The Indian Oil Corporation (IOC) has said is in the final stages of taking over land and forming a joint venture for the liquefied natural gas (LNG) terminal project at Ennore near Chennai. The cost of the project, which will be the first LNG terminal in the eastern coast, has been revised to Rs 5,150 crore.

Speaking on the sidelines of the alumni association’s meeting of College of Engineering, Guindy in Chennai on Sunday, IOC chairman B Ashok said orders were being firmed up and the joint venture would be formed in a month. The project is expected to be completed by end-2017.

The Gujarat refinery of state-run Indian Oil Corporation Ltd (IOC) near here will start the process of land acquisition for its proposed Rs 6,800 crore capacity expansion project, a top company official has said.

IOC Executive Director S K Dhar Gupta said the process will start and they have received directives from the Gujarat government to purchase private land.

Shares of state-owned oil marketing companies such as Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum were up 1-3% each gained in an otherwise weak market as global crude oil prices dropped to fresh 51/2 year lows today.

Lower crude oil prices would help reduce the under-recoveries on sale of subsidised cooking fuels such as kerosene and LPG gas for domestic use.

India’s second largest petrochemical firm Indian Oil Corp (IOCL) is planning to add capacity across some of its refineries, besides expanding beyond its core business of pipeline, transportation and marketing, to gas, petrochemical and upstream.

“Our expansion bodes well for our future and will improve our bottomlines. It will also give us some amount of cushion in terms of volatility in one segment of the business," said Ashok Balasubramanian, chairman and managing director, IOCL.

Even as the modified Direct Benefit transfer of LPG (DBTL) scheme is set to be launched pan-India by January 1, 2015, the Indian Oil Corporation (IOC) Ltd. has set a target of 90 per cent cash transfer compliance (CTC) among its consumers by mid January.

Earlier, the DBTL scheme was launched on June 1, 2013 but required consumers to mandatorily have an Aadhaar number for availing LPG Subsidy. Post review, the government later modified the scheme allowing consumers who do not have an Aadhaar number to still be cash transfer compliant by registering their bank accounts.

Indian Oil Corporation (IOC) is reportedly planning to set up an ethylene derivative plant at its Paradip refinery complex in Orissa with an investment of Rs 4000 crore. “Indian Oil is also evaluating the feasibility of setting up of ethylene derivative plant at an estimated cost of nearly Rs 4000 crore,” said Dharmendra Pradhan, Union Minister of State for Petroleum and Natural Gas, during the foundation laying ceremony for IOC’s Rs 3150 crore polypropylene (PP) plant at Paradip on November 16, 2014.

This will indeed act as a catalyst in the socio economic development of the country and the state in particular. The ethylene plant will provide products that will facilitate manufacturing of polyester chips, fibres, PET bottles, PET chips, polyester yarn, etc.

In March, the United Progressive Alliance (UPA) government did a smart thing. Or, so it appears in hindsight. After its multiple attempts to evince interest among investors for the shares of Indian Oil Corporation (IOC) failed amid internal protests against selling those cheap, it revived an old ghost called cross-holding.

Accordingly, the 10 per cent stake in the refiner, which the Cabinet had cleared for divestment, was placed with its cash-rich sister concerns Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL). The 242 million shares, split equally between the two buyers, fetched the government Rs 5,340 crore at Rs 220 a share.

The government on Thursday raised excise duty on petrol and diesel by Rs 1.50 a litre each to help it achieve the fiscal deficit target for this year. The move may not result in an immediate hike in prices of petroleum products as oil marketing companies (OMCs) are likely to offset it by not announcing the reduction in rates expected this weekend.

The excise duty on normal or unbranded petrol was hiked from Rs 1.20 per litre to Rs 2.70 per litre and on unbranded diesel from Rs 1.46 a litre to Rs 2.96, a government notification said. The duty on branded petrol was raised from Rs 2.35 a litre to Rs 3.85 and on branded diesel from Rs 3.75 to Rs 5.25 per litre.

State-owned Oil and Natural Gas Corp (ONGC) has edged past Reliance Industries (RIL) to be the highest-ranked Indian energy firm on this year's Platts Global 250 Rankings.

ONGC, ranked 22 in 2013, improved one position this year on the list led by global firms Exxon Mobil Corp, Chevron and Royal Dutch Shell. RIL slipped from the 19th rank in 2013 to 22nd.

NEW DELHI: Petrol prices are poised to fall to a 16-month low before Diwali as state oil firms plan to cut rates by about Re 1 a litre because the global oil market is in a bear phase, with Brent crude dropping more than 20 per cent since its June peak, government and industry sources said. The government, which regulates retail prices of diesel, is also considering cutting diesel prices as retailers are getting over Rs 3 per litre more than the market rate, sources said. State-run Indian Oil Corporation BSE -0.82 % ( IOC BSE -0.82 %), BPCL BSE -1.32 % and HPCL BSE -0.44 % are expected to hold a meeting this week to slash petrol prices. But, the decision on diesel price cut would require a Cabinet approval, which is expected after assembly elections, sources said.

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