Mumbai: Indian Oil Corporation Ltd (IOC), Oil India Ltd and Bharat PetroResources Ltd (BPRL), a unit of Bharat Petroleum Corporation Ltd (BPCL), are together looking to raise $2 billion in debt to fund their purchase of stakes in two Russian fields, Vankorneft and Tass-Yuryakh, said four people aware of the development.

New Delhi, July 4 (PTI): Indian Oil Corporation (IOC) will invest Rs 40,000 crore to expand its refining capacity to over 100 million tonnes (mt) by 2022 as the nation's largest oil company looks to add capacity to meet the country's rising energy needs.

"As we see, (fuel) demand is expected to grow at 3.5-4 per cent CAGR and we need to build capacities to meet that requirement," IOC director (refineries) Sanjiv Singh said.

Indian Oil Corp’s Gujarat refinery will supply Bharat Stage (BS)-IV compliant diesel from January, a senior official has said.

“For producing BS-IV complaint fuel, IOC is spending Rs 1,800 crore towards revamping its three diesel- and hydro-treating units at Gujarat refinery. The investment is a part of quality upgradation exercise undertaken to meet emission standards set under the Central government’s auto fuel policy,” Executive Director S K Dhar Gupta told PTI.

State-owned Indian Oil Corporation (IOC), Oil India (OIL) and Bharat PetroResources (BPRL), among themselves, will pay Russia’s Rosneft $3.3 billion for buying equity stakes in the latter’s two oil and gas projects in September, two officials privy to the deals told Siddhartha P Saikia in New Delhi.

In one of the deals, IOC, OIL and BPRL are picking up 29.9% in the Rosneft-operated Taas-Yuryakh oil and gas fields in East Siberia for $1.28 billion. Besides this, the consortium would fork out another $2.02 billion for 23.9% stake in Rosneft arm Vankorneft that runs the Vankor oil field in East Siberia, the sources added.

Shares of state-owned oil marketing companies such has Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) were trading higher between 2%-5% on the bourses as oil prices dropped on Monday, extending Friday’s sharp decline after Britain's vote to leave the European Union.

“Brent crude futures were down 15 cents at $48.26 a barrel by 0238 GMT on Monday, after settling down $2.50, or 4.9 percent, at $48.41 on Friday,” the Reuters report suggests.

A consortium led by state-run Indian Oil Corp (IOC) oil companies IOC, BPCL and OIL signed an agreement on Friday to buy 23.9 per cent stake in Russia’s Vankor oil field from Rosneft for $2.1 billion, IOC said in a statement.

The agreement between IOC, Oil India and Bharat PetroResources, a subsidiary of Bharat Petroleum Corp Aand state-run Rosneft was signed on Friday in St.Petersburg, being visited by India’s Petroleum Minister Dharmendra Pradhan at the head of a delegation to the St.

State-owned IOC, BPCL and HPCL have struck a temporary deal with Reliance Industries and Essar Oil to resume buying petrol and diesel from private refiners on revised terms.

Short of own production, state refiners Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp (BPCL) buy about 12 million tonnes of diesel annually from Jamnagar refineries of RIL and the Vadinar unit of Essar.

Indian Oil Corporation reported an 80 per cent fall in profits in the March quarter, the final one for 2015-16, to Rs 1,236 crore, from Rs 6,285 crore during the corresponding period a year before. Income from operations declined 14.2 per cent to Rs 80,450 crore.

The company also took an impairment charge in the exploration and production business.

Chennai Petroleum Corporation (CPCL), an Indian Oil Corporation (IOC’s) arm, on Monday said that it is looking to bring in equity contribution from one of its promoters, namely Naftiran Intertrade, the subsidiary of National Iranian Oil Company, in a bid to widen the capital base of the refinining major.

Untill now, there had been some restrictions to bring capital contribution form Naftiran Intertrade because of certain sanctions imposed by the US against Iran.

More than a decade after it declined to take a stake in Nagarjuna Group’s refinery in Tamil Nadu, state-owned Indian Oil Corp (IOC) is looking at buying equity stake in its six million tonnes a year Cuddalore refinery.

IOC has held preliminary discussions on a possible equity stake in the project, highly placed sources said.

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.