Indian Oil Corporation is India's only Fortune 500 company.
"Petrol margins will turn positive from Saturday. Based on the average crude price of second fortnight of October, it (margin) should be around Rs 4 a litre," IOC Chairman Sarthak Behuria told reporters. However, the company would continue to make losses on diesel sales at about Rs 1 a litre.
As part of its efforts to make Indian firms globally competitive, the government has allowed refiner Indian Oil Corporation and exploration firm Oil and Natural Gas Corporation to set up oil trading and risk management desk.\n\n\n\n
USA withdrew from Russian-led International Boxing Association and is set to join the breakaway federation.
IBP's strong presence in the northern markets will complement IOC's marketing strengths and therefore, on a consolidated basis, the combined entity will benefit (but in FY05, the merger is likely to affect IOC's profitability marginally). \n
Indian Oil Corporation may buy the government's 26 per cent stake in oil and gas exploration firm Oil India Ltd for about Rs 2,000 crore (Rs 20 billion).
The once state-owned POAS is the leading player in the distribution, marketing and storage of refining petroleum products in Turkey. Besides, several other companies also have a sizeable market share, including BP, ExxonMobil, Shell, Total, and Turkish company Opet. IOC has tied up with Calik Enerji of Turkey to takeover a fuel retailing company in Turkey, a company official said but declined to identify the target company.
The Indian Oil Corporation's attempt to raise $35 million for its Sri Lanka operation has been a huge success with the company's initial public offering being oversubscribed by over six times.
UWW boss Nenad Lalovic also said the world body will require a "robust plan" from the stake-holders guaranteeing a "safe environment" where grapplers can report abuse and harassment, and a clear hearing process is in place.
Indian Oil Corporation (IOC), the nation's largest oil firm, has walked away with half of the natural gas that Reliance Industries Ltd and its partner bp of the UK offered in the latest auction of the fuel used to generate power, produce fertilizer, turned into CNG and used for cooking purposes. IOC got 2.5 million standard cubic meters per day out of the 5 mmscmd of gas auctioned last month, sources with knowledge of the matter said. The oil refining and marketing company, which was the top bidder even in the previous auction of gas from the eastern offshore KG-D6 block of Reliance-bp, bid the volumes on behalf of seven fertilizer plants.
A potential row between FIFA and the International Olympic Committee was finally averted on Thursday after FIFA's Congress ruled the men's Olympic tournament would remain an Under-23 competition.
Concerned at the state of affairs of the Indian Olympic Association, the International Olympic Committee has threatened to suspend the governing body if it fails to conduct its election within the coming weeks.
The country's largest refinery, Indian Oil Corporation, is unlikely to bid for the Iraqi crude oil tendered on Thursday, as the delivery schedule and other specifications do not meet its requirements.
The board of directors of Indian Oil Corporation on Wednesday decided to sell up to 50 per cent and 20 per cent of its take in Gas Authority of India Ltd
New government policy on biofuels may consider financial incentives. Indian Oil Corporation, the country's biggest oil marketing company, is looking to acquire 50,000 hectares of wasteland in Uttar Pradesh for plantation of non-edible oilseeds, such as jatropha and karanjia, that are used for biodiesel production.
Indian Oil Corporation would begin this month field trials of running buses on biodiesel -- diesel doped with 5 per cent non-edible oils -- IOC Director (R&D) N R Raje said on Wednesday.
Sports Minister Ajay Maken, on Monday, said that the International Olympic Committee should keep the sentiments of Bhopal Gas tragedy victims in mind and drop Dow Chemicals as sponsors of next year's London Olympics.
Besides PESB selected chairman designate B Ashok (currently Executive Director retail sales in IOC) having no board experience, the case for extending Butola's service is more compelling because all the other six directors on board of the nation's largest oil firm are retiring in next one year.
The Oil Ministry has approved part sale of government's stake in Oil and Natural Gas Corp as well as Indian Oil Crop, a move that could fetch about Rs 24,000 crore (Rs 240 billion) for the Centre this fiscal.
The Indian Oil Corporation and Oil and Natural Gas Corporation's overseas arm ONGC Videsh Ltd will mount a joint bid for acquiring the South Ghawar gas field, one of the largest onshore fields in Saudi Arabia.
Indian Oil Corporation said it is losing Rs 90-100 crore per day on fuel sales as the government has not allowed the company to raise retail prices in line with international rates.
To contain misuse of LPG cylinders in markets, Indian Oil Corporation will soon bring out a system by which cylinder refills for domestic use will be coloured differently from those for commercial use. \n
Indian Oil Corporation and ONGC Videsh Ltd have tied up with BP and Occidental, the global oil majors, to bid for oilfields in Kuwait.
State-owned Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum are collectively losing Rs 2.65 billion (Rs 265 crore) per day on selling fuel below cost and may end the fiscal with a Rs 874.4 billion (Rs 87,440 crore) revenue loss.
Billionaire Mukesh Ambani's Reliance Industries has maintained its highest ranking among Indian corporates in the latest Fortune Global 500 list, jumping 16 places to rank at number 88. Reliance was ranked at number 104 in the 2022 ranking and in the 2023 ranking it is placed at number 88, according to the publication. The company has gained a whopping 67 places in the last two years from number 155 in 2021.
Notwithstanding the robust turnaround in the financial performance for the June quarter (Q1FY24), stocks of state-run oil marketing companies have been in a downtrend in the last month. The fall comes on a rise in crude oil prices that have surged to a 7-month high of $88 a barrel. A busy political calendar in the months ahead that may see the government keep a lid on auto fuel prices is also a dampener, analysts said. Shares of Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) have shed 9-11 per cent since their respective earnings announcement between July 26 to August 4.
State-owned Indian Oil Corporation has begun stockpiling 15 days' supply of domestic cooking gas to meet contingencies like disruption in crude oil supplies in the event of war in Iraq.\n\n\n\n
North Korean shooters snub South Koreans on podium
The defence budget was on Thursday increased to Rs 6.21 lakh crore for 2024-25 in a modest hike of 4.72 per cent from last year's allocation of Rs 5.25 lakh crore amid India's continuing border row with China in eastern Ladakh as well as concerns over evolving security situation in the strategic waterways.
The International Olympic Committee (IOC) too, is going big on popularising e-Sport with Singapore being confirmed to host the inaugural Olympic Esports Week in June next year.
Indian Oil Corporation on Tuesday said it may lose over Rs 25,000 crore (Rs 250 billion) in revenues this fiscal on selling fuel below imported cost.
State-run Indian Oil Corp is losing Rs 92 crore (Rs 920 million) per day on sale of petrol, diesel, domestic LPG and kerosene as government has not allowed it to revise rates in line with firming international oil prices.
Indian Oil Corporation said on Wednesday that its net profit has surged by 51.5 per cent for the quarter ended June 2003 to Rs 944.67 crore (Rs 9.45 billion) from Rs 624.99 crore (Rs 6.25 billion) in the same period last year.
Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. Three state-owned fuel retailers -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in first half of 2022-23 fiscal year before easing oil prices propelled them to profitability.
Besides, it loses Rs 15.46 per litre on kerosene and Rs 158.78 per domestic LPG cylinder as the government has not allowed them to revise retail prices.
Paris is, and will continue to be, dogged by the usual gripes about staging the greatest show on earth.
Flying high on the country's aviation industry boom, Indian Oil Corporation expects to continue its double digit growth in the aviation fuel business despite the entry of Oil and Natural Gas Corporation into the segment.
