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Posted on 15th February 2018
In a step towards effective digitization, Indian Oil Corporation Limited in association with Ratnakar Bank Limited (RBL) on Wednesday launched a co-branded pre-paid card facility for its customers at Bhopal.

The card was launched by DK Sharma, Executive Director (Retail Sales), IndianOil, Mr. Vigyan Kumar, Chief General Manager, IndianOil Madhya Pradesh State Office, Shrinath Bolloju, Chief Operating Officer, RBL Bank and Sujata Mohan, Head (Digital Banking), RBL Bank.

IOC-GAIL combine will have synergies, says IOC chairman Sanjiv Singh
Posted on 14th February 2018
Amid reports that GAIL (India) may be split into marketing and gas pipeline verticals, Indian Oil (IOC)—which has shown interest in acquiring the gas utility—reckons that either divisions or the total business of GAIL offers synergies for the oil marketing company (OMC).

“Whatever plans GAIL has in future in terms of expanding infrastructure, we can do that and there is a possibility of integration to execute the plans faster.

Posted on 8th February 2018
Oil Minister Dharmendra Pradhan on Wednesday said IOC and BPCL are both keen to acquire gas utility GAIL India Ltd, which as per the extant policy needs to be split by separating gas transportation business from its marketing unit.

IOC and BPCL have separately indicated to the Petroleum Ministry their interest in taking over GAIL to add natural gas to their oil refining and marketing business.

IOC Q3 net profit nearly doubles to Rs 78.83 billion, beats estimates
Posted on 30th January 2018
Indian Oil Corp Ltd said its third-quarter profit nearly doubled, handily beating estimates.

Net profit surged 97 percent to Rs 78.83 billion ($1.24 billion) in the quarter ended December 31, from Rs 39.95 billion a year earlier.

How a 150ft tunnel was used to pilfer oil from IOC pipeline
Posted on 25th January 2018
NEW DELHI: At nine on Tuesday night, residents of Suraj Vihar near Dwarka heard a loud blast that shook the buildings around. When police reached the site of the explosion, they noticed an 8-ft deep ditch. On further examination, the cops realised that it was part of a tunnel leading to a pipeline of the Indian Oil Corporation from where a group was pilfering petrol.

Excessive gas pressure had led to the blast. The cops arrested the kingpin of the racket, Zubair, a scrap dealer from Daryaganj. The other men managed to escape under cover of darkness.

Indian Oil gains 4% on bonus issue proposal
Posted on 23rd January 2018
Indian Oil Corporation (IOC) was up 4% to Rs 399 on BSE in intra-day trade on Tuesday after the company announced the board may consider issue of bonus shares in its forthcoming meeting on January 30, 2018.

This is further to our letter dated 17th January, 2018 notifying that a board meeting of the Company is scheduled on Tuesday, the 30th January, 2018, to consider and approve the unaudited financial results of the company for the third quarter ended 31st December, 2017.

Indian Oil planning to enhance fuel trade with Bangladesh, Myanmar
Posted on 18th January 2018
NEW DELHI: Indian Oil Corp, the nation's largest refiner and fossil fuel retailer, in in talks with Bangladesh and Myanmar to enhance trade of petroleum products and offer its expertise to set up oil infrastructure in the two countries.

This month, Indian Oil will open offices in Bangladesh and Myanmar, with a plan to closely pursue business opportunities in the two countries. "For the neighbouring countries, we are not only looking for business, we are looking for association beyond business.

Indian Oil, BPCL, HPCL want banks to cut MDR on card purchases by half
Posted on 8th January 2018
State-run oil marketing companies (OMCs) Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp are looking for a solution to the high card transaction fees for petrol and diesel purchases.

OMCs want banks to cut the card transaction fees on petrol and diesel purchases by half, Livemint reported while citing four people aware of the development.

Indian oil cos to drop anchor in Israeli waters as Iran deal hangs fire
Posted on 28th December 2017
NEW DELHI: A consortium of Indian state-run oil and gas hunters led by ONGC Videsh Ltd (OVL) appears set to drop anchor in Israeli waters for the first time amid New Delhi's growing closeness with Tel Aviv and a widening chasm with Iran over its recalcitrance in awarding the Farzad-B gas field discovered by the same Indian grouping.

IOC, BPCL keen on GAIL for fully integrated operations
Posted on 26th December 2017
New Delhi: Indian Oil and Bharat Petroleum Corp (BPCL) are both keen to acquire gas utility GAIL India to become fully integrated energy companies.

IOC and BPCL have separately indicated to the petroleum ministry their interest in taking over GAIL to help add natural gas transportation and marketing business to their kitty, official sources said. GAIL, on the other hand, feels a merger with oil and gas producer ONGC would be more appropriate.

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