The Prime Minister Narendra Modi-headed Union Cabinet on Wednesday is likely to take up a proposal that would overhaul the crude procurement process for government-owned refiners- IOC, BPCL, HPCL and MRPL. The move is aimed to make the refiners more competitive like their private peers such as RIL and Essar Oil and take benefits of spontaneous buying of cargoes.

Sources told FE that the petroleum ministry has sent the final proposal for clearance from the Union Cabinet, which is likely to decide on it on Wednesday.

State-owned Indian Oil Corporation (IOC) on Friday said it has achieved a new record crude oil processing of 56.1 million tonnes (MT) in 2015-16 fiscal, with highest ever distillate production.

IOC's nine refineries operated at 103.5% of the installed capacity in the fiscal, IOC Director (Refineries) Sanjiv Singh said.

Indian state-run company Indian Oil Corp (IOC) has bid for fuel trade with Myanmar, the media reported on Friday.

Myanmar Petroleum Products Enterprise (MPPE) offered the tender to cooperate as a joint venture (JV) for import, storage, distribution and sale of all petroleum products except liquefied petroleum gas and liquefied natural gas. IOC has bid by 1.64% for that tender.

Indian Oil Corporation Ltd (IOCL) has signed an agreement with 3M India Ltd for setting up 3M auto care centres at Indian Oil retail outlets (ROs). 3M is a US-based multinational company in the top 100 of Fortune 500 list of companies and has a diversified range of products from adhesives & laminates to car and bike detailing services.

“In our relentless efforts to provide value added services to customers, the auto care centres will not only provide car/bike detailing services but would also sell vehicle care products such as sun films, polish, wax, car shampoo, treatment for the exterior, interior and under-chassis rust protection, among other products and services,” said IOCL in a press release.

Shares of oil marketing companies such as Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) gained on Tuesday after Credit Suisse maintained its “outperform” rating on fuel retailers, citing refining margins to remain strong for oil retailers as demand-supply tightens.

BPCL, IOC and HPCL closed 0.97 per cent, 2.10 per cent and 2.53 per cent higher at Rs 810.60, Rs 392.95 and Rs 740.40, respectively.

State-run oil companies including ONGC Videsh (OVL), Indian Oil Corporation (IOC), Oil India (OIL) and Bharat PetroResources (BPRL) are set to clinch deals worth $2 billion with Russia’s Rosneft on Wednesday for acquiring hydrocarbon assets. Rosneft’s chief executive Igor Sechin will arrive in New Delhi Tuesday afternoon for this purpose.

In one of the deals, IOC, OIL and BPRL would acquire up to 30% stake in the Taas-Yuryakh oil and gas fields in East Siberia, an official privy to the development told FE.

Shares of state-owned oil marketing companies (OMCs) – Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) – have rallied by up to 10% on the BSE in early morning trade after these companies reported a strong set of numbers for the quarter ended December 31, 2015 (Q3FY16).

All these companies posted a combined net profit of Rs 5,588 crore in Q3FY16 against net loss of Rs 2,411 crore in the same quarter last fiscal. It had reported an aggregate net profit of Rs 368 crore in September 2015 quarter.

Calcutta, Feb. 5: Coal India is setting up a joint venture with Indian Oil Corporation to manufacture bulk explosives used in open cast mining, which constitute 90 per cent of the PSU miner's production.

Coal India is likely to have a 50 per cent stake in the joint venture, which will become operational by March 2017.

After completing construction of its 15-million tonne crude oil refinery at Paradeep, Indian Oil Corporation Ltd (IOCL) is now eyeing to fast track its petrochemical complex coming up at the same location.

IOCL is investing Rs 34,000 crore on the petrochemical complex, roughly the same amount it spent on the refinery. Though IOCL had conceptualised the oil refinery and petrochemical complex at the same time, the petrochemical complex was kept in abeyance due to recession.

Paradip,India: Indian Oil Corp. aims to invest Rs.4,000 crore in upgrading its newest refinery in the eastern part of the country after the central government decided to bring forward by four years the introduction of road vehicle fuels which are compliant with Euro VI emission standards to April 2020, a senior company executive said on Sunday.

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