A major fire near the main unit of the newly built Rajasthan refinery of HPCL has postponed the inauguration by Prime Minister Narendra Modi. The fire, which broke out near the crude distillation unit, was doused in about two hours with no reported casualties.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
These mega projects, worth about Rs 1 trillion, would boost the economy, ensure smooth supply of petroleum products across the nation and also provide the much-needed relief to people looking to get back to work after the lockdown.
Indian Oil Corporation on Friday offered a stake to Kuwaiti companies in its upcoming petrochemical plant at Panipat and the proposed refinery at Paradip.
Indian Oil Corporation may expand its Haldia refinery in West Bengal to 7.4 million tonnes from 6 million tonnes, IOC chairman M S Ramachandran said on Monday.
Indian Oil Corporation (IOC), the nation's largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft, the Russian oil producer said. IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives. For 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk.
Indian Oil Corporation plans to invest about Rs 25,000 crore (Rs 250 billion) for setting up a new 15 million tonnes refinery and petrochemicals complex at Ennore in Tamil Nadu to maintain its position as India's largest refiner.
The last week of March saw a series of new refining capacity going on stream. HPCL-Mittal Energy, Essar Oil and Mangalore Refinery & Petrochemicals (MRPL) were able to announce completion of capacity additions a couple of days before the seven-year tax holiday in this regard came to an end, on March 31.
GAIL will have 36 months to lay and commission the pipeline with a capacity to transport up to 60 mscmd of gas.
While Moily refused to elaborate on the reasons for the deferment, sources said his ministry had raised concerns over pricing of IOC shares.
Indian Oil Corporation, the country's largest oil firm on Monday reported the first ever net loss in its history and said the government freeze on fuel prices may impact its expansion plans including setting up of a new refinery at Paradip in Orissa.
State-owned Indian Oil Corp plans to invest more than Rs 23,000 crore (Rs 230 billion) over the next five years in adding new capacities at the existing refineries and building a new refinery at Paradip in Orissa.
With the Petroleum Ministry opposing disinvestment of IOC in the market, government is exploring the option of selling its shares to other oil PSUs like ONGC and OIL.
Engineering conglomerate Larsen & Toubro (L&T) is preparing the ground to begin the commercial sale of electrolysers in September, which would be 50 per cent cheaper than its European counterparts, a senior company executive has said. An electrolyser is a key equipment required for the generation of green hydrogen. Last quarter, L&T manufactured its first electrolyser as a prototype.
"Once the pipeline becomes operational, HDC will lose an annual cargo inflow of 18 million tonne in petroleum and POL products. Given that HDC earns about Rs 100 per metric tonne, the loss works up to Rs 180 crore," Secretary of the Haldia Dock Officers' Forum R K Burman told PTI. Besides, the three oil jetties at HDC, set up at a cost of about Rs 75 crore (Rs 750 million), would become underutilised, Burman said.
The fall in crude prices has added to the gains.
Attractive pricing coupled with improving prospects make the offer lucrative
While seven companies bagged orders worth Rs 42,000 crore, industry experts said most of this new order activity was a spillover, and fresh project finalisation remains weak.
Analysts are enthused by BPCL's upstream foray and have re-rated the stock in the past couple of years.
At least three persons died on Saturday after uprooted trees fells on them in Odisha ahead of Cyclone Phailin's landfall at Gopalpur.
Known for stable returns, near debt-free status and dividend track record, these 10 PSU stocks are worth buying now.
India has already pipped Japan as the world's third-largest oil consumer.
Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
These are companies with a strong track record and good prospects on earnings.
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