State-owned refiner Indian Oil Corp (IOC) and gas utility GAIL India Ltd’s initial agreement to buy a 50 per cent stake in Adani Group’s Rs 5,000-crore Dhamra LNG project in Odisha has expired, Oil Minister Dharmendra Pradhan said Monday.
Financial profiles of state-owned oil marketing companies such as Indian Oil Corp (IOC) may be at risk in the near to medium term due to pressure from the government to increase shareholder returns, Fitch Ratings said Friday.
Indian Oil Corp, the country’s top refiner, plans to fully shut its 160,000 barrels per day Mathura refinery in northern Uttar Pradesh state for about 38 days from November for routine maintenance, two sources familiar with the plan said.
According to Reuters, two industry sources have stated that Indian Oil Corp. is seeking to purchase a spot LNG cargo.
According to the sources, the Indian company is looking to receive the cargo this June
India’s top refiner Indian Oil Corp (IOC) has set up a trading desk at its office here to buy crude oil from international market on a real-time basis, helping it cut import price by locking in best price and quality, its Director (Finance) A K Sharma said.
The recent award of city gas distribution rights to oil marketing companies such as Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) will help them diversify and maintain their market shares in the domestic cooking and auto fuel markets over the long term, according to Fitch Ratings.
Profitability of state-owned refiners such as Indian Oil Corp (IOC) may come under pressure if the government asks them to temporarily freeze the prices of petrol, diesel and other fuels ahead of general elections, Moody’s Investors Service said Tuesday.
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.
Grappling a shortfall in tax revenues, the government has pressed cash-rich PSUs like Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC) to pay a second interim dividend for the current fiscal after seeking regulatory nods.