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

New Delhi, Feb 2 () ONGC, IOC and other oil PSUs will invest over Rs 98,521 crore in the coming fiscal starting April 1 in exploring for oil and gas, refineries, petrochemicals and laying pipelines to meet needs of the world's fastest-growing energy consuming nation.
 The investment proposed in 2020-21 is almost 4 per cent higher than Rs 94,974 crore spending by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2020-21 documents.
 Oil and Natural Gas Corp (ONGC) leads the pack with a 19 per cent rise in its capital spending at Rs 32,501 crore. The company is investing in finding new reserves of oil and gas and bringing to production discoveries it has already made. It is developing discoveries on both east and west coast of the country.
 The top oil producer's overseas arm, ONGC Videsh Ltd (OVL) will invest almost 10 per cent more at Rs 7,235 crore in oil and gas operations abroad.
 Indian Oil Corp (IOC), the country's top oil refiner, will see a 17.4 per cent rise in spending to Rs 26,233 crore with the bulk of it in expansion and upgrade of its seven refineries that produce fuel.
 IOC will also see investment in petrochemical business almost double to Rs 3,387.5 crore while its exploration spends quadruples to Rs 2,150 crore.
 Privatisation-bound Bharat Petroleum Corp Ltd (BPCL) has proposed a 14 per cent higher capital spending at Rs 9,000 crore, two-third of which will be in its core refining business.
 Gas utility GAIL India Ltd will not see any major increase in its investments at Rs 5,412 crore as most of its pipeline grid expansion projects are nearing completion.
 Hindustan Petroleum Corp Ltd (HPCL), a subsidiary of ONGC, will invest Rs 11,500 crore in FY21, the same as the previous year.
 Oil India Ltd, the nation's second-largest oil producer, will invest Rs 3,877 crore next year as compared to Rs 3,675 crore in current fiscal.
 In her second budget, Finance Minister Nirmala Sitharaman had on Saturday laid down plans for expansion of national natural gas pipeline network to 27,000 km from the present 16,200 km and pricing reforms as the government looks at boosting the use of environment-friendly fuel.
 The government has set a target of raising the share of natural gas in primary energy basket to 15 per cent by 2030 from current 6.2 per cent. Connecting gas sources to consumption hubs is key to achieving this.
 Presently, most of the gas pipelines are concentrated in the western and northern part of the country with a few lines in the east and south.
 "To deepen gas markets in India, further reforms will be undertaken to facilitate transparent price discovery and ease of transactions," she had said.
 Presently, the price of natural gas produced domestically is fixed by a formula that averages out rates in gas surplus nations such as Russia and the US.
 "Further, it is proposed to expand the national gas grid from the present 16,200 km to 27,000 km," she said without giving a timeline. ANZ MKJ

ONGC, IOC, other oil PSUs to invest Rs 98,521 cr in FY21

The mega deal for Saudi Aramco's $15 billion stake in the oil to chemicals business of <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Limited (RIL) is going through due diligence and a decision will be taken after a review, Saudi Aramco CEO said on Monday. Amin Nasser, CEO, Saudi Arabian Oil Company commented on the status of the potential transaction with RIL in a post earnings call with analysts. "With regard to the Reliance deal, all I can say at this stage, it's going through due diligence. So, depending on the due diligence, we will make our decision after we complete the due diligence on that deal," Aramco CEO said. "This is a big deal. So we need to take our time to review and then decide based on the outcome of the due diligence study," Nasser added. Speaking at the company's annual general meeting in July, <keyword id="207098" type="POSITION" weightage="20" keywordseo="RIL-chairman">RIL Chairman</keyword>, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> had said the deal involving the world's largest oil producer -- Aramco picking up a minority stake in refinery business of RILis on track as the two sides remain committed to a long term partnership. Speaking at the company's first virtual annual general meeting, Ambani said that due to unforeseen circumstances in the energy market, the deal (with Aramco) has not progressed as per original timeline. In the meanwhile, company's equity requirements have already been met. "Nevertheless, we at Reliance value our over two-decade long relationship with Saudi Aramco and are committed to a long-term partnership," he said. The RIL and Aramco deal has been in the works for some time and doubts were raised on its early completion due to Covid-19 outbreak and lockdowns. The deal between Reliance and Aramco involves the Indian entity offering at least 20 per cent stake in a special purpose vehicle covering refining, petrochemicals and marketing. RIL board has already approved hiving-off its $75 billion O2C business into a separate entity. Ambani announced that the company will spin off its oil-to-chemical business into a separate subsidiary by early 2021 after regulatory approvals, and detailed plans of also moving into green energy space. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/tcs-tech-mahindra-hcl-tech-and-wipro-could-gain-from/articleshow/77478306.cms">India's armed forces are potential clients for TCS, Tech Mahindra, HCL Tech and the likes</a> <a href="https://www.businessinsider.in/finance/banks/news/icici-bank-sets-floor-price-for-qip-at-351-36-per-share-to-decide-on-allotment-on-august-14/articleshow/77464319.cms">ICICI Bank's share price jumps over 2% after it set floor price for QIP at ₹351.36 per share</a> <a href="https://www.businessinsider.in/stock-market/markets/news/bank-of-baroda-opens-2-lower-after-reporting-864-crore-loss-on-higher-provisions/articleshow/77476538.cms">Bank of Baroda opens 2% lower after reporting ₹864 crore loss on higher provisions</a>

Reliance-Saudi Aramco $15 billion deal is going through due diligence before final decision

