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CPMA Member Companies News - Indian Oil Corporation

Indian Oil, BPCL may buy 26% stake each in GAIL, 18th Mar 2018

State-owned Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) may buy 26% stake each in gas utility GAIL India Ltd, paying the government over Rs20,000 crore each to become integrated energy firms. Read More

Indian Oil Corp bids for stake in Vietnam's Binh Son refinery, 4th Mar 2018 

State-owned Indian Oil Corp (IOC) has bid for a stake in Vietnam's Binh Son Refining and Petrochemical Company as it looks at the South Eastern nation to expand business beyond Indian shores Read More

Indian Oil Corporation to invest Rs 70,000 crore to expand refining capacity, 18th Feb 2018

Indian Oil Corp (IOC) will invest Rs 70,000 crore to raise its oil refining capacity by about a quarter by 2030 as it takes the lead to meet rising energy needs of the country Read More

B V Rama Gopal takes over as Indian Oil Corp director, refineries, 13th Feb 2018 

B V Rama Gopal has taken over as director (refineries) of Indian Oil Corp (IOC), the nation's biggest oil firm Read More

Indian Oil to invest Rs 3,400 crore in Assam to augment operations, 2nd Feb’18 

Indian Oil Corporation (IOC) will invest Rs 3,400 crore in Assam over the next five years to expand its operations by setting up new units as well as upgrading the existing ones, a senior IOC official said today Read More

Indian Oil Corp Q3 profit doubles to Rs 7,883 crore, 31st Jan, 2018 

Indian Oil Corporation (IOC), the country's largest oil marketing company, on Tuesday reported a close to two-fold jump in its third quarter net profit on the back of a higher inventory gain from the sharp rise in global oil prices and an increase in refining margins. Net profit in October-December this fiscal stood at Rs 7,883.22 crore, or Rs 16.63 per share, up from Rs 3,994.91 crore, or Rs 8.43 a share, in the same period a year ago, IOC chairman Sanjiv Singh told journalists. IOC also declared a 1:1 bonus share (one free share for every existing equity share of Rs 10 each). The board of directors declared an interim dividend of Rs 19 per share as well Read More

India's IOC shuts 350,000 mt/year Panipat HDPE/LLDPE swing plant after fire, 23rd Jan 2018

State-owned Indian Oil Corp shut its 350,000 mt/year high density polyethylene/linear low density polyethylene swing plant in Panipat, Haryana, following a fire at the unit Monday, a company source said Tuesday Read More

Indian Oil in tie-ups with Israeli firms

thehindubusinessline, 16th Jan 2018 

Indian Oil Corporation has signed letters of intent (LoI) with Phinergy, an Israeli start-up, and YEDA, a technology spin-off from Israel’s Weizmann Research Institute Read More

LPG receiving jetty to be ready for use by March, 10th Jan 2018 

Indian Oil Corporation (IOC) has said that work on the ₹225-crore LPG receiving jetty on Puthuvype island, which is part of a larger project costing a total of ₹715 crore and including a storage facility, is nearing completion. The cost of jetty construction is ₹183 crore. Another ₹42 crore will go into dredging works, said a press release here Read More

Indian Oil Corporation takes up 2018 as 'Year of Trust', 3rd Jan 2018 

Indian Oil Corp (IOC), the nation's biggest oil firm, has adopted 2018 as the 'Year of Trust' as it earned belief in the delivery potential in programmes like PMUY, and decision of early implementation of BS-VI fuel norms. Read More

Indian Oil Corporation to tap into unconventional source of energy, 21st December 2017 

Soon, one-fifth of the traditional energy vending spots in the state will start generating unconventional energy as the 220 outlets of the Indian Oil Corporation (IOC) are all set to install solar panels by this year-end. The outlets will be installing panels under three grades with the capacity to produce 10 KW, 15 KW and 20 KW electricity which will enable each centre to meet more than 60 per cent of their energy needs through the solar source.  Though the company started the process in 2013- 14, which had the participation of 150 outlets in the state, the extent of solar power generation was meagre. To give a fillip to the programme, the IOC under the new system is giving a subsidy of up to 60 per cent to the outlets for installing the panels. Read More

