India’s top oil refiner is exploring the use of natural gas and electricity to power vehicles as Prime Minister Narendra Modi’s government envisions multiple paths toward reducing the country’s dependence on petroleum-based fuels.
The shutdown of almost a quarter of US crude refining capacity in the wake of Hurricane Harvey is presenting a rare opportunity for fuel traders in Asia.
Indian Oil Corp. Ltd, the nation’s biggest refiner, will spend Rs1.8 trillion over the next 5-7 years to expand refining capacity and build its new businesses, chairman Sanjiv Singh said at the company’s annual general meeting in Mumbai on Tuesday.
State-owned Indian Oil Corp (IOC) has bought the country’s first shale oil from the US and is looking to step up imports from America as part of its crude diversification strategy.
Indian Oil Corp 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.
India’s biggest refiner Indian Oil Corp wants to supply at least 10 percent of its expanding refining capacity from its own oil and gas assets in the medium term, the company said in its latest annual report.
India’s biggest refiner Indian Oil Corp wants to supply at least 10 per cent of its expanding refining capacity from its own oil and gas assets in the medium term, the company said in its latest annual report.
The government seems to be wasting no time in its quest to create huge energy PSUs of global scale, as, while a deal for ONGC’s proposed takeover of HPCL is yet to be finalised, the Centre has already embarked on its next ambitious project: combining the behemoth refiner and marketer Indian Oil Corp and smaller oil exploration firm Oil India Ltd, according to a TV news report.
The world’s biggest oil refinery -cum-petrochemical complex planned in Ratnagiri district of Maharashtra will cost Rs 2.7 lakh crore and take 60 months to build, Oil Minister Dharmendra Pradhan said today.
India’s reliance on Middle East oil imports shrunk in June to the smallest since October 2015 as the world’s third-biggest importer tapped other sources amid Opec supply cuts, ship tracking data from industry sources and data available on Thomson Reuters Eikon showed.