Page 6 - Indian Oil Corporation

Top headlines: Delhi bans gatherings; I-T raids at Chinese mobile firms

Business Standard brings you the top headlines on Wednesday

Oil PSUs to set up 22,000 EV charging stations in the next 3-5 years

IOC, the country's largest state-controlled refiner by capacity, will set up EV charging facilities at 10,000 fuel outlets over the next three years, Chairman Shrikant Madhav Vaidya said

IOC expects 100% refinery run within a quarter as fuel demand returns

Indian Oil Corp (IOC), the nation's largest oil firm, expects refinery run to reach 100 per cent within a quarter as fuel demand returns, its chairman SM Vaidya said. Speaking at India Energy Forum by CERAWeek, he said petrol and cooking gas LPG demand is already above pe-COVID levels and diesel - the most consumed fuel in the country - is inching back to normalcy. "Energy demand is rebounding in India with the revival of economic activity" after a devastating pandemic, he said. India's energy demand had halved after a nationwide lockdown was imposed in late March last year. But with gradual easing of restrictions, economic activity has rebounded. Vaidya said the robust energy demand in India is only set to grow in the future. "LPG and petrol have already exceeded pre COVID levels, and we expect refinery capacity to reach 100 per cent by the next quarter," he said. IOC's refineries operated at 82 per cent of capacity in September and are above 90 per cent this month. He said IOC

Indian Oil in talks with state transport undertakings for hydrogen projects

The units in UP and Gujarat will be close to the refineries. Plan is to run 10-20 buses in both states initially; Kerala to have a standalone green hydrogen unit

IOC, CPCL start working on Rs 31,580-cr refinery project at Nagapattinam

While both the companies will hold 25 per cent each in the proposed 9 million tonne per annum (MTPA) refinery, the remaining 50 per cent will be held by a strategic or financial partner

India may need additional 2 mn bpd refining capacity by 2030: IOC chair

India, the world's third-biggest oil importer and consumer, currently has 5 million barrels per day of refining capacity. IOC controls about a third of that.

From IOC to Reliance: India's ambitious hydrogen push gains currency

Hydrogen is the latest buzz for meeting the world's energy needs. Being the cleanest form of energy, it can be produced from a variety of resources, such as natural gas, biomass

IOC may sell some of its petrol pumps to JV with Malaysia's Petronas

IOC may sell some of its over 32,300 petrol pumps to a joint venture with Malaysia's Petronas with a view to monetising vast fuel marketing network, its Director (Finance)

IOC to invest Rs 24,000 cr in Gujarat refinery expansion, petchem project

State-owned Indian Oil Corporation (IOC) on Monday said it has signed up an investment pact for adding petrochemical and lube plants to its previously announced plan to expand crude oil processing capacity at its Koyali refinery at Vadodara in Gujarat. Expanding refining capacity by 4.3 million tonnes per annum to 18 million tonnes and adding plants to produce 500,000 tonnes per annum of polypropylene and 2,35,000 tonnes of lube oil base stock at the site would see total investment of about Rs 24,000 crore. "Chief Minister of Gujarat Vijaybhai Rupani and Union Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan today presided over an MOU signing ceremony for 'Investment Promotion' between the Government of Gujarat and IndianOil for setting up a Petrochemical and Lube Integration (LuPech) Project and Acrylics / Oxo Alcohol Project along with other infrastructure projects at Gujarat Refinery," a company statement said. The LuPech project will produce import substitutes .

Indian Oil swings into black with record Rs 21,000-cr profit in FY21

Firm attributes remarkable to inventory gains caused by fluctuating global oil prices and rising sales of high-margin petrochemical products

O2C, Indian Oil Corp bag supplies in intense bidding for KG-D6 gas

RIL and its partner BP of the UK had offered 5.5 million standard cubic meters per day of additional gas in the auction for a flexible tenure of 3-5 years

IOC to buy Guyanese crude as India doubles up on cutting Opec dependence

According to oil ministry officials, this deal is at competitive rates and is in line with the strategy to have multiple sources of crude oil for Indian refiners

BHEL receives order worth Rs 400 crore from Indian Oil Corporation

State-run engineering firm BHEL has bagged an order worth Rs 400 crore for setting up a sulphur recovery unit at Indian Oil's Paradip Refinery in Odisha. "Against stiff international competitive bidding (ICB), Bharat Heavy Electricals Limited (BHEL) has bagged a major order for a sulphur recovery unit from IOCL (Indian Oil Corporation Ltd)", a BHEL statement said. With this order, BHEL has made an entry into the downstream oil & gas process package business. According to statement, the package, valued at over Rs 400 crore, envisages setting up a 525 TPD (tonne per day) sulphur recovery unit at IOCL's Paradip Refinery in Odisha. Notably, the company's diversification strategy into non-coal based business areas has begun paying dividends and this is a milestone order for BHEL as part of its new growth areas initiative. With the execution of this order, BHEL will establish itself as an LSTK (lump sum turn key) player for process packages in the downstream oil & gas sector. BHEL's

Indian Oil Corporation enters into joint venture with Israeli firm Phinergy

Indian Oil Corporation (IOC) entered into a collaboration with Phinergy, an Israeli start-up company specialising in hybrid lithium-ion and aluminium-air, to form IOC Phinergy Private Limited

IOC, Israeli firm form JV to to manufacture metal-air batteries for EVs

Indian Oil Corporation and Israeli battery developer Phinergy on Wednesday formalised a joint venture to manufacture ultra-lightweight metal-air batteries for electric vehicles (EVs)

Stocks to watch: Affle India, BEML, RIL, auto stocks, RailTel, IOC, Vedanta

Vedanta Resources has raised $1.2 billion in a bond offering that saw strong investor interest

IOC to invest Rs 32,496 cr to expand Panipat refinery capacity

The firm said it will invest to expand its oil refinery at Panipat in Haryana to 25 million tonnes per annum capacity

Indian mission in Sri Lanka denies Trincomalee oil tanks deal off

The Indian High Commission here has rejected Sri Lankan energy minister's claim that the deal between the two countries on Trincomalee oil tanks leased to the Indian Oil Corporation has been scrapped.

Sri Lanka to re-acquire 99 oil tanks leased to Indian Oil Corp: Minister

Sri Lanka will re-acquire 99 World War II-era oil storage tanks leased to Indian Oil Corporation in the eastern port district of Trincomalee

Indian Oil consolidated net profit jumps 52% to Rs 4,102.37 crore in Q3

Board declares interim dividend of Rs 7.50 per share