Indian Oil prepares for shift to a less carbon-intensive future, 7th Dec 2017 

The country’s largest refiner Indian Oil Corp. Ltd is making a strategic shift to a less carbon-intensive future by getting into clean energy and related infrastructure, while keeping refinery expansion plans flexible for course correction, said chairman Sanjiv Singh in an interview Read More

Indian Oil to take Rs 4,200 crore hit under GST regime, 5th Dec 2017 

State-owned oil refiner Indian Oil Corporation (IOC) has said that the impact of the goods and services tax (GST) would be nearly Rs 4,200 crore as it would not be able to claim input tax credit (ITC) for automotive fuels that fall outside GST. ITC allows an entity to reduce the tax on outputs by the same amount already paid as tax on inputs Read More

Indian Oil to commission polypropylene unit by June 2018 at Paradip 

Business standard, 13th Nov 2017 

Indian Oil Corporation Ltd (IOCL) aims to commission the polypropylene facility, the first unit of its proposed petrochemical complex at Paradip, by June 2018. The unit to have a capacity of 700,000 tonnes per annum would offer feedstock for polymer units in the region Read More

Indian Oil Corp starts crude oil trading through Singapore subsidiary, 8th Nov 2017 

India's top refiner Indian Oil Corp on Wednesday began trading crude oil through its Singapore unit, buying a million barrels of Nigerian oil Akpo, the state-run company's head of finance AK Sharma said Read More

Indian Oil to raise Rs700 crore via bonds to fund Ennore LNG terminal, 5th Nov 2017, 8th Nov 2017

Indian Oil Corp. Ltd (IOCL) is planning to sell bonds worth Rs700 crore to part-finance the construction of its upcoming natural gas terminal at Ennore in Chennai, two people familiar with the development said Read More

Indian Oil Q2 net up 18% at Rs. 3,696 cr, 27th Oct 2017 

State-owned Indian Oil Corp today reported an 18 per cent rise in the second quarter net profit on the back of higher fuel sales Read More

IOC eyes Tata's Gopalpur industrial park for common user facility 

Business Standard, 21st Oct 2017 

State-owned Indian Oil Corp today reported an 18 per cent rise in the second quarter net profit on the back of higher fuel sales...

Oil marketing company Indian Oil Corporation Ltd (IOCL) has identified Gopalpur Industrial Park of Tata Steel as a possible site for setting up a common user facility in Berhampur. Tata Steel is the anchor tenant for the park where it has invested Rs 542 crore on a ferrochrome project with an annual capacity of 55,000 tonnes per annum Read More

IOC Drops Plan To Merge Chennai Petroleum With Itself

bloombergquint.com12th Oct 2017 

Indian Oil Corporation Ltd. has dropped plans to merge Chennai Petroleum Corporation Ltd. with itselfRead More

Indian Oil Corporation receives first crude oil cargo from US, 3rd Oct 2017  

India Oil Corporation (IOC), the country’s largest fuel retailer today received its first shipment of 1.6 million barrels of US crude at Paradip Port, the company said in a releaseRead More

Indian Oil Corporation appoints directors 

Business Standard, 23rd September 2017 

Indian Oil Corporation has appointed the following Eight Independent Directors have been appointed on the Board of Indian Oil with effect from 22 September 2017. Read More

IOC faces land hurdle to expand Paradip refinery
Business Standard, 2nd September 2017
Non-availability of contiguous land has posed a hurdle for Indian Oil Corporation Ltd (IOCL) to expand the capacity of its 15 million tonnes per annum (mtpa) crude oil refinery at Paradip and upgrade it for rolling out BS-VI compliant petroleum products. Read More

Indian Oil Corporation to invest Rs 32,000 crore to ramp up petchem capacity by FY21, 29th Aug 2017
To meet the rising demand for petrochemicals, especially plastics and polymers, largest public sector company Indian Oil will invest Rs 32,000 crore to ramp up its output by fiscal 2021. This investment is part of the overall Rs 1.8 trillion capex planned for the next five to seven years, IOC chairman Sanjiv Singh said at Mumbai on Tuesday. The petchem business contributes a quarter of the most profitable PSU's profit, which rose to the highest at Rs 19,106 crore in fiscal 2017. Read More

