Page 3 - Iocl

Army collaborates with IOCL for green, sustainable transport solutions

The Indian Army has collaborated with the Indian Oil Corporation Limited (IOCL) for incorporating green and sustainable transport solutions in the force. A Memorandum of Understanding (MoU) was signed between the Army and the IOCL in presence of Army Chief Gen Manoj Pande and Indian Oil Chairman Shrikant Madhav Vaidya on Monday to take forward the initiative. At an event, one hydrogen fuel cell bus was received by the Indian Army under the framework of the collaboration. "This marks the commencement of mutually beneficial partnership between Indian Army and IOCL. The MoU emphasised the commitment to fostering innovation and advancing sustainable transport solutions for the future," the defence ministry said. Hydrogen fuel cell technology offers a clean and efficient alternative by converting hydrogen gas into electricity through an electro-chemical process. The process leaves water vapour as the only by-product, thus ensuring zero emission, the ministry said. The hydrogen fuel ce

State-owned retailers IOC, BPCL, HPCL post Rs 81,000 cr profit in FY24

State-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd reported bumper profits totalling about Rs 81,000 crore in FY24, which far exceeded their annual earning in pre-oil crisis years. The combined standalone net profit of IOC, BPCL and HPCL in April 2023 to March 2024 (FY24) was better than their annual earning of Rs 39,356 crore in pre-oil crisis years, regulatory filings by them showed. All the three companies posted the highest ever standalone as well as consolidated net profit in FY24. The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore, according to the company's regulatory filing. Thi

OMCs in focus: HPCL, IOCL fall up to 3% as Brent crude nears $90/bbl

Brent crude price has surged nearly 10 per cent over the past one month, and are hovering near their highest level since October 2023

Oil prices continue to rise on expectations of limited supply from Russia

Brent crude rose 23 cents to $86.98 a barrel by 0118 GMT. US crude futures climbed 28 cents to $82.23

IOCL to relaunch tender to set up a green hydrogen production unit

The recently closed other big green H2 tender was by Solar Energy Corporation of India (SECI) under the aegis of the Union Ministry of New and Renewable Energy

IOCL, ArcelorMittal get nod for arbitration to resolve Essar Steel dispute

The Supreme Court on Monday permitted Indian Oil Corporation (IOC) and ArcelorMittal Nippon Steel India Limited (AMNSIL) to initiate arbitral proceedings to resolve their dispute relating to Essar Steel India Limited (ESIL). A bench headed by Chief Justice D Y Chandrachud, which had reserved the judgement on the pleas on February 5, took note of the submissions of Solicitor General Tushar Mehta, appearing for the IOC, and senior advocates Harish Salve and Abhishek Singhvi, representing the AMNSIL, that they wanted to go for arbitration. Paving the way for arbitration, the bench asked the IOC and the ArcelorMittal firm to nominate two arbitrators within a week. The two arbitrators will then nominate the third for resolving the dispute. The parties have agreed to nominate two arbitrators within a week. The two arbitrators so appointed will nominate the third arbitrator. In view of the agreement of the parties, the Delhi High Court's judgment dated October 10, 2023 is rendered ...

India's oil need stabilises global price and demand: Minister Hardeep Puri

The country has expanded its list of source nations for oil and gas to 39 nations, up from 27 countries two years ago

Energy boost: ONGC, IOC, other oil PSUs to invest Rs 1.2 trn in FY25

ONGC, IOC and other oil PSUs will invest about Rs 1.2 lakh crore in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals and laying pipelines to meet the needs of the world's fastest-growing energy consuming nation. The investment proposed in 2024-25 is 5 per cent higher than Rs 1.12 lakh crore spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents. Oil and Natural Gas Corp (ONGC) has a planned capital spending of Rs 30,800 crore in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made, is slightly higher than Rs 30,500 crore capex in 2023-24 fiscal (April 2023 to March 2024). It is developing discoveries on both east and west coasts of the country. The top oil producer's overseas arm, ONGC Videsh Ltd (OVL) will invest 68 per cent more at Rs 5,580 crore in 2024-25 in oil and gas operations abro

State refiners may face margin pressure as cheap Russian oil imports dip

Reduction in discounted Russian supplies will affect gross refining margins, as cheaper crude contributes to the profits of Indian Oil, Bharat Petroleum and Hindustan Petroleum

Indian Oil Corp to open 300 ethanol fuel stations, says Nitin Gadkari

India, the world's third-biggest oil importer and consumer, is keen to cut its carbon footprint to meet its 2070 net-zero carbon goal

Input tax refunds under GST: 'HC's IndianOil ruling to benefit all firms'

The court has instructed the authorities to process the input tax refund sought by IndianOil despite the tax rate on its principal input and principal output being the same

10,000 fuel stations now offering EV charging facilities across the country

The government has mandated that all petrol pumps set up after 2019 must have one alternate energy supply besides petrol and diesel. The alternate fuel could be CNG, biogas, or EV charging facility

OMCs unlikely to cut pump prices in 2023 despite windfall gains: Officials

Petrol prices unchanged for record 18 months now, OMCs continuing facing under recoveries

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

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

10% of country's fuel pumps now offer EV charging facilities, IOCL leads

5,600 IOCL pumps offer EV charging facilities which come at about 15 per cent of its total 36,400 fuel pumps across the country

IOCL petrol pumps to sell vehicle batteries in new marketing push

IOCL's 'tyre battery accessories' marketing concept aims to make its 36,000 pumps one stop shop for vehicle owners.

NTPC signs agreement with IOCL to set up renewable energy projects

NTPC Green Energy Limited (NGEL) and Indian Oil Corporation Limited (IOCL) have inked pact for setting up of renewable energy projects to meet round-the-clock power requirement of IOCL refineries. The JV agreement was signed in the presence of Gurdeep Singh, Chairman and Managing Director of NTPC Limited and Shrikant Madhav Vaidya, Chairman of IOCL, among others. "The signing of this joint venture agreement between the two behemoths will enable NTPC Limited and IOCL to meet the government's clean energy targets in their respective core businesses," NTPC said in a statement on Monday. NTPC Ltd, through its wholly-owned subsidiary, NGEL, has set an ambitious target of building a renewable generation portfolio of 60 GW over the next decade to aggressively pursue its green energy business.

Gas pipelines to soon be tested for hydrogen-carrying potential: IOCL chief

The company is also aiming to expand aviation gasolene exports to South East Asia

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