After HPCL, the government headhunter struggled to find a suitable candidate for the top job at Bharat Petroleum, as most applicants were narrow specialists lacking multidisciplinary experience needed to run a large organisation. The Public Enterprise Selection Board (PESB) last month interviewed a dozen candidates including BPCL director (finance) Vetsa Ramakrishna Gupta and its director (refineries) S Khanna but found none suitable for the job of chairman and managing director of Bharat Petroleum Corporation Ltd (BPCL), according to a PESB order.
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.
The proposal was under consideration of the Cabinet, Sarthak Behuria, chairman, Indian Oil Corporation, told reporters in Chennai after presiding over a memorandum of collaboration event.
Talks between the government and striking oil Public Sector Undertakings failed late Thursday night over the officers' insistence on getting an immediate hike in their wages as the agitation threatened a major disruption in supply of petrol across the country. Deora is likely to meet Prime Minister Manmohan Singh on Friday afternoon on the issue after the meeting of the Union cabinet in the morning.
Oil Corporation's Gujarat refinery has started production of Euro-III emission norm compliant petrol, the company said on Wednesday.
Indian Oil Corporation (IOC), the country's largest oil refiner and marketing company, is looking to cut operating costs in order to offset the daily loss of Rs 150 crore (Rs 1.5 billion) due to selling petroleum products at subsidised rates.
The toll in the fire at Indian Oil Corporation's fuel depot outside Jaipur may rise to nine, as six missing employees are now feared dead, even as fire fighters and the Army worked to contain the blaze that has burnt nearly Rs 150 crore worth of auto fuel.
CPCL, in which Indian Oil holds 51 per cent stake, runs a 9.5-million tonnes per annum refinery at Manali in Chennai.
Its state-controlled companies are losing a lot of money, and private rivals can't compete.
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.
Indian Oil Corporation (IOC) has come a long way in its 50 years of existence.
The company and other public sector fuel retailers Bharat Petroleum and Hindustan Petroleum are currently selling petrol at Rs 3.68 a litre below cost and diesel at Rs 2.90 per litre lower than cost.
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
Besides, it loses Rs 15.46 per litre on kerosene and Rs 158.78 per domestic LPG cylinder as the government has not allowed them to revise retail prices.
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.
"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.
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 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.
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.
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.
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.
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.
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).
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.
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, 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.
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.
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.
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.
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.
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.
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.
Bharat Petroleum Corporation Limited will invest Rs 7,500 crore in the next five years to modernise and expand its operations. \n\n
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