IOC is already in market to raise USD 900 million through a bonds issue and is raising an equivalent sum through a syndicated loan for meeting its working capital requirements.

The nation’s consumption of petroleum products rose 4.1 percent to about 210 million tons, the Oil Ministry’s Petroleum Planning and Analysis Cell said Friday. Growth improved from the preceding year’s 2.7 percent expansion, the slowest pace since 2013, as consumption was severely affected by a cash ban that crippled economic activity.

While, the government had in October 2018 approved the transfer 50 acres of land to the IOC against differential rent spread over the 30 year lease period,

Indian Oil's chairman Sanjiv Singh said that Iran has not ruled out participating in the expansion at Chennai Petroleum Corp Ltd, a south India-based 20,000 barrels per day (bpd) refinery.

The board of the country’s largest oil firm on Thursday approved a buyback of up to 29.76 crore equity shares, or 3.06%, at Rs 149 per share, IOC said in a regulatory filing.

A Bench led by Justice AK Sikri posted the matter for further hearing on December 6.

IOC had last week said it would invest Rs 54.63 billion in setting up a city gas distribution network for retailing CNG to automobiles and piped cooking gas to households in seven districts.