State-owned refiner and oil marketing giant Indian Oil Corporation (IndianOil) has invited expressions of interest (EOI) from companies to help launch its own packaged drinking water brand across its retail outlet network, as the oil marketing company looks to increase non-fuel revenue.

IndianOil's EOI, issued on September 18 by its Retail Sales division, proposes an aggregator-led model under which partners will manage manufacturing, quality assurance, supply chain, logistics and rollout.

State refiner Indian Oil Corp (IOC) ​bought 5 million barrels of ​crude oil from West Africa ‌and Middle East via a tender this week, trade sources said on Friday.

IOC purchased Angola's Kissanje and Nemba crude for delivery to its Paradip refinery, the sources said.

Shares of state-owned oil marketing companies (OMCs) are under pressure, falling by up to 7 per cent on the BSE in Monday’s intra-day trade as analysts expect OMCs may continue to struggle in the financial year 2025-26 (FY26) as the 2025-2026 budget did not provide the anticipated stimulus.

Indian Oil Corporation (IOC) -- the nation's top oil firm -- will invest over Rs 21,000 crore to expand the Barauni refinery in Bihar as well as in setting up a city gas distribution network across the state, a senior executive said on Thursday.

IOC is expanding its Barauni refinery to 9 million tonnes per annum from current 6 million tonnes together with a petrochemical plant at a cost of about Rs 16,000 crore and invest another Rs 5,600 crore in setting up network to retail CNG to automobiles and piped cooking gas to households and industries in 27 cities of Bihar, company Executive Director Suman Kumar said while speaking at the Bihar Business Connect 2024 investor summit here.

Oil major Indian Oil Corporation will invest Rs 1,660.15 crore for its 50 per cent stake in a joint venture with NTPC Green Energy Pvt Ltd announced earlier this year, it said in a regulatory filing on Friday. The two companies had in March announced a JV IndianOil NTPC Green Energy to develop renewable energy power plants.

"The board at its meeting held today on 13 October 2023 has accorded approval to the investment plan of the JVC for setting up Renewable Energy Power Plants and approved the equity contribution of up to Rs 1,660.15 crore towards IndianOil's share of 50 per cent in the equity share capital of the JVC," the filing read.

Indian Oil Corp (IOC) would raise up to Rs 22,000 crore ($2.66 billion) through a rights issue of shares, the state-owned refiner said on Friday.

Last month, Reuters reported that the Indian government had kicked off its plan to fund energy transition projects of three big state refiners “IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL)” in exchange for equity.

Indian Oil Corp (IOC) rolled out M15 petrol -- 15 per cent blend of methanol with petrol -- on a pilot basis in Assam's Tinsukia district.

Union Minister of State for Petroleum and Natural Gas Rameswar Teli launched the M15 petrol in the presence of Niti Aayog member VK Saraswat and IOC chairman SM Vaidya on Saturday.

Sri Lanka will sign a deal with Lanka Indian Oil Corporation (LIOC) to restore 75 oil tanks as the country moves to secure a $500 million fuel credit line from India, its energy minister said on Friday.

The island nation is facing dwindling foreign exchange reserves and has nearly $4.5 billion worth of debt repayments in 2022, prompting it to look at innovative ways to bring in foreign exchange.

State-run Indian Oil Corporation (IOC) and its subsidiary, Chennai Petroleum Corporation (CPCL), have started working on the Rs 31,580-crore refinery project at Nagapattinam in Tamil Nadu.

While both the companies will hold 25 per cent each in the proposed 9 million tonne per annum (MTPA) refinery, the remaining 50 per cent will be held by a strategic or financial partner, for which talks are already on.

Fuel prices continue to soar across India and touched a record high in the national capital as petrol price is retailing at Rs 100.56 per litre and diesel at Rs 89.62 per litre on Thursday.

As compared to Wednesday, petrol has become costlier by 35 paise per litre and diesel by 9 paise per litre.

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