State-run oil firms are likely to see revenue loss on fuel sales to more than double to Rs 1,80,000 crore (Rs 1,800 billion) during the current fiscal after surge in international crude oil prices and weakening rupee made imports costlier.
Tata Consultancy Services along with Bharti Televentures and National Thermal Power Corp was on Friday adjudged among the best employers in India by leading global human resources management firm Hewitt Associates.
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.
The aviation turbine fuel (ATF) prices have been raised by Rs 2,750 per kilolitre effective midnight tonight, Indian Oil Corporation (IOC).
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
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 increase in rates of petrol this month while in case of diesel it wipes away a part of the hike effected earlier this month
IOC-OIL have decided to hold 25% stake in RIL's East Timor oil and gas block.
British Petroleum chairman Sir John Browne is likely to visit India next month to explore oil and gas opportunities in Asia's third largest economy.
Richest Indian Mukesh Ambani-led RIL was the top private sector company from the country as it jumped from 203rd rank last year to 148th.
IOC has been forced to shut down its Digboi refinery in Assam and is operating Guwahati unit at minimal throughput, while OIL has been forced to shut LPG production and its crude oil production has dropped by 15-20%. Sources said the agitation has blocked the movement of tankers and trucks, which are mostly used to supply petrol, diesel and LPG from the refineries to different parts of the North East.
The government is considering a ban on export of kerosene oil (jet kero) and aviation turbine fuel (ATF), which are similar to kerosene, to boost supplies of kerosene for public distribution system.
State-run oil firms on Saturday hiked jet fuel (aviation turbine fuel) prices by 18.5 per cent in step with rising international oil prices.The ATF price charged from airplanes has been raised to Rs 69,227.08 per kilolitre (kl) in Delhi from midnight on Saturday, an Indian Oil Corp, the nation's largest retailer, said.
Reliance Industries Ltd, India's largest private firm, will invest $5.5 to 6 billion to raise capacity of its Jamnagar oil refinery to 60 million tonnes by 2009.
L N Mittal's foray into oil and gas trading business through a joint venture with ONGC is facing fresh opposition from refiner Indian Oil Corp, which feels the JV is ineligible to bid for its tenders.
A tough initial lockdown was imposed beginning March 25 but dreams of a V-shaped recovery after it was eased in May have been obliterated by a surge in cases and new lockdowns.
Sarthak Behuria on Tuesday took over as the chairman of Indian Oil Corp, the country's largest oil refining and marketing company.
He also states that there has been no confirmation from the oil ministry that pricing autonomy would be given to oil companies.\n
India's largest oil producer Oil and Natural Gas Corp and the country's largest firm Indian Oil Corp may get two chief executives each to manage their mammoth operations.
Indian Oil Corp, the country's largest oil firm, has opened its first petrol station in Mauritius, making it the second country after Sri Lanka where IOC has begun fuel retailing outside India.
Bharat Petroleum Corp, Hindustan Petroleum Corp and IBP will turn financially sick by next year as losses arising from freeze on fuel prices are set to erode their net worth, according to oil ministry estimates.
Concerned over the huge losses to oil PSUs including Indian Oil Corp in the absence of suitable revision in petro product prices, Petroleum Minister Mani Shankar Aiyar on Monday said he would raise the issue at the Union Cabinet.
State oil companies have raised aviation turbine fuel (or jet fuel) prices by 2.86 per cent in line with rising international oil prices.
Government has scrapped kerosene imports by private companies and decided that only state-run firms will import the fuel to end its adulteration in diesel.
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.
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
Contrary to popular perception of public sector oil firms making huge profits on selling petrol and diesel by gold plating the cost, Indian firms have second lowest refinery and marketing margins - profits - in the world.
With this increase, diesel prices have touched a record high while petrol is at a 56-month peak.
Public sector oil firms have cut aviation turbine fuel (jet fuel) prices by up to Rs 745 per kilolitre or 1.85 per cent in wake of falling international prices.\n
ONGC Videsh Ltd and Oil India Ltd-Indian Oil Corp combine have won an oil block each in Libya. \n
The government is mulling hiving off ONGC Videsh Ltd, India's flagship firm for overseas oil asset acquisition, from Oil and Natural Gas Corp into a separate entity to be owned jointly by public sector oil firms.
Government has begun drawing contingency plans to avert any shortage of domestic cooking gas as a result of go-slow agitation by employees of the country's largest oil company Indian Oil Corp.
Public sector oil firms spent over Rs 800 crore (Rs 8 billion) on advertisements during the last three years with Indian Oil Corp topping the list with an expenditure of Rs 275.35 crore.
Employees of PSU oil firms said they will strike work on Tuesday against the proposed privatisation of cash-rich oil refiner Indian Oil Corp.
Public sector oil firms on Tuesday slashed aviation turbine fuel prices by 7.9 per cent in line with fall in international oil prices.
In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 - a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.
India's only private sector oil refiner, Reliance Industries, has sought a two-year extension of its agreement with Indian Oil Corp to sell Jamnagar refinery products through the state-run firm's retail network.
The government is planning a moderate hike of Rs 1-1.50 per litre in the prices of petrol and diesel in view of the rising global crude tags.
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