New Delhi, Apr 1 () To ensure adequate supply of cooking oil in the country, industry body SEA on Wednesday suggested various measures such as fast customs clearances for imported crude edible oil by exempting mandatory testing in food regulator FSS's approved lab at Baroda, Gujarat. It has sought electronic passes for transportation of crude and refined edible oils across the country without any hurdles at state borders. Ban on sale of loose edible oil, permission to buy oilseeds directly from farmers at factory gate and smooth movement of packaging and other raw materials required by processing units were also recommended by the Solvent Extractors' Association of India (SEA).The association's President Atul Chaturvedi has written a letter to Consumer Affairs Secretary Pawan Kumar Agarwal, suggesting ways to boost supply of edible oils.India's total consumption of edible oils is about 230 lakh tonnes, out of which domestic production is about 75 lakh tonnes and imports about 150 lakh tonnes. "Any dislocation in smooth flow of imported oils can have serious repercussions in the country," Chaturvedi said. He mentioned that a large quantity of crude edible oil is being imported at Kandla and Mundra ports on west coast."The issue is that FSSAI designated customs officers draw samples from ship tanks and send for testing at FSSAI approved laboratory at Baroda where the FSSAI designated laboratory tests the samples and provides reports."Only after the reports are received the imported oil is cleared by customs.With complete lockdown and restrictions on movement this situation results in inordinate delay disturbing supply chain big time," the letter said. To overcome this problem, Chaturvedi suggested that all crude edible oil vessels should be cleared immediately on a simple undertaking from importers that it would be sold only after refining.Alternately, he said there are certain NABL accredited laboratories at Kandla/Mundra whose services can be utilised to expedite things.The SEA said Kandla and Mundra ports handle 30-40 per cent imported crude edible oils and refined at processing units around these ports. Chaturvedi demanded national permit for multi-state transport of cooking oil, by issuing the electronic pass which should be respected by all state authorities."As a matter of fact we would suggest e-pass should be issued to all port based refineries likeKakinada, Krishnapatnam, Mumbai, Hazira, Haldia, Mangalore, Haldia, Kolkata, Tuticorin, Chennai and Paradeep etc," he said. Talking about domestic supplies, the SEA said currently edible oil units are partially functioning with 40-50 per cent capacity with all due precautions. "Demand has shifted to household )consumption ( small packs) hence supply of raw material/packing material to these units should be resolved," he said.The SEA President said that it was important that state border check posts should be adequately sensitised to allow passage of edible oil lorries /tankers without harassment. Empty returning lorries should also be allowed to pass unhindered."We would also suggest banning sales of loose edible oils to consumers to ensure safety in these difficult times," Chaturvedi said. "Currently, all marketing yards ( mandies ) are closed leading to shortage of raw material. We suggest, exempt oilseeds crushing /processing units (oil millers and solvent extraction units) from APMC to enable them to purchase oilseeds at their factory gate directly from farmers. This help the farmer to market his produce," the letter said. The SEA President opposed decisions by local authorities in some states to fix prices of cooking oils. MJH MKJMKJ

SEA suggests measures to ensure adequate cooking oil supply in country

New Delhi, Feb 14 () State-owned Oil and Natural Gas Corp (ONGC) on Friday reported halving of its December quarter net profit after it faced the double whammy of falling oil and gas prices and a drop in production. Standalone net profit in October-December at Rs 4,152 crore was 49.8 per cent lower than Rs 8,263 crore net profit in the same period of the previous fiscal, the company said in a statement. The firm got 10 per cent lower price at USD 59.73 for the crude oil it produced and 4 per cent lower rate for natural gas at USD 3.23 per million British thermal unit. Lower oil prices led to revenues dropping 14.4 per cent to Rs 23,710 crore in the third quarter of current fiscal. ONGC said oil production was 1 per cent lower at 4.82 million tonnes in the October-December quarter, while gas output saw 8.4 per cent reduction at 5.875 billion cubic metres. It did not give reasons for the drop in production. Most of the fields it operates are old and are well past their prime. A natural decline in production has set in fields such as Mumbai High and Bassein in western offshore. ONGC said it has made 10 discoveries of oil and gas in the current fiscal. These include six new prospects and four extensions of previous finds. The discoveries include oil and gas finds in Mumbai High and a gas discovery in KG Onland block. For April-December, the company reported a 28 per cent drop in net profit to Rs 16,319 crore and a near 10 per cent fall in revenues to Rs 82,896 crore. Consolidated profit, after including earnings of listed subsidiaries such as Hindustan Petroleum Corp Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd, was 43.7 per cent lower at Rs 5,384 crore in October-December and 35 per cent lower at Rs 17,913 crore in April-December 2019. Revenues were 6.7 per cent lower at Rs 109,443 crore in the third quarter and 6 per cent lower at Rs 3,20,512 crore in the first nine months of current fiscal. Both HPCL and MRPL are listed and their earnings are reported separately. ANZ ABM

