Page 4 - Indian Oil

Russian energy giant Rosneft appoints former IOC director to its board

Russian energy giant Rosneft has appointed a former Indian Oil Corporation (IOC) director to its board in signs it may be looking at boosting trade links with India. G K Satish, who retired as director for business development at IOC in 2021, is one of the three new faces appointed to the 11-strong board of directors of Rosneft, according to a statement issued by the Russian firm. Satish, 62, is the first Indian to be appointed to the board of Rosneft. Rosneft has partnerships with Satish's former company in oil and gas fields in Russia. It also sells crude oil to IOC and other Indian firms and has in recent months started shipping naphtha to Gujarat refiners. His appointment assumes significance as Rosneft is now eyeing more deals with Indian firms including the sale of liquefied natural gas (LNG). Satish, who has deep insight into the Indian oil and gas market and has expertise in petroleum product marketing, petrochemicals, LNG and international trade, is one of the five ...

Indian Oil to invest Rs 54,000 crore in projects including TN refinery

The Indian Oil Corporation Limited (IOCL), Chennai, has committed to invest Rs 54,000 crore in various projects in Tamil Nadu in the next few years, including a 9 MMTPA (million metric tonnes per annum) grass-root refinery at an estimated cost of Rs 35,580 crore, its executive director and state head (TN & Puducherry) V C Asokan said here on Thursday. This new refinery, which will come up on about 1,300 acres of land in Nagapattinam, will produce petrol and diesel for BS-VI specifications and also polypropylene. The world's second-largest integrated lubes complex at Ammullaivoyal village for Rs 1,398 crore apart, the IOCL has planned to lay product pipelines (Rs 2,600 crore), gas pipelines including LPG (Rs 2,225 crore), CGD projects (Rs 7,570 crore), open new retail outlets and launch a modernisation programme (Rs 2,500 crore), build a captive POL/LPG jetty at Kamrajar port (Rs 921 crore), establish a terminal at Vallur (for Rs 724 crore) and set up a new terminal at Asanur (for .

After RIL-bp, Nayara Energy sells petrol, diesel at Re 1 less than PSUs

After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers. "To further stimulate domestic consumption and cater to local customers better, we have introduced a Re 1 discount in our retail outlets until the end of June 2023," a spokesperson for Nayara Energy said. "We believe in being a strong partner to India's energy needs and will continue to serve the country's consumption demand." Nayara Energy, which owns over 7 per cent of India's 86,925 petrol pumps, is selling petrol and diesel at Re 1 per litre less than that by IOC, BPCL and HPCL in

Indian Oil eyes processing bio-naphtha for petrochemicals: Chairman

Bio-naphtha is typically obtained from hydro-treatment of used vegetable and cooking oils

Indian oil export basket in FY23 was most diversified ever, shows data

Israel, Brazil, and South Africa broke into top 10 list of destinations for Indian refined petroleum products

Tesla Power inks pact with Indian Oil Corp to sell batteries at petrol pump

Tesla Power USA on Thursday said it has inked an agreement with Indian Oil Corporation Limited (IOCL) to sell and service batteries at the state-owned firm's petrol pumps. The partnership will enable Tesla Power to sell and service batteries at over 36,000 IOCL petrol pumps across India, the US-based firm said in a statement. "This will be the first national-level tie-up with Indian Oil Corporation Ltd for battery distribution. To start with, Tesla Power USA batteries will be available at the select IOCL fuel pumps in the Delhi-NCR region, which will be subsequently expanded to other states," it added. Kavinder Khurana, MD, Tesla Power USA, said his company currently has over 5,000 distribution points in India and aims to double it in 2023. The addition of IOCL petrol pumps can potentially offer Tesla Power USA a distribution reach of over 40,000-mark.

Stocks to Watch: TCS, Infosys, Karnataka Bank, FRL, Jindal Stainless

Stocks to Watch today: Analysts expect Infosys to report muted quarter-on-quarter (QoQ) revenue growth between 0.1-0.7 per cent in constant currency (cc).

Indian Oil may offer domestic airlines a stake in its green fuel plant

IOC has tied up with tech provider LanzaJet to produce SAF at its Panipat refinery and is seeking investments from airlines with a view to securing offtake commitments

Stocks to Watch: Indian Oil, NTPC, HDFC AMC, Uno Minda, Sterling and Wilson

Stocks to Watch: RIL/ONGC/Oil India may be in focus as the windfall tax on crude petroleum has been reduced to Rs 3,500/tonne from Rs 4,400/tonne

Economic resilience based on decisive govt, sustained reforms: PM Modi

Prime Minister Modi inaugurated the India Energy Week (IEW) 2023 in Bengaluru on Monday and launched a series of initiatives including uniforms under the 'Unbottled' programme of Indian Oil

Indian Oil Corp Q3 net dips 92% to Rs 448 cr on higher costs, forex losses

A 40% surge in input costs pushed up total expenses by 20.4% to Rs 2.30 trillion

Indian Oil plans to upgrade supply locations, aviation fuel station in Goa

Indian Oil Corporation plans to invest Rs 6 crore on the upgradation of supply locations and aviation fuel station in the coastal state, a senior company official said. Anirban Ghosh, Executive Director and State Head of Maharashtra and Goa State Office, told reporters that the Indian Oil Company had the highest market share of 38.1 per cent and sold 256.4 TMT of petrol, oil and lubricant products in Goa in 2021-22. He said that in the current Financial Year, the Indian Oil will invest Rs 6 crore on the upgradation of supply locations and Aviation Fuel station. Ghosh added that the investment in the development of new retail outlets and upgradation of old ones for the fiscal 2022-23 is Rs 5.50 crore. He said that Indian Oil has a network of 38 retail outlets in the state, ensuring uninterrupted POL supplies at all times. There are five distributors of Indian Oil LPG in the state, Ghosh added. Ghosh said that the contribution to the exchequer of Goa has been Rs 438.58 crores which .

Indian Oil Corp buys cargo of Russia's Sokol oil through a spot deal

The source said IOC did not participate in the Rosneft tender as the Russian company was asking for prepayment

One in every 10 petrol pumps in India now offering CNG, EV charging

India has about 84,600 fuel retail outlets, of which 8,900 offer alternative fuels such as CNG, auto LPG or EV charging facilities

OIL interested in picking up petroleum mining lease in Jaisalmer, Bikaner

OIL produces heavy oil and natural gas at Tanot Dandewala and Baghewala in the state, and is exploring PML for five more locations in the state.

BPCL, HPCL hit 52-week lows on concerns of large losses in Q2FY23

Analysts believe that OMCs would see further decline in GRMs in Q2FY23, as cracks correct on a sequential basis and lower oil prices would drive sizable inventory losses

Relief for pilot training schools as Indian Oil begins Avgas production

Global Avgas market is expected to grow from the current $ 1.92 billion to $ 2.71 billion by 2029

Windfall tax: Frequent changes create uncertainty for Indian oil producers

Experts say move is justified but government should clarify how proceeds will be utilised

Indian Oil expects prices to stay over $100/bbl in 2022 amid Ukraine crisis

An Indian Oil finance executive said on Friday he expects oil prices to hold above $100 per barrel for the rest of 2022 amid the Ukraine crisis

Housing, roads among biggest capex gainers in FY22, PMAY urban lags

FM Sitharaman had allocated Rs 48,000 cr to PMAY (urban and rural) for FY23. The govt then extended the deadline for the rural by two more years, and may have to do the same for urban