Indian Oil Corporation

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

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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

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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

Here's why Mehul Kothari recommends buying Gland Pharma, Indian Oil

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Indian Oil Corporation sets up new unit for treasury operations

India's top refiner Indian Oil Corp has set up a subsidiary to pool the funds of its overseas units in order to meet capital and trade finance needs, it said in a statement on Thursday

Centre launches indigenously-developed aviation fuel AVGAS 100 LL

Puri said that the launch is important to serve the needs of a thriving aviation industry with increase in footfall at airports, rise in number of aircraft and for pilot training in future

Thyssenkrupp arm bags $75 mn EPC order from IOC's Baroda refinery

Thyssenkrupp Industrial Solutions India on Thursday said it has bagged a USD 75-million EPC contract from oil major Indian Oil Corporation to construct a catalytic dewaxing unit (CDWU) at its Baroda refinery in Gujarat. The proposed CDW unit will have an annual capacity of a 270-kilo tonne, a statement from the German company said. The CDW is an important unit in the production of lube base oils, which has its applications in the manufacture of lubricants. Thyssenkrupp said it will execute this project on an LSTK basis and the engineering of the unit will be based on the package received from Chevron Lummus Global, Rajesh Kamath, CEO & MD of Thyssenkrupp India's chemical plant business, said. In the past, Thyssenkrupp has executed multiple refineries and petrochemical projects for IOC. Currently, it is also implementing IOC' n-butanol project on an EPC basis. Thyssenkrupp Industrial Solutions India is a leading EPC and engineering consultancy offering solutions across ...

Indian Oil raises Rs 2,500 cr in debt at interest lower than sovereign

Indian Oil Corporation (IOC), the nation's top oil firm, raised Rs 2,500 crore in debt through non-convertible debentures (NCD) at an interest rate lower than government bonds, its director (finance) Sandeep Gupta said on Friday. "Today, Indian Oil fetched a competitive price of a 5-year unsecured NCD issue at an annual fixed coupon of 7.14 per cent," he told PTI. This coupon rate is lower than the prevailing annualised yield of benchmark G-Sec for similar maturity. The prevailing annualised yield of 5-year G-Sc is at 7.16 per cent. The NCDs, which will be used for general corporate purposes, including capital expenditure, were rated AAA by Crisil and Icra. "Pricing of the NCS was undertaken over online bidding platform of NSE Ltd with a base size of Rs 1,000 crore and greenshoe of Rs 1,500 crore, aggregating to Rs 2,500 crore," he said. The issue got an overwhelming response and was oversubscribed by more than 8 times of the base issue size by investors, encompassing retirement

New pricing model aiming to prune jet fuel cost by 15% likely in two months

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Green hydrogen: India Inc's next big thing even as policies take shape

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IOC to spend Rs 2 trn for net-zero target by 2046: Chairman

Indian Oil Corporation (IOC), the nation's top oil firm, will invest Rs 2 lakh crore to achieve net-zero operational carbon emissions by 2046, its chairman Shrikant Madhav Vaidhya said on Thursday. The target set is in line with India's aim to reach net-zero emissions by 2070. IOC, which refines crude oil into fuel and manufactures petrochemicals, will use a combination of energy efficiency measures, electrification of processes and fuel replacement. "The company is embarking on a decarbonisation journey that will be crucial not only for the company's destiny but also for the planet," Vaidya said. "On the 99th year of India's independence (2046), IndianOil will be operationally independent of emissions." The investment of over Rs 2 lakh crore will help mitigate emissions to about 0.7 billion metric tonnes of carbon dioxide a year by then. Currently, IOC's greenhouse gas (GHG) emission, emanating majorly from the company's refining operations, is 21.5 million tonnes of carbon dioxi

Ethanol plants to generate green jobs, raise farmer income: PM Modi

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India's plan to produce ethanol from 2G sources taking time to pick up

Rs 900-crore plant set up by Indian Oil Corporation (IOC) in Panipat to start on Wednesday