Page 3 - Ioc

IOC corners more than a third of D6 gas in latest Reliance auction

State-owned Indian Oil Corporation (IOC) has cornered more than a third of natural gas that Reliance Industries Ltd and its partner bp of the UK offered in the latest auction of the KG-D6 gas, sources said. IOC got 1.45 million standard cubic meters per day out of the 4 mmscmd of gas auctioned last week. The oil refining and marketing company, which was the top bidder even in the previous two auctions of gas from the eastern offshore KG-D6 block of Reliance-bp, bid the volumes as an aggregator on behalf of fertilizer plants. City gas companies including Torrent Gas and Gujarat Gas secured a total of 2.21 mmscmd of gas for turning into CNG for sale to automobiles and piped to household kitchens for cooking purposes, two sources with direct knowledge of the matter said. Gujarat Gas won the tender to buy 0.5 mmscmd, Torrent Gas 0.45 mmscmd, Adani Total Gas Ltd 0.29 mmscmd, IndianOil-Adani Gas Pvt Ltd 0.17 mmscmd and Indraprastha Gas Ltd and Mahanagar Gas Ltd 0.30 mmscmd each, they ...

IOC, Gail fail to meet listing norms; fined for second straight quarter

State-owned oil and gas giants including IndianOil and GAIL (India) Ltd have been slapped with fines for the second quarter in a row for failing to meet listing requirements of having the requisite number of independent directors on board. Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, gas utility GAIL, refiners Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), and Engineers India Ltd Rs 5.42 lakh, stock exchange filings showed. 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. The fines were for not having the requisite independent directors in the second quarter. They had faced fines for the same reason in the first quarter as well. While the companies have now been slapped with a unifor

CPCB fines IOC, BPCL for not installing pollution control devices

Central Pollution Control Board (CPCB) has fined state-owned Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) for not installing pollution control devices at their petrol pumps. IOC has been fined Rs 1 crore and BPCL Rs 2 crore, the two firms said in separate stock exchange filings. "The company has received a direction from CPCB to pay compensation of Rs 1 crore for non-installation of Vapour Recovery Systems (VRS) at retail outlets in National Capital Region (NCR)," IOC said adding the fine was for not installing VRS at petrol refuelling stations within the timeline prescribed by the Supreme Court. When a vehicle is refilled at a fuel station, petrol vapour tends to dissipate into the atmosphere. The vapour contains cancer-causing substances like benzene, toluene and xylene. Petrol pumps were in 2016 ordered to install VRS at fuel stations to prevent petrol vapours from escaping. "There is no impact on the operation and other activities of the company. ...

Cricket among five sports included in Los Angeles Olympics 2028 programme

Cricket was on Monday officially included in the programme for the 2028 Los Angles, marking the sport's return to the Summer Games after 123 years. Besides cricket, which will be played in T20 format, the other sports approved by the International Olympic Committee (IOC) during its 141st session, were squash, baseball/softball, lacrosse and flag football. "The proposal from the Organising Committee of the Olympic Games Los Angeles 2028 (@LA28) to include five new sports in the programme has been accepted by the IOC Session. "Baseball/softball, cricket (T20), flag football, lacrosse (sixes) and squash will be in the programme at LA28," posted the IOC on X, formerly Twitter. The proposal to include the five sports recommended by LA28 Organising Committee was opposed by only two of the 99 IOC members, who participated in voting. IOC president Thomas Bach made the announcement of cricket's inclusion along with other sport after the recommendation of the Executive Board was put to vote

We are 'following & supporting' UWW to resolve Indian wrestling issues: IOC

The International Olympic Committee is "closely" following the developments in Indian wrestling and "supporting" the United World Wrestling in resolving the issue, said the IOC director of communication Mark Adams on Sunday. The Wrestling Federation of India (WFI) has been suspended by United World Wrestling (UWW) for not conducting elections in the given time frame. Indian wrestlers competed at the World Championships in Belgrade, Serbia in September under the UWW flag because of the national federation's suspension. Adams, who is here for the IOC Session when asked if the International Olympic Committee had spoken to Indian Olympic Association (IOA) or any other officials about the issues concerning wrestling, said, "We are keeping across this one very closely, but the Wrestling Federation (UWW), which is the key interlocutor in this case, and we are following and supporting them (UWW), so I think most of your question is best directed to the Wrestling Federation (UWW)." The IOA

IOC members urge Thomas Bach to seek 3rd term as president after 2025

Members of the International Olympic Committee (IOC) on Sunday urged the incumbent president Thomas Bach to stay on in his role after he completes his term in 2025. Bach, the former Olympian from Germany, is the ninth president of the IOC. He was elected to an eight-year term at the 125th IOC Session in Buenos Aires in 2013. In March 2021, Bach was re-elected IOC president for four years. The Olympic Charter restricts a president's term to 12 years, a norm that was put in place by Jacques Rogge to avoid lengthy tenures. Bach had succeeded Rogge, who had served as the IOC chief from 2001 to 2013. On the inaugural day of the IOC's 141st Session here, most of its 99 members were of the opinion that Bach should stay on for a third term after his tenure ends in 2025, though it will require changes to be made to the Olympic Charter. IOC member Luis Mejia Oviedo said, "You have shown us the best way to go forward. We have to look after this (Olympic) movement. That is why I would like t

IOC apex body accepts a proposal to include cricket in the 2028 Olympics

Cricket will add more popularity to Olympic movement, says IOC President

India has great excitement for Olympics, says IOC president Thomas Bach

He also went on to highlight India's growing prowess in sports as they finished the 19th Asian Games with a record medal tally

Cricket approved for 2028 Los Angeles Olympics, announces IOC president

IOC president Thomas Bach on Friday said that officials had accepted a proposal by LA organisers for cricket to be included as one of five new sports

Nita, Mukesh Ambani host IOC President Thomas Bach at their residence

Nita Ambani welcomed Thomas Bach in a traditional Indian way on Tuesday evening at their residence ahead of the 141st IOC Session

IOC meet later this week in Mumbai: Is India ready to host the Olympics?

