After GAIL, Indian Oil Corp has expressed interest in buying out Asian Development Bank's 5.2 per cent stake in Petronet LNG Ltd, company chairman Sarthak Behuria said. However, if the state-run promoters of Petronet are not allowed to raise stake in the company for fear of it becoming a public sector unit, Behuria suggested selling ADB's shareholding to the public.
Oil Corporation's Gujarat refinery has started production of Euro-III emission norm compliant petrol, the company said on Wednesday.
The government on Monday fixed the issue price of the share at Rs 1,050 per share, raising about Rs 4,982 crore (Rs 49.82 billion). The public issue of OIL, which closed on September 10, was subscribed nearly 31 times, generating demand for shares worth over Rs 85,576 crore (Rs 855.76 billion).
"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.
Indian Oil Corp, the nation's largest oil firm, today said it is losing Rs 320 crore (Rs 3.20 billion) a day on fuel sales and may see future projects getting impacted if the current situations continues in 2009. "We are losing about Rs 320 crore a day on sale of petrol, diesel, domestic LPG and PDS kerosene," IOC Chairman Sarthak Behuria told reporters on the sidelines of 5th Asia Gas Partnership Summit in New Delhi.
Diesel demand has grown by about 15 per cent during the past few months. Considering the double figure rise in diesel consumption in the country, government will import about 2.4 mn tons of diesel in the next fiscal. Indian Oil alone would import about one million tons in 2008-09, up from 0.5 mn tons in the previous year. The demand for diesel surpasses production. LPG imports are likely to rise by 10% to 2-3 mn tons, while kerosene imports will remain at 1.2-1.5 mn tons.
IOC is planning to sell its bonds worth Rs. 2, 000 crores to face the financial crunch caused due to non-revision of fuel price.
Besides Kohli, who led India to a historic Test series triumph in Sri Lanka recently, the likes of Shikhar Dhawan, Ishant Sharma, Gautam Gambhir and Ashish Nehra were also named among the probables.
Public sector companies should increase efficiency and productivity to reduce the gap between salary structures of government undertakings and private firms, Sarthak Behuria, chairman and managing director of Indian Oil Corp and chairman of SCOPE sai
IOC and other state-run oil marketing companies such as BPCL and HPCL are suffering revenue losses on sale of fuel as the government has not allowed them to raise prices in line with the increase in international crude oil prices that are racing toward 100 dollar a barrel. India imports nearly three-fourth of its crude oil requirements.
Indian Oil Corporation signed an agreement with West Bengal government on Wednesday for setting up a world class petroleum, chemical and petrochemical hub at Haldia.
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.
Indian Oil Corporation alone lost Rs 80 crore (Rs 800 million) per day, the company's Chairman Sarthak Behuria said.
Indian Oil Corporation on Friday said it plans to invest about Rs 2,000 crore in a joint venture with Reliance Industries for retailing natural gas to households and automobiles.
The company, ranked 153rd on the Fortune list, is appointing a consultant to explore the possibilities, as part of an internal due-diligence followed for any new business.
Reliance Industries Ltd will give Rs 750 crore (Rs 7.5 billion) discount on LPG and kerosene to public sector petro retailers in 2005-06.
Indian Oil Corporation, the country's largest oil firm, on Wednesday said it is losing about Rs 54 crore (Rs 540 million) every day on sale of petroleum products.
Indian Oil Corporation on Monday proposed dual pricing for petroleum products in the country to prevent state-run oil companies from slinking into financial morass.
State-run Indian Oil Corporation on Wednesday it was incurring a loss of Rs 50 crore (Rs 500 million) per day on sale of all fuel products but petrol.
Veteran batsman Gautam Gambhir is all set to be released by the Indian team management as the Delhi and District Cricket Association's selection committee has named him in the 16-member Delhi squad for the upcoming Ranji Trophy match against Rajasthan.
Sarthak Behuria on Tuesday took over as the chairman of Indian Oil Corp, the country's largest oil refining and marketing company.
Indian Oil Corporation said on Friday it is losing Rs 10.55 per litre on sale of petrol and Rs 9.88 per litre on diesel due to a government freeze on increasing fuel prices.
Faced with huge under-recoveries, Indian Oil Corporation on Saturday sought an immediate upward revision of petrol and diesel prices to the the extent of Rs 10.50 paise per litre.
Public sector oil companies are likely to incur a loss of Rs 50,000 crore (Rs 500 billion) in the current fiscal on selling fuel below cost, Indian Oil Corporation chairman Sarthak Behuria said on Tuesday.
Indian Oil Corporation on Thursday said its under-recoveries would come down by Rs 2,000 crore (Rs 20 billion) in the next six months on account of the price hike in the petroleum products.
Public sector oil retailing firms have lost over Rs 5,800 crore in the first six weeks of current fiscal due to non-revision of petrol, diesel, LPG and kerosene prices.
State-run Indian Oil Corporation, the country's largest oil refining and marketing firm, today sought a Rs 5.18 per litre hike in the price of diesel and Rs 4.59 per litre increase in petrol prices mainly due to the surge in global crude oil prices.
M A Pathan, former chairman of the Indian Oil Corporation, on Friday resigned as chief of the Petroleum Federation of India, citing his pre-occupation with Tatas and other multinational oil firms.
Achin and Sarthak Narula join the list of KBC's crorepatis.
Indian Oil Corporation, the country's largest refiner, on Monday reported a sharp 30 per cent drop in net profit for 2004-05 to Rs 4890 crore (Rs 48.9 billion) compared to Rs 7,005 crore (Rs 70.05 billion) in the previous fiscal.
Bharat Petroleum Corporation Limited will invest Rs 7,500 crore in the next five years to modernise and expand its operations. \n\n
'BPCL has always been spoken about as a multinational company though it is State-run... this sets our work culture also apart.'
A double strike from Sunil Chhetri and another fine finish from Miku set up an impressive 3-0 win for Bengaluru FC against FC Pune City in the Indian Super League football match, in Pune, on Monday.
Beauty technicians and hairstylists in PPEs. Constant disinfection of instruments such as scissors and combs, Disposable neck-wraps and fresh towels. That's what beauty may look like now, reports Amrita Singh.
Till the lockdown was imposed in March, more than 200 Zee staffers had spent over 2,500 hours across 28 regions in Punjab, Bihar, Madhya Pradesh, Karnataka, Tamil Nadu, Andhra Pradesh and West Bengal to understand the audiences. The effort paid off, again and again.
According to sources, Russian energy giant Rosneft or its affiliates, Saudi Aramco and Reliance Industries are in race for BPCL's three refineries - Mumbai, Kochi in Kerala and Bina in Madhya Pradesh - 16,309 petrol pumps, 6,113 LPG distributor agencies and more than a fifth of 256 aviation fuel stations in the country.
