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BPCL Q3 results: The company’s board declared an interim dividend of Rs 5 per equity share.
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A fall in Brent crude prices bodes well for oil marketing companies as it lowers their input costs, giving them more headroom to keep competitive prices, which eventually aids their margins.
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Buyers have shifted some transactions to the currency, according to people with direct knowledge of the matter. Payments vary from cargo to cargo, depending in part on the demands of specific traders, said the people, who requested anonymity as the details are private.
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Indian Oil Corp, Bharat Petroleum Corp., Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd are preparing to lift about 10.8 million barrels in May, the sources said on condition of anonymity.
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The fourth-biggest producer in the Organization of the Petroleum Exporting Countries (OPEC) said it would assess the situation in over October and November before committing supplies for the first quarter of 2022, the sources said.
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The deadline to submit bids to buy the government's entire stake in BPCL is November 16.
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The new regulation, put in place on July 23, comes after a border clash between India and China that killed 20 Indians and soured relations between the two neighbours.
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Fuel demand in Asia's third largest economy had been rising since May from historic lows in April, when a nation-wide lockdown to stem the spread of the novel coronavirus was enforced.
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The shutdown of the crude unit and some secondary units at Kochi started earlier this month after the company restarted a 156,000 bpd crude unit at its Bina refinery in central India.
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"The current demand for petrol and diesel is at 70% of levels seen before the lockdown," Vijayagopal N, director of finance at BPCL, said in a call with analysts on Thursday.
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BPCL sold 35,000 tonnes of naphtha for May 2-3 loading from Kochi to Japanese trader Petro-Diamond at a premium of about $16 a tonne to its own price formula on a free-on-board (FOB) basis.
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ICICI Direct recommended hold rating on Bharat Petroleum Corp with a target price of Rs 320 in its research report dated February 11, 2019.
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The S&P BSE Oil and Gas index has lost more than 20 percent of its value since it touched a record high of 16,727.41 in November last year.
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BPCL's Kochi refinery at its recent expansion to 15.5 million tonnes per annum capacity produces 5,00,000 tonnes of polymer grade propylene.
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India's loadings from Iran for this month and next will drop to less than 12 million barrels each, after purchases over April-August had been boosted in anticipation of the reductions.
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The refiner will, however, lift 1 million barrels of Iranian oil this month, said the source, who did not wish to be identified.
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Bharat Gas Resources Ltd, a unit of Bharat Petroleum Corp Ltd (BPCL), bid for as many as 53 cities while state-owned gas utility GAIL India Ltd's retailing arm, GAIL Gas Ltd, put in offers for 34 cities.
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The cargoes are for delivery in July, September, December and March into the Dahej terminal, one of them said.
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BPCL could become the second Indian state refiner after Indian Oil Corp to open a Singapore trading outpost as Indian buyers hunt for competitively priced spot cargoes from the Asian oil-trading hub.
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Reliance, the owner of the world's biggest refining complex at Jamnagar, is joining state-run refiners Indian Oil Corp , Bharat Petroleum Corp and Hindustan Petroleum Corp in importing US crude. The purchase illustrates the vast reach of U.S. oil exports since the government rescinded a decades-long ban at the end of 2015.
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IDBI Capital is bullish on Bharat Petroleum Corp has recommended hold rating on the stock with a target price of Rs 500 in its research report dated 14 August 2017.
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The proposed talks come as Saudi Arabia seeks to secure customers for its oil amidst a global supply glut.
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The refiner may extend the formula of using a mean of Platts and Argus prices to other products if the naphtha pricing is well received by traders, said the source, who asked not to be identified.
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Petrol and diesel prices will be revised on a daily basis from today in select towns in sync with international rates, much like it happens in most advanced markets.
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BPCL is seeking two 50 parts per million (ppm) sulphur diesel cargoes of 40,000 tonnes each for delivery into Mumbai over May 10-12 and May 16-18, according to documents for a tender that closes on April 25, oil traders said.
