jio as well as the cash burnt in winning over the millions of customers. "RIL reported that its consolidated effective net debt reduced by ₹990 billion at end-FY19 due to a demerger of its telecom assets to an special purpose vehicle (SPV). However, the expected financing of the SPV by an Infrastructure Investment Trust (InvIT), which would bring in new investors, is yet to materialise," the CGS CIMB report said. 
 
 
 
 
 
 
 
 
 
 
 
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 SEE ALSO: <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-may-go-public-next-year-as-debt-for-discounts-starts-to-bite-and-5g-era-beckons/articleshow/69885410.cms">Mukesh Ambani’s Reliance Jio may go public next year as debt for discounts starts to bite and 5G era beckons</a> <a href="https://www.businessinsider.in/mukesh-ambani-and-anil-ambani-may-restart-reliance-communications-deal-talks/articleshow/70253856.cms" data-type="tilCustomLink" target="_blank">Mukesh Ambani may now have a reason to buy Anil Ambani's bankrupt RCom, say reports</a> <a href="https://www.businessinsider.in/anil-ambani-goes-from-yacht-to-almost-jail-to-bankruptcy/articleshow/69835915.cms">Anil Ambani may not be a billionaire anymore — here's how he lost it all in just a decade</a>

You Searched For "petrochemicals" and got 11 results

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

PTI

Indian govt to consider PLI scheme for chemicals and petrochemicals industry

PTI

Adani Group enters into a no-poaching pact with Mukesh Ambani led Reliance Industries

Malini Bhupta

LIC Mutual Fund's large & mid cap funds offer 12.49% CAGR since inception

IANS

India to release 5 million barrels of crude oil from strategic reserves on US request

PTI

RIL says it took just 10 days to flip the petchem business model to 80% exports

Navdeep Yadav

No plan to curb import of chemicals and petrochemicals: Govt

PTI

BP sells its petrochemicals business to rival INEOS for $5 billion — meets its divestments target ahead of schedule

Navdeep Yadav

CCI dismisses abuse of dominant position complaint against Assam Petrochemicals

PTI

COVID-19 opens up opportunities for chemicals sector; puts margin pressure on petrochemicals: Icra

PTI

Mukesh Ambani's Reliance Industries may get some comfort from Jio and Reliance Retail as profits from petrochemicals may slip

Sriram Iyer

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