Oil Refinery

Maharashtra loses out as Gujarat and Andhra secure Saudi-backed refineries

Gujarat and Andhra Pradesh are likely to get Saudi-backed refineries amid talks of $100 billion Saudi investments and bilateral energy collaboration with India

Blast in storage tank causes fire at IOCL Vadodara refinery; 1 dies

A fire broke out at the Indian Oil Corporation (IOCL) refinery in Vadodara on Monday following a blast in its storage tank, a police officer said. No casualties are reported and the final head count is being conducted, said Vadodara Police Commissioner Narasimha Komar, adding that things are under control. The blast at the IOCL refinery in the Koyali area on the outskirts of Vadodara occurred at 4 PM, triggering the blaze. Visuals showed thick plumes emerging from the refinery which can be seen from kilometres away. Several workers were evacuated and can be seen exiting the IOCL campus. "A benzene storage tank caught fire after a blast at the refinery. They (IOCL) have isolated the affected storage unit. Fire tenders are deployed to control the situation," Komar told PTI. The police officer said no casualty has been reported even as the final head count is being done to find if anybody is missing, which prima facie seems unlikely. Komar said fluid circulation in the IOCL complex

BP profit slumps to $2.3 bn on weak refining margins, oil trading results

The decline was smaller than expected amid a slowdown in global economic activity and oil demand, particularly in China

PetroChina set to shut top north China's largest domestic refinery in 2025

Dalian represents 3 per cent of China's refinery capacity and shutting the site should cut into the country's world-leading crude imports

ONGC Videsh's focus on stakes in oil, gas assets amid energy transition

ONGC Videsh, the overseas investment arm of the country's top exploration company Oil and Natural Gas Corp has stake in 32 oil and gas projects in 15 countries

BPCL and ONGC to jointly explore setting up a new refinery: Report

BPCL plans to increase its integrated refining and petrochemical capacities within the next five to seven years to meet growing energy demand

PSU refiner BPCL expects further cuts in oil OSPs as fuel margins drop

Indian refiners have also raised imports of Russian crude sold at discounts after Western nations imposed a raft of sanctions against Moscow for its invasion of Ukraine

India's state refiners in talks for long-term oil import deal with Russia

Nayara Energy and Reliance Industries have already signed term deals for Russian oil imports

Cash-rich commodities traders snapping up refineries from Big Oil

Oil majors are also under pressure from institutional investors to cut emissions

BPCL to shut 6 MTPA crude unit at Kochi refinery for one-month maintenance

BPCL also plans to expand the Bina refinery's capacity from the current 7.8 MTPA to 11 MTPA by mid-2027

BPCL to invest Rs 1,400 cr to set up sustainable aviation fuel facilities

The company operates three refineries located in Mumbai, Kochi, and Bina (Madhya Pradesh), with collectively refining capacity of 35.3 million metric tonnes per annum

Haldia Petrochemicals signs 10-yr pact with QatarEnergy for naphtha supply

'Deal reaffirms commitment to be part of India's economic growth trajectory,' says Qatar's energy minister

Bharat Petroleum seeks Rs 31,000 crore loan for Bina refinery expansion

SBI Capital Markets has been appointed to secure the loan required for Bina refinery expansion, which is estimated to cost nearly Rs 20,000 crore

State-owned BPCL planning to set up new refinery worth Rs 50,000 crore

The state-run oil marketing company will invest around Rs 50,000 crore in the project and is currently assessing locations in three states - Andhra Pradesh, Uttar Pradesh, and Gujarat

ONGC seeks technical help to raise oil, gas output at Mumbai High field

State-owned Oil and Natural Gas Corporation (ONGC) is seeking help from an internationally-proven technical service provider to raise oil and gas production from its flagship but old and maturing Mumbai field in the Arabian Sea. The firm has floated an international tender to identify the service provider who will help raise production from the field, ONGC said in a post on X. "The giant multi-layered Mumbai High field, which commenced production 48 years ago in 1976, is currently in its mature stage of production and ONGC has implemented a number of schemes in this field to improve production," it said. "As a custodian and operator of Mumbai High field, ONGC is keen to collaborate with a global technical service provider. The service provider would be contracted for 10 years, extendable by another five years." Mumbai High field lies 160 kilometres off the coast of Mumbai and produces about 38 per cent of India's oil production. While it hit a peak output of 40,000 barrels per day

China's annual oil refinery output falls for first time in 20 months

The 3.3 per cent fall was the first year-on-year decline since August 2022

Chennai Petroleum sees two-year delay in building 180,000 bpd refinery

The company recently changed the capital structure of the joint venture building the project, with its parent company Indian Oil Corp controlling a 75% stake and Chennai Petroleum the remainder

Brokerages raise targets on RIL stock post Q4; check latest prices here

The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical

Haldia Petchem planning $10 bn oil-to-chemical project in south India

The company wants to boost profits by locally producing specialty chemicals

Chennai refinery expansion cost goes up over Rs 3,600 crore, says IOC

State-owned Indian Oil Corporation (IOC) on Thursday said it will raise its stake in the joint venture building a 9 million tonnes refinery at Chennai to 75 per cent after the cost to the project escalated by over 12 per cent. Originally, IOC and its subsidiary Chennai Petroleum Corporation Ltd (CPCL) were to hold a 25 per cent stake in the joint venture that was to build a new unit adjacent to the existing refinery of CPCL. The remaining 50 per cent equity was to come from financial investors. In a stock exchange filing, IOC said its board at its meeting on Thursday "accorded approval for the revision in cost of the project from Rs 29,361 crore to Rs 33,023 crore". The cost increased Rs 3,662 crore or 12.5 per cent. "The Board has also accorded approval for revision in the capital structure of the joint venture with 75 per cent equity from IndianOil and 25 per cent equity from CPCL," it said. The company however did not give reasons for the cost escalation. IOC said its board ha