State owned refiner Indian Oil Corporation has proposed merger of its subsidiaries Indian Oil Blending Ltd, IBP Co Ltd, Bongaigaon Refinery and Petrochemicals Ltd and Chennai Petroleum Corp Ltd with itself, Petroleum Minister Mani Shankar Aiyar said
Delayed compensation and rising working capital requirement force oil marketing firms like IndianOil to turn to borrowings.
The joint venture will participate in exploration and production of gas and oil globally. It will also develop natural gas infrastructure projects.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
Under the partnership, IOC's rural petrol pump outlets -- Kisan Seva Kendras -- will act as the bank's Business Correspondents, HDFC Bank said in a statement.
The government on Thursday approved the merger of Indian Oil Blending Limited with the Indian Oil Corporation saying the merged entity is likely to achieve higher long-term financial returns than could be achieved by the companies individually.\n\n
IOC, at present, has seven refineries with a cumulative capacity of 54.2 million tonnes per annum capacity.
Oil marketing companies IndianOil, Bharat Petroleum and Hindustan Petroleum together blocked nearly 2.9 million LPG connections belonging to customers having more than one connection across states.
The IOC stake sale will, however, dwarf in front of Rs 22,557 crore or Rs 225.57 billion that the government raised through a stake sale in Coal India Ltd last year.
'We began foolishly bragging about Saudi-Emirati investment plans as indicative of the sheikhs 'distancing' from Pakistan, including on Kashmir,' notes Ambassador M K Bhadrakumar.
Army XI made a stunning comeback in the second-half, pumping in four goals, to hold Air India 4-4 and keep their semi-final hopes alive in the 117th Beighton Cup hockey tournament in Kolkata on Wednesday.
The former beat Indian Oil while the armymen accounted for Air India in the Ranjit Singh hockey tournament.
Indian Oil Corporation Ltd is to submit an expression of interest to acquire the marketing assets of an oil company in Thailand.
'I have no problems with the finance ministry or with state governments treating petrol pump prices as the last resort for meeting their ambitious spending targets with very limited revenue resources.' 'But let's do away with this smokescreen of free pricing of petrol and diesel and go back to administered pricing regime,' says Dr Sudhir Bisht.
According to data compiled by BS Research Bureau for BSE 100 companies, seven public sector companies -- Indian Oil Corporation (IOCL), Bank of India, Union Bank, Bharat Petroleum (BPCL), Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum (HPCL) and GAIL -- have reduced their employee costs ranging from one per cent to 21 per cent.
The Houston-based company is selling up to 50 per cent of its oil-sand reserves in Alberta. There are some producing assets and some exploration assets on offer.
Petrol price cut by Rs 1.46, diesel by Rs 1.53 per litre
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They beat Indian Oil 5-4 via sudden-death in the final of the tournament.
It constitutes over 40 per cent of an airline's operating costs.
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Sources said a meeting of heads of the oil marketing companies -- Indian Oil, Bharat Petroleum and Hindustan Petroleum -- was called off.
A bench of Justice R Y Ganoo and Justice N M Jamdar ordered service of notices to the respondents, who apart from the central ministries also include the oil marketing companies, namely the Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation Ltd.
Even as automobile manufacturers are considering increasing the prices of their products, an increase in auto fuel prices is also imminent.
IOC along with HPCL and BPCL took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
A 14.2-kg LPG cylinder that consumers will have to buy after they exhaust their enhanced quota of 9 subsidised bottles in a year, will cost Rs 942 from today, according to Indian Oil Corporation.
Modi said that the ocean economy held 'enormous promise'.
Losses on sale of diesel at government-controlled rates have hit a record Rs 19.26 a litre, sending state-owned oil companies scrambling for ways to cover the mounting losses.
Rates at different airports vary because of differential in local sales tax or value added tax.
India's companies are today amongst the biggest companies in the world.
State-run banking giant SBI has said it temporarily exceeded RBI-prescribed credit exposure limit for the fourth year in a row in 2011-12 with regard to loans given to Mukesh Ambani-led Reliance Industries (RIL).
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd.
The proposed China visit of Oli, who took over as prime minister in October, is in marked contrast to the usual practice the new prime ministers of Nepal follow. Most of the Nepalese premiers have visited India, ahead of China.
"Air India is unable to pay even after a 90-day credit period. They owe us about Rs 300 crore without interest. There is also no bank guarantee from Air India to any of the oil marketing companies. We do not know when will the company honour its dues," said a BPCL official on condition of anonymity.
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