Vedanta Resources could not be immediately reached for comment. The company produces oil from oilfields in Rajasthan which are used in refineries such as those operated by BPCL to turn them into petrol, diesel and other fuels. The mining conglomerate, which runs the alumina refinery through an unlisted subsidiary, Vedanta Aluminium Ltd (VAL), had given a closure notice to the state government three months back citing severe shortage of bauxite as the primary reason for the shutdown. India. are expected to hold 51 percent and 26 percent stake respectively, the report said. Vedanta refinery may lose ground for growth "Vedanta's EoI for BPCL is to evaluate potential synergies with our existing oil and gas business," the company said in a statement. "We are evaluating. BPCL buyer could get ownership of up to 15.33% of India's oil refining capacity. HPCL has expressed interest in building a 9 million tonnes refinery at the Barmer oil find of Cairn India, which was last year acquired by Vedanta for USD 8.67 billion. Abu Dhabi National Oil Co (ADNOC), which has ambitions for Indian market, too was considered a potential bidder but it was not immediately known if it had put in an EoI. Vedanta owns oilfields in Rajasthan and BPCL would give it refineries that could process and turn the crude oil it produces into value-added fuels such as petrol and diesel. The company produces oil from oilfields in Rajasthan which are used in refineries such as those operated by BPCL to turn them into petrol, diesel and other fuels. Vedanta refinery may lose ground for growth 3 min read. Vedanta said it plans to raise capacity of its Lanjigarh Alumina refinery to 6 million tonnes per annum (mtpa) with an investment of Rs 10,000 crore. Mining conglomerate Vedanta has put in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL), for which a major foreign player too is said to be in race. It is India's sixth largest company by turnover. Vedanta owns oilfields in Rajasthan and BPCL would give it refineries that could process and turn the crude oil it produces into value-added fuels such as petrol and diesel. The other potential investors are foreign funds but their identity was not immediately disclosed. Reliance Industries, which was considered a potential bidder as BPCL would have added 22 per cent fuel market share to its fledgling retail business and made it the nation's number one oil refiner, did not put in a bid. is keen on buying a minority stake in an oil refinery planned in Rajasthan, the Hindustan Times reported on Sunday citing a government statement. NEW DELHI: Vedanta Resources said it submitted an expression of interest (EoI) for the government's stake in Bharat Petroleum Corp Ltd, making it one of three likely bidders, according to people with knowledge of the matter.The privatisation of India's second largest oil refining and marketing company is key to the government's disinvestment programme for the fiscal year. Read more about Post Dec 5, Vedanta's Odisha refinery fate uncertain on Business Standard.  The firm also has upstream presence with 26 assets in nine countries such as Russia, Brazil, Mozambique, the UAE, Indonesia, Australia, East Timor, Israel and India. The government had at the close of bidding stated that "multiple" EoIs had been received. Vedanta’s Lanjigarh alumina refinery is set for a record performance in FY20, with total production expected to increase to 1.8 million tonne (mt) from 1.5 mt in the previous financial year. Vedanta produces refined metals by processing and smelting extracted minerals at their zinc, lead, silver, copper, and aluminium smelters, as well as other processing facilities in India and Africa. London-based Vedanta Resources is keen on buying a minority stake in an oil refinery planned in India's western state of Rajasthan, the Hindustan Times reported on … Click here to join our channel (@TheWeekmagazine) and stay updated with the latest headlines, The cabinet committee approved sale of government's entire 53.29 per cent stake along with transfer of management control in the country's second-biggest state-owned refiner BPCL after taking out Numaligarh refinery from its fold | File, here to join our channel (@TheWeekmagazine), Pence tells Trump he doesnât have power to overturn election results, Many farmers support agri laws, protesters must understand sentiments behind reforms: Tomar, âMaara' not cliche romance, it's a story about love: Director Dhilip Kumar, ISL 2020-21: Bengaluru FC part ways with coach Carles Cuadrat, 2020 was eighth warmest year since 1901: IMD. Vedanta likely to close Odisha alumina refinery from Dec 5. Russian energy giant Rosneft-led Nayara Energy, which operates a 20 million tonnes oil refinery at Vadinar in Gujarat and also has 5,822 petrol pumps, was considered a potential bidder for BPCL but reports last month had indicated it was no longer keen. Vedanta's interest in BPCL stems from its USD 8.67 billion acquisition of oil producer Cairn India nearly a decade back.  