IOCL

IOCL reported a net loss of Rs 169.58 crore as compared to a net profit of Rs 13,114.3 crore in Q2FY24

Higher expenses, lower sales pulled down revenue to Rs 1.98 trillion

V Satish Kumar on Sunday took over as the chairman of the Indian Oil Corporation (IOC), the nation's largest oil firm. Kumar, who is director (marketing) at IOC, was given additional charge of chairman following delays in finding a full-time chairman. "He will concurrently serve as chairman while continuing in his role as Director (Marketing), a position he has held since October 2021," the company said in a statement. He also held the additional charge of Director (Finance) for one year from October 2022, a period characterised by geopolitical tensions due to the Ukraine-Russia conflict. With a career spanning 35 years, Kumar has served in various regions across the country and held key positions, leading IOC's efforts to maintain its leadership in the marketing of petroleum products. He has also gained extensive experience in engaging with multinational oil companies, serving as non-executive chairman of Indian Oil Petronas Pvt Ltd, a joint venture between IOC and Petronas ...

The government on Wednesday named interim chairmen for top oil firms, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL), as appointment of full-time heads is work in progress. Satish Kumar Vaduguri, Director (Marketing), IOC has been appointed interim chairman of the company for three months starting September 1, an oil ministry order said. He replaces Shrikant Madhav Vaidya who completes his extended term at month-end. In a separate order, the ministry appointed Rajneesh Narang, Director (Finance), HPCL as the chairman and managing director of the company for three-month period starting September 1. He would replace Pushp Kumar Joshi who superannuates on completion of 60 years of age on August 31. With government headhunter PESB not finding anyone suitable, three-member search-cum-selection committees are looking for heads at both IOC and HPCL. On August 11, the panel interviewed nearly a dozen candidates and is learnt to have zeroed in on Sandeep Gupta

Only two parties submitted bids for company's tender to construct India's inaugural green hydrogen plant in Panipat

The aim is to raise $24 billion in the current April-March fiscal year and re-invest the funds in the companies

The uptick in share price came after Time Technoplast announced that it has secured an additional order for supply of Type-IV LPG composite cylinders from Indian Oil Corporation Limited (IOCL)

The tax, which is revised every fortnight, remains unchanged at zero for diesel and aviation turbine fuel

The Indian Army has collaborated with the Indian Oil Corporation Limited (IOCL) for incorporating green and sustainable transport solutions in the force. A Memorandum of Understanding (MoU) was signed between the Army and the IOCL in presence of Army Chief Gen Manoj Pande and Indian Oil Chairman Shrikant Madhav Vaidya on Monday to take forward the initiative. At an event, one hydrogen fuel cell bus was received by the Indian Army under the framework of the collaboration. "This marks the commencement of mutually beneficial partnership between Indian Army and IOCL. The MoU emphasised the commitment to fostering innovation and advancing sustainable transport solutions for the future," the defence ministry said. Hydrogen fuel cell technology offers a clean and efficient alternative by converting hydrogen gas into electricity through an electro-chemical process. The process leaves water vapour as the only by-product, thus ensuring zero emission, the ministry said. The hydrogen fuel ce

State-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd reported bumper profits totalling about Rs 81,000 crore in FY24, which far exceeded their annual earning in pre-oil crisis years. The combined standalone net profit of IOC, BPCL and HPCL in April 2023 to March 2024 (FY24) was better than their annual earning of Rs 39,356 crore in pre-oil crisis years, regulatory filings by them showed. All the three companies posted the highest ever standalone as well as consolidated net profit in FY24. The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore, according to the company's regulatory filing. Thi

Brent crude price has surged nearly 10 per cent over the past one month, and are hovering near their highest level since October 2023

Brent crude rose 23 cents to $86.98 a barrel by 0118 GMT. US crude futures climbed 28 cents to $82.23

The recently closed other big green H2 tender was by Solar Energy Corporation of India (SECI) under the aegis of the Union Ministry of New and Renewable Energy

The Supreme Court on Monday permitted Indian Oil Corporation (IOC) and ArcelorMittal Nippon Steel India Limited (AMNSIL) to initiate arbitral proceedings to resolve their dispute relating to Essar Steel India Limited (ESIL). A bench headed by Chief Justice D Y Chandrachud, which had reserved the judgement on the pleas on February 5, took note of the submissions of Solicitor General Tushar Mehta, appearing for the IOC, and senior advocates Harish Salve and Abhishek Singhvi, representing the AMNSIL, that they wanted to go for arbitration. Paving the way for arbitration, the bench asked the IOC and the ArcelorMittal firm to nominate two arbitrators within a week. The two arbitrators will then nominate the third for resolving the dispute. The parties have agreed to nominate two arbitrators within a week. The two arbitrators so appointed will nominate the third arbitrator. In view of the agreement of the parties, the Delhi High Court's judgment dated October 10, 2023 is rendered ...

The country has expanded its list of source nations for oil and gas to 39 nations, up from 27 countries two years ago

ONGC, IOC and other oil PSUs will invest about Rs 1.2 lakh crore in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals and laying pipelines to meet the needs of the world's fastest-growing energy consuming nation. The investment proposed in 2024-25 is 5 per cent higher than Rs 1.12 lakh crore spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents. Oil and Natural Gas Corp (ONGC) has a planned capital spending of Rs 30,800 crore in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made, is slightly higher than Rs 30,500 crore capex in 2023-24 fiscal (April 2023 to March 2024). It is developing discoveries on both east and west coasts of the country. The top oil producer's overseas arm, ONGC Videsh Ltd (OVL) will invest 68 per cent more at Rs 5,580 crore in 2024-25 in oil and gas operations abro

Reduction in discounted Russian supplies will affect gross refining margins, as cheaper crude contributes to the profits of Indian Oil, Bharat Petroleum and Hindustan Petroleum

India, the world's third-biggest oil importer and consumer, is keen to cut its carbon footprint to meet its 2070 net-zero carbon goal

The court has instructed the authorities to process the input tax refund sought by IndianOil despite the tax rate on its principal input and principal output being the same

The government has mandated that all petrol pumps set up after 2019 must have one alternate energy supply besides petrol and diesel. The alternate fuel could be CNG, biogas, or EV charging facility