Page 4 - Indian Oil Corporation

North East LPG cylinder carriers of Indian Oil Corp go on indefinite strike

LPG cylinder transporters of Indian Oil Corporation on Wednesday went on an indefinite strike for the second time in less than two months, alleging pending dues and low rates in recently floated tenders. An IOC official, however, termed the strike as illegal. The decision to go for the shutdown was taken after a meeting called by the Food, Public Distribution & Consumer Affairs Department of Assam between IOC and the North East Packed LPG Transporter Association (NEPLTA) failed to yield any solution to the prolonged stalemate. "The government called us yesterday to talk about our demands. We reiterated our old issues, mostly related to pending dues and low rates in the tenders. However, the IOC was reluctant to talk about those," NEPLTA chief adviser Kumud Nath told PTI. The association had also written to the chief secretary on January 5, flagging the same issues and urged him to take necessary steps, he said. "The government had called yesterday's meeting, accordingly, to find .

IOC Q3 net profit soars to Rs 8,063 cr, on road to best-ever annual earning

Indian Oil Corporation (IOC) on Wednesday reported a massive jump in its third quarter net profit as compared to the year-ago period when it was financially struggling as input raw material crude oil prices spiked but retail finished product prices remained on freeze. Standalone net profit of Rs 8,063.39 crore in October-December 2023-24 was higher than Rs 448.01 crore profit in the same period a year ago but lower than Rs 12,967.32 crore earnings in the preceding three months ended September 30, 2023, according to a stock exchange filing by the company. The profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high in 2022-23. Pre-tax earnings from sale of petroleum products soared to Rs 11,428.88 crore in the third quarter of the current fiscal compared to Rs 1,541.95 crore in the same period last year. IOC uses mostly imported crude oil to make fuel

IOC raises Panipat refinery expansion cost 10%, pushes deadline by a year

Indian Oil Corporation (IOC), the nation's top oil firm, has revised the estimates of cost of expanding the Panipat refinery in Haryana by 10 per cent to Rs 36,225 crore and pushed back completion deadline by more than a year to December 2025. IOC is expanding its 15 million tonnes a year refinery, about 100-km north of New Delhi, to 25 million tonnes. In a stock exchange filing, the firm said its board has approved "revision in cost of the project for capacity expansion of Panipat Refinery from Rs 32,946 crore to Rs 36,225 crore and revision in completion schedule of the project from September 2024 to December 2025." Besides expanding the capacity to turn crude oil into value-added fuels such as petrol, diesel and ATF, IOC is also setting up a polypropylene unit and a catalytic dewaxing unit. Polypropylene is used in packaging, plastic parts for various industries including the automotive industry, and textiles. Catalytic dewaxing is used in base oil production. IOC owns and oper

Okaya to partner with IOC to install over 2,500 EV chargers across India

Okaya EV Chargers plans to set up 2,550 electric vehicle chargers across India in collaboration with Indian Oil Corporation (IOC) at an investment of Rs 125 crore, the company said on Tuesday. As many as 362 such chargers have already been installed in over 20 states in a step towards bolstering the electric vehicle infrastructure in the country, according to Okaya EV Chargers. The chargers being set up comprise a diverse range of high-and low-voltage options, including 3.3-kw and 7.4-kw chargers, 30-kw wall-mounted CCS (combined charging system) 2 DC fast chargers, as well as 60-kw CCS2 DC fast chargers, the company said. "This partnership aligns with our vision of creating a sustainable ecosystem for electric vehicles in India. Our advanced charging solutions will empower EV users with convenient and efficient charging options, said Anshul Gupta, Managing Director at Okaya EV Chargers. The total investment for this initiative is pegged at Rs 125 crore, reflecting the substantial

IOC to invest over Rs 2,600 crore to set up greenfield units in northeast

Indian Oil Corporation has firmed up plans to pump in over Rs 2,600 crore in setting up several greenfield units and expanding its facilities across the northeast over the next few years, a senior company official said. The board of IOC has already approved various new projects, while some are in the process of getting the nod, with the leading energy firm in talks with the local governments in Meghalaya, Mizoram and Manipur to finalise land parcels for the greenfield units. "Northeast is one of the most important regions for Indian Oil and much focus is given here by the top management. We have planned to augment our operations by enhancing refining as well as petroleum, oil and lubricant (POL) storage capacities," IOC Executive Director (Indian Oil-AOD) Ganesan Ramesh told PTI in an interview. The company is at present carrying out nearly a dozen projects, both greenfield and brownfield, across the region, entailing a total investment of Rs 2,612 crore, he said. "We have a major

