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Reliance tops IOC in sales
Posted on 22nd May 2019
Reliance Industries has toppled state-owned Indian Oil Corporation (IOC) to become the country’s biggest company by revenue.

In 2018-19, Reliance has reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal, according to regulatory filings by the two companies.

Saudi to supply an extra 2 million barrels a month to Indian Oil Corp from July
Posted on 18th May 2019
New Delhi: Saudi Aramco will supply state-run Indian Oil Corporation Ltd (IOC) an extra 2 million barrels of crude a month from July to December, an IOC executive said on Friday, as New Delhi seeks to make up for a loss in supplies from Iran.

Cyclone Fani: IOC says arrangements in place for uninterrupted fuel supply in Odisha, West Bengal
Posted on 3rd May 2019
Indian Oil Corp (IOC), the country’s biggest fuel retailer, Friday said it has made arrangements to ensure uninterrupted supply of petrol, diesel, LPG and jet fuel in Odisha and West Bengal that faced a category-4 cyclone.

“In the wake of the cyclone Fani making landfall in Odisha earlier today (Friday), IOC is fully geared up and ensuring uninterrupted fuel supply from its locations in Odisha and West Bengal on the east coast,” the company said in a statement.

HPCL, BPCL and Indian Oil Corp drop up to 3% as crude oil prices rise
Posted on 8th April 2019
Shares of oil marketing companies (OMCs) such as Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) dropped up to 3 per cent in the morning trade on Monday as the international crude oil prices rose to their highest level since November 2018, owing to OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, and strong US jobs data.

At 10:30 am, HPCL was trading over 3 per cent lower at Rs 255.15 apiece on BSE while BPCL was down 1.66 per cent at Rs 352. Shares of IOC were trading over a per cent lower at Rs 156.45 apiece on BSE.

Oil PSUs profit to take a hit if govt stops price revision during polls: Moody's
Posted on 26th March 2019
New Delhi: Profitability of state-owned refiners such as Indian Oil Corp (IOC) may come under pressure if the government asks them to temporarily freeze the prices of petrol, diesel and other fuels ahead of general elections, Moody's Investors Service said Tuesday.

IOC-BPRL wins oil block in Abu Dhabi
Posted on 25th March 2019
New Delhi: State-owned Indian Oil Corporation (IOCNSE 4.65 %) Monday said it along with its partner Bharat PetroResources Ltd (BPRL) has won an oil block in Abu Dhabi, where the two will invest USD 170 million.

IOC- BPRL won the block in Abu Dhabi's first-ever competitive bid round.

IOC hopes to restart fire-hit CDU at Panipat plant in 2-3 days
Posted on 18th March 2019
Indian Oil Corp hopes to restart a 150,000-barrel-per-day (bpd) crude distillation unit (CDU) at its Panipat refinery in the next 2-3 days, its head of refineries said on Monday, days after the unit caught fire due to a naphtha leak.

IOC, the country’s top refiner, had shut the CDU and some other secondary units at the 300,000-bpd refinery in the northern state of Haryana for about a month from mid-February for routine maintenance.

Facing revenue shortfall, Govt pushes IOC, ONGC to pay 2nd interim dividend
Posted on 14th March 2019
New Delhi: Grappling a shortfall in tax revenues, the government has pressed cash-rich PSUs like Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC) to pay a second interim dividend for the current fiscal after seeking regulatory nods.

While IOC has called a board meeting on March 19 to consider paying a second interim dividend, ONGC has declined saying it does not have surplus cash to make such payments within a month of an interim dividend payout, sources with direct knowledge of the development said.

IOC wins city gas licences for 10 areas, HPCL 9
Posted on 27th February 2019
New Delhi: State-owned Indian Oil Corp (IOC) has won licences to retail gas in 10 cities while Hindustan Petroleum Corp Ltd (HPCL) won rights for nine towns as oil regulator PNGRB announced winners for the 10th city gas bid round.

IOC won city gas distribution licences for nine cities, most of them in Bihar and Jharkhand, on its own and one in a joint venture with Adani Gas, according to a press statement issued by Petroleum and Natural Gas Regulatory Board (PNGRB).

IOC signs $1.5 bn deal to buy US crude oil
Posted on 19th February 2019
In the first-ever deal by an Indian company, Indian Oil Corp (IOC) Monday said it has signed an annual deal worth USD 1.5 billion to import 3 million tonnes of crude oil in the fiscal year beginning April 1.

This is the first time any Indian refiner has signed an annual contract since the country in 2017 began importing crude oil from the US.

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