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CPMA Member Companies News - Indian Oil Corporation


IOC hopes to restart fire-hit CDU at Panipat plant in 2-3 days, 18th Mar 2019

 Indian Oil Corp hopes to restart a 150,000-barrel-per-day (bpd) crude distillation unit (CDU) at its Panipat refinery in the next 2-3 days, its head of refineries said on Monday, days after the unit caught fire due to a naphtha leak.. .Read More


UP clears land transfer to Indian Oil Corp for Rs 800 crore ethanol plant

Business Standard, 5th Mar 2019

Public sector behemoth Indian Oil Corporation (IOC) will take 50 acre land on lease in Gorakhpur, the home turf of chief minister Yogi Adityanath, for setting up an ethanol plant costing nearly Rs 800 crore.. .Read More


Indian Oil Corp seeks LNG cargo for April delivery: Sources, 25th Feb 2019

Indian Oil Corp is seeking a liquefied natural gas (LNG) cargo for delivery in April, two industry sources said on Monday.. .Read More


Indian Oil signs first annual deal to buy up to 3 million tonnes US oil, 18th Feb 2019

Indian Oil Corp, the country's top refiner, has signed its first annual deal to buy up to 3 million tonnes or 60,000 barrels per day of US oil, its chairman Sanjiv Singh said on Monday.. .Read More


Q3 Results: Indian Oil Posts Surprise Profit, 30th Jan 2019

Indian Oil Corporation Ltd. reported a surprise profit in the third quarter despite lower gross refining margin and sharp fall in crude oil prices.. .Read More


Indian Oil to invest Rs 16,641 crore in Tamil Nadu, 24th Jan 2019

Indian Oil Corporation (IOC) on Wednesday announced a total investment of Rs 16,641 crore in Tamil Nadu. The announcement was made at the Tamil Nadu Global Investors Meet 2019. .Read More


Indian Oil to raise $900 million via bonds issue, 15th Jan 2019

State-owned Indian Oil Corp (IOC) on January said it will raise USD 900 million through an overseas bonds issue to meet its working capital requirements. .Read More


Iran May Invest In Chennai Petroleum Expansion: Indian Oil, 4th Jan 2019

Indian Oil Corp, the country's biggest refiner, said on Wednesday that Iran may still invest in a refinery expansion project at one of its subsidiaries. .Read More


Indian Oil may drop plan to buy stake in Mundra LNG terminal, 26th Dec 2018

State-run Indian Oil Corp. Ltd may drop its plan to acquire as much as 50% stake in the Mundra LNG terminal in Gujarat, three officials aware of the development said. In August 2017, Indian Oil said it has received an in-principle approval from its board to buy a 50% stake in the 5 million tonnes per annum terminal (mtpa) for around ₹750 crore. The ₹5,000 crore project is being built by GSPC LNG Ltd, a unit of Gujarat State Petroleum Corp. Ltd (GSPC). .Read More


Indian Oil shares rise 3.10% on share buyback, 15th Dec 2018

Shares of Indian Oil Corp. Ltd rose over 3% Friday after India’s largest oil firm on Thursday said its board of directors approved the buyback of 29.76 crore equity shares of the company for ₹4,435 crore. The share buyback price represents a 8.6% premium to Indian Oil’s Thursday closing price of ₹137.20 on BSE. On Friday, Indian Oil shares rose 3.10%, or ₹4.25, to ₹141.45 apiece on the BSE while the benchmark Sensex closed flat at 35,962.93 points. .Read More


Indian Oil Corp issues 5-year tanker tender to import Iraqi oil, document reveals, 4th Dec 2018

India’s top refiner, Indian Oil Corp (IOC), has issued a global tender to charter scrubber-fitted oil tankers for at least five years to import Iraqi oil, a tender document seen by Reuters showed. .Read More


IOC aims to be global refinery tech provider, 3rd Dec 2018

With the edge proffered by its R&D centre, Indian Oil Corporation Ltd (IOC), the over-$70-billion public sector oil giant, is transitioning from an adopter to provider of indigenously developed refinery technology to the world. .Read More


Indian Oil Corporation says to buy 180,000 bpd Iranian oil in 2018/19, 22nd Nov 2018

