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ONGC, IOC, GAIL, NTPC may lose PSU tag after equity dilution
Posted on 12th July 2019
New Delhi: Several of 'maharatna' and 'navratna' companies, including ONGC, IOC, GAIL and NTPC, could soon become independent board-run entities outside the scrutiny of CAG and CVC if the government implements a proposal to take out the PSU tag from some of the entities after its shareholding falls below the threshold 51% mark.

Indian Oil sees growth in demand for jet fuel, gasoline easing this year
Posted on 25th June 2019
Kuala Lumpur: Growth in India's demand for gasoline and jet fuel is expected to slow slightly this year, the head of the country's largest refiner said on Tuesday, as prospects for world trade deteriorate.

"Growth in the first six months "has been slightly subdued because of many different reasons including monsoon impact," Indian Oil Corp Chairman Sanjiv Singh told Reuters.


Indian Oil Corporation in fuel switch drill
Posted on 15th June 2019
Indian Oil plans to set up a diesel exhaust fluid plant in Bengal at an investment of around Rs 150 crore to support the introduction of Bharat Stage-VI compliant fuel from April 1, 2020. The investment is part of the company’s expansion plans in the state across businesses.

Indian Oil issues tender for lease of LNG storage tank in Chennai
Posted on 12th June 2019
Indian Oil Corp has issued a tender for short-term commercial lease of its liquefied natural gas (LNG) storage tank at Ennore terminal near Chennai, according to a notice posted on the company website.

The company is seeking bids for the short-term lease for LNG unloading, storage and reloading services at the 5 million-tonnes-per-annum (mtpa) import facility which was commissioned earlier this year.


IOC, HPCL to contest over Rs 4,000-crore tax demand on sale of ethanol blended petrol
Posted on 6th June 2019
Oil refiners Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) Thursday said they will contest tax authorities demand for over Rs 4,000 crore in excise duty on ethanol used for doping petrol, saying the sugarcane extract for mixing in fuel is exempt from tax. The Director-General of GST in Pune has slapped IOC, the country’s biggest oil firm, with a tax demand of Rs 4,002 crore for alleged non-payment of excise duty on ethanol mixed in petrol. HPCL has been asked to pay over Rs 346 crore.

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.

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