OIL Giants, BPCL, HPCL, IBP to be sick by next year
India’s oil giants to approach the BIFR! Sounds strange and terrifying, especially if BIFR stands for Board for Industrial Funeral Rites. It is very rarely that a BIFR company comes back to life. Bharat Petroleum Corporation, Hindustan Petroleum Corporation and IBP will turn financially sick by next year as losses arising from freeze on prices are set to erode their net worth, according to Oil Ministry estimates.
IBP, a subsidiary of Indian Oil Corp, will be the first company to turn sick by September 2005, followed by BPCL which will take just another year to go to BIFR while HPCL would be sick in less than two years.
IOCL will be sick in three years if petrol, diesel, LPG and kerosene prices are not changed in line with the spurt in international oil prices
IOCL, BPCL and HPCL reported losses in the first quarter of this year. {"please see our Ice Cubes"}
And IBP, the major oil retailer is all set to lose its net worth in a couple of months, which will force it to the steps of the BIFR. It is really sickening to know that our oil Sheiks are sick.