India’s biggest state-owned crude oil refiner Indian Oil Corp Ltd aims to lift full volumes under its 2018/19 annual contract with Iran, a company official said on Thursday.. Read More


Indian Oil Q2 profit drops on higher forex, raw material costs, 2nd Nov 2018

State-run refiner Indian Oil Corp Ltd posted a 12.2 percent fall in second-quarter profit on Friday, missing estimate by a wide margin, dented by forex expenses and raw material costs. Net profit came in at Rs 3,247 crore in the quarter ended Sept. 30, compared with Rs 3,696 crore a year earlier, IOC said.. Read More


Indian Oil arm Chennai Petroleum's net profit down 92% to Rs 236.1 mn

Business Standard, 29th October 2018

Chennai Petroleum Corporation Ltd (CPCL), an Indian Oil Corporation Group firm, has posted net profit of Rs 236.1 million during the quarter ended September 30, 2018, on a consolidated basis, a decline of 92 per cent as against Rs 3.14 billion during the corresponding quarter last year.. Read More


Indian Oil Corp to invest Rs 8 bn in a greenfield ethanol plant in UP

Business Standard, 17th Oct 2018

Public sector oil marketing behemoth Indian Oil Corporation (IOC) will invest close to Rs 8 billion in a greenfield ethanol plant in Gorakhpur district of Uttar Pradesh... Read More


India may continue with Iranian oil imports post sanctions, 8th Oct 2018

India would continue its energy imports from Iran even in the wake of the US government’s 4 November deadline, hinted petroleum minister Dharmendra Pradhan on Monday... Read More


ONGC waiting for right price to offload stake in IOC, GAIL, 2nd Oct 2018

State-owned Oil and Natural Gas Corp (ONGC) is not in a hurry to sell its stake in Indian Oil Corp and GAIL (India) and will wait for the right price before offloading the shares, a senior company official said. ONGC holds 13.77 percent stake in oil refiner IOC and 4.86 percent in gas utility GAIL India... Read More


Indian Oil Chairman says refiners are considering using crude inventories to cut imports, 24th Sep 2018

Indian refiners are considering using their oil inventories to cut import costs as global oil prices have risen to about $80 a barrel and the Indian rupee has plunged, said the chairman of the nation's top oil refiner, Indian Oil Corp... Read More


IOC to invest over Rs 37,000 cr in TN, 22nd August 2018

Energy major Indian Oil Corporation (IOC) will be investing about Rs 7,112 crore in infrastructure facilities in Tamil Nadu over the next three years, said a senior official... Read More


Indian Oil Corporation Rating: Like peers, strong quarter for company, 21st August 2018

Similar to its peers BPCL and HPCL that reported last week, IOC also reported a strong result. Reported Ebitda of Rs 126 bn (+14% q-o-q, +57% y-o-y) was sharply 66% ahead of our estimates and 20% ahead of Bloomberg consensus forecasts. Large inventory gain of Rs 78.7 bn (`59.2 bn or $6.8/bbl in refining) was a key reason for the beat. We expected core marketing margins to be weak, as OMCs had not taken enough timely increases in petrol/diesel prices. However, similar to HPCL/BPCL, IOC also surprised us. Refining segment Reported GRM of $10.2/bbl was significantly ahead (our estimate $ 6.4/bbl), driven by a large inventory gain of $6.8/bbl... Read More


A K Singh takes charge as Director-Pipelines at Indian Oil Corporation, ​​14th Aug 2018

A K Singh takes charge as Director-Pipelines at Indian Oil Corporation New Delhi: Indian Oil Corporation (IOC), the country’s largest fuel retailer, today announced Akshay Kumar Singh has joined as Director-Pipelines at the company. A mechanical engineer with Masters’ degree in Turbo Machinery, Singh has been serving as Executive Director at natural gas utility GAIL (India) Ltd... Read More


Indian Oil to invest Rs 1.75 lakh crore for expansion: Chairman Sanjiv Singh, 6th Aug 2018

