The Rs 3-trillion West Coast or Nanar refinery has all the potential to become India's flagship petrochemicals project, with the planet's largest oil producer Saudi Aramco as its biggest shareholder. Yet the locals don't see the plant as a harbinger of better times.
Apart from this, state refiners are looking at optimising crude oil inventory levels without in any way affecting fuel supplies in the domestic market.
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.
In a tweet, Modi said India is 'delighted to welcome' the Crown Prince of Saudi Arabia.
Two persons were killed in the major fire in storage tank number four of Indian Oil Corporation terminal in Hazira , Surat, which was contained after a 21-hour operation by the fire brigade team, officials said Sunday.
A rise in international oil prices and depreciation in rupee have necessitated a Rs 1.40 per litre increase in price of petrol with effect from midnight tonight, said a statement by Indian Oil Corporation.
The bomb was kept in a bag in front of the gate of the refinery in Noonmati area of the city, police said.
The former beat Railways 1-0 while PSB blanked Chandigarh 2-0 in the Super League of the National hockey championship.
Punjab and Sind Bank will take on Services in the first Super League match of the 62nd Senior\nNational Hockey Championship at the Surjit hockey stadium in Jalandhar on Saturday.
It also expressed confidence that the cleaning operation will be finished in a couple of days.
'If Indians are as smart as their counterparts in university, and have equal opportunity, then what is the reason that we cannot produce inventions of quality that are recognised by the world?'
In the Fortune 500 list of Indian companies, 83 are owned by the government, 370 are private sector firms and 47 are foreign owned.
The oil companies will meet on Friday for the review meeting on pricing in which petrol price could be increased by Re 1 and diesel prices by 50 paise by this weekend.
IOC has asked consumers to book LPG refill through IVRS or SMSes so that refills reach genuine users.
Petrol price has been reduced four times since March.
#GiveItUp but no matching LPG connections for BPL
IndianOil Corp Ltd, for instance, saw a growth of around 22 per cent in volumes and nearly two per cent in its market share. It traded nearly 10,517 million tonnes (mt) of auto gas in December against 8,593 mt of auto gas in September.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
Cash strapped Sri Lankan unit of Indian Oil Corporation on Tuesday announced it will not replenish stocks unless the Sri Lankan government moved to settle a disputed Rs7.44-billion subsidy claim.
IndianOil targets monthly 5,000-tonne polypropylene exports
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
Indian Oil Corporation is India's biggest company by revenue.
Petroleum and Natural Gas Regulatory Board in its July 2 order imposed a cost of Rs 100,000 on the three private fuel retailers who filed a complaint against Indian Oil, Bharat Petroleum and Hindustan Petroleum for indulging in 'restrictive and unfair trade practices and cartelisation'.
A major fire broke out on Saturday at a petrol storage tank of state-owned Indian Oil Corp's Hazira terminal in Gujarat.
Now, non-subsidised liquefied petroleum gas price is hiked by Rs 26.5 per 14.2-kg cylinder.
IOC sales rose to Rs 109,859.49 crore (Rs 1,098.59 billion) in Q2 from Rs 105,791.29 crore (Rs 1,057.91 billion) in the same period of 2012-13 fiscal, the company said in a filing to the stock exchanges.
Delayed compensation and rising working capital requirement force oil marketing firms like IndianOil to turn to borrowings.
'We began foolishly bragging about Saudi-Emirati investment plans as indicative of the sheikhs 'distancing' from Pakistan, including on Kashmir,' notes Ambassador M K Bhadrakumar.
State owned refiner Indian Oil Corporation has proposed merger of its subsidiaries Indian Oil Blending Ltd, IBP Co Ltd, Bongaigaon Refinery and Petrochemicals Ltd and Chennai Petroleum Corp Ltd with itself, Petroleum Minister Mani Shankar Aiyar said
The joint venture will participate in exploration and production of gas and oil globally. It will also develop natural gas infrastructure projects.
'I have no problems with the finance ministry or with state governments treating petrol pump prices as the last resort for meeting their ambitious spending targets with very limited revenue resources.' 'But let's do away with this smokescreen of free pricing of petrol and diesel and go back to administered pricing regime,' says Dr Sudhir Bisht.
Under the partnership, IOC's rural petrol pump outlets -- Kisan Seva Kendras -- will act as the bank's Business Correspondents, HDFC Bank said in a statement.
IOC, at present, has seven refineries with a cumulative capacity of 54.2 million tonnes per annum capacity.
The government on Thursday approved the merger of Indian Oil Blending Limited with the Indian Oil Corporation saying the merged entity is likely to achieve higher long-term financial returns than could be achieved by the companies individually.\n\n
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