Indian Oil Corp Ltd said its third-quarter profit nearly doubled, handily beating estimates. Net profit surged 97 per cent to Rs. 7,883 crore ($1.24 billion) in the quarter ended December 31, from Rs. 3,995 crore a year earlier.
Indian Oil Corporation (IOCL) gained 5% to Rs 419 on BSE in intra-day deal after the company’s board recommended bonus shares in the ratio of 1:1 i.e. one equity share for one exiting equity share held.
Scraping the bottom of the oil barrel for cheap fuel may be turning into a multibillion-dollar headache for India’s largest crude refiner.
State-owned oil marketing companies want banks to reduce card transaction fees for petrol and diesel purchases by half, four people aware of the development said.
State-owned Indian Oil Corp. Ltd is planning to adopt a new way of supplying cooking gas to the far flung northeastern states by first exporting it to Bangladesh in a move that will drastically cut the refiner’s freight cost and help in integrating the energy markets in the two Asian nations, chairman Sanjiv Singh said.
Indian Oil is a mammath in the oil and gas sector in India, straddling 11 refineries with a total capacity to process 80.7 million metric tonnes per annum (MMTPA) of petroleum products. It’s forays upstream and downstream have now given the mega corporation (FY17 revenue Rs 4,45,372.91 crore) an arm rest across the oil and gas value chain, from exploration and production for oil and gas, to refining and marketing petroleum products and lubricants (POL), to petrochemicals and lately, renewable energy resources.
Given that some fuel retail outlet owners have approached the judiciary to appeal against the rule set by oil marketing companies (OMCs) to pay central minimum wages to outlet attendants, the OMCs have moved the Supreme Court seeking to transfer all such petitions to the apex court in New Delhi.
Permanent workforce employed by India’s state-run oil and gas companies has declined 13 per cent in the past 15 years through 2017 to 110,000, an analysis of oil ministry’s data on manpower strength of the sector’s Public Sector Undertakings (PSUs) shows.
A major fire broke out at Paradip refinery of Indian Oil Corporation Limited (IOCL) on December 12, 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.