Page 46 - Plastics News August 2019
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BUSINESS NEWS




          Indian Oil to invest Rs 25,083                         HPCL net tumbles on sharp fall
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           QGLDQ 2LO &RUS /WG  ,QGLD V ODUJHVW UHÀQLQJ DQG PDUNHWLQJ   industan P e troleum
          IFRPSDQ\ ZLOO LQYHVW 5V         FURUH WKLV ÀVFDO WR PHHW  HCorporation Ltd (HPCL) on
          its capital expenditure, said Sanjiv Singh, Chairman, Indian   :HGQHVGD\  VDLG  WKDW  LW  PD\
          2LO &RUS /WG  ,2&/   /DVW ÀVFDO  ,2&/ KDG LQFXUUHG D FDSLWDO   extend the current doorstep
          expenditure of Rs 28,200 crore. IOCL which caters to nearly   delivery facility for diesel to
          half of India's petroleum consumption has been making   petrol in the coming days.
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                                        in upstream assets and   segments factoring in both safety
                                        petrochemicals which     and regulation. Right now we
                                        are contributing to the   KDYH RQO\ JRW DSSURYDO IRU GLHVHO EXW ZH ZLOO GHÀQLWHO\
                                        company's business in    ZRUN  RQ  SHWURO  DV  ZHOO µ  0XNHVK  .XPDU  6XUDQD
                                        terms of equity oil and   Chairman and Managing Director, HPCL, said at a press
                                        SURÀWDELOLW\   ,QGLDQ RLO   conference. Currently, the door delivery facility for
                                        plans is investing Rs 2   diesel is available in certain areas of Maharashtra.
                                        lakh crore in the next   However, it is available only for stationary vehicles like
                                        5-7 years to evolve into   cranes. “The response to doorstep delivery of fuel is
          a future-ready company that provides comprehensive     very good and we are trying to expand this by factoring
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          address to the shareholders. The company will hold its   Managing Director M K Surana told the media.Though
          annual general meeting on 28 August in Mumbai. IOCL board   companies currently have clearance only for diesel, the
          has accorded approval for a plastics park at Paradip through   Petroleum and Explosives Safety Organisation (PESO) is
          a joint venture with industrial development corporation   expected to give clearance for petrol soon, he added.
          of Odisha. The board has also approved land procurement   AFFRUGLQJ WR RIÀFLDO GDWD  GRRUVWHS GHOLYHU\ RI GLHVHO
          DQG ÀQDOL]DWLRQ RI D MRLQW YHQWXUH SDUWQHU IRU D WH[WLOHV   is currently available in 35 cities — with IOC availing
          project at Bhadrak in Odisha for which the Industrial   the service in 15, BPCL in 13 and HPCL in seven. The
          Promotion and Investment Corporation of Odisha has     fuel delivery scheme mainly targets consumers that buy
                                                                 in bulk. According to the norms, customers ordering
          DOORWWHG    DFUHV RI ODQG WR ,2&/  %HVLGHV IRFXV RQ UHÀQHU\   more than 2,500 litres should have a PESO licence.
          H[SDQVLRQ DQG UHÀQHU\ SHWURFKHPLFDOV LQWHJUDWLRQ  ,2&/ LV   The door delivery is done through a truck which has
          leveraging its research and development expertise to move
          into horizon technologies like 2G (2nd generation) and   a diesel dispenser. Meanwhile, HPCL has reported a
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                                                                 ended June 30, compared to Rs 1,988 crore during the
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          also targeting its own equity oil and gas of 7 million   VDPH TXDUWHU LQ WKH ODVW ÀVFDO  7KH WRWDO LQFRPH RI WKH
          metric tons per annum (MMTPA) from its exploration and   company stood at Rs 75,472 crore (Rs 73,564 crore).The
          production assets by 2023-24 from 4.39 MMTPA currently,   FRPELQHG *URVV 5HÀQLQJ 0DUJLQ  *50  IRU WKH TXDUWHU
                                                                 under review sharply reduced to $0.75 per barrel
          and is continuously on the lookout for the acquisition   compared to $7.15 per barrel in the same quarter last
          of stakes both in E&P companies as well as individual
          DVVHWV   6LQJK VDLG  $nother proposal to expand its existing   ÀVFDO ´7KH GHFUHDVH LQ SURÀW LV GXH WR VKDUS GHFOLQH LQ
                                                                 crude prices in the month of May and June 2019 leading
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          up of a Petrochemical complex comprising a Dual Feed   and also lower average cracks for all products except
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          at Paradip, Dist: Jagatsinghpur with a total investment of   GXH WR SODQQHG VKXWGRZQ KDV DOVR LPSDFWHG SURÀWV µ
          Rs.1,00,300 Crores, employing around 12,595 people has   6XUDQD VDLG  7KHUH ZDV D VKXWGRZQ RI WZR UHÀQHULHV LQ
          been approved  by the government.                      Mumbai for a period of 23 days in the month of April.


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