Indianoil

Indian Oil Corporation probes allegation of US firm bribing officials

State-owned Indian Oil Corporation (IOC) has begun a probe into allegations of a US speciality chemicals firm bribing its officials 15 years back to obtain contracts to supply catalysts, according to a company's regulatory filing. Albemarle Corporation, a global speciality chemicals supplier that develops and sells catalysts used in the operation of oil refineries, allegedly "paid approximately USD 1.14 million in commission to India intermediary company relating to Indian Oil Corporation business and obtained approximately USD 11.14 million in profits on that business between approximately 2009 and 2011," according to a US SEC order dated September 28, 2023. Albemarle was caught for bribery by the US authorities in 2017 and then settled the case in September 2023 by paying a hefty fine of more than USD 198 million to avoid prosecution. In a filing, IOC said it is "neither party to nor is there any allegation against the company in relation to the proceedings" in the US SEC. "Howev

Indian oil giants, Brazil's Petrobras in talks for long-term crude supply

Indian Oil, Hindustan Petroleum, and Bharat Petroleum are negotiating with Brazilian energy major Petrobras to secure long-term crude oil supply contracts to diversify its energy sources

SUN Mobility partners with IndianOil for setting up battery swapping infra

SUN Mobility on Wednesday announced a strategic collaboration and a joint venture with IndianOil for setting up and deploying a battery swapping infrastructure network by 2030. The joint venture expects to scale up to 10,000 battery swapping stations across 40+ cities in the next three years and will enable seamless adoption of electric mobility across two, three as well as small four-wheelers with 'Battery as a Service' (BaaS) mobility solution, the company said in a statement. The JV brings together IndianOil's network of over 37,000 fuel stations across the country, with SUN Mobility's battery swapping technology making it as accessible as conventional fuel stations, it said. It will thus streamline the customer's EV experience by conveniently offering BaaS across nation and alleviate worries of battery cost, maintenance, replacement, and charging time. SUN Mobility currently supports more than 25,000 electric vehicles in the country across 20 cities, using over 630 stations an

IndianOil sets sight on Grand Prix, to join high table of F1 fuel producers

After delivering back-to-back innovations in fuel grades, Indian Oil Corporation (IOC) has now set sight on the Grand Prix and will in next three months start producing fuel used in adrenaline-pumping Formula One or F1, motor racing. The firm's refinery at Paradip in Odisha will in three months produce the petrol used in F1 car racing, its chairman Shrikant Madhav Vaidya said. IOC, the country's largest oil firm controlling roughly 40 per cent of fuel market share, will be the first Indian company and only a handful globally that will produce fuel used in F1 racing. Vaidya said the company expects to get its Formula 1 fuel certified in around three months, after which it will start competing with other global majors like Shell to supply it to the F1 teams. F1 fuel is essentially high-octane petrol and the standards are heavily regulated by global motor sport governing body Federation Internationale de l'Automobile (FIA) on various counts, including permissible additives and blendin

IOC, Gail and ONGC fined for failure to appoint directors on their board

Listing norms require companies to have independent directors in the same proportion as executive or functional directors. They are also required to have at least one woman director on the board

IndianOil, Adani Gas JV to invest $300 million to double gas sales

The joint venture aims to double gas sales in four years and strengthen infrastructure to more than 600 retail outlets during the period to meet India's rising gas demand, Jha added

L&T bags 'large' contract for hydrocarbon biz from IndianOil Adani Ventures

The scope of work includes engineering, procurement, construction, and commissioning of offsite tankages, bullets and other associated facilities on lump sum turnkey basis

Indian Oil to invest Rs 1,660 cr in JV with NTPC to set up power plants

Indian Oil Corporation, the nation's biggest oil firm, will invest Rs 1,660.15 crore as equity in a newly set up joint venture with energy major NTPC Ltd for setting up renewable power plants. In June, IOC and NTPC had formed a 50:50 joint venture company, IndianOil NTPC Green Energy Pvt Ltd, to set up renewable energy projects to meet round-the-clock power requirements of refineries of the oil company. In a stock exchanging filing, IOC said its Board in a meeting on October 13, "has accorded approval to the investment plan of the joint venture company for setting up of renewable energy power plants and approved the equity contribution of up to Rs 1,660.15 crore towards Indian Oil's share of 50 per cent in the equity share capital of the JVC." On June 2, IOC incorporated the joint venture company (JVC) with NTPC Green Energy Limited, (a wholly-owned subsidiary of NTPC Limited). "IndianQil NTPC Green Energy Private Limited will develop renewable energy-based power projects (viz. sol

IndianOil unveils nation's 1st green hydrogen run bus that emits just water

India's top oil firm IOC on Monday unveiled the nation's first green hydrogen-powered bus that emits just water as it takes the lead in bringing out unrivaled tools to replace fossil fuels. Indian Oil Corporation (IOC) will produce close to 75 kg of hydrogen by splitting water using electricity from renewable sources. This hydrogen will be used to power two buses which will ply across the national capital region for trial runs. Oil Minister Hardeep Singh Puri, flagging off the buses, said hydrogen will be India's transition fuel for moving away from fossil fuels. IOC's R&D Centre at Faridabad is producing green hydrogen for the pilot run. Four cylinders with a capacity of 30 kg can run the buses for 350 km. It takes 10-12 minutes for the four tanks to fill. Hydrogen when burnt emits only water vapour as a by-product. With three times the energy density and the absence of harmful emissions, hydrogen shines as a cleaner, more efficient choice to meet the energy requirement. As much

