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PETROLEUM MINISTRY PROPOSES TO MERGE REFINERIES WITH IBP

Article Abstract:

A plan is afoot to merge the Cochin Refineries, Madras Refineries and the Bongaigaon Refineries with IBP. IBP is the sole exclusive marketing company. The new company will have both refining capacities and marketing rights leading to a consolidation in the oil industry. The merger is in keeping with the view of the petroleum ministry that mega companies with both refining and marketing infrastructures alone can face the challenge of an open market. The new company would be an asset in 2002 AD when the administered pricing of oil would end. However, the merger is not free of doubts. Indian Oil Corporation has a tie-up with Madras Refinery Ltd (MRL) currently. All three refineries have a total capacity of 16.35 million tonnes per annum. The government will retain majority stakes in the new company. The joint venture grassroots refinery at Numaligarh has 19 percent stake from IBP, 32 percent from BPCL and Assam government contributing 10 percent. The refinery is to commissioned by March 1999 with a public issue in December 1998. (nr)

Publisher: Bennett, Coleman & Co. Ltd.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
Acquisitions & mergers, Cochin Refineries Ltd., IBP Company Limited, Bongaigaon Refinery

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IOC MOVES IN TO KEEP OUT SIBLINGS

Article Abstract:

Indian Oil Corporation (IOC) says that it is opposed to an equity stake being given to Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) in the company which will own and operate the Central India pipeline. The pipeline is being promoted by Petronet India Ltd, a joint venture between IOC, BPCL and HPCL, with each having a 16 percent stake. The pipeline is proposed to connect Jamnagar to Gwalior through Koyali and Ratlam. IOC says that equity should be distributed to those companies whose products are being transported by the pipeline. The Central India pipeline will transport products from RPL's Jamnagar refinery, Essar Oil Ltd's new refinery and IOC's refinery at Koyali. It will not be transporting products from any refinery of either HPCL or BPCL. (khr)

Publisher: Bennett, Coleman & Co. Ltd.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
Indian Oil Corporation Ltd.

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MRL SIGNS MoU WITH PETROLEUM MINISTRY

Article Abstract:

Madras Refineries Ltd of Chennai has signed a pact with the union ministry of petroleum and natural gas for 1998-99. The agreement stresses the need to maintain production level of crude at 6.9 million tonnes with corresponding production levels of petroleum products. It also emphasises on gross margin and timely implementation of projects. The company attained the excellent rating on its MoU for its overall performance in 1997-98. (gs)

Comment:

Signs pact with union ministry of petroleum and natural gas for 1998-99

Publisher: Bennett, Coleman & Co. Ltd.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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Subjects list: India, Petroleum, Madras Refineries Ltd.
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