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CPMA Member Companies News - Indian Oil Corporation


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.. Read More


India's IOC to start new PP unit in Paradip by June, 17th April 2018

State-owned Indian Oil Corp. expects to start its new 700,000 mt/year polypropylene unit in Paradip on the east coast of India by June, with commercial production expected by the end of this year, a company source said Tuesday.. Read More


IOC acquires Shell’s entire stake in Oman oilfield for $329 million, 6th April 2018   

IOC acquires Shell’s entire stake in Oman oilfield for $329 million New Delhi: Indian Oil Corporation (IOC), the nation's largest fuel retailer, today announced it has acquired Royal Dutch Shell’s entire 17 per cent stake in Makhaizna oilfield in Oman for $329 million. Read More


Indian Oil plans $22 billion expansion over five years, 2nd April 2018 

Indian Oil Corp plans to invest 1.43 trillion rupees ($22 billion) in next five years as the country’s top refiner seeks to raise its annual capacity to about 3.2 million barrels per day by 2030, its head of refineries said on Saturday. Read More


Indian Oil Corporation Ltd announces cessation of Dr.B.Mahadevan as Director 

Equity Bulls, 19th Mar 2018 

Dr.B.Mahadevan, Independent Director has ceased to be a Director on the Board of IndianOil with effect from 19th March, 2018 consequent upon his resignation due to pre-occupation owing to other work commitments. Read More


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


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