In the first-ever deal by an Indian company, Indian Oil Corp (IOC) Monday said it has signed an annual deal worth USD 1.5 billion to import 3 million tonnes of crude oil in the fiscal year beginning April 1.
This is the first time any Indian refiner has signed an annual contract since the country in 2017 began importing crude oil from the US.
State-run Indian Oil Corporation (IOC) has posted a 91 per cent drop in net profit for the third quarter of the financial year to Rs 716.82 crore, owing to a higher inventory loss during the quarter. The company had a net profit of Rs 7,883.22 crore during the third quarter of the 2017-18 financial year.
Indian Oil Corporation (IOC) on Wednesday announced a total investment of Rs 16,641 crore in Tamil Nadu. The announcement was made at the Tamil Nadu Global Investors Meet 2019.
For the marketing division investment, R Sitharthan, executive director and head for IndianOil (Tamil Nadu & Puducherry), signed an MoU with the state government for an investment of `7,941 crore in the next five years.
New Delhi: State-owned Indian Oil Corp (IOC) may raise about USD 3 billion more through US dollar bonds issue after the Reserve Bank permitted fuel retailers to raise an overseas loan to check fall in rupee value, its Chairman Sanjiv Singh said Wednesday.
IOC is already in market to raise USD 900 million through a bonds issue and is raising an equivalent sum through a syndicated loan for meeting its working capital requirements.
India’s oil demand growth in 2018 rebounded from the slowest pace in four years as the country recovered from the shock of a cash ban and the roll out of a national sales tax.
The nation’s consumption of petroleum products rose 4.1 percent to about 210 million tons, the Oil Ministry’s Petroleum Planning and Analysis Cell said Friday. Growth improved from the preceding year’s 2.7 percent expansion, the slowest pace since 2013, as consumption was severely affected by a cash ban that crippled economic activity.
The nations’ largest oil marketing and refining company Indian Oil Corporation (IOC) has hit the international bond market to raise up to $1.5 billion. The state-run company is looking to raise between $750 million and $1.5 billion through the US-dollar- denominated notes, banking sources said on Friday.
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