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Indian Oil Corporation Ltd
A wage-related dispute between LPG transporters and their drivers at Indian Oil Corporation Ltd's bottling plant at Budge Budge in West Bengal's South 24 Parganas district escalated into a protest. The agitation, which occurred on Tuesday night, temporarily disrupted production and triggered sharp political reactions. Senior BJP leader Suvendu Adhikari, who is also the leader of the opposition in the state assembly, in a post on X, alleged that the incident reflected the growing lawlessness and "syndicate culture" under the Trinamool Congress (TMC) regime. He also shared two videos showing protesters releasing LPG from cylinders, triggering panic in the area. PTI could not independently verify the authenticity of the videos. "Yesterday's protest, where enraged workers released gas from cylinders onto the streets, could have turned catastrophic. A single spark could have ignited a massive fire, potentially engulfing the entire bottling plant, the nearby Budge Budge Institute of ...
Indian Oil Corporation (IOC), the nation's largest oil firm, has signed a USD 7-9 billion deal to import LNG from UAE on a long-term 14-year contract. IOC signed a long-term deal to receive 1.2 million tonnes per year of LNG from the United Arab Emirates beginning 2026 for 14 years. "ADNOC Gas has signed a 14-year sales and purchase agreement with Indian Oil Corporation Ltd (IOC) for the export of up to 1.2 million tonnes per annum (mtpa) of Liquefied Natural Gas (LNG) to India's largest integrated and diversified energy company which will be supplied from Das Island liquefaction facility," ADNOC Gas said in a statement. The deal was signed on the sidelines of India Energy Week here. "The agreement, valued in the range of USD 7 billion to USD 9 billion over its 14-year term signifies a major step forward in the partnership with IOC and we look forward to supporting India's plans to make gas 15 per cent of its primary energy basket by 2030," it added. The deal with IOC is the secon
State-owned Indian Oil Corporation Ltd (IOCL) will invest Rs 61,000 crore to set up a naphtha cracker project at Paradip in Odisha, a statement said on Tuesday. A Memorandum of Understanding (MoU) for this will be signed between the Odisha government and the IOCL in January during the 'Utkarsh Odisha Make in Odisha 2025' summit, it said. The foundation stone of the IOC's upcoming Rs 4,352 crore yarn project at Bhadrak will also be laid at that time, it added. The decisions were taken at a meeting between Chief Minister Mohan Charan Majhi and IOCL Chairman AS Sahney in Bhubaneswar. "The Naphtha Project in Paradeep has received in principle approval and IOCL will invest over Rs 61,000 crore for the project. It is likely to be one of the largest projects in the sector in the country. The State Government is an equity holder of this project, and will earn dividends in addition to taxes," said the statement issued by the Chief Minister's Office. "It was also decided that, the foundati
State-owned Indian Oil Corporation (IOC) has begun a probe into allegations of a US speciality chemicals firm bribing its officials 15 years back to obtain contracts to supply catalysts, according to a company's regulatory filing. Albemarle Corporation, a global speciality chemicals supplier that develops and sells catalysts used in the operation of oil refineries, allegedly "paid approximately USD 1.14 million in commission to India intermediary company relating to Indian Oil Corporation business and obtained approximately USD 11.14 million in profits on that business between approximately 2009 and 2011," according to a US SEC order dated September 28, 2023. Albemarle was caught for bribery by the US authorities in 2017 and then settled the case in September 2023 by paying a hefty fine of more than USD 198 million to avoid prosecution. In a filing, IOC said it is "neither party to nor is there any allegation against the company in relation to the proceedings" in the US SEC. "Howev
A fire broke out at the Indian Oil Corporation (IOCL) refinery in Vadodara on Monday following a blast in its storage tank, a police officer said. No casualties are reported and the final head count is being conducted, said Vadodara Police Commissioner Narasimha Komar, adding that things are under control. The blast at the IOCL refinery in the Koyali area on the outskirts of Vadodara occurred at 4 PM, triggering the blaze. Visuals showed thick plumes emerging from the refinery which can be seen from kilometres away. Several workers were evacuated and can be seen exiting the IOCL campus. "A benzene storage tank caught fire after a blast at the refinery. They (IOCL) have isolated the affected storage unit. Fire tenders are deployed to control the situation," Komar told PTI. The police officer said no casualty has been reported even as the final head count is being done to find if anybody is missing, which prima facie seems unlikely. Komar said fluid circulation in the IOCL complex
Private sector lender RBL Bank is aiming to grow its credit card portfolio "moderately" and focus on other aspects like cross-selling to customers, a senior official has said. If the industry grows at 20-25 per cent, the lender would like to increase its credit card outstanding by up to 15 per cent, its business head for credit cards Bikram Yadav said. "We would grow moderately in this segment, and we'll focus on internal unit economics and customer engagements and deeper cross-sell with them," Yadav added. Yadav, who was speaking after the launch of a dedicated offering in association with the largest oil marketing company Indian Oil Corporation, christened 'Xtra Credit Card', added that the other factors are more important than growth for the bank and its focus is on "reasonable" returns on the capital it deploys. It can be noted that the credit card segment has been under the spotlight because of the RBI's discomfort around the riskier unsecured segment growing fast. "The RBI i
V Satish Kumar on Sunday took over as the chairman of the Indian Oil Corporation (IOC), the nation's largest oil firm. Kumar, who is director (marketing) at IOC, was given additional charge of chairman following delays in finding a full-time chairman. "He will concurrently serve as chairman while continuing in his role as Director (Marketing), a position he has held since October 2021," the company said in a statement. He also held the additional charge of Director (Finance) for one year from October 2022, a period characterised by geopolitical tensions due to the Ukraine-Russia conflict. With a career spanning 35 years, Kumar has served in various regions across the country and held key positions, leading IOC's efforts to maintain its leadership in the marketing of petroleum products. He has also gained extensive experience in engaging with multinational oil companies, serving as non-executive chairman of Indian Oil Petronas Pvt Ltd, a joint venture between IOC and Petronas ...
The government on Wednesday named interim chairmen for top oil firms, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL), as appointment of full-time heads is work in progress. Satish Kumar Vaduguri, Director (Marketing), IOC has been appointed interim chairman of the company for three months starting September 1, an oil ministry order said. He replaces Shrikant Madhav Vaidya who completes his extended term at month-end. In a separate order, the ministry appointed Rajneesh Narang, Director (Finance), HPCL as the chairman and managing director of the company for three-month period starting September 1. He would replace Pushp Kumar Joshi who superannuates on completion of 60 years of age on August 31. With government headhunter PESB not finding anyone suitable, three-member search-cum-selection committees are looking for heads at both IOC and HPCL. On August 11, the panel interviewed nearly a dozen candidates and is learnt to have zeroed in on Sandeep Gupta