ONGC Q3 net halves on fall in oil, gas prices, output

New Delhi, Apr 23 () Facebook Inc's USD 5.7 billion investment in Jio Platforms, subsidiary of Reliance Industries Ltd (RIL), will help to monetise the digital platforms of both companies and aid in deleveraging of RIL's balance sheet, Fitch Ratings said on Thursday. Facebook's investment for a 9.99 per cent stake in Jio Platforms is the single-largest FDI in the Indian telecoms and technology sector. Reliance Jio, the wireless market leader with around 390 million subscribers, is a subsidiary of Jio Platforms. At the same time, Reliance Retail, RIL's retail arm, has also partnered with Facebook's WhatsApp to allow RIL's e-commerce business users to use the WhatsApp platform. Fitch said it had in August last year revised the outlook on RIL's 'BBB' rating to 'positive' and may upgrade to 'BBB+' if "net adjusted debt/EBITDA ratio improves to below 1.5x on a sustained basis". "The deal is part of RIL's plan to strengthen its businesses and to achieve a net cash position - through partnerships and supported by organic growth and lowcapex," Fitch said in a statement. "We expect the partnership with Facebook to bolster RIL's consumer business in the medium term." The rating agency said the proceeds from the transaction should help RIL maintain the pace of its deleveraging - counteracting the likely weakness in its refining and petrochemical segment during 2020-21. Fitch expects RIL's oil-to-chemical segment to face volume and margins headwinds due to the impact of the COVID-19 pandemic in line with the industry trend. "We expect the pandemic to weaken demand for refined products and petrochemicals in Asia-Pacific during 2020, with a gradual recovery through 2021 to pre-COVID-19 levels. However, RIL should be less affected than peers, due to the high complexity of its refineries and integrated petrochemical operations with feedstock flexibility," it said. The deal, it said, will allow both Facebook and Jio to monetise their digital platforms, engage customers online, and provide direct connectivity between users and merchants. Usage of digital platforms is likely to grow significantly in the medium-term amid severe disruptions caused by lockdowns and social distancing measures. Increasing reliance on digital platforms might also assist RIL in gaining market share in India's growing e-commerce segment, and soften the impact of lower footfalls in its physical retail stores. "Jiomart, which is a market-place platform and built in partnership with small merchants and 'kirana' (small neighbourhood retail store) shops, will allow users to buy goods and services using WhatsApp and Facebook Messenger. Jio Platforms will focus on introducing digital solutions for 60 million micro, small and medium businesses; 120 million farmers; 30 million merchants; and millions of SMEs in the informal sector," Fitch said. On its part, Facebook is likely to be able to expand its platforms - including Facebook Marketplace, Instagram Shopping and Facebook Pay - to help SMEs set up virtual shops on such platforms and sell goods and services. Facebook plans to roll out WhatsApp Payments in India and other countries this year, after having tested this with a million people in India in 2018. WhatsApp Platform, which has started charging businesses, is still offered free to retail users globally, it said. Facebook reported 641 million daily active users (DAU) in APAC in 4Q19, up by 14 per cent year-on-year and now contributing around 39 per cent of overall 1.7 million DAUs. India is the single-largest market with about 330 million monthly users, and also one of the fastest-growing markets for Facebook. WhatsApp's messaging app also has the largest user base in India, with about 400 million users. "We believe internet users in the country will rise to at least 800 million by 2022, up from around 600 million in 2019 as India overtook the US to become the world's second-largest smartphone market after China by unit shipments in 2019. DAUs represented around 66 per cent of 2.5 billion monthly active users in December 2019," Fitch added. ANZ DRRDRR

Facebook deal to help Reliance monetise platforms, deleverage: Fitch

<ul><li>Bangladesh’s economy has lured many Indian companies like Adani, Hero and now, <keyword id="115997" type="CITY" weightage="20" keywordseo="Hindustan-Zinc">Hindustan Zinc</keyword> is ready to tap the growth in India’s neighbouring country.</li><li>Bangladesh’s per capita income surpassed India’s last year, and its GDP has been growing steadily.</li><li>Hindustan Zinc is looking to set up a processing unit in India to export products to the South Asian market.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>India’s largest zinc miner Hindustan Zinc is looking to make a segway into Bangladesh, given the economic boom in the country, which shares nearly two third of its borders with India. In 2020, Bangladesh surpassed its larger neighbour India in <a href="https://www.newindianexpress.com/business/2021/may/20/bangladesh-beats-india-in-per-capita-income-2304942.html">per capita income (PCI)</a>. Hindustan Zinc is also working on setting up a maintenance and processing factory in Gujarat to supply Zinc to other South Asian countries. The Chief Executive Officer (CEO) of Hindustan Zinc, <keyword id="1583550" type="PERSON" weightage="20" keywordseo="Arun-Misra">Arun Misra</keyword>, told Business Insider that 70% of the Gujarat plant’s 0.3 million tonne capacity will go to Bangladesh and other Southeast Asian markets. Currently, miners in Africa, mostly Chinese, sell commodities to South Korea for processing Asian markets and conversion to zinc (by competitors), before hitting the South Asian markets. “We realised that we [Hindustan Zinc] could stop that traffic midway and do it in Gujarat and then convert to metal and then supply to Southeast Asia, which is going very fast and very stable economies as of now,” CEO Misra told Business Insider in an exclusive interview as he completed his first year in the corner office. The company currently has facilities located in five regions of Rajasthan and a zinc-lead processing and refining facilities as well as a silver refinery at Pantnagar in Uttarakhand. Misra also highlighted two points behind their latest interest in the Bangladesh market. First, the country’s economy has been doing well. Second, Bangladesh is a land of rivers, which leads to more corrosion of metal. “We'll have more zinc galvanisation in their country. So, nearby countries have a good future for zinc,” he added. Corrosion is a degradation of a material, especially metal, due to chemical reactions. Most metals are susceptible to corrosion and the most common form of corrosion is rusting. Water can make metal rust faster, which makes it almost a necessity to apply a protective zinc coating (galvanising) to steel or iron. More importantly, Bangladesh is witnessing an economic upswing ⁠— an average growth of<a href="https://data.worldbank.org/indicator/NY.GDP.PCAP.KD.ZG?locations=BD&amp;name_desc=false"> 5.4%</a> in gross domestic product (GDP) in last 5 years ⁠— leading to a massive investments in infrastructure. The government in Dhaka plans to increase its spending on infrastructure as well. According to Bangladesh’s Dhaka Chamber of Commerce and Industry, the country needs to invest approximately <a href="https://www.trade.gov/country-commercial-guides/bangladesh-infrastructure-development-and-engineering-services">$25 billion</a> annually till 2030 to meet its infrastructure needs. It will also help the country maintain as well as further<a href="https://www.adb.org/sites/default/files/project-documents/51311/51311-001-rrp-en.pdf"> accelerate </a>its GDP growth momentum. And, Misra sees opportunities unravelling there. “We have just entered Bangladesh. Looking at it, there's a possibility [of business growing], directly we are entering. So we are not yet a big mover inside Bangladesh, as of now. But we are still in Bangladesh and Southeast Asia, as a big base for growth, Misra told Business Insider. <div type="image" title="EXCLUSIVE: India&amp;#39;s largest zinc miner Hindustan is eyeing a share of the Bangladesh economic boom" msid="84963588" hostid="261"></div> The company is getting environment clearance procedures and other regulatory processes to make this project into a reality. Hindustan Zinc has seen a spectacular year as commodity prices including iron ore, copper and coal, around th e world have seen a spike in the last one year. Misra believes that this uptrend in commodity prices is likely to last for at least another two years. “Quote” However, global financial services firm Macquarie, in its June 2021 report, projected a cooling down in commodity prices particularly in steel, iron ore and zinc over the next 12 months, after a stellar rally that many have called the ‘supercycle’ in commodities. <div type="image" title="EXCLUSIVE: India&amp;#39;s largest zinc miner Hindustan is eyeing a share of the Bangladesh economic boom" msid="84963558" hostid="261"></div> Even other Indian companies have started to take notice of the Bangladesh market. Last year, Adani Group <a href="https://www.thedailystar.net/business/news/adani-group-registers-bangladesh-subsidiary-1873849">registered</a> a wholly owned subsidiary company named Adani Bangladesh Ports Private (ABPPL) in Bangladesh. It will also start a 1,000 acre India Special Economic Zone (ISEZ) to help Indian companies set up shop in the neighbouring country. Other Indian companies have also invested in Bangladesh too. This includes Ashok Leyland, the Hero Group, Emami, Dabur, Asian Paints, Pidilite, Godreh, Tata Motors, Sun Pharma and others. SEE ALSO <a href="https://www.businessinsider.in/india/news/these-seven-indian-states-face-the-highest-risk-of-a-spike-in-covid-19-infections-and-stricter-restrictions/articleshow/84962478.cms">These seven Indian states face the highest risk of a spike in COVID-19 infections and stricter restrictions</a> <a href="https://www.businessinsider.in/tech/news/jack-dorseys-square-agreed-to-buy-afterpay-which-has-a-buy-now-pay-later-service-for-29-billion-in-stock/articleshow/84962218.cms">Jack Dorsey's Square agreed to buy Afterpay, which has a 'buy now, pay later' service, for $29 billion in stock</a> <a href="https://www.businessinsider.in/tech/news/twitter-offers-up-to-3500-to-people-who-can-help-fix-apparent-racial-and-gender-bias-in-its-image-cropping-algorithm/articleshow/84946710.cms">Twitter offers $3,500 reward to people who can help fix apparent racial and gender bias in its image-cropping algorithm</a>