Indian Oil Corporation gets nod for laying pipeline in Odisha
Business Standard, 24th Aug'17
Odisha pollution control board has accorded its consent to Indian Oil Corporation Ltd for laying of the underground cross country pipeline of 1,150-kilometre length from the latter's Paradip refinery to Hyderabad. Read More

Malaysia's Petronas eyeing stake in Indian LNG import terminal - IOC, 16th August 2017
Malaysian state oil firm Petronas is looking to buy a stake in Indian Oil Corp's Ennore liquefied natural gas (LNG) import terminal, the Indian firm's chairman said on Wednesday. Read More

Indian Oil gets government nod to buy US crude oil every month this year, 10th Aug 2017
Indian Oil Corp. Ltd (IOCL) has received the government nod to buy one very large ship full of crude oil from the US every month this year as it looks at cheaper alternatives that have emerged due to global supply glut. The shipping ministry has allowed the country's largest oil firm to import one parcel or cargo of crude oil from the US every month in foreign ships, said a senior oil ministry official. Read More

IOC net profit dips 45% on lower refining margins, 18th July 2017, 10th Aug 2017
Indian Oil Corporation Ltd's net profit fell 45 per cent in its fiscal first quarter of 2017 due to drop in refining margins. Read More

India's IOC to build first off-gas-to-bioethanol plant at Panipat refinery, 18th July 2017, 18th July 2017
State-owned Indian Oil Corp plans to build the world's first refinery off-gas-to-bioethanol plant at its Panipat refinery in the third quarter of fiscal 2018-2019, running from April to March, IOC said in an emailed reply late Monday. Read More

In a first, IOC to buy crude from US in 2-million-barrel deal
Business Standard, 10th July 2017
India, the world's third-largest oil importer, has sealed a first deal to import crude oil from the US and the shipment is expected to touch Indian shores in October. Read More

IOC conducts special inspection of depots in North-East, 5th July 2017
PSU major Indian Oil Corporation is carrying out a surprise inspection at its retail outlets in the North-East to detect any irregularity after some cases were reported from a few states in India. Read More

IOC plans to buy North American sour crude for first time, 4th July 2017
India's top refiner has issued its first tender to buy high-sulphur, or sour, crude from North America as it seeks to diversify imports, three trading sources said on Tuesday. Read More

IOC, BPCL, HPCL to sign JV deal for $40 billion refinery in Maharashtra, 13th June 2017
State-owned refiners Indian Oil Corp. (IOC), Hindustan Petroleum Corp. Ltd (HPCL) and Bharat Petroleum Corp. Ltd (BPCL) will sign a deal on Wednesday to set up a joint venture refinery-cum-petrochemical complex on coastal Maharashtra, which would be the world's largest with a capacity of 60 million tonnes. Read More

Singh appointed as new chairman of Indian Oil Corporation
Business Standard, 1st June 2017
Indian Oil Corporation Ltd (IOCL) on Thursday said it has appointed Sanjiv Singh as the new chairman of the company with immediate effect. Read More

Indian Oil saves Rs 1,000 crore in FY17 on import policy headroom, 26th May 2017
State-owned Indian Oil Corp (IOC) saved over Rs 1,000 crore last fiscal after the government gave state-owned refiners the freedom to formulate their own crude import policies. Read More

Indian Oil Corporation plans to raise capacity at Petronet's LNG terminal, 12th May 2017
Public sector oil marketer, Indian Oil Corporation Ltd (IOCL) plans additional 1 million tonnes per annum (MTPA) of capacity for Liquified Natural Gas (LNG) at Petronet LNG's Dahej terminal, which is being expanded from existing 15 MTPA capacity to 17.5 MTPA, a top company official informed here. Read More

Indian Oil Corporation Ltd calls for Board Meeting on May 25, 2017
Equity Bulls, 3rd May 2017
A Board Meeting of Indian Oil Corporation Ltd is scheduled on Thursday, the 25th May 2017, to consider and approve the Audited Financial Results of the Company for the year ended 31st March 2017. It is also hereby notified that final dividend, if any, for the financial year 2016-17 may be considered at the aforesaid Board Meeting. Read More

