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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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 $nother proposal to expand its existing ÀVFDO ´7KH GHFUHDVH LQ SURÀW LV GXH WR VKDUS GHFOLQH LQ
crude prices in the month of May and June 2019 leading
5HÀQHU\ XQLW IURP 0073$ WR 0073$ DQG VHWWLQJ WR LQYHQWRU\ ORVVHV ERWK DW UHÀQHU\ DQG PDUNHWLQJ
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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Plastics News August 2019 46