EXCLUSIVE: India's largest zinc miner is eyeing a share of the Bangladesh economic boom

New Delhi, May 13 () Its recent capital raising decisions and weak oil prices may be raising doubts among investors on the conclusion of Reliance Industries' USD 15 billion deal with Saudi Aramco but there still exist significant advantages for the Saudi firm to conclude its investments in the oil-to-chemical business of the Indian giant, an analyst said on Wednesday. HSBC Global Research in a note said Aramco buying 20 per cent in O2C business of Reliance would allow the Indian firm to build financial muscle as it carves out space for itself in highly competitive omni-channel retail. Scepticism may be rising that Saudi Aramco's proposed investment the O2C business, which RIL values at USD 75 billion, will not materialise. "With RIL announcing its first-ever capital raising via a rights issue; the recent infusion of capital into (the firm's digital arm Jio Platforms) by Facebook; falling oil prices disturbing the financial position and attractiveness of oil assets; and no increment newsflow from Aramco, investors may be starting to believe that Aramco is no longer interested," it said. However, RIL has reiterated that due diligence is being done and has filed for the separation of its oil-to-chemicals (O2C) business into a wholly-owned subsidiary. "We still see enough reasons for Aramco to acquire a stake (in RIL's O2C business). With a stake, Aramco would not just have a stake in one of the world's best refineries and largest integrated petrochemical complex but also access to one of the fastest-growing markets - a ready-made market for 500,000 barrels per day of its Arabian crude and offering a potentially bigger downstream role in future," it said. Richest Indian Mukesh Ambani had in August last year announced talks for sale of 20 per cent stake in the O2C business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to conclude by March 2020 but is now expected within the current year. HSBC said while the timing may be far from ideal, RIL might be a better fit for Aramco than the Saudi OTC. Aramco expects to decide by H1 2020 whether to complete its joint venture with SABIC for a home-grown oil-to-chemicals (OTC) project at a guided price of at least USD 20 billion. "However, Aramco has struggled in the past to profitably execute organic downstream projects in the chemicals space. In fact, with Rabigh, Sadara and Saudi Kayan, there is no history of a chemical plant in Saudi Arabia built at a cost of over USD 10 billion that has generated an economic return. "We believe that if it comes down to capital discipline, it would be the Saudi OTC project that could be scrapped in favour of an investment in RIL," it said. HSBC said the Aramco deal could provide significant financial muscle to RIL. Besides creating a benchmark valuation for its OTC business of USD 75 billion, the deal would provide USD 15 billion in additional cash flow, shifting RIL into a strong net cash position from net debt. HSBC, however, valued the O2C business at USD 65 billion. "Once the money from the rest of its announced transactions flows into RIL, we believe that combined with its treasury shares, RIL will have USD 34 billion in assets that should allow it to expand in the competitive omnichannel retail space," it said. "We believe RIL's diversified businesses, asset monetisation and capital raising in the current environment make it financially stable. In addition, the expansion of RIL's omnichannel retail and digital businesses should allow it to grow rapidly," it added. RIL had announced three equity deals in as many weeks, including USD 5.7 billion investment from Facebook Inc, USD 750 million from Silver Lake Partners and USD 1.5 billion from Vista Equity Partners, in Jio Platforms -- the holding company for its wireless and technology business. It also sold a 49 per cent stake in its auto and jet fuel retailing business to UK's BP plc for USD 1 billion. Besides refineries and petrochemical plants, the O2C business also comprises 51 per cent stake in fuel retailing business. It, however, does not include the upstream oil and gas producing assets such as the flagging KG-D6 block in the Bay of Bengal. RIL's refineries are one of the most complex in the world, allowing it to earn a significant premium to the benchmark Singapore gross refining margin. Its petrochemical complexes rank among the biggest in the world, whose dependency on outside raw materials is minimal. RIL has leadership positions both in the domestic polymer and polyester markets. According to RIL, every second child going to school in India wears a uniform made from RIL's polyester. ANZ ANZ ABMABM

