NSE:BPCL

Market Chatter: India's State Oil Firms Buy Additional Oil from Spot Market Amid Potential Middle East Supply Delays

Indian Oil (NSE:IOC, BOM:530965), Bharat Petroleum (NSE:BPCL, BOM:500547) and Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) have made crude oil purchases from the spot market, Bloomberg reported Friday, citing people familiar with the matter.The move comes as a buffer for potential delays in shipments from Saudi Arabia and Iraq, according to the report.The Indian state-owned oil companies have been asked to tap into their stored supplies if needed to ensure undisrupted refinery operations in August and avoid fuel, especially cooking gas, shortages, the people reportedly told Bloomberg, asking to remain unnamed.Oil Minister Hardeep Singh Puri, on Thursday, had discussions on backup strategies with state-run refiners, Bloomberg said.Indian Oil, Bharat Petroleum and Hindustan Petroleum did not immediately respond to' requests for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Jefferies Adjusts Bharat Petroleum's Price Target to INR410 From INR415, Keeps at Buy

Bharat Petroleum (NSE:BPCL, BOM:500547) has an average rating of overweight and mean price target of 341 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Market Chatter: Indian Oil Refiners in Talks to Buy Iranian Oil if US Extends Waivers

India's state oil companies are said to be in talks with traders marketing Iranian crude, in case the U.S. extends waivers beyond August or eases restrictions, according to a Bloomberg report on Tuesday, citing sources.However, Indian Oil (NSE:IOC, BOM:530965), Bharat Petroleum (NSE:BPCL, BOM:500547), and Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) are in no hurry to buy Iranian oil as they have fully contracted shipments required through August, the report said.The oil refiners may procure some Iranian cargoes if the discounts are significant, the sources told the news agency, adding that the discussions were aimed at securing access to Iranian barrels in case of any unforeseen developments.Indian Oil, Bharat Petroleum, and Hindustan Petroleum did not immediately respond to comment requests from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Bharat Petroleum Unit Acquires Remaining 39.14% Stake in IBV Brazil Petroleo

Bharat Petroleum (NSE:BPCL, BOM:500547) said its indirect wholly owned subsidiary, BPRL Ventures B.V., has acquired the remaining 39.14% stake in IBV Brazil Petroleo, increasing its ownership to 100%.The acquisition provides the company with additional equity in oil and gas, according to a Thursday stock exchange filing.Shares of Bharat Petroleum fell nearly 1% in Friday's morning trade.

Market Chatter: Indian Refiners Eye Alternate Sources for Oil Imports to Cut Middle East Dependence

In a bid to reduce their dependence on oil imports from the Middle East, Indian state-owned refiners are looking more keenly for alternative options, including spot-market purchases, according to a Bloomberg report on Tuesday, quoting sources.After reeling under the shock of oil and gas shortage due to the Iran war, Indian refiners are planning to reduce the volume they buy from producers in the Middle East under long-term contracts, the report said.Major public sector refiners Indian Oil (NSE:IOC, BOM:530965), Bharat Petroleum (NSE:BPCL, BOM:500547) and Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) usually purchase around half of their overall crude through long-term deals, with the remaining coming from the spot market, according to the report.To avoid any disruptions, they are looking to opt for more immediate deals along with entering into supply arrangements with trading houses that source crude from multiple regions such as Guyana, Brazil, and the U.S., Bloomberg wrote.Indian Oil, Bharat Petroleum and Hindustan Petroleum did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Kotak Securities Upgrades Bharat Petroleum to Reduce from Sell; Price Target is INR320

Bharat Petroleum (NSE:BPCL, BOM:500547) has an average rating of overweight and mean price target of 332.94 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Prabhudas Lilladher Downgrades Bharat Petroleum to Reduce from Accumulate; Price Target is INR291

Bharat Petroleum (NSE:BPCL, BOM:500547) has an average rating of overweight and mean price target of 330.59 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

India Defends INR29 Increase in LPG Prices

The Ministry of Petroleum & Natural Gas has defended a recent 29-Indian-rupee increase in domestic liquefied petroleum gas (LPG) prices, saying Indian households still pay among the lowest cooking gas rates globally.The defense came after opposition parties criticized the price hike, which went into effect Sunday.The cost of a standard 14.2-kg LPG cylinder in Delhi has risen to 942 rupees from 913 rupees following the latest price hike.This marks the second major hike since the Middle East conflict began in February, following a 60-rupee increase on March 7.LPG cylinders are mainly sold by oil marketing companies, including Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104), and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547).

Bharat Petroleum-Linked Consortium Signs Pact to Build Floating Production Storage and Offloading Unit in Brazil

Petrobras, operator of the BM-SEAL-11 consortium, of which Bharat Petroleum (NSE:BPCL, BOM:500547) is a part, has signed a contract for the construction of a floating production storage and offloading (FPSO) unit in Brazil, according to a Tuesday filing to the Indian stock exchanges.The FPSO will be built by SBM Offshore for the SEAP-I project in Brazil, which includes the development of oil and gas discovered in BM-SEAL-11 and BM-SEAL-10 concessions. The FPSO will have an installed capacity to process 120,000 barrels of oil/condensate per day and 10 million m³ of gas per day.Bharat Petroleum, through its subsidiaries, holds a 65.4% stake in IBV Brasil Petroleo, which in turn, holds 40% participating interest in the BM Seal 11 concession. IBV's total investment in the project is estimated at around $2.8 billion, subject to Government of India approvals.Under the contract, SBM Offshore will design, build, and operate the FPSO for an initial period of six and a half years, through a separate operation and maintenance contract.