Indian Oil nips at China's heels in race to collect Lanka port assets, 27th April 2017
India is looking to invest in a colonial-era Sri Lankan oil-storage facility as it seeks to further its naval interests in the Indian Ocean and push China back in the process. Read More

Indian Oil Corp to expand LPG facilities in Kerala and Tamil Nadu, 9th April 2017
Indian Oil Corporation Ltd (IOCL) will augment its LPG production facilities in Kerala and Tamil Nadu to meet the increased demand for the gas that is growing at 11% annually with the completion of construction of LPG import terminal and the pipeline connecting it to Salem. Read More

Indian Oil to expand Paradip refinery despite stand-off with Odisha
Business Standard, 7th April 2017
Unfazed by the stand-off with the Odisha government over grant of fiscal incentives to its Paradip crude oil refinery, Indian Oil Corporation Ltd (IOCL) is planning for expanding the capacity of the refinery from 15 million tonne per annum (mtpa) currently to 20 mtpa and beyond. Read More

Indian Oil Corporation appoints directors
Business Standard, 23rd September 2017
Indian Oil Corporation has appointed the following Eight Independent Directors have been appointed on the Board of Indian Oil with effect from 22 September 2017. Read More

Indian Oil to supply one million tonnes fuel annually to Nepal for 5 years, 28th Mar 2017
State-owned Indian Oil Corporation has agreed to supply refined products to Nepal for the next five years to meet all the fuel needs of the landlocked Himalayan nation, officials said on Monday. Read More

Shift in Govt's crude oil import policy may help Indian Oil save 30 cents/barrel, 21st March 2017
Indian Oil Corporation Ltd (Indian Oil) may end up saving about 20-30 cents a barrel in its crude oil import bill during the current fiscal, following an increase in purchases from the spot market. Read More

Cabinet gives nod to sale of Indian Oil's 24% stake in Lubrizol India
Business Standard, 16th Mar 2017
Cabinet Committee on Economic Affairs (CCEA) has given its approval for the sale of Indian Oil Corporation's 24 percent stake in Lubrizol India Private Limited to the US-based Lubrizol Corporation. Read More

Indian Oil plans Rs 40K-crore mega refinery at Nagapattinam
Business Standard, 2nd Mar 2017
State-run Indian Oil Corporation (IOC) plans to come up with a 15-million-tonne (mt) refinery, with an investment of about Rs 40,000 crore, at Nagapattinam in Tamil Nadu. Read More

Unit of L&T wins $165 million contract from Indian Oil Corp, 25th Feb 2017
A unit of engineering conglomerate Larsen & Toubro has won an onshore engineering, procurement and construction (EPC) contract from Indian Oil Corp Ltd, the country's largest refiner, worth 11 billion rupees ($165 million), it said in a statement on Saturday Read More

Indian Oil to invest Rs15,750 crore to grow pipeline network, 20th Feb 2017
State-owned Indian Oil Corp. Ltd is set to invest heavily in logistics that will see the bulk of its petroleum product transport go off roads and railway lines into long-distance pipelines. Read More

Crude processing to edge up in 2017-18: Indian Oil
Crude processing to edge up in 2017-18: Indian Oil
Indian Oil Corp., the country's largest refiner, expects its crude processing to inch up in 2017/18 despite planned maintenance at some plants. The company's head of refineries told Reuters in an interview late on Monday that "high runs" at one of its biggest plants, on the east coast, would offset the impact of maintenance work at other facilities. Read More

Better refinery margins boost Indian Oil net by 29%, 31st Jan 2017
Public sector undertaking Indian Oil has reported a net profit of ₹3,995 crore in the third quarter of the financial year 2017. Read More

Odisha may cut Indian Oil's Paradip sop, 25th Jan 2017
The Odisha government has served a notice to Indian Oil Corporation, indicating it wants to withdraw fiscal incentives given to the central government-owned refiner-marketer's Rs 34,000-crore Paradip refinery, a move that will hit profitability of the state's largest investor and shake business confidence. Read More