Indus Towers signs pact with IOC Phinergy for clean energy systems

Indus Towers and IOC Phinergy (IOP) have inked a pact for the deployment of 300 zero-emission energy systems to optimise diesel consumption at Indus' telecom tower sites. This move accelerates Indus Towers' progress towards its sustainability priorities, according to a release. "Indus Towers Limited and IOC Phinergy Private Limited (IOP) have signed an agreement for deployment of 300 zero-emission energy systems based on aluminium-air technology, to optimise diesel consumption at Indus' telecom tower sites," the release said. Indus Towers' CEO Prachur Sah said as part of the company's ESG vision, Indus Towers believes in nurturing environmental stewardship, being socially responsible and having robust governance. "Indus Tower's agreement with IOP is a testimony of the company's commitment to build eco-friendly telecom tower sites by investing in solutions for resource optimisation," Sah added. IOP is a joint venture company formed by IOCL and Phinergy Ltd, Israel to manufacture, s

L&T makes 'asset heavy' exception for $1 billion green hydrogen play

Company to target build-own-operate opportunities, a shift from its 'asset-light' policy

Fine slapped on IOC, ONGC, GAIL for failure to meet listing regulations

Stock exchanges have slapped fines on state-owned oil and gas firms including IOC, ONGC and GAIL for their failure to meet listing requirements of having a requisite number of independent directors and women directors. In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it. Oil and Natural Gas Corporation (ONGC) was slapped a Rs 3.36 lakh fine, while Indian Oil Corporation (IOC) was asked to pay Rs 5.36 lakh fine. Gas utility GAIL was slapped Rs 2.71 lakh fine, Hindustan Petroleum Corporation Ltd (HPCL) Rs 3.59 lakh, Bharat Petroleum Corporation Ltd (BPCL) Rs 3.6 lakh, Oil India Ltd Rs 5.37 lakh and a fine of Rs 5.37 lakh was imposed on Mangalore Refinery and Petrochemicals Ltd (MRPL). Except for IOC which was slapped with the fine for not having the required one woman director on the board, all the companies were fined for violating the norm of

Indian Oil plans to become '360-degree energy' company, to invest Rs 4 trn

India's top fuel retailer Indian Oil Corporation will invest over Rs 4 lakh crore in this decade to expand oil refining and petrochemical business as well as in energy transition projects as part of a plan to become a '360-degree energy company', its chairman Shrikant Madhav Vaidya said on Friday. IndianOil will invest Rs 1 lakh crore in expanding capacity to refine and turn crude oil into fuel and a staggering Rs 2.4 lakh crore in projects that will help it achieve net-zero carbon emissions from its operations. Another Rs 60,000 crore is planned to be invested in setting up a giant petrochemical complex at Paradip in Odisha. These investments will help the company continue to meet the rising energy needs of a fast-expanding economy while also treading on the path of the energy transition, he told company shareholders at the annual general meeting. Vaidya said the past year witnessed waves of volatility that rocked the global energy dynamics but IOC kept its promise of fuelling the

Indian Oil to raise Rs 22,000 crore via rights issue of equity shares

IOCL is expected to report operationally strong June quarter results due to a sharp recovery in marketing margins

Bharat Petroleum Corporation to raise Rs 18,000 cr via rights issue

State-owned Bharat Petroleum Corporation Ltd (BPCL) on Wednesday said it will raise up to Rs 18,000 crore through an issue of equity shares on a rights basis to fund its net zero carbon emission projects. The government, which is the majority owner of the company, is likely to subscribe to the rights issue and infuse equity in the company. This as per the Budget announcement will provide Rs 35,000 crore of capital support to state-run fuel retailers -- BPCL, Indian Oil Corporation (IOC), and Hindustan Petroleum Corporation Ltd (HPCL) -- to support their energy transition and net zero initiatives. IOC and HPCL are likely to come up with similar schemes to get government capital. In a stock exchange filing, BPCL said its board at a meeting held on Wednesday "approved the proposal for raising capital up to an amount not exceeding Rs 18,000 crore. This capital will be raised by way of issue of equity shares on rights issue basis to eligible equity shareholders of the corporation as on t