Indian Oil Corporation, the country's leading firm on the Fortune 500 list, has drawn up an ambitious Rs 1.75 lakh crore investment plan to expand its production capacity. In the company's latest annual report, IOC chairman Sanjiv Singh said that the refining capacity will be enhanced to 150 million tonnes of petroleum products per annum by 2030 from the current 80.7 million tonnes... Read More


Adani, GAIL ink pact for regasification service, 29th July 2018 
The Adani Ports and Special Economic Zone (APSEZ) signed a long-term agreement with the GAIL (India) Ltd to provide Liquefied Natural Gas (LNG) re-gasification services on a use or pay basis to the GAIL’s upcoming LNG import terminal at Dhamra.. Read More


Indian Oil shuts 40,000-bpd crude unit at Haldia plant after fire incident 
Business Standard, 27th July 2018 
Indian Oil Corp, the country's top refiner, has shut a 40,000-barrel-per-day (bpd) crude unit at its 150,000-bpd Haldia refinery on the east coast after a minor fire, a company source said on Friday.. Read More


Indian Oil says Rs 4,300 cr Ennore LNG terminal to become operational by October

ETEnergyWorld, 19th July 2018

Indian Oil says Rs 4,300 cr Ennore LNG terminal to become operational by October New Delhi: Indian Oil Corporation (IOC), the nation’s largest fuel retailer, expects its upcoming 5 million tonne per annum Ennore Liquefied Natural Gas (LNG) terminal to start operations by October.. Read More


Reduce oil prices or expect demand to sink, Indian Oil warns Opec, 11th Jul 2018

The world’s fastest growing crude consumer has a warning for Organization of Petroleum Exporting Countries (Opec): start reducing prices, or waning demand will mean a curb in purchases from the crude cartel. At least that’s the suggestion from Sanjiv Singh, chairman of Indian Oil Corp. Ltd , India’s biggest refiner.. Read More


IOC chief says enough alternative sources of crude oil are available even if Iran supplies are disrupted: Report

BusinessToday.In, 3rd July 2018

India has not taken a firm stand on the Iranian oil imports versus risk of US sanctions debate yet, but the country's largest fuel retailer - and one of Iran's biggest customers - is reportedly "fully-prepared" for all scenarios. "We have a very wide crude basket. There's nothing we can't procure, there's nothing we can't process," Indian Oil Corp. Chairman Sanjiv Singh told Bloomberg. "So, even if Iran supplies get disrupted, the supplies to the Indian market will still continue. That's assured." According to him, Saudi Arabia alone can cover most of the world's supply shortfall.. Read More


IOC most profitable PSU for second consecutive year, 31st May 2018

Fuel retailer Indian Oil Corporation (IOC) has for the second year in a row beaten Oil and Natural Gas Corp (ONGC) to become India’s most profitable state-owned company, raising questions over calls for the explorer to subsidize retailers amid soaring petrol and diesel rates.. Read More


Indian Oil Q4 profit rises 40% to Rs5,218 crore, 22nd May 2018 

State-run Indian Oil Corp. Ltd (IOC) on Tuesday said its fiscal fourth-quarter profit surged 40% to Rs5, 218 crore, driven by higher refinery margins and inventory gains.. Read More


Indian Oil Corporation Changes directorate 

Business Standard, 11th May 2018 l

Indian Oil Corporation announced that Sushma Rath Taishete, Joint Secretary, Ministry of Petroleum & Natural Gas has been appointed on the Board of Indian Oil as Government Director with effect from 11th May 2018 on ex-officio basis in place of Urvashi Sadhwani, Principal Adviser, Ministry of Petroleum & Natural Gas (MoP&NG).. Read More


Indian Oil board approves ₹4,221 cr ethylene glycol project, 27th Apr 2018 

The Board of Indian Oil Corporation at its meeting held on April 26 has accorded approval for implementation of the 357-KTA ethylene glycol project, along with associated facilities at Paradip based on off-gas of the fluid catalytic cracking unit.. Read More


Indian Oil’s Panipat refinery to expand capacity, 25th April 2018, 27th Apr 2018

Indian Oil Corporation Ltd proposes to ramp up the petrochemical, fuel refining and biofuel manufacturing capacity of its Panipat Refinery..

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