Iocl

Indian Oil ties up with Novac Technology Solutions for employee upskilling

This strategic partnership between IOCL and Novac Technology Solutions signifies a monumental leap forward in workforce development and learning innovation within the energy sector

IOCL Q3 net profit shrinks 76% to Rs 2,115 crore as refining margins fall

Despite growing sales and exports, lower crude prices pulled down revenue to Rs 2.19 trillion

DEE Development Engineers expects revenue to triple to Rs 2,400-cr: CMD

DEE Development Engineers, a piping solutions provider, expects its revenue to triple to around Rs 2,400 crore in the next three to five years as it embarks on its next phase of growth, the company's Chairman and Managing Director (CMD) Krishan Lalit Bansal said. The company, which reported a revenue of Rs 785 crore in 2023-24, is expecting higher revenue in the current financial year, Bansal said during an interaction here. DEE Development Engineers has launched its new facility in Anjar with an investment of Rs 250 crore. The facility, with an initial capacity of 12,000 tonnes per annum, is expected to be ramped to 27,000 tonnes per annum by September this year. The company also plans to come up with a Rs 90-crore seamless pipe manufacturing facility in Anjar by December this year, Bansal added. This unit will have an annual production capacity of 7,000 metric tonnes. "We are putting up a specialised forged seamless pipe plant also. The pipes produced out of that shall primarily

Govt plans to give LPG subsidy worth Rs 35,000 cr to IOC, BPCL, and HPCL

The government is likely to provide a subsidy of Rs 35,000 crore to state-owned Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) to make up for losses they incurred on selling the fuel this fiscal, sources said. The three fuel retailers have kept the price of domestic LPG unchanged at Rs 803 per 14.2-kg cylinder since March 2024 despite a rise in input raw material cost. This led to under-recoveries on LPG sales, and the resultant drastic fall in their earnings in the April-September (first half of current 2024-25 fiscal year). The total under-recovery on LPG sales for the industry in the current fiscal is estimated at about Rs 40,500 crore. Against this, the government is likely to provide Rs 35,000 crore in total spread over two financial years, two sources with knowledge of the matter said. IOC, BPCL and HPCL are likely to get Rs 10,000 crore during the current 2024-25 fiscal and the remaining Rs 25,000 cror

Indian Oil rises 2% as board approves setting up of yarn project in Odisha

The setting up of the yarn project is approved to be done in a 50:50 Joint Venture (JV) with MCPI Pvt. Ltd. The Oil India's equity contribution of towards the project stands at Rs 657.33 crore

IOCL declines 4% after slipping into loss in Q2 from profit a year ago

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

IOCL reports Q2 net loss of Rs 169 crore as refining, marketing margins dip

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

V Satish Kumar given additional charge, takes over as IOC chairman

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 ...

Satish Vadugiri named interim chairmen for IOC, Rajneesh Narang for HPCL

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

IOC cancels green hydrogen tender again after bidders' disinterest

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

Modi govt departs from privatisation plans, might overhaul state-run firms

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

Time Technoplast zooms 5% on bagging additional order of Rs 55 cr from IOCL

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)

Govt cuts windfall tax on petroleum crude to Rs 5,200 per MT from Rs 5,700

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

Army collaborates with IOCL for green, sustainable transport solutions

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 retailers IOC, BPCL, HPCL post Rs 81,000 cr profit in FY24

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

OMCs in focus: HPCL, IOCL fall up to 3% as Brent crude nears $90/bbl

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

Oil prices continue to rise on expectations of limited supply from Russia

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

IOCL to relaunch tender to set up a green hydrogen production unit

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

IOCL, ArcelorMittal get nod for arbitration to resolve Essar Steel dispute

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 ...

India's oil need stabilises global price and demand: Minister Hardeep Puri

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