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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.

Indian Oil signs first annual deal to buy up to 3 million tonnes of US oil
Posted on 18th February 2019
Indian Oil Corp, the country's top refiner, has signed its first annual deal to buy up to 3 million tonnes or 60,000 barrels per day of US. oil, its chairman Sanjiv Singh said on Monday.

State-run IOC had previously purchased U.S. oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of U.S. oil between November to January.

IOC Q3 net profit dips 91% to Rs 716.82 crore on higher inventory loss
Posted on 31st January 2019
State-run Indian Oil Corporation (IOC) has posted a 91 per cent drop in net profit for the third quarter of the financial year to Rs 716.82 crore, owing to a higher inventory loss during the quarter. The company had a net profit of Rs 7,883.22 crore during the third quarter of the 2017-18 financial year.

IOC seeks commissioning cargo for new Ennore LNG terminal: sources
Posted on 30th January 2019
Singapore: Indian Oil Corp (IOC) is seeking a commissioning cargo for its new Ennore liquefied natural gas (LNG) terminal in south India, two industry sources said on Wednesday.

The state-owned company is seeking a partial cargo for delivery on Feb 25, with offers due by Feb 11, one of the sources said.

Indian Oil to invest Rs 16,641 crore in Tamil Nadu
Posted on 24th January 2019
Indian Oil Corporation (IOC) on Wednesday announced a total investment of Rs 16,641 crore in Tamil Nadu. The announcement was made at the Tamil Nadu Global Investors Meet 2019.

For the marketing division investment, R Sitharthan, executive director and head for IndianOil (Tamil Nadu & Puducherry), signed an MoU with the state government for an investment of `7,941 crore in the next five years.

IOC to raise USD 3 billion more in overseas loan
Posted on 16th January 2019
New Delhi: State-owned Indian Oil Corp (IOC) may raise about USD 3 billion more through US dollar bonds issue after the Reserve Bank permitted fuel retailers to raise an overseas loan to check fall in rupee value, its Chairman Sanjiv Singh said Wednesday.

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.

India Oil demand rises from 4-year low as cash ban impact fades
Posted on 12th January 2019
India’s oil demand growth in 2018 rebounded from the slowest pace in four years as the country recovered from the shock of a cash ban and the roll out of a national sales tax.

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.

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