Significant advantages exist in Reliance-Aramco deal: Report

New Delhi, Mar 21 () As cities shutdown to contain the spread of coronavirus, Indian Oil Corp (IOC) has initiated a rare protocol to safeguard its workforce while at the same time ensuring that plants operate uninterruptedly so as to keep the nation's fuel supplies running. "We are in a business where we need to ensure not just consumers get uninterrupted supplies of petrol, diesel and cooking gas (LPG), but also airlines get jet fuel on demand and supply lines for nation's defence forces are unhindered," IOC Chairman Sanjiv Singh said. The company has implemented work from home at non-critical locations and implemented staggered work hours and working on alternate days at others with all precautions. Its consumer facing points such as petrol pumps and LPG delivery services have initiated safeguard protocol with face masks and sanitisers. "We have an obligation towards the nation to keep its supply lines running and we are doing everything while ensuring employee and consumer safety," he said adding rare times require extraordinary measures and Indian Oil and all its employees are rising to the occasion to serve the nation. Singh said to keep fuel supply lines running, oil refineries have to function, depots have to operate, pipelines need to flow and retail outlets need to dispense. "To keep our operations running, we have to ensure that crude oil is imported on regular basis, it is stored and then refined at refineries, fuel so produced is transported to depots from where it has to be moved to consumer dispensing points. These are 24x7 operations and so we have taken measures to ensure they run while at the same time employees are protected," he said. At petrol pumps and LPG distributorships, the company is trying to run operations with minimum number of employees while ensuring they dont take public transport, he said. In all this, the company has to also ensure that the switch over to ultra-clean BS-VI petrol and diesel, equivalent to Euro-VI emission compliant fuel, happens before April 1 deadline, he said. "The challenge before us is to protect employees and stakeholders (consumers). Challenge is that we cannot stop operations at any plant, location or retail outlet. The challenge is to maintain supplies at all times," he said. The protocol IOC has implemented involves restricting outsider entries to company plants and townships as well as avoiding non-essential gathering of people, he said adding board meetings are being conducted through video conferencing. "Indian Oil Tanking Ltd and Chennai Petroleum Corp Ltd (IOC subsidiaries) will hold forthcoming board meetings through video conferencing," he said. IOC also tweeted pictures of its employees and retail outlet operators in precautionary gears while doing refils. "The IndianOil aviation team working against the face of adversity, while taking the proper precautionary measures and following guidelines, to ensure uninterrupted supply of aviation fuel," it said in a tweet. "Hats off to our customer attendants who are ensuring uninterrupted fuel supplies despite the challenging times; #IndianOil is committed to the health of all its stakeholders, ensuring all safe practices are in place," it said in another tweet. IOC said all its distributors and delivery personnel have been advised on the best practices of personal hygiene and usage of hand sanitisers frequently. "We are taking all the necessary precautions to service our customers successfully." "We are committed to the safety of our customers, employees and channel partners. We are ensuring cashless payments on home delivery of #Indane cylinders and are taking all necessary precautions for safety," it added. ANZ DRRDRR

Covid-19: Indian Oil initiates rare protocol to keep fuel supplies running

New Delhi, Nov 26 () Moody's Investors Service on Tuesday said it has placed Bharat Petroleum Corp Ltd's rating on review for downgrade after the government decided to privatise the country's second-biggest state oil refiner.
 "The review for downgrade follows the government of India's decision to sell its entire 53.29 per cent stake in BPCL and to transfer management control of the company to a strategic buyer," the rating agency said in a statement.
 The ratings placed on review for downgrade include BPCL's ba1 baseline credit assessment, its Baa2 issuer rating and Baa2 backed senior unsecured rating for Bharat PetroResources Ltd, a subsidiary of BPCL.
 BPCL's Baa2 rating incorporates its ba1 baseline credit assessment (BCA), a measure of its standalone credit strength, and a two-notch uplift from expected extraordinary support from the government.
 The Cabinet headed by Prime Minister Narendra Modi had on November 20 decided to privatise BPCL by selling the government's entire stake to a strategic investor along with management control.
 Moody's said the review for downgrade takes into account the uncertainty with respect to both the support incorporated into BPCL's rating as well as its BCA.
 "Post the government's stake sale, we will not include the two-notch uplift from government support in BPCL's rating. This could result in a downgrade of BPCL's ratings to Ba1, assuming there are no changes to its fundamental credit profile, including our assessment of liquidity and refinancing risk which could impact the BCA," said Vikas Halan, Moody's Senior Vice President.
 "Our assessment of BPCL's credit profile and any resultant rating action, post the stake sale, will depend on the ability and willingness of the buyer to provide extraordinary support to BPCL in the event of distress, and also the company's ability to maintain its standalone credit strength."
 Moody's rating action also assumes that BPCL's status as a government-owned entity in India will continue until at least the conclusion of the proposed sale.
 The sale by the government will also trigger a change of control on some of BPCL's bonds, which will require the company to redeem its bonds within 45 days of the change of control being triggered.
 There is no ratings condition attached to the put option for bondholders.
 "Further, BPCL's foreign currency bondholders could also decide to treat the government stake falling below 50 per cent as an event of default, which would result in bonds being immediately repayable. Any bond redemption will significantly increase BPCL's refinancing risk," it said.
 As of November 22, BPCL had USD 2.3 billion (about Rs 16,300 crore) of foreign currency bonds outstanding.
 The company had cash and cash equivalents of Rs 970 crore as of September 30.
 As part of its decision to sell its stake in BPCL, the government also announced that BPCL will also sell its 61.65 per cent in Numaligarh Refinery Ltd to other government-owned oil &amp; gas companies.
 "The valuation of the stake and the use of proceeds from such sale is yet to be determined," Moody's said. "The sale will also reduce BPCL's capital spending as it is one of the largest projects that the company is working on."
 BPCL has been operating under government control and its business strategy has been in line with government policy and objectives.
 A change in ownership could result in the company revising its business strategy or financial policies, which could have implications for its standalone profile, it said.
 "The review will consider the buyer's credit quality and its willingness to provide support to BPCL, BPCL's business strategy, financial policies, access to liquidity and capital structure following the change in its ownership and the government's plan for reimbursing BPCL for the sale of liquified petroleum gas at subsidized prices after the stake sale," it said. ANZ RVK