Indian Oil, Praj enter JV to advance biofuels production capacity in India

Various biofuels covered under the memorandum of understanding (MoU) include sustainable aviation fuel (SAF), ethanol, compressed biogas (CBG), biodiesel, and bio-bitumen

Have commenced dispensing CNG, PNG connections to households: IndianOil

State-owned IndianOil commenced dispensing of CNG and PNG (piped natural gas) connections to residential units and the company has set a target of providing 1.50 crore connections across the country, a top official has said. A CNG (compressed natural gas) cylinder testing unit, claimed to be the first-of-its-kind to be set up in Tamil Nadu by AIRVIO Technologies, was inaugurated by IndianOil Corporation Ltd Director-Pipelines S Nanaware near here. CNG and PNG are almost 30 per cent cheaper than alternate fuels and considered "very safe", he said. "It does not have any problem as compared with LPG and MS (motor spirit). This is very safe. In particular, households wherever they are using it as a fuel are safe. Because this is lighter than air and (even) if any leakage is there, it will go into the air without causing any harm to anybody and it is also cheaper," he told reporters. Responding to a query, he said for IndianOil Corporation, the target is to provide 1.50 crore in the ...

ONGC to get dividend from Russian field; repatriation of income an issue

PSUs have found it challenging to repatriate their dividend incomes from some other Russian oil and gas fields as well, thanks to the Western sanctions

IndianOil, Adani-Total, Shell lap up Reliance's KG-D6 gas; IOC top bidder

State-owned Indian Oil Corporation (IOC), Adani-Total Gas Ltd and Shell were among the 29 companies that bid and bought natural gas to be produced from the deepest field in the KG-D6 block of Reliance Industries Ltd and bp, sources said. IOC walked away with almost half of the 6 million standard cubic meters per day of gas sold in an e-auction on Wednesday while state-owned gas utility GAIL bought 0.7 mmscmd, Adani-Total Gas Ltd 0.4 mmscmd, Shell 0.5 mmscmd, GSPC 0.25 mmscmd and IGS another 0.5 mmscmd, two sources with knowledge of the matter said. Reliance-bp on Wednesday held an e-auction for sale of gas from the MJ field in their eastern offshore KG-D6 block after incorporating the government's new marketing rules to give CNG-selling city gas companies first priority over supplies. The bidding saw participation from 41 companies from various sectors including city gas, fertiliser, oil refinery, glass, ceramics and traders, sources said adding unlike previous auction Reliance did

IndianOil to pump in Rs 2,200-cr investment for projects in Tamil Nadu

Indian Oil Corporation has lined up investments of over Rs 2,200 crore in Tamil Nadu in the next two years towards taking up major grassroots and expansion projects in the state, a senior company official said on Tuesday. The projects include 'grass-roots terminal' at Asanur and Vallur, 'captive petroleum' project, oil and lubricant-LPG jetty at Kamarajar port among others, Indian OilCorporation Ltd executive director and Tamil Nadu State Head, V C Asokan told reporters here. The company would also take up the work for setting up the integrated Lube complex at Ammulaivoyyal village on the outskirts of Chennai, apart from the ongoing projects in the Ennore-Tiruvallur sector, Bengaluru-Puducherry-Nagapattinam-Madurai-Turicorin gas pipeline and augmentation of Chennai-Tiruchirappali-Madurai pipeline projects, he said. Asokan was here to review and deliberate on the LPG Bottling plant near Kinathukadavu on the outskirts about its LPG storage and distribution infrastructure. The joint

Indian Oil to open 50 fuel stations in Sri Lanka to help alleviate crisis

Sri Lanka has given approval for India's Lanka Indian Oil Corporation to open 50 new fuel stations, as part of efforts to reduce severe shortages that have crippled the island nation.

Markets are not fully pricing in fuel-led inflation yet, say analysts

Retail prices of petrol and diesel had been on a freeze since October 2021 when crude oil prices were hovering around $80 a barrel

IOC to invest Rs 9,028 crore for setting up a new crude oil pipeline

IOCL operates a network of more than 15,000-km long crude oil, petroleum product and gas pipelines

In its first such move, IndianOil lists foreign currency bonds on IFSC

Securities worth SGD 400 million and $1.4 billion, issued in 2012, 2013 and 2019 respectively are now listed," a statement from IFSC said.

IndianOil to build India's first green hydrogen plant at Mathura Refinery

The firm is in the process of setting up one-tonne-per-day pilot plants based on four innovative hydrogen production technologies

Indian Oil reports 174% spike in Q1 consolidated net at Rs 6,109.69 cr

Expects diesel demand to reach pre-Covid levels by Diwali