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IOC to invest Rs 2 lakh cr to expand operations
Posted on 14th August 2019
The country’s biggest oil firm Indian Oil Corporation (IOC) will invest Rs 2 lakh crore in next 5-7 years to expand refining and petrochemical capacities in order to maintain leadership position, its Chairman Sanjiv Singh said.

The plan is to almost double its oil refining capacity to 150 million tonnes per annum, expand fuels and LPG retailing network, jack up petrochemical production capacity and produce more crude oil and gas.

IOC is implementing a Rs 2 lakh crore investment plan in next 5-7 years “to evolve into a future-ready corporate that provides comprehensive energy solutions to diverse user groups in an exciting phase of energy transition and technology disruptions,” he said in the firm’s latest annual report.

The company currently is India’s largest oil refiner with a group refining capacity of 80.7 million tonnes per annum. It wants to maintain this leadership position by raising the refining capacity to 150 million tonnes through greenfield and brownfield expansions.

Simultaneously, it wants to raise petrochemical production capacity to 13 million tonnes from the current 3.15 million tonnes. It is expanding Panipat naphtha cracking capacity and plans to set up new chemical projects in Gujarat, Paradip and Panipat.

Also, the company is looking at rapid expansion in natural gas retailing by investing Rs 10,000 crore over the next eight years, the report said.

IOC, which now has city gas license to retail gas in 40 cities, sold 3.96 million tonnes of natural gas in 2018-19. It wants to “triple current market share in gas business” and expand its presence in city gas to 60 geographical areas from current 40, it said.

It wants to expand its presence in upstream oil and gas exploration and production (E&P) by investing in oil-rich countries in the Middle East and Central Asia and acquiring producing assets.

Its stakes in oil and gas fields in 10 countries such as Russia, UAE, the USA and Venezuela, currently give 4.39 million tonnes and the plan is to raise this to 7 million tonnes by 2023-24 and further to 11 million tonnes by 2030, the annual report said.

While continuing expansion of its petrol pump and LPG distribution agencies, the firm will focus on retailing in rural markets to expand its marketing. It will automate and modernise fuel stations as well as set up electric vehicles (EV) charing stations.

IOC said it also plans to increase its overseas footprint to 8 per cent of turnover with additional regional hubs in South Africa and Nigeria and agents/distributors in 20 countries to scout for new business.

“Besides the focus on refinery expansions, new technologies for clean fuels and enhanced outputs, and refinery-petrochemicals integration, Indian Oil is aggressively leveraging its R&D expertise to move into horizon technologies like 2G and 3G ethanol, bio-fuels, coal gasification, H-CNG, hydrogen fuel cells, battery technologies etc,” Singh said.

Related Companies: Indian Oil Corporation   

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Bharat Gas gets five-year loan from Bank of Baroda for ₹3,100 crore
Posted on 23rd September 2019
Mumbai: Bharat Gas Resources Ltd (BGR) a wholly-owned subsidiary of Bharat Petroleum Corporation Ltd (BPCL), has signed a five-year loan agreement with Bank of Baroda for ₹3100 crore, according to two officials aware of the deal.

The company will use the loan to fund expansion of its city gas distribution business. BGRL has a board approved borrowing limit of ₹4000 crore.


ITC shares up 9% as no cess on cigarettes was increased
Posted on 23rd September 2019
Mumbai: Shares of ITC Ltd on Monday surged over 9%, its biggest jump since March 2016, after the GST Council meeting did not announce any increase in cess on cigarettes.

The stock touched a high of ₹260.30 on the BSE and gained as much as 9.3%, its maximum gain since March 2016. At 9.40 am, the scrip was trading at ₹256.30, up 7.6% from its previous close. The stock’s market cap increased by nearly $3.66 billion.


SBI to adopt repo rate as external benchmark for all floating rate loans from October 1
Posted on 23rd September 2019
State Bank of India on Monday said it will adopt repo rate as the external benchmark for all floating rate loans for MSME, home and retail loans, from October 1, 2019.

On September 4, the Reserve Bank of India (RBI) had mandated all banks to link all new floating rate personal or retail loans and floating rate loans to micro, small and medium enterprises (MSMEs) to an external benchmark from October 1 onwards.


Rupee slips 9 paise to 71.03 against U.S. Dollar in early trade
Posted on 23rd September 2019
The Rupee opened marginally lower by 9 paise to 71.03 against the U.S. Dollar in opening trade on September 23, as rising crude oil prices and concerns regarding U.S.-China trade war kept investors edgy.

Forex traders said reports that the U.S. is likely to ramp up pressure on China by raising existing tariffs if a trade deal is not reached soon between the two countries, weighed on the domestic currency.


Power struggle: RK Singh asks NTPC to buy stressed units
Posted on 23rd September 2019
The power ministry has asked state-run NTPC to bid for potentially viable projects in the National Company Law Tribunal (NCLT) and acquire them if the prices are attractive.

Power minister RK Singh told FE that he had asked NTPC to take a look at all the plants undergoing the CIRP process. “I have asked them to identify the ones with good machinery,” Singh said.


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