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CPMA Member Companies News - Indian Oil Corporation

Indian Oil Corporation Changes directorate 

Business Standard, 11th May 2018 

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

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 tim

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