"We are exploring if Indian oil firms can open accounts in banks like Dubai-based Noor Islamic Bank so they can undertake a direct transfer of money for oil they buy from Iran," a senior government official said.
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Investment can only be by prospective dealers.
The divestment department has lined up a host of companies.
A series of rises in petrol price following its decontrol on June 25 last year has increased the state governments' earnings from value added tax on petrol by around 21 per cent.
The revenue loss, termed as under-recovery by oil firms, will be the highest-ever.
According to estimates, there is a possibility of $24 billion being raised from major IPOs, including that of Coal India, SBI and Indian Oil, for the balance period of 2010-11.
This will encompass the sale of Air India, a number of other privatisation initiatives, mergers, initial public offerings, the Centre's two exchange-traded funds, buybacks and offers-for-sale, and even monetisation of land assets.
In a temporary reprieve, India will pay for Iranian crude oil in euros through a German bank based in Hamburg, while a permanent solution to the payment issue will be explored at a meeting in Teheran next week.
Govt looks to take cooking gas to tiger reserves, Naxal-hit areas
Indian Oil Corporation's Raxaul depot resumed supplies after the obstruction by protesters was removed from the main 'Maitreyi' (Friendship) Bridge connecting the two countries.
No period in the recent history of Indian oil and gas sector will perhaps leave its long- lasting imprint than 2010 that saw the unfolding of two events that could shape the future of this fast growing sphere.
The 50-share NSE Nifty stayed in the positive zone and retook the 9,900-mark to hit a high of 9,905.05 as buying paced up towards the fag end. It settled higher by 72.45 points, or 0.74 per cent, at 9,899.60.
Ramkumar became the first Indian in seven years to advance to the singles final of an ATP World Tour event but missed out on ending India's 20-year title drought when he lost the Hall of Fame final to Steven Johnson on Sunday night.
Technical bids opened today for Mallavaram-Vijaipur line, winner in three weeks.
Reliance Industries Ltd's legal battle over the Uttar Pradesh government's decision to impose 21 per cent value-added tax on gas is holding up supply to NTPC's two power plants and Indian Oil Corporation's Mathura refinery, despite a group of ministers making allocation to them.
Shell India, the domestic arm of Royal Dutch Shell Plc, had offered for sale 20 of its 80 operational retail outlets and around 20 sites acquired earlier for setting up such outlets.
Oil prices have risen as freezing weather in the northern hemisphere has increased energy demand for heating.
ONGC Videsh Managing Director Ranbir Singh Butola was selected to head Indian Oil Corp, the nation's largest refining and fuel marketing firm.
Despite raising petrol prices by around Rs 2.95 a litre - the second-biggest increase in this calendar year so far - public and private retailers are losing Rs 50 crore a day on selling the auto fuel.
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.
Public sector oil marketing company Indian Oil Corporation (IOC) will raise prices of petrol by 27 paise a litre, - for the first time since decontrolling petrol prices.
State-owned Indian Oil Corp wants diesel prices to be freed from government control before its twin follow-on public offersto raise maximum funds, company Chairman B M Bansal said on Monday.
This is the fourth increase in auto fuel prices since May 1
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
ATF in Delhi will cost Rs 56,324.79 per kilolitre, an increase of Rs 77.93 per litre or 0.13 per cent, from Rs 56,246.86 per kl, an official of the Indian Oil Corporation, the nation's largest fuel retailer said.
Private carriers Jet Airways and Kingfisher owed over Rs 1,050 crore (Rs 10.50 billion) to the public sector oil marketing companies (OMCs) like Indian Oil, HPCL and BPCL towards the payment of jet-fuel bills as on November 15.
Though ONGC and OIL are major producers of natural gas, they currently have no presence in its retailing and marketing, a field dominated by GAIL and its joint ventures.
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.
The government on Monday approved Rs 8,000 crore (Rs 80 billion) in cash subsidy to state-owned fuel retailers to make up for half of the revenues they lost on selling diesel, domestic LPG and kerosene below cost in the third quarter.
Aviation turbine fuel or jet fuel price was on Wednesday hiked by a steep 9.2 per cent, while that of non-subsidised cooking gas was raised by Rs 21 per cylinder.
The post fell vacant after incumbent Prasad Dasgupta took early retirement. Dasgupta's five-year term was to come to an end on August 31 and he was eligible for a two-year extension till he attained superannuation at the age of 65 in 2012.
State-owned Indian Oil Corporation said it has earmarked Rs 43,250 crore for capacity expansion over the next five-year period. This was announced by the company's Chairman S Behuria at its annual general meeting in Mumbai
Facing criticism for increasing the retail price of petrol, government-owned Indian Oil Corporation has said the desired increase was actually Rs 3.72 a litre but it chose to "soften the impact on customer" by increasing the price by only Rs 2.50 a litre.
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).
About 48.5 million shares, or 20 per cent of the shares on offer, are reserved for retail investors
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.
Besides IOC, ONGC Videsh Ltd has also sought two discovered fields from the 16 fields that Iran is likely to put on auction shortly
Net profit in the January-March quarter stood at Rs 3,905.16 crore (Rs 39.05 billion) from Rs 5,556.77 crore (Rs 55.56 billion) a year ago, IOC chairman R S Butola told reporters in New Delhi.
However, disinvestment secretary Sumit Bose said right now there is nothing on the cards.
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.
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