Hosting the IOC session is a major achievement for India as they have only hosted it only once previously, in New Delhi in 1983

IndianOil unveils nation's 1st green hydrogen run bus that emits just water

India's top oil firm IOC on Monday unveiled the nation's first green hydrogen-powered bus that emits just water as it takes the lead in bringing out unrivaled tools to replace fossil fuels. Indian Oil Corporation (IOC) will produce close to 75 kg of hydrogen by splitting water using electricity from renewable sources. This hydrogen will be used to power two buses which will ply across the national capital region for trial runs. Oil Minister Hardeep Singh Puri, flagging off the buses, said hydrogen will be India's transition fuel for moving away from fossil fuels. IOC's R&D Centre at Faridabad is producing green hydrogen for the pilot run. Four cylinders with a capacity of 30 kg can run the buses for 350 km. It takes 10-12 minutes for the four tanks to fill. Hydrogen when burnt emits only water vapour as a by-product. With three times the energy density and the absence of harmful emissions, hydrogen shines as a cleaner, more efficient choice to meet the energy requirement. As much

Rising crude, uncertainty ahead of elections keep analysts wary on OMCs

Analysts say the already weakening marketing margins will be a concern ahead as the fate of OMCs remains tied to uncertain crude prices and the inability to raise prices amid the coming elections

Sensex sheds 505 pts from summit, ends 165 pts up; PSU banks crack; IT gain

CLOSING BELL ON JULY 13, 2023: The NSE Nifty50 hit a new high of 19,567, before finishing with a modest gain of 29 points on Thursday. Broader indices ended in red.

OMCs rally up to 7% on improved outlook; HPCL, IOC scale 52-week highs

In the past one-year, shares of OMCs have risen between 18 per cent and 28 per cent on the back of a fall in crude oil prices. Brent crude prices have corrected 20 per cent in the past one year

Government considers extending SM Vaidya's tenure as IOC chairman

All ten candidates who were interviewed for the position of IOC chairman were rejected by the Public Enterprises Selection Board

GAIL beats IOC to win licence to build Gurdaspur-Jammu gas pipeline

GAIL (India) Ltd, the nation's largest gas distributor, beat Indian Oil Corporation (IOC) to win a licence to build a gas pipeline from Gurdaspur in Punjab to Jammu, oil regulator PNGRB said. In a statement, Petroleum and Natural Gas Regulatory Board (PNGRB) said it had in January invited application cum bids for grant of authorisation for the Gurdaspur-Jammu pipeline. "The last date for submission of bids for the Gurdaspur-Jammu natural gas pipeline was May 17, 2023. Two bidders namely, GAIL (India) Ltd and Indian Oil Corporation have submitted their bids," it said. Both bidders were found to be technically qualified and financial bids were opened on June 21. "As per preliminary evaluation of the financial bids, it appears that GAIL (India) Ltd has the highest composite score and is the successful bidder for the Gurdaspur-Jammu natural gas pipeline," it added. The 175-km long pipeline is to carry the environment-friendly fuel to Jammu. The pipeline will have an initial capacity t

ONGC signs pact with IndianOil to explore opportunity in petrochemicals biz

India's top oil and natural gas producer ONGC has signed a pact with the nation's largest oil refining and fuel marketing company Indian Oil Corporation (IOC) for exploring opportunities in the petrochemicals business. Oil and Natural Gas Corporation (ONGC) and IOC "signed a memorandum of understanding (MoU) to explore downstream opportunities, especially in petrochemicals, both greenfield projects and through acquisitions," ONGC said in a tweet. ONGC, which produces two-thirds of the nation's oil that is refined into fuels like petrol and diesel and more than half of gas that is used to make fertilisers and turned into CNG, already has two downstream petrochemical plants through subsidiaries. As nations transition away from polluting fossil fuels to low-carbon sources of energy like hydrogen and use of electricity to power automobiles, oil companies the world over are reinventing themselves. Crude oil, which is currently refined in refineries to produce petrol and diesel, is to be

IOC, 2 domestic engine makers working on 5% ethanol blending in diesel

Indian Oil and two domestic engine makers are actively working on 5 per cent ethanol blending in diesel, a senior official of the country's largest oil firm said on Monday. Indian Oil Corporation Director (R&D) SSV Ramakumar said that experimental work is going on at its laboratory and the R&D centres of the two engine manufacturers. "Two key Indian heavy-duty diesel engine makers, Indian Oil and one of the other oil marketing companies are very actively working on blending 5 per cent of ethanol in diesel," he said in an event organised by automobile industry body SIAM. He noted that one of the main apprehensions is that the blending might have some issues with the fuel injectors. "So, we are keenly experimenting and seeing and establishing the effects of this ethanol blending. I think in the next six months, you are going to hear something collectively from us," Ramakumar stated. He noted that ethanol blending in diesel is important as it is the most used fuel in the ...

PESB recommends no one for IOC top job at blue chip oil companies

This is the second time in recent months that PESB has not been able to find a suitable candidate for high-ranking positions at blue-chip oil companies