KUALA LUMPUR: Indian Oil CorporationBSE -1.11 % Ltd (IOCL) said it is in initial talks with Saudi Aramco on downstream investments, including a mega project on its west coast, that could help the OPEC member lock-in customers amid an oil supply glut.

Oil producers are targetting growing demand in Asia to boost market share after rising US shale oil output has displaced some of their supplies.

State-run Indian Oil Corporation plans capital expenditure (capex) of Rs 2,000 crore and commission around 1,000 km of pipelines in the current financial year to further augment its current pipeline network of around 13,000 km. According to Anish Aggarwal, director-pipelines, Indian Oil Corporation, same as last year a majority of the commissioning will be in the eastern part of the country.

State-run oil refiners plan to invest Rs20,000 crore by 2020 to meet rising demand for cooking gas, two officials from the companies said.

The investments by Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) will go into setting up terminals to import liquified petroleum gas (LPG), laying pipelines, and building LPG bottling plants.

Indian Oil Corporation (IOC) will invest Rs 10,000 crore over a period of 4 years to make Bharat Stage VI or Euro-6 standard fuel in its Haldia refinery. CK Tiwari, executive director in Indian Oil’s Haldia refinery, said the Supreme Court has directed the use of Bharat stage VI grade fuel in all the vehicles by 2021. So, IndianOil will have to upgrade it quality of production.

The railways will soon be reaching an understanding with Indian Oil Corporation (IOC) for refining crude oil imported by the transport behemoth itself — a move that is likely to save Rs 2,000-2,500 crore a year on taxes for the ailing transporter.

The railways consumes about 2.8 billion litres of diesel in a year, costing Rs 18,000 crore, and 17.5 billion units of electricity, costing Rs 12,300 crore.

The Indian Oil Corporation (IOC) plans to build a new oil terminal at Motihari in Bihar to supply fuel to neighbour Nepal through the planned pipeline up to Amlekganj in Nepal. The old terminal at Raxaul, also in the same Indian state, will be closed, according to an IOC official.In August 2015, the Indian and Nepalese governments signed a memorandum of understanding (MoU) for a product pipeline, and subsequently IOC and Nepal Oil Corporation entered into a MoU for laying down of the pipeline by the Indian company.

NEW DELHI: State-owned Indian Oil Corp (IOC) has received green nod for upgradation of its Bongaigaon refinery for production of BS-VI grade fuels in Assam at a cost of Rs 4,185 crore.

The company wants to upgrade its Bongaigaon Refinery (BGR) as the government aims to implement BS-VI fuel in the entire country from April 2020 to curb pollution. Oil firms will have to be prepared to retail BS VI-compliant fuel by then.

Indian Oil, National Fertilizers, L&T and Godrej & Boyce are among those that have won the top National Safety Council (NSC) award — Sarva Shreshtha Suraksha Puraskar — for 2016. The NSCI Safety Awards will be presented by Labour Minister Bandaru Dattatreya tomorrow here, a labour ministry statement said. According to the statement, Indian Oil’s Digboi refinery, National Fertilizers, Panipat, and NPCIL, Kaiga Generating Station 3 and 4, Karnataka, are among the winners in the manufacturing sector.

Indian Oil Corp Ltd stock regained momentum today after being under pressure yesterday. The share price surged to a new 52 weeks high of Rs 428.40 intraday on the BSE, up 4.76% from its yesterday’s close of Rs 408.90. The traded volume peaked at 12:19 pm with 57,808,000 shares changing hands as the share price was on the verge of breaking the psychological level of Rs 420 as the market cap of the company surged beyond 200,000 crores.

Come May 1, petrol and diesel prices will change every day in sync with international rates, much like what happens in most advanced markets.

State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL), which own over 95 per cent of nearly 58,000 petrol pumps in the country, will launch a pilot for daily price revision in five select cities from May 1 and gradually extend it to all over the country.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.