S&P Global Ratings warns that Indian oil marketing companies like IOC, BPCL, and HPCL may face reduced profit margins due to rising crude oil prices and government pressure to maintain stable retail prices.
State-owned ONGC and Oil India Ltd (OIL) are likely to buy a 10 per cent stake in Indian Oil Corp (IOC) from the government at Rs 220 per share, aggregating about Rs 5,300 crore (Rs 53 billion).
At the current market price of the stock, that stake would be valued at about $1.5 billion.
The joint venture will participate in exploration and production of gas and oil globally. It will also develop natural gas infrastructure projects.
As much as 8 billion rubles (about Rs 1,000 crore) of dividend income belonging to Indian oil firms is stuck in Russia after the Putin administration clamped down on dollar repatriation, officials said on Friday. Indian state oil firms have invested $5.46 billion in buying stakes in four different assets in Russia. These include a 49.9 per cent stake in Vankorneft oil and gas field and another 29.9 per cent in TAAS-Yuryakh Neftegazodobycha fields.
Indian Oil Corp, the nation's largest oil firm, will set up a Rs 10,000 crore (Rs 100 billion) nuclear power plant in association with Nuclear Power Corp of India Ltd.
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.
The NDA government is seeking removal of all political appointments.
The government is not considering selling equity in Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC), Petroleum Secretary S Sundareshan said on Wednesday.
Struggling to meet budget targets, the government had in the just concluded fiscal asked cash-rich PSUs to pay second interim dividend as well as undertake share buyback.
Sri Lanka has signed a deal with Indian Oil Corp to sell retail petrol stations to the firm and lease fuel storage tanks in the east of the island.
Indian Oil Corp is taking extra crude from Kuwait and Saudi Arabia to make up for the shortfall from Iraq and Nigeria, a company official said.
Indian Oil Corporation, the nation's largest fuel retailer, is likely to hike petrol prices by Rs 0.33 per litre from Tuesday. IOC Chairman B M Bansal said international crude oil prices have risen since the last price revision, necessitating an increase in domestic retail prices.
State-owned Indian Oil Corp (IOC) today said it is losing Rs 189 crore per day on selling auto and cooking fuel below cost as global crude oil prices shot up to USD 102 per barrel.
State-owned Indian Oil Corp (IOC) is losing Rs 151 crore per day in revenues on selling diesel, domestic LPG and kerosene below their imported cost, a company official said on Thursday.
The IOC share sale is the fourth disinvestment this fiscal but the biggest in 2015-16 so far.
ONGC Videsh Ltd and Oil India Ltd-Indian Oil Corp combine have won an oil block each in Libya. \n
State-owned Indian Oil Corp (IOC) on Tuesday said it is losing about Rs 3 on the sale of every litre of petrol, but will decide on raising prices at an "appropriate" time.
Indian Oil Corp (IOC), nation's largest oil firm, is likely to sign a joint venture agreement with Nuclear Power Corporation of India (NPCIL) this month to foray into nuclear power generation.
IOC-OIL have decided to hold 25% stake in RIL's East Timor oil and gas block.
The government on Thursday approved Rs 20,001 crore in additional cash subsidy to state-owned oil companies to compensate them for selling fuel below cost in 2010-11 fiscal. With this, the government has paid a total of Rs 40,912 crore in subsidy to oil companies in 2010-11 financial year, an oil ministry official said.
State-owned Indian Oil Corp and Oil India Ltd on Tuesday confirmed making an 'approach' to take over the Middle-East focussed oil firm Gulfsands Petroleum Plc for an undisclosed cash amount.
State-owned refiner Indian Oil Corp and its exploration partner Oil India Ltd plan to bid for two onshore oil and gas exploration blocks in Myanmar.
RIL's bet on burgeoning consumer base and foray into new businesses such as telecom, retail, and digital services vastly expanded its business
They have been named for their stake in the Farsi offshore block.
State-owned Indian Oil Corp (IOC) is looking at selling oil bonds worth Rs 1,000-1,500 crore (Rs 10-15 billion) this month in the open market even as its crude oil import bill has declined by about 67 per cent on falling global rates.
This is the second hike in diesel price this month.
Besides IOC, ONGC Videsh Ltd has also sought two discovered fields from the 16 fields that Iran is likely to put on auction shortly
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.
"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.
To help them make up for the revenue lost on selling auto and cooking fuel below cost.
IOC has asked consumers to book LPG refill through IVRS or SMSes so that refills reach genuine users.
State-owned oil firms may hike petrol price by about Rs 0.50 per litre from June 16 as last month's steep increase in rates is not enough to cover the cost of raw material (crude oil).
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.
The government had in January authorised state-owned oil firms to hike diesel prices by small doses of up to 50 paisa per litre every month.
Sarthak Behuria on Tuesday took over as the chairman of Indian Oil Corp, the country's largest oil refining and marketing company.
State-owned oil firms on Friday hiked jet fuel prices by almost 2 per cent, the sixth straight increase in rates since October when international crude oil prices started climbing.
Deutsche Bank has chosen Indian Oil Corp as one of the top global stock picks in the oil and gas sector.
The revision in rates announced by Indian Oil Corp is excluding VAT and the actual change will be higher after considering them
ONGC Videsh Managing Director Ranbir Singh Butola was selected to head Indian Oil Corp, the nation's largest refining and fuel marketing firm.
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