Page 2 - Indian Oil Corp

IOC's project SPRINT starts to show results, company gains retail dominance

Indian Oil Corporation's (IOC) transformative project SPRINT has started to show results with improved operational performance at refineries and the company is regaining leadership position in fuel retail expansion, Chairman Arvindar Singh Sahney said. India's largest oil firm in April unveiled Project SPRINT that looks to make the firm future-ready by fashioning businesses to meet changing global energy landscape and stay relevant and profitable. SPRINT stands for strengthening core businesses of oil refining, petrochemicals and fuel marketing, propel cost optimisation to increase profitability, reinforce customer centricity, integrate technology and innovation, nurture leadership and talent, and be transition-ready. IOC called SPRINT a transformation project that will keep the firm rooted in its core strengths, while at the same time preparing for an eventual transition away from fossil fuels. "To sustain leadership in a changing energy landscape, the company must evolve with spe

Used cooking oil to produce sustainable aviation fuel: Indian Oil chairman

Cooking oil is often discarded after being used for frying at home or in restaurants. However, a refinery of IndianOil has now won a certification to use the same oil to produce sustainable aviation fuel (SAF), the company chairman Arvinder Singh Sahney said. SAF is an alternative fuel made from non-petroleum feedstocks that reduces emissions from air transportation. It can be blended up to 50 per cent in conventional aviation turbine fuel (ATF or jet fuel), depending on availability. India has mandated 1 per cent SAF blending in jet fuel sold to international airlines from 2027. IndianOil's Panipat refinery in Haryana has won the International Civil Aviation Organization's (ICAO) ISCC CORSIA certification (International Sustainability and Carbon Certification - ISCC - developed under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) to produce SAF from used cooking oil, he said. "We are the only company in the country to get this certification," he ...

Q1 results today: Ashok Leyland, Vodafone Idea, Indian Oil on Aug 14

Q1 FY26 company results, August 14: Glenmark Pharma, Patanjali Foods, Borosil, Essar India, Inox Wind, and Redtape will also release their April-June quarter earnings reports today

IOC, BPCL said to buy 22 million barrels of crude for Sept-Oct delivery

In its latest tender, IOC bought 2 million barrels of US Mars crude, 2 million barrels of Brazilian grades and another 1 million barrels of Libyan crude

Fragile ceasefire, lasting threat: Why India can't relax on oil security

India's energy economy and state finances have suffered since 2022, when Russia invaded Ukraine, because of lack of adequate stock and dependence on foreign fuel

India's state oil refiners may order tankers worth $600 mn for domestic use

Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. plan to jointly issue a tender later this year for the medium-range tankers

Indian Oil finalises India's largest green hydrogen project at Panipat

State-owned Indian Oil Corporation (IOC) has finalised the levelized cost of hydrogen (LCoH) for setting up a 10,000 tonnes per annum green hydrogen generation unit at its Panipat refinery and petrochemical complex in Haryana, advancing India's clean energy ambitions. "This marks IOC's entry into the green hydrogen space with India's largest-ever green hydrogen project to date," the firm said in a statement. IOC, however, did not give costing and other financial details. "Slated for commissioning by December 2027, the green hydrogen produced will replace fossil-derived hydrogen in refinery operations, resulting in substantial reduction in carbon emissions," it said. Hydrogen is a fuel that finds vast applications across industries ranging from oil refineries to steel plants and can power cars, trucks, trains, ships, and even industrial processes. It can be produced from a variety of sources. Green hydrogen is hydrogen gas produced by splitting water using renewable energy sources

Indian Oil Corporation to award green hydrogen tender by mid-May

IOCL plans to set up green hydrogen units at all of its refineries as part of a ₹2.4 trillion green transition plan to achieve net zero carbon emission status by 2046

Indian Oil to import LNG under 5-year agreement with US-based Trafigura

India is seeking to increase its energy purchases from the United States to address trade imbalances with the world's largest economy

IOC plans to operate Gujarat refinery at higher capacity from mid-2026

IOC is revamping one of the five crude units at the 274,000 bpd refinery in Gujarat to raise overall capacity by 86,000 bpd

Centre 'bars' oil tanker carrying Russian crude over documentation lapse

The Honduran-flagged Andaman Skies, built in 2004, loaded 767,000 barrels at Murmansk on Feb. 24, and was due to discharge at Vadinar on March 30

Despite global lags, India to remain bright spot for petchem demand in 2025

Global petrochemical margins are expected to stay depressed for a few more years amid weak demand from top petrochemical consumer China

IOC, BPCL to sign multibillion-dollar LNG purchase deals With Adnoc

The deals highlight India's plan to more than double the share of gas in its energy mix by the end of this decade

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

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

Govt-owned oil refiners struggle to get adequate crude supplies from Russia

Oil executives from three of the nation's government-owned processors said they haven't been able to obtain enough Russian crude for January loading in the so-called spot market

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