Indian Oil Corporation Ltd

India's top oil firm IOC will set up green hydrogen plants at all its refineries as it pivots a Rs 2-lakh crore green transition plan to achieve net-zero emissions from its operations by 2046, its chairman Shrikant Madhav Vaidya said. Indian Oil Corporation (IOC) is remodelling business with an increased focus on petrochemicals to hedge volatility in the fuel business, while at the same time turning petrol pumps into energy outlets that offer EV charging points and battery swapping options besides conventional fuels as it looks to make itself future-ready, he said. The company intends to expand its refining capacity to 106.7 million tonnes per annum from 81.2 million tonnes as it sees India's oil demand climbing from 5.1 million barrels per day to 7-7.2 million bpd by 2030 and 9 million bpd by 2040. "Oil will continue to be a mainstay fuel for the next few years but we are preparing for transition which will involve a combination of green hydrogen, biofuels, EVs and alternate fuels,

"All domestic gas cylinders will have QR code in the next three months", said IOCL chairman Shrikant Madhav

Although the Indian crude basket fell from an average of $109.5 per barrel in Q1 to an average of $97.87 a barrel in Q2, prices remained high in absolute terms

State-owned oil marketing companies IOC, BPCL and HPCL may for the first time ever post the second consecutive quarterly loss with a combined loss of Rs 21,270 crore in July-September, on holding petrol and diesel prices below the cost of production. The three state-owned firms -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), had in the first quarter of the current fiscal year (April-June) posted a combined loss of Rs 18,480 crore due to erosion in the marketing margin on petrol, diesel and domestic LPG. "The three oil marketing companies IOC, BPCL and HPCL remain trapped in the quagmire of weak marketing losses and there is not enough traction in refining margins," ICICI Securities said in a sector report. The three firms are to announce second quarter earnings later this month or in early November. In the first quarter, record refining margins were wiped away by losses booked on not revising petrol and diesel

The company plans to invest more than $25 billion to achieve net-zero emissions from its operations by 2046, its chairman SM Vaidya said at an annual shareholders meeting

The plant will produce 45 kg of green hydrogen daily, which will be used for captive consumption in the company's Hazira manufacturing complex

Petrol and diesel prices are down by $40-50 per barrel from month-ago levels

Last year IOC had signed an MoU with Gujarat for adding petrochemical and lube plants to its previously announced plans to expand crude oil processing capacity at the refinery

The Indian badminton squad which created history by winning the coveted Thomas Cup, had four star shuttlers employed with Indian Oil Corporation (IOC), the nation's largest oil firm, said on Thursday. May 15, 2022, turned out to be a red-letter day for Indian Badminton, as the national team scripted history by lifting the coveted Thomas Cup for the first time defeating 14 times champions Indonesia by a 3-0 margin in the final. "Leading India's charge at the 2022 edition of the Thomas Cup were IndianOil's leading Badminton stars - four in all - Singles Ace & Bronze Medallist at the 2021 World Championships, Lakshya Sen, the dangerous Doubles Duo & Thailand Open (Super 500) 2019 Champions, Chirag Shetty and Satwiksairaj Rankireddy and the fast-rising Doubles player, M R Arjun, a Bronze medallist at 2020 Asia Team Championships," the firm said in a statement. The team is coached by another IndianOil star and 2001 All England Winner, Pullela Gopichand, who is assisted by National .

Indian Oil Corporation on Sunday said it will invest nearly Rs 840 crore in expanding its Petroleum, Oil and Lubricant storage capacities, including setting up a greenfield facility, in the Northeast

Indian Oil Corp, the country's top refiner, on Wednesday bought 3 million barrels of Russian Urals and 2 million barrels of West African oil through a tender for May loading

PSU major Indian Oil Corp is planning three new plants in the Northeast to increase its LPG bottling capacity by nearly 53 per cent to eight crore cylinders annually by 2030

Crude oil throughput in January was however down 0.5% year-on-year to 5.13 mn barrels per day (21.71 mn tonnes), govt data showed.

India Energy Exchange on Wednesday announced divesting 4.93 per cent equity stake to India's largest oil company Indian Oil Corporation. IEX chairman and managing director SN Goel said that the move augurs well in the joint endeavour to build the gas market in India and is aligned with the government's vision of accelerating the share of gas in the energy mix to 15 per cent by 2030. "We strongly believe that IndianOil will bring huge value through guidance and support to our new initiative of IGX. IndianOil ... their huge expertise in the gas sector will help add new products for Indian markets," Goel said in a statement. Indian Oil has a diversified presence across oil, gas, petrochemicals, and fertilizer segments. At Indian Oil, we acknowledge the important role Indian Gas Exchange has to play in building a gas-based economy and also creating vibrant gas markets in the country," Indian Oil chairman Shrikant Madhav Vaidya said. Energy major Indian Oil has presence in almost all t

India has tied up supplies from Russia to the US in a bid to diversify its oil import basket, cutting reliance on the Middle East to meet its oil needs

Page Industries, Indian Oil Corporation, Coal India, Satluj Jal Vidyut Nigam, Power Finance Corporation, and Hindustan Petroleum, among others, have been providing healthy dividends to their investors

During phase-1 of the plan, IOCL has automated select key processes across Finance, HR, inventory using Automation 360, Automation Anywhere's AI-powered RPA platform

The first one million barrels of Guyanese Liza crude for Indian Oil Corporation Ltd has been loaded from FPSO Liza Destiny, informed the High Commission of India in Guyana

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Revenue rose 18% to Rs 1.64 trillion