Its petrol pumps sell more fuel than the industry average -- BPCL pumps sell 124 kilolitres per month as compared to the industry average of 116, according to the company website. They also stated that a major foreign player was among the three-four entities whose EoIs were received by the close of the bidding on November 16. XGI GOLD invests in improving its technology to enhance the capabilities of . Currently, eight unmanned offshore platforms are being operated. ð£ The Week is now on Telegram. Vedanta, Apollo Global, I Squared Capital arm Think Gas in race ... - While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, ... - BPCL is India's second-largest oil marketing company with a standalone domestic sales volume of over 43.10 million tonnes and a market share of 22 per cent during FY20. Sources said transaction advisors will now evaluate the bidders to ascertain if they meet the qualifying criteria and have the financial muscle to do the acquisition. BPCL operates four refineries in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh), and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15.3 per cent of India's total refining capacity of 249.8 million tonnes. It, however, did not reveal the identity of the bidders. Tuhin Kanta Pandey, secretary, Department of Investment and Public Asset Management (DIPAM), which is handling the strategic sale, had tweeted on November 16 that the transaction advisors for the sale of government's 52.98 per cent stake in BPCL have reported receiving "multiple expressions of interest.". BPCL is India's second-largest oil marketing company with a standalone domestic sales volume of over 43.10 million tonnes and a market share of 22 per cent during FY20. BPCL stake sale: Vedanta puts forward EOI to buy state-owned oil firm ... BP, and Total, have not shown interest in India's second-largest oil refinery and marketing company. The government is selling its entire 52.98 per cent stake in India's second largest fuel retailer as part of plans to raise a record Rs 2.1 lakh crore from disinvestment proceeds in 2020-21 (April 2020 to March 2021). New Delhi, Mar 12 Vedanta Ltd on Thursday said total production at its Lanjigarh alumina refinery is expected to increase to 1.8 million tonne (MT) in 2019-20, A 225-acre onshore processing facility at Surasaniyanam processes natural gas and crude oil from the Ravva field. ... Libyan warring factions agree to protect oil production facilities ; Around the World. Vedanta refinery. Petroleum refining in the United Kingdom produced around 61 million tonnes of petroleum products in 2015, down 19% from 2011. UK's BP plc and Total of France -- which have plans to foray into the Indian fuel market -- had previously ruled themselves out of the BPCL race as they did not want to add oil refining assets when the world was moving away from liquid fuels. This is excluding BPCL's equity share holding of 61 per cent stake in Numaligarh Refinery. The Ravva oil and gas field in the Krishna- Godavari Basin was developed in partnership with Cairn India, ONGC, Videocon and Ravva Oil, under a production sharing contract (PSC) that runs until 2019. We are in oil business. The … Vedanta's interest in BPCL stems from its USD 8.67 billion acquisition of oil producer Cairn India nearly a decade back. Yet, billionaire Anil Agarwal needs the oil refiner more than ever. Cairn Oil & Gas, a vertical of Vedanta Limited, contributed ~25 per cent to India's domestic crude oil production in FY 2017-18. But share price of BPCL has plunged by nearly a fourth since the time the strategic sale was approved in November last year. Vedanta Ltd. joined the race for acquiring state-owned Bharat Petroleum Corp. three months after its failed delisting and when analysts have flagged risks about its leverage. The company produces oil from