Moody's reviews BPCL's rating for downgrade on government stake sale

After two years, <keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> stops one of most important privileges to India. Iran has ended free shipping of crude oil to India and has asked refiners like Mangalore Refineries (MRPL) and Essar Oil to arrange for freight, Oil Minister <keyword id="197418" type="PERSON" weightage="100" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> said today. 

	Iran had in November 2013 offered free delivery of crude oil to Indian refiners as tough Western sanctions crippled its exports. With shipping lines refusing to transport Iranian crude for fear of being sanctioned, Iran used its shipping line for the delivery and did not charge for transportation.
 

	"From April 2016, NIOC has informed oil-importing companies like MRPL and Essar Oil that the future delivery would be based on Free on Board (FOB) basis and the freight has to be arranged by the buyer," Pradhan said in a written reply to a question in the Rajya Sabha here.
 

	FOB is a trade term requiring the seller to deliver goods on board a vessel arranged by the buyer.
 

	During the last two-and-a-half years, Iran sold Indian refiners crude oil on cost, insurance and freight (CIF) basis. CIF is a trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination.
 

	Pradhan said the National Iranian Oil Company (NIOC), however, has agreed to provide vessels and insurance till such time Indian companies are able to arrange the same.
 

	Iran came out of western sanctions in January and has since then made several changes in the way it trades its vast oil.
 

	Besides ending free shipping, it has terminated a three-year-old system of getting paid for half of the oil dues in rupees.
 

	"NIOC has asked for all the payments in euros," he added.
 

	Iran wants all bills raised from April to be settled in euros and the nearly $6.5 billion that refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MPRL) owe it in past dues, to also be cleared in euros.
 

	Since February 2013, Indian refiners like Essar Oil and MRPL paid 45% of their import bill in rupees to the UCO Bank account of the Iranian oil company. The remaining has been accumulating, pending finalisation of a payment mechanism.
 

	With the lifting of sanctions, the payment channels will reopen and Iran is seeking the pending dues in euros.
 MRPL owes close to $3 billion to Iran while Essar Oil has an outstanding of about USD 2.5 billion. Indian Oil Corporation (<keyword id="6354733" type="ORGANIZATION" weightage="100" keywordseo="IOC">IOC</keyword>) owes over $580 million to Iran while smaller payments are due from HPCL-Mittal Energy (HMEL) and <keyword id="6374014" type="CITY" weightage="100" keywordseo="Hindustan-Petroleum">Hindustan Petroleum</keyword> Corporation. 

	Iran has accumulated about Rs 12,000 crore in the UCO bank account which it could use to make payments for imports of steel and other commodities from India.
 

	"In the international market, contracts for supply of crude oil are negotiated on FOB or CIF basis. Hence, the cost of import of crude oil from Iran during 2016-17 will depend on the negotiated terms and conditions between NIOC and Indian oil companies," Pradhan added. 
	 
	(Image credits: indiatimes)

