Indian oil refiners will repay dollars borrowed from the central bank by the end of May, according to an official with direct knowledge of the matter, after volatility in the rupee eased to an eight-month low.
Bharat Petroleum Corp., India’s second-biggest state refiner, plans to almost double the combined capacity of two refineries at a cost of about $2.8 billion to feed the company’s growing network of gas stations.
Bharat Petroleum Corp. is the best- performing energy stock on the MSCI AC Asia Pacific Index this year and analysts say its foray into exploration in Africa to counter refining losses may mean there’s more growth to come.
Emerging-market stocks advanced for a second day after Iran agreed to limit its nuclear program, bolstering appetite for riskier assets. OAO Gazprom paced declines in energy producers as crude oil slumped.
Bank of Tokyo-Mitsubishi UFJ Ltd. is offering a rate of about 235 basis points more than the London interbank offered rate to lend Bharat Petroleum Corp. $400 million for five years, according to two people familiar with the matter.
Bharat Petroleum Corp., India’s second-largest state refiner, extended closing and validity dates for its tender seeking crude for loading in August, said two traders who asked not to be identified because the information is confidential.