Page 2 - Indian Oil Corporation Ltd News

BSE Oil & Gas index rally 7% in 1 week; Gail surges 7% on positive outlook

As of 09:22 AM; the BSE Oil & Gas index was up 1.7 per cent, as compared to 0.68 per cent rise in the BSE Sensex.

BSE Oil & Gas index surges over 3%; ONGC, BPCL, HPCL, GAIL rally up to 7%

In the past six months, the oil & gas index has underperformed the market by falling 18 per cent, as against a 9.5 per cent decline in BSE Sensex.

Indian Oil ties up with Novac Technology Solutions for employee upskilling

This strategic partnership between IOCL and Novac Technology Solutions signifies a monumental leap forward in workforce development and learning innovation within the energy sector

Indian Oil Corp inks 14-year LNG supply pact worth $7-9 bn with UAE's ADNOC

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

Reliance, Hero Moto, Coal India, DLF, REC from BSE 100 index hit 52-wk lows

Asian Paints, Power Grid, Tata Motors, Canara Bank, GAIL (India), Indian Oil Corporation, Jio Financial and Tube Investments of India from the index also hit their respective 52-week lows today

BPCL, IOC shares slide up to 7% on Budget disappointment, oil price rise

The FY26 budget has allocated Rs 12,100 crore for LPG subsidiary, far lower than the anticipated value

Indian Oil faces decline in Russian oil imports in this fiscal year

Indian refiners are struggling to secure Russian oil supplies following the latest US sanctions aimed at Russian producers

IOCL Q3 net profit shrinks 76% to Rs 2,115 crore as refining margins fall

Despite growing sales and exports, lower crude prices pulled down revenue to Rs 2.19 trillion

Indian Oil Q3 results: Net profit drops 77% to Rs 2,115 cr, revenue down 5%

Indian Oil Q3FY25 results: Shares of the company dropped more than 3% following release of the PSU's earnings report

Q3 results Jan 27: Coal India, Tata Steel among 78 to post earnings today

Q3FY25 company results, January 27: Coal India, Bajaj Housing Finance, Canara Bank, and ACC will release their reports for the Oct-Dec 2024 quarter

No major impact of US sanctions on Russia, oil to remain stable: IOC chief

Any further sanctions against Russia will not have any impact on India's crude oil requirements and the global prices should remain stable in the USD 75-80 per barrel range, as all sanction fears have already been factored in, Indian Oil Chairman Arvinder Singh Sahney said on Thursday. Speaking to PTI here during the World Economic Forum Annual Meeting, he also said there are several energy sources that can be tapped to meet India's energy requirements in case of any eventuality. Asked about the Indian participation at Davos, Sahney said it feels great to see India with a big presence here. "It helps as so many global corporates we can meet here at a single place. We can exchange ideas with all of them, and that's good for the company and economy as a whole," he added. On Donald Trump's second US presidency and its impact on India, he said it should be positive for the energy sector because "he has emphasised that we have to produce more energy and we are not averse to more energy

Indian Oil to rebalance crude buying after US sanctions on Russia

Before Russia's war in Ukraine, India used to buy less than 2 per cent of its total oil imports from Moscow. However, the volume surged to almost 45 per cent in the middle of last year

IOC buys 7 million barrels of Middle Eastern, African crude oil via tenders

Indian refiners are increasing Middle Eastern crude purchases from the spot markets after Washington last Friday announced sweeping sanctions targeting Russian producers

MRF, L&T Finance, IOC, SAIL among 50 stocks from BSE500 to hit 52-week lows

In one month, the BSE 500 index has underperformed the market by falling 8.1 per cent, as compared to the 6.5 per cent decline in the BSE Sensex during the period

Govt plans to give LPG subsidy worth Rs 35,000 cr to IOC, BPCL, and HPCL

The government is likely to provide a subsidy of Rs 35,000 crore to state-owned Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) to make up for losses they incurred on selling the fuel this fiscal, sources said. The three fuel retailers have kept the price of domestic LPG unchanged at Rs 803 per 14.2-kg cylinder since March 2024 despite a rise in input raw material cost. This led to under-recoveries on LPG sales, and the resultant drastic fall in their earnings in the April-September (first half of current 2024-25 fiscal year). The total under-recovery on LPG sales for the industry in the current fiscal is estimated at about Rs 40,500 crore. Against this, the government is likely to provide Rs 35,000 crore in total spread over two financial years, two sources with knowledge of the matter said. IOC, BPCL and HPCL are likely to get Rs 10,000 crore during the current 2024-25 fiscal and the remaining Rs 25,000 cror

Stocks to Watch, Dec 26: IOC, Gland Pharma, BPCL, Ramky Infra, Ceigall

Stocks to watch on December 26, 2024: Indian Oil Corporation plans to sign an agreement with the Odisha government in January for a Naphtha Cracker Project at Paradip

IOC to invest Rs 61,000 crore for naphtha cracker project in Odisha

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

Indian Oil rises 2% as board approves setting up of yarn project in Odisha

The setting up of the yarn project is approved to be done in a 50:50 Joint Venture (JV) with MCPI Pvt. Ltd. The Oil India's equity contribution of towards the project stands at Rs 657.33 crore

Indian Oil Corporation probes allegation of US firm bribing officials

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

IOC to invest over Rs 21,000 cr in Bihar refinery expansion, gas projects

Indian Oil Corporation (IOC) -- the nation's top oil firm -- will invest over Rs 21,000 crore to expand the Barauni refinery in Bihar as well as in setting up a city gas distribution network across the state, a senior executive said on Thursday. IOC is expanding its Barauni refinery to 9 million tonnes per annum from current 6 million tonnes together with a petrochemical plant at a cost of about Rs 16,000 crore and invest another Rs 5,600 crore in setting up network to retail CNG to automobiles and piped cooking gas to households and industries in 27 cities of Bihar, company Executive Director Suman Kumar said while speaking at the Bihar Business Connect 2024 investor summit here. "IOC is the oldest investor in Bihar, setting up the Barauni refinery in 1964. The initial capacity was 3 million tonnes per annum which was later expanded to 6 million tonnes. Now we are expanding the capacity from 6 million tonnes to 9 million tonnes per annum. Alongside, a 200,000 tonnes polypropylene is