Market Chatter: Indian Refiners Hold Domestic Jet Fuel Prices Steady After Airlines Seek Relief

India's state-owned refiners have kept aviation turbine fuel prices unchanged for domestic flights for June after airlines sought a pause in further increases amid pressure from the Iran conflict, Bloomberg News reported Monday, citing company spokespersons.The domestic jet fuel price in New Delhi remains at 104,927 rupees per kiloliter, the report noted. The refiners have also reduced fuel prices for international flights, although details of the cut were not disclosed, according to the report.The airlines had asked refiners, including Indian Oil Corp. (NSE:IOC, BOM:530965) and Bharat Petroleum Corp. (NSE:BPCL, BOM:500547), to avoid price hikes for domestic flights until end of the U.S.-Iran war, after an 8.6% increase in April, citing pressure on travel demand and higher costs, Bloomberg reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Market Chatter: Indian Retailers Raise Fuel Prices for the Third Time in May as Global Prices Remain High

As the global crude oil prices remain high, Indian state-owned fuel retailers have raised petrol and diesel prices for the third time this month, according to a Reuters report on Saturday, quoting local dealers.After the first price increase in four years on May 15, the price of fuel ​has been hiked by around 5 rupees, as the Iran war has disrupted global oil supply, the report said.State-run Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547), together control more than 90% of the country's over 103,000 fuel stations.They usually fix the rates of diesel and petrol in line with each other, and until recently, had not raised gasoline and diesel prices since April 2022.As per the report, the Indian oil ministry has said that the government currently has no plans to provide financial support for refiners.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Jefferies Adjusts Bharat Petroleum's Price Target to INR415 from INR445, Keeps at Buy

Bharat Petroleum's Consolidated Profit Rises in Fiscal Q4

Bharat Petroleum's (NSE:BPCL, BOM:500547) consolidated attributable profit jumped to 56.2 billion Indian rupees in the fiscal fourth quarter ended March 31 from 43.9 billion rupees a year prior, according to a Tuesday filing to the Indian stock exchanges.Shares of the oil marketing company rose nearly 2% in Wednesday's trade.Earnings per share climbed to 13.16 rupees from the year-ago figure of 10.28 rupees.Revenue from operations in fiscal Q4 increased to 1.349 trillion rupees from 1.269 trillion rupees a year earlier.

Market Chatter: Indian Airlines Seek Delay in Aviation Fuel Price Hike

Major Indian airlines have asked state-run oil refiners to halt jet fuel price increases for domestic flights until the Middle East conflict eases, Bloomberg News reported Wednesday, citing people familiar with the matter.The proposal was floated by domestic airlines, including Air India, IndiGo (NSE:INDIGO, BOM:539448), and SpiceJet (BOM:500285), the report said.They reportedly warned the government that raising fuel prices could lead to flight suspensions and broader business disruptions.State-owned refiners, including Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104), and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547) are currently considering the proposal, according to the report.India's Ministry of Petroleum and Natural Gas has joined the discussions and may intervene directly, as it did in Aprl and May, the report added.Aviation fuel in India is deregulated and is fixed by the country's main oil marketing companies, which revise the prices each month.However, in April, to lessen the impact of the surge in global oil prices, the Indian government capped the most recent jet fuel price hike to 25% and asked the oil companies to keep them constant in May, Bloomberg added.A decision on the airlines' proposal is expected before June 1, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Desco Infratech Bags New Order Worth INR167 Million for Pipe Replacement

Desco Infratech (BOM:544387) secured an order worth 166.7 million Indian rupees from state-owned explorer Oil and Natural Gas Corporation (NSE:ONGC, BOM:500312), according to a BSE filing to the BSE.The contract is for the replacement of 24-inch crude oil transfer pipelines from ONGC Trombay terminal to the refineries of Bharat Petroleum Corporation (NSE:BPCL, BOM:500547) and Hindustan Petroleum Corporation (NSE:BPCL, BOM:500547) refineries in the Uran plant in Maharashtra, India.The company's shares were up over 1% in recent trade.

Market Chatter: Indian Fuel Retailers Raise Petrol, Diesel Prices Amid Global Volatility

Amid the ongoing geopolitical crisis in the Middle East and volatility in the global crude oil markets, Indian oil marketing companies have raised petrol and diesel prices for the first time in four years by about 3 Indian rupees per litre, according to a Reuters report on Friday quoting fuel retailers.Fuel prices in India are market-linked, allowing retailers to adjust prices as needed without government intervention.State-run Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) and Bharat Petroleum Corporation (NSE:HINDPETRO, BOM:500104), together control overe 90% of the country's over 103,000 fuel stations.They usually fix the rates of diesel and petrol in line with each other, and have not raised gasoline and diesel prices since April 2022.Public sector refiners have been losing nearly 10 billion rupees per day on fuel sales as retail prices failed to keep pace with rising import costs over recent months, Bloomberg News reported separately on the same day, citing industry estimates.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Emkay Global Downgrades Bharat Petroleum to Add from Buy; Price Target is INR350

Hindustan Organic Chemicals Begins Process to Restart Kochi, India Unit's Operations; Shares Jump 15%

Hindustan Organic Chemicals (BOM:500449) has begun the process of restarting the necessary plant activities for the commercial production of its phenol and cumene plant in Kochi, India, according to a Monday filing to the BSE.The company had shut down the phenol and cumene plants of the HOCL Kochi unit due to a shortage of raw materials amid the ongoing geopolitical tensions.However, Bharat Petroleum Corporation (NSE:BPCL, BOM:500547) has resumed the supply of liquified petroleum gas in accordance with the directions of the Government of India, enabling the restart of the Kochi plant's operations.The company's shares surged 15% in recent trade.