| Indian Oil Corporation Related news |
Forex loss hits IOC, net declines 12% in Q2
Posted on 3rd November 2018 |
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The net profit of Indian Oil Corp (IOC) for the second quarter of the current fiscal dropped 12% to Rs 3,247 crore, compared with Rs 3,696 crore, owing to lower margins and foreign exchange losses, a factor which also affected the other two state-owned oil marketing companies —BPCL and HPCL — in the quarter under review. |
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Indian Oil hopes to raise funds under new working capital norms in 20 days
Posted on 16th October 2018 |
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An executive of state-owned Indian Oil Corporation on Tuesday said the company was hoping to raise at least $300 million under the new working capital norms within 20 days from now. 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. |
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BPCL, HPCL, IOCL tank up to 29% as government cuts fuel prices
Posted on 5th October 2018 |
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Shares of state-owned oil & gas companies, including oil marketing companies (OMCs), are reeling under pressure falling by up to 29% on the BSE in intra-day deals, extending their Thursday’s fall after the government, on Thursday, asked the them to absorb a Re 1 a litre cut in excise duty on petrol and diesel. The government also cut the excise duty on petroleum products by Rs 1.50 a litre with immediate effect. This is the first time in over four years that prices of either petrol or diesel are being controlled. |
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ONGC not in a hurry to offload stake in IOC, GAIL
Posted on 3rd October 2018 |
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State-owned Oil and Natural Gas Corp (ONGC) is not in a hurry to sell its stake in Indian Oil Corp and GAIL (India) and will wait for the right price before offloading the shares, a senior company official said. ONGC holds 13.77 per cent stake in oil refiner IOC and 4.86 per cent in gas utility GAIL India. |
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Indian Oil sees India's oil demand surging to 500 mn tonnes per yr by 2040
Posted on 25th September 2018 |
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India's crude oil demand is forecast to grow to 500 million tonnes per year by 2040, but persistent increases in oil prices might act as a dampener for the rate of growth, Partha Ghosh, an executive director at Indian Oil Corp said on Tuesday. That would be equivalent to around 10 million barrels per day (bpd), up from about 4.7 million bpd in 2017. |
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Adani, IOC, BPCL, Torrent big winners of city gas licences
Posted on 17th September 2018 |
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Oil regulator PNGRB Monday declared the final list of winners of city gas retailing licences that had billionaire Gautam Adani’s group, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Torrent Gas as the big winner. Adani Gas won rights to retail CNG to automobiles and piped cooking gas to households and industries in 13 cities on its own and another nine, including Allahabad, in a joint venture with IOC, |
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50% cost reduction eyed: BPCL, HPCL, IOC plan to share pipeline infra to reduce cost
Posted on 5th September 2018 |
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Public sector oil companies — HPCL, BPCL and IOC — are planning to share the investments for upcoming product and gas pipelines across the country that will help them reduce the capital expenditure on pipelines and enter newer markets at less than 50% of the original project cost. The companies have already identified around 5-6 major pipeline projects where they plan to share the infrastructure, senior company officials said. |
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Indian Oil seeks nod to raise 20,000 crore through private placement of debentures
Posted on 29th August 2018 |
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Mumbai: Indian Oil Corp. Ltd, the country’s largest oil marketing company, has sought shareholder approval to raise up to 20,000 crore through a private placement of debentures in 2018-19, said two people aware of the development. The company plans to approve issuance of debentures through private placement at its annual general meeting on 29 August, it said in its annual report for 2017-18. |
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India oil import costs set to rise as Iran US sanctions kick in
Posted on 23rd August 2018 |
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US sanctions against Iranian oil exports take effect on 4 November, but the impact is already starting to show. India’s crude oil imports from Iran fell in the first half of August, according to a report by Edelweiss Securities Ltd, citing data from FGE, a global oil and gas consultancy. The accompanying chart has the details. A weaker August comes after a strong July. The US sanctions are expected to make it challenging for India to sustain oil imports from Iran, its third-biggest crude supplier. |
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Indian Oil Corporation Rating: Like peers, strong quarter for company
Posted on 21st August 2018 |
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Similar to its peers BPCL and HPCL that reported last week, IOC also reported a strong result. Reported Ebitda of Rs 126 bn (+14% q-o-q, +57% y-o-y) was sharply 66% ahead of our estimates and 20% ahead of Bloomberg consensus forecasts. Large inventory gain of Rs 78.7 bn (`59.2 bn or $6.8/bbl in refining) was a key reason for the beat. We expected core marketing margins to be weak, as OMCs had not taken enough timely increases in petrol/diesel prices. |
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