Indian Oil Corporation, the country’s top refiner, is in talks with oil major Rosneft to explore possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday.
We have taken very small quantities from Russia in the past which cant be considered significant so we are trying to explore if we can increase the Russian crude volume coming to India...We are in discussion with Rosneft and we are hopeful that something should work, Singh told reporters at an energy conference.
Indian Oil Corporation (IOC) shares slipped as much as 4.42 per cent to Rs 140.30 apiece on the BSE on Friday after the company reported 83 per cent year-on-year (YoY) decline in profit before tax (PBT) at Rs 814.48 crore for the quarter ending September, owing to higher inventory losses and a decline in refinery margin. It had recorded Rs 4,805.74 crore PBT during the same period last year.
State-owned Indian Oil Corp (IOC) on Thursday reported a 83 per cent drop in second quarter net profit on the back of slump in refinery margins and inventory losses. Net profit in July-September at Rs 564 crore was 82.6 per cent lower than Rs 3,247 crore net profit in the year-ago period, IOC Chairman Sanjiv Singh told reporters here.
IOC plans giving a big boost to the compressed biogas business by procuring biogas from across India and selling it at its retail outlets, as part of India’s strategy to reduce dependence on imported fuel and double farm income by 2022. Biogas, produced naturally through anaerobic decomposition from waste or biomass sources like agriculture residue, cattle dung, sugarcane press mud and solid waste, also provides an additional source of income to farmers.
With an aim to defy the future dependency on China with regard to procurement of lithium, Indian Oil Corporation (IOCL) is all set to announce an alumina-based battery, which will be used for running the electric vehicles.
The company executives said that a foreign company has been roped as a partner for development and research of the technology, and will introduce it in the market once all the regulatory and other approvals are in place.
The country’s biggest oil firm Indian Oil Corporation (IOC) will invest Rs 2 lakh crore in next 5-7 years to expand refining and petrochemical capacities in order to maintain leadership position, its Chairman Sanjiv Singh said.
The plan is to almost double its oil refining capacity to 150 million tonnes per annum, expand fuels and LPG retailing network, jack up petrochemical production capacity and produce more crude oil and gas.
The first quarter Ebitda at `8,400 crore and PAT at `3,600 crore were significantly higher than our/street estimates on higher-than-expected GRM and inventory gains (against inventory loss expectations) as some of the crudes in its slate had higher price by quarter end.
The management is confident of benefiting from IMO-regulation led rise in GRM (more so at Paradip refinery) and expects current marketing EBITDA levels to sustain in FY20.
State-owned Indian Oil Corp (IOC) on Wednesday reported a 47% drop in its first quarter net profit due to a slump in refinery margins.
The company reported a consolidated net profit of Rs 3,737.50 crore during the quarter ending June 2019, as compared to a net profit of Rs 7,092.42 crore during the corresponding period last year, the company said in a regulatory filing.
Mumbai: Indian Oil Corp Ltd, India's largest refining and marketing company will invest ₹25, 083 crore this fiscal to meet its capital expenditure, said Sanjiv Singh, Chairman, Indian Oil Corp Ltd (IOCL).
Last fiscal, IOCL had incurred a capital expenditure of ₹28,200 crore.
New Delhi: Several of 'maharatna' and 'navratna' companies, including ONGC, IOC, GAIL and NTPC, could soon become independent board-run entities outside the scrutiny of CAG and CVC if the government implements a proposal to take out the PSU tag from some of the entities after its shareholding falls below the threshold 51% mark.
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