Iran stops free shipping of crude oil to India

New Delhi, Mar 3 () Bhuwan Chandra Tripathi, former chairman and managing director of state-owned GAIL India Ltd, has joined Ruia-family owned Essar as a non-executive chairman of the Group's Mauritius-based oil and gas firm. "Essar Capital Ltd (ECL), the investment manager of Essar Global Fund Ltd (EGFL), has appointed Tripathi as the non-executive chairman of Essar Exploration and Production Ltd Mauritius (EEPLM) and board member of Essar Oil UK Ltd (EOUKL)," it said in a statement. EEPLM and EOUKL hold key energy assets in ECL's investment portfolio. EOUKL's main asset is the Stanlow oil refinery in the UK. "Tripathi's induction signals EGFL's renewed interest in the energy sector. He will drive the investment strategy and play a key role in providing strategic direction to EGFL," the statement said. reported the move on January 14. Tripathi "is one of the foremost energy strategists in the country. He is credited with transforming GAIL into a multi-asset multinational portfolio company," the statement said. "A person of Tripathi's caliber is an invaluable addition to our leadership team. His exemplary track record in India's energy sector will help EGFL grow and add significant value to our energy investments globally," said Prashant Ruia, Director-Essar Capital. EGFL has invested significantly in conventional and non-conventional oil and gas fields across the world through EEPLM, which manages these investments as an early-stage developer. It has participating interests in conventional oil and gas acreages in India, Vietnam and Nigeria, with an overall resource base of 3.4 barrels of oil equivalent. EEPLM, through its subsidiary Essar Oil &amp; Gas Exploration &amp; Production Ltd (EOGEPL), is India's largest operator of unconventional hydrocarbon acreages located across key sedimentary basins in the country. These acreages have a resource base of 15 trillion cubic feet and include both coal bed methane (CBM) and shale reserves. "EGFL is among the only Indian funds whose investments straddle the entire hydrocarbon value chain, comprising upstream exploration and production, midstream refining and downstream retail globally. I look forward to contributing to the future direction of India's oil and gas economy, in which Essar continues to be a key player," Tripathi on his appointment. The government had in July last year denied Tripathi an extension of service as Chairman and Managing Director of GAIL India Ltd till he reached his superannuation age six months later. Tripathi, 59, who was the youngest person to become a chairman of an oil and gas PSU in August 2009, completed his second five-year term on July 31 and was eligible for an extension till his date of superannuation in January 2020. But, the government declined an extension. As per the government rules, any functional director of a PSU denied an extension of service for reasons other than vigilance is not governed by a mandatory one-year cooling-off period. "No functional director of the company including the chief executive who has retired/resigned from the service of the company, after such retirement/ resignation, shall accept any appointment or post, whether advisory or administrative, in any firm or company, whether Indian or foreign, with which the company has or had business relations, within one year from the date of retirement without prior approval of the government," the rule states. This, however, does not apply to those who are denied an extension for reasons other than proven misconduct. "The term retirement includes resignation; but not in cases where the term of appointment was not extended by the government for reasons other than proven misconduct," the DPE's latest circular issued in April 2018 states. Tripathi was appointed Chairman and Managing Director of GAIL by the Congress-led UPA government in 2009, for an initial five-year term. His extension was due to be reviewed in 2014, but the UPA government in October 2013 approved another five-year term till July 31, 2019. Prior to taking over as CMD, Tripathi had served as Director of Marketing at GAIL from July 2007 to July 31, 2009. NTPC chairman Arup Roy Choudhury was denied an extension in August 2015 during the first term of the Narendra Modi government even though he had two years to go before retirement. In the oil sector, ONGC chairman Subir Raha, GAIL chairman Proshanto Benerjee, Bharat Petroleum chief Ashok Sinha and Indian Oil Corp (IOC) chairman Sarthak Behuria were all denied extensions. ANZ ANSANS

B C Tripathi joins Essar Exploration & Production Mauritius as non-executive chairman

Oil major Oil &amp; Natural Gas Corporation Limited’s (<keyword id="6354737" type="CITY" weightage="20" keywordseo="ONGC">ONGC</keyword>’s) subsidiary Mangalore Refinery and Petrochemicals Limited (<keyword id="55574" type="CITY" weightage="20" keywordseo="MRPL">MRPL</keyword>) has acquired 43% stake in <keyword id="237818" type="COMPANY" weightage="20" keywordseo="OMPL">OMPL</keyword> by purchasing fully paid-up equity shares from individual shareholders. 
	 “Co<keyword id="6354646" type="CITY" weightage="20" keywordseo="NSE">nse</keyword>quent upon the approval of the Board of Directors of MRPL (a subsidiary of ONGC) in its meeting held on February 9, 2015, MRPL has acquired 43% stake in OMPL by way of purchase of fully paid up equity shares from individual shareholders, resulting in increase of its holding from 3% to 46% of the paid up share capital of OMPL,” the company said in a letter to the National Stock Exchange (NSE). 
	 
	It further added that the oiling major has now become a majority shareholder of OMPL, through this transaction. “ONGC already holds 46% of paid up share capital of OMPL. Consequently, subsequent to the acquisition of 43% stake by MRPL as above, OMPL has now become a subsidiary of ONGC in terms of Section 2(87) of the Companies Act, 2013”, stated the letter.

ONGC picks up majority
stake in OMPL

India is on its way to ask Tehran for rights to develop ONGC-discovered Farzad-B gas field in the Persian Gulf even as it prepares to pay $ 6.5 billion in past oil dues. 
 Indian firms have so far shied away from investing in <keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> for the fear of being sanctioned by the US and Europe. The same was deterring New Delhi from claiming rights to invest nearly $ 7 billion in the biggest gas discovery ever made by an Indian firm abroad. But with Iran and six world powers sealing an accord to curb the Islamic Republic's nuclear programme in return for ending sanctions, India is making a renewed pitching for rights to develop 12.8 Trillion cubic feet of gas reserves <keyword id="46585" type="COMPANY" weightage="100" keywordseo="ONGC-Videsh-Ltd">ONGC Videsh Ltd</keyword> had found in 2008. "We have been in negotiations with Iran over development of Farzad-B gas field. Now that sanctions will ease, we expect Iran to give us the developmental rights," OVL Managing Director <keyword id="2246392" type="UNKNOWN" weightage="100" keywordseo="Narendra-K-Verma">Narendra K Verma</keyword> told PTI. 

	Also, the easing of sanctions would mean India can freely buy crude oil from Iran. Sanctions had meant that New Delhi could import no more than 9 million tonnes of oil this fiscal, the same volume it had shipped from Iran in 2013-15. 
 

	"We have just heard of the deal but we have not seen any details of when the sanctions will be lifted. We are awaiting more details to decide on crude purchases," a top official with a refiner which buys Iranian oil said. 
 

	An oil ministry official said lifting of sanctions would also mean oil refiners will have to clear $ 6.5 billion in past dues on purchase of Iranian oil. 
 