OMCs extend gains on improved operational performance; IOC hits 52-wk high

In the past six months, IOCL (up 28%), HPCL (up 22%) and BPCL (up 19%) have outperformed the benchmark S&P BSE Sensex index

As CNG and EVs expand in cities, fuel retailers look at the rural market

In the last three financial years, 88 per cent of the 16,190 new fuel pumps set up by Indian Oil, Hindustan Petroleum, and Bharat Petroleum were located in rural areas and highways

Indian Oil keen for developing Haldia refinery into petrochemicals complex

Oil marketing PSU Indian Oil Corporation (IOC) is keen to develop its existing refinery in West Bengal Haldia into a petrochemicals complex for sustaining operations profitably, a company official said on Wednesday. Running a standalone refinery is not sustainable in terms of profitability for which it has to be supplemented by a petrochemicals complex, he said. "We want to set up a petrochemicals complex contiguous to the Haldia refinery whose current capacity is 8.5 million tonnes per annum (mtpa)", the company official said. IOC has sought land from Haldia Fertiliser Corporation (HFC), whose factory is lying defunct, for developing the petrochemicals complex, he said. "We have sought 175 acres of land from HFC. It is near the refinery and it has been given on lease by Haldia Dock Complex (HDC) to the ministry of chemicals and fertilisers ministry. We are seeking the land for the petrochemicals project", the IOC official said. Drawing an analogy, the official said the Paradip ..

Sensex trims losses, ends 176 pts lower led by IT, metals; Banks shine

CLOSING BELL: The key benchmark indices ended lower for the seventh straight trading day. The Sensex has shed 2,032 points, while the Nifty 50 has declined 643 points in this period.

Indian Oil to sign MoU with LanzaJet for sustainable aviation fuel

Indian Oil Corp will sign a memorandum of understanding with sustainable fuel tech provider LanzaJet to produce sustainable aviation fuel at its Panipat refinery, its chairman told Reuters

Here's why Vinay Rajani recommends to buy SBI Life, Indian Oil

On the broader market outlook, the technical & derivative analyst from HDFC Securities expects the near term trend on the Nifty to remain bearish as long as the index stays below 18,141.

Indian Oil selects Jio's managed network services for its petrol pumps

Indian Oil Corporation (IOC), the nation's largest oil firm, has selected Reliance Jio's managed network services to connect a fifth of its petrol pump network. Jio will connect 7,200 IOC sites with SD-WAN managed service solution, zero-touch provisioning and 24x7 real-time monitoring, the firm said in a statement Thursday. "Jio wins IOC order for providing SD-WAN solution that will power IOC's retail automation and critical business processes, such as payment processing, daily price updates, remote desktop protocol (RDP) software and network monitoring with enterprise-grade connectivity, Quality of Service (QOS) and 24x7 support across 28 states and 8 union territories," it said in a statement. JioBusiness, the enterprise arm of Reliance Jio Infocomm Ltd will be deploying and managing SD-WAN (Software Defined Wide Area Network) for IOC across its 7,200 retail outlets for a period of 5 years. Speaking on the win, Prateek Pashine, Head Enterprise, Reliance Jio said, "We look forward

India's crude import basket at 10-month low but pump prices to remain high

Fear of worsening economic slowdown in China has dealt the latest blow to global crude oil, with daily prices falling to their lowest since January 4, 2022

IOC reports Rs 272 cr loss in Q2 on account of selling petrol at low cost

State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September - the second straight quarter of loss arising from selling petrol, diesel and cooking gas LPG at rates below cost. The net loss of Rs 272.35 crore compared to a profit of Rs 6,360.05 crore in July-September 2021, according to a company's filing with the stock exchanges. IOC as well as other state-owned fuel retailers had booked heavy losses in the first quarter of the current fiscal as they did not revise petrol, diesel and cooking gas LPG prices in line with the cost to help the government contain runaway inflation. In April-June (the first quarter of 2022-23 fiscal), IOC booked a net loss of Rs 1,992.53 crore. For the first half of the current fiscal, the company has now accumulated a Rs 2,264.88 crore net loss against a profit of Rs 12,301.42 crore in the year-ago period. The revenue from operations soared to Rs 2.28 lakh crore in July-September from Rs 1.69 lakh crore