Indian Oil Corporation: Fuelling capacity, 22nd January 2017
Expansion plans should help the company cater to the healthy demand for products Shrugging off demonetization blues, the stock of Indian Oil Corporation, resumed its rally over the past month or so. The stock is now touching its all-time highs, more than tripling over the past three years. This has been backed by a strong turnaround in its performance, aided by fuel pricing reforms, the rout of crude oil and expansion initiatives. Read More

Indian Oil scouts for global assets to meet growing demand at home, 11th Jan 2017
India's biggest fuel retailer is seeking to buy oil assets as demand surges in the world's fastest growing energy market. Read More

Indian Oil consortium to set up India's biggest oil refinery
Business Standard, 7th Dec 2016
State-run oil marketers Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp on Wednesday signed an agreement to build India's biggest oil refinery at a cost of $30 billion. Read More

India's 5.5 Billion Investment in Iran Will Raise Refinery Capacity, 23rd Nov 2016
A $5.5 billion investment by the Indian Oil Corporation (IOC) will raise the capacity of the firm's smallest refinery co-owned by Iran to 300,000 barrels per day, according to IOC chairman B. Ashok. Read More

Indian Oil loses market share in bulk diesel, ATF, 21st Nov 2016
State-run Indian Oil Corporation Ltd (IOCL), the country's largest refiner and marketer, has lost market share in bulk diesel and aviation turbine fuel (ATF) while Reliance Industries, Essar Oil, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have gained in these segments. Read More

Indian Oil Corporation: Paradip refinery ramp-up to drive future profits, 2nd Nov 2016
Operating profit at Indian Oil Corporation dropped to Rs5,772 crore during the September quarter from Rs13,683 crore in the June quarter. Read More

Indian Oil Corporation trades ex-bonus
Business Standard, 18th Oct 2016
Indian Oil Corporation (IOC) was trading 1% lower at Rs 318 on BSE after the stock was traded ex-bonus on Tuesday in the ratio of 1:1. Read More

Indian Oil Corporation elevates Sanjiv Singh as chairman, 23rd Sep 2016
Indian Oil Corporation (IOC), a state-run oil marketing company, said on Friday that Sanjiv Singh, currently director of refineries, has been elevated as chairman of the company. Read More

IOC's investment plans not to affect credit profile: Fitch
Business Standard, 19th Sep 2016
State-owned Indian Oil Corporation's (IOC) Rs 1.8 lakh-crore capital investment plan over the next six years will not affect the company's credit profile, Fitch Ratings said today. Read More

Indian Oil plans Rs.1.8 lakh crore expansion, 14th Sep 2016
India's biggest refiner, Indian Oil Corporation (IOC), has lined up a capital expenditure plan of Rs.1.8 lakh crore to expand its refineries, oil exploration business and build marketing infrastructure, petrochemicals plants and LNG terminals. Read More

Expedite green nod for IOC project, India tells Canada, 9th Sep 2016
India on Thursday asked Canada to expedite the environmental clearances for Indian Oil Corporation Ltd's (IOC) LNG project in British Columbia, even as Minister of State for Petroleum and Natural Gas Dharmendra Pradhan urged Canadian firms to invest heavily in the country's hydrocarbon sector. Read More

IOC road map for refineries, 5th Sep 2016
State-owned refiner Indian Oil Corporation plans to add 24 million tonnes per annum (mtpa) to its refining capacity by 2022 at an investment of about Rs 40,000 crore. Read More

Indian Oil gains on bonus issue plan
Business Standard, 24th August 2016
Indian Oil Corporation (IOC) has moved higher by nearly 5% to Rs 568 on the BSE after the company announced that its board will meet on Monday, August 29 to consider issue of bonus shares. Read More

IOC strengthens on plan of raising Rs 12,000 crore to meet its capex needs, 19th Aug 2016
Indian Oil Corporation (IOC) is currently trading at Rs. 550.10, up by 5.00 points or 0.92% from its previous closing of Rs. 545.10 on the BSE. Read More

IOC's LNG terminal will be ready in 2018

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