PTC India approves ONGC's bid to buy PTC Energy for Rup 925 crore

PTC India has approved the bid of ONGC to purchase its subsidiary PTC Energy Ltd for Rup 925 crore, said Economictimes.

The company reported a 5.62% year-on-year increase on its consolidated net profit at Rup 135.10 crore in the quarter ended on 30 Jun 2023.

Total income was Rup 4863.46 crore, an increase from Rup 4310.74 crore a year ago. PTC Energy has commissioned wind projects with a capacity of 288.8 MW spread across Karnataka, Madhya Pradesh and Andhra Pradesh. (1 crore=10 M, 1 lakh=100,000).

We remind, LyondellBasell, the world’s largest licensor of polyolefin technologies, announced that Indian Oil Corporation Ltd. (IOCL) has selected LyondellBasell’s Hostalen “Advanced Cascade Process” (Hostalen ACP) technology for a new 200 kiloton per year (KTA) high density polyethylene (HDPE) plant.

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BP's underlying replacement cost profit for 3Q 2023 was $3.3 bn, compared with $2.6 bn for the previous quarter, said the company.

BP shares were 4.3% lower by 1325 GMT after the results fell well short of expectations for a $4 billion net income, the company's second straight substantial quarterly miss.

Interim CEO Murray Auchincloss said that strong oil trading earnings and refining margins in the third quarter were offset by weak natural gas trading where there had been a "lack of volatility" due to high inventory levels in Europe and the United States ahead of winter.

The British company maintained its dividend at 7.27 cents per share and extended its $1.5 billion share buyback programme over the next three months, leaving its payout policy unchanged.

BP wrote down $540 million in the quarter on its wind power projects offshore New York after officials rejected a request for better terms to reflect what BP referred to as "inflationary pressures and permitting delays".

BP paid Equinor $1.1 billion in 2020 for a 50% stake in the venture to develop the Empire and Beacon offshore wind projects which have a combined capacity of 3.3 gigawatts, capable of powering 2 million homes.

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Cepsa has begun to search for and develop projects for the construction and operation of biomethane production plants from agricultural and livestock waste to decarbonize its industrial activity, replacing the use of natural gas with this renewable gas, said the company.

By 2030, the company aims to manage a project portfolio of 4 TWh per year, an ambitious target, equivalent to the energy needed for 650,000 homes, which will enable it to significantly reduce CO2 emissions from its power plants and chemical plants, as well as providing a complementary vector to produce green hydrogen and employment in sustainable mobility.

The use of this renewable gas, instead of fossil fuels, will result in the reuse of 10 million tons of waste per year and will prevent the emission of 728,000 tons of CO2 per year, equivalent to planting 8.7 million trees.

The plants will use agricultural and livestock waste to produce biomethane aimed at replacing natural gas in Cepsa's industrial activity, it said. This will allow the reuse of 10 million tons of waste and avoid the emission of 728,000 tons of CO2 every year, it said.

The first five plants are expected to start operations between 2025 and 2026. Cepsa wants to reach net zero emissions by 2050.

We remind, Cepsa plans to nearly double its investments over the next three years to a total of 3.6 B euros (USD3.82 B), with more than half of that amount going to sustainable energy and mobility. It also posted a full-year net profit at current cost of supplies (CCS) of 790 MM euros for 2022, up sharply from the 310 MM euros reported in 2021. The planned investment increase of 93% for 2023-25 is from the previous three years, Cepsa said.

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Reliance Industries Ltd on Friday reported a 15 per cent drop in its net profit to Rs 15,792 crore for the third quarter, according to a company's stock exchange filing, said the company.

The net profit of Rs 15,792 crore in October-December 2022 compares to Rs 18,549 crore a year back.

Revenue from operations rose to Rs 2,20,592 crore from Rs 1,91,271 crore in October-December 2021.

We remind, Reliance Industries said on Thursday that it plans to temporarily shut three units at its plant in Jamnagar in the western Indian state of Gujarat for planned maintenance and inspection activities. The oil-to-telecom conglomerate owned by billionaire Mukesh Ambani is the operator of the world's biggest refining complex which houses two plants with a combined capacity of about 1.4 million barrels per day.

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Braskem Idesa (BI) and Advario announce the formalization of their partnership, by virtue of which Advario acquired 50% of the capital of Terminal Quimica Puerto Mexico (TQPM), a company whose purpose is the construction and operation of a new ethane import terminal in Coatzacoalcos, Veracruz, said the company.

The total estimated investment for the project amounts to US$400 million. The new terminal will have an area of 1.
0 hectares for ethane storage connected to the BI petrochemical complex through an ethane pipeline of approximately 10 kilometers; it will have a storage capacity of 100 thousand m3 and will supply the ethane required by the BI plant to operate at full capacity. The project will have a positive impact on the southern region of Veracruz through the generation of approximately 2 thousand direct jobs, the contracting of suppliers and the creation of new logistics infrastructure for the area and the state.

The formalization of this partnership is a clear example of the commitment of both companies to focus on growth opportunities in the petrochemical sector, thus supporting the Mexican petrochemical and plastics industry.

We remind, Braskem and Indorama Ventures IOD - Oxiteno announce a partnership to supply bio-attributed ethylene from renewable sources, said the company. Bio-attributed ethylene, certified by ISCC (International Sustainability and Carbon Certification), will be used by Oxiteno to create new sustainable solutions.

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