	Since February 2013, Indian refiners like Essar Oil and Mangalore Refinery and Petrochemicals (MRPL) have been paying in rupees to UCO Bank 45 per cent of their payment due on purchase of crude oil from Iran. The remaining has been accumulating, pending finalisation of a payment mechanism. 
 They had last year paid nearly $ 3 billion in six installments through a limited payment channel following start of nuclear talks between the West and Iran. The outstanding has since climbed to nearly $ 6.5 billion. Of this, Essar Oil owes about $ 3.5 billion and MRPL $ 2.5 billion. The rest $ 500 million is to be paid by <keyword id="59622" type="CITY" weightage="100" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> (IOC). 

	The official said the government expects that payment channels to open soon and Iran making a demand for clearing of past dues. 
 

	The historic nuclear deal struck today, sanctions imposed by the United States, European Union and United Nations would be lifted in return for Iran agreeing long-term curbs on a nuclear programme. 
 

	If approved by the US Congress, it would enable the holder of the world's fourth-biggest crude reserves to ramp up energy exports with the easing of international sanctions on exports in return for curbs on its nuclear programme.

	 
	 
	(Image credits: Indiatimes)

India to ask for rights to invest in oil reserves in Iran

<div class="KonaFilter image-container display-table"><div><div class="image">Paulo Whitaker/Reuters</div></div></div>A series of questionable business dealings by Petróleo Brasileiro (Petrobras, the state-controlled oil company) has been affecting the standing of the president, Dilma Rousseff. Before taking office as president in 2011, when she was the chairperson of Petrobras, she appears to have signed off on one deal in 2006 that backfired badly, and this has called into question her managerial skills. The opposition is seeking to capitalize on Ms Rousseff's difficulties as campaigning for the October presidential election begins to heat up.
Often held up by the ruling leftist Partido dos Trabalhadores (PT) as an icon of resource nationalism following the discovery of huge, "pre-salt" oil reserves in ultra deep waters in 2006-07, Petrobras recently has suffered a series of setbacks. Its finances have been weakened due to excessive state interventionism, its revenues have been curbed by the government's price-fixing policy and its debt indicators have deteriorated.
It was no surprise when the company's debt rating was downgraded by Standard &amp; Poor's by one notch to BBB- (the lowest rung on the investment-grade ladder) in the wake of the agency's similar decision on the sovereign rating on March 24th.
In addition, a series of revelations reflecting badly on the past management of the company has raised the political temperature. Ms Rousseff has so far attempted to distance herself from any wrongdoing, and her political allies are acting to preserve her image as a good manager. But the opposition and some independent congressmen have attacked the successive PT governments' stewardship of Petrobras.
<h2>Some Petrobras deals backfire</h2>
One deal being scrutinized is Petrobras's purchase (at a cost that eventually amounted to US$1.2bn in total) of a refinery in Pasadena (US) in 2012. Petrobras was obliged by a US court order in 2008 to make the purchase, owing to contractual obligations entered into when the Brazilian company in 2006 purchased a 50% share of the refinery from Astra Oil, a Belgian company that had acquired the refinery in 2005 for only US$42.5m.
The 2006 contract with Astra Oil was approved while Ms Rousseff chaired the Petrobras's board, but she has stated that the report that was submitted to her was faulty and that the clauses in question were not included in the executive summary she received at the time. The report was submitted by a former director of international affairs of Petrobras, Nestor Ceveró, who was later appointed CFO of Petrobras Distribuidora, a subsidiary of the oil giant.
The second case does not involve Ms Rousseff directly, but rather involves the damage to Petrobras's business operations caused by the cozy diplomatic relationship between the former presidents of Brazil and Venezuela, Luiz Inácio Lula da Silva (Ms Rousseff's mentor) and Hugo Chávez. The two leaders agreed that a refinery in the north-east of Brazil (near Venezuela) would be built to refine Venezuela's heavy crude. The refinery was supposed to be co-financed by both countries (Brazil 60%, Venezuela 40%), but it never received any contributions from the Andean country.
Venezuela was not penalized because it had never presented any guarantee nor did it sign a formal agreement with Petrobras (a draft was only considered a provisional arrangement, but was never implemented). The cost of the Abreu e Lima refinery shot up from an estimated US$2.5bn to some US$18bn--an investment that has been entirely assumed by Petrobras.
Adding to the fall-out from these cases are suspicions of corruption by Petrobras staff following allegations that Dutch oil-platform construction company, SBM Offshore, was involved in kickbacks. A special commission of legislators will start investigating the allegations by traveling to The Netherlands during the week of March 31st, while the opposition is pushing for a Comissão Parlamentar de Inquérito (CPI, parliamentary investigation committee ) to be set up.
The president of Petrobras, Maria das Graças Foster, along with the minister of mines and energy, Edison Lobão, the finance minister, Guido Mantega (who is currently the president of board at Petrobras), and Mr Cerveró have all been summoned to appear before Congress during the week of March 31st for hearings on the recent difficulties engulfing Petrobras.
<h2>Opposition will use developments to attack Ms Rousseff</h2>
This succession of disclosures has prompted opposition leaders to denounce malpractice involving Petrobras and its political masters in government. It seems unlikely that the opposition will manage to set up a formal CPI, which could damage the standing of Ms Rousseff further, at this stage. Indeed, her government has been putting intense pressure on its own allies, some of whom have been in rebellious mood of late, not to join opposition forces in calling for a CPI. Still, the latest developments will provide ammunition for the opposition to use against the government during the electoral campaign. Nonetheless, The Economist Intelligence Unit expects Ms Rousseff to prevail and win a second four-year term in October.
Click <a href="http://www.store.eiu.com">here</a> to subscribe to The Economist

You Searched For "refining subsidiary mangalore refinery" and got 15 results

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