oilfields in Rajasthan which are used in refineries such as those operated by BPCL to turn them into petrol, diesel and other fuels. Sources in the department handling the sale said the EoI has been put in by a special purpose vehicle or SPV floated by Vedanta Ltd and Vedanta Resources. Vedanta Resources Limited is a globally diversified natural resources company who extracts and processes minerals, oil and gas and employs more than 65,000 employees worldwide. While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, the new buyer of the company will get 35.3 million tonnes of refining capacity -- 12 million tonne Mumbai unit, 15.5 million tonne Kochi refinery and 7.8 million tonne Bina unit. The refinery coming up at Barmer will have an annual capacity of 9 million tonnes and is expected to cost about 200 billion rupees, the report said. REUTERS - London-based Vedanta Resources VED.L is keen on buying a minority stake in an oil refinery planned in Rajasthan, the Hindustan Times reported on Sunday citing a government statement. , which operates oil fields in Rajasthan state. Vedanta Limited's Oil & Gas operations comprise the assets of Cairn contributing over 26% of India's annual production, as India's largest private sector crude oil producer. The jump in production will be backed by a significant improvement in operating efficiencies, the company informed in a release on Thursday. Last year, Vedanta paid $8.7 billion deal to acquire a controlling stake in Cairn Energy's CNE.L India unit CAIL.NS, which operates oil fields in Rajasthan state. Vedanta plans to double alumina capacity at its refinery in the eastern state of Odisha to 4 million tons over the next 2.5 years. Saudi Arabian Oil Company (Saudi Aramco), which had been keen to enter the world's fastest-growing fuel market, too did not put in an EoI. Neither of them, however, gave the number of bids received or the names of the bidders. India's crude oil production fell by 5 per cent in November primarily due to a sharp drop in output at Rajasthan oilfields operated by private sector Cairn Vedanta, government data showed on … State-run Hindustan Petroleum Corp HPLC.NS and Oil and Natural Gas Corp ONGC.NS are expected to hold 51 percent and 26 percent stake respectively, the report said. At Wednesday's closing price of Rs 383.20 on BSE, the government's 52.98 per cent stake in BPCL is worth just over Rs 44,000 crore. Around the World in 8 minutes: Colombians protest state negligence . Updated: 18 Apr 2008, 01:19 AM IST Padmaparna Ghosh. The company had commissioned the one mtpa refinery in August 2007, but has been struggling to get bauxite and as a result, it had to even shut down the plant for some time. REUTERS - London-based Vedanta Resources is keen on buying a minority stake in an oil refinery planned in Rajasthan, the Hindustan Times reported on Sunday citing a government statement. Also, the acquirer would have to make an open offer for buying another 26 per cent stake from the public, which would cost about Rs 21,600 crore. A high-powered committee will on Tuesday evaluate preliminary bids received from mining-to-oil conglomerate Vedanta and private equity firms Apollo Global and I … A special purpose vehicle floated by the BSE-listed Vedanta Ltd and its London-based parent Vedanta Resources submitted an EoI before the close of deadline on November 16. India's oil production in February dips 6.4 per cent on lower private sector output 25 Mar, 2020, 09:20AM IST Kaloti provides precious metal services and solutions like gold assaying, trading, refining, testing, sourcing and more in Dubai and all over the world. There are six major and one smaller petroleum refinery in the downstream sector of the UK oil industry.. Phillips 66 Limited, Humber refinery (South Killingholme), 11.5 million tonnes per year; Total SA, Lindsey (Killingholme) refinery, 11.0 million tonnes per year Tribals in India’s Niyamgiri are resisting Vedanta’s bauxite mining . Gold Refinery Dubai Gold Refining Company, Gold Buyers in Dubai. "The EoI is at a preliminary stage and exploratory in nature.". "Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received," Finance Minister Nirmala Sitharaman had also tweeted on the same day. Home PGR Dubai This process may take two-three weeks, thereafter request for proposal (RFP) will be issued and financial bids sought. 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