Moscow: State-owned Indian Oil Corp. (IOC) and Oil India Ltd. (OIL) on Thursday signed an agreement with Russian oil firm Rosneft to explore the possibility of picking up a stake in the Taas-Yuryakh Neftegazodobycha oilfield in East Siberia.

The two Indian firms signed a Memorandum of Understanding (MoU) with Rosneft for cooperation in geologic survey, exploration and production of hydrocarbons in select onshore assets in the Russian Federation, IOC said in a statement.

In a move to attain energy security, Indian energy firms ONGC and Indian Oil Corporation (IOC) are eyeing more projects in Colombia.

Currently, Mansarovar Energy Colombia, a joint venture formed by ONGC and Chinese oil firm Sinopec, is engaged in the exploration, development and production of oil and natural gas in Colombia.

Indian Oil Corp (IOC) and Oil India (OIL) are in talks with Russia's Rosneft to buy up to a 29% stake in a Siberian oil project, two sources said, as New Delhi accelerates a push to secure overseas energy assets.

India, the world's fourth-biggest oil consumer, has to ship in three quarters of its oil needs and with oil prices close to their lowest since the global financial crisis has added incentive to seal purchases to limit import reliance.

Shares of domestic oil marketing companies surged over 3 per cent on Wednesday on account of lower-than-expected cut in petrol and diesel prices.

At 10.14 am, shares of Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) were trading 2.55 per cent, 3.21 per cent and 2.82 per cent up at Rs 911, Rs 431 and Rs 833.45, respectively.

A senior official of state-run Indian Oil Corporation (IOC) was today arrested for alleged links with terror organisation ISIS, police said.

The Special Operation Group (SOG) and ATS of Rajasthan Police arrested Mohd Sirazudin, the marketing manager of IOC here.

Indian Oil today said that all efforts are being made to effectively dispense fuels wherever it is feasible in Chennai. The public sector company said that there is no fuel shortage, but due to heavy water logging, many petrol pumps are not being operated.

In a press release the company said "Customers are requested not to panic..there is NO fuel shortage in the city. Due to heavy water logging many petrol pumps are not being operated due to safety and security reasons, as fuelling is an electrical operation."

HPCL, IOC and Adani Ports and Special Economic Zone (APSEZ) will benefit the most from the rupee’s depreciation as their dollar earnings are sufficient to more than offset the negatives of higher debt and capex in dollar terms, says a Fitch Ratings’ report.

However, Power Grid Corporation of India, NTPC, Bharti Airtel and Lodha Developers Pvt Ltd tick all three negative boxes of minimal earnings in dollars, dollar-denominated debt and dollar-denominated capex, Fitch said.

In a significant policy shift, Indian Oil Corporation (IOC) has decided to buy crude oil from Indian traders in the spot market overseas in addition to foreign entities. The state-run firm has also taken some other steps like reducing the bidding time for spot tenders as part of a strategy to clinch more remunerative deals.

Of about 66 million tonnes of IOC’s refining capacity, just 12%, is fed by domestic crude. As far as imports are concerned, 30% of the sourcing is done via spot-market deals.

After very strong 4QFY15 and 1QFY16, we expected 2Q to be a difficult quarter for the oil marketing companies (OMCs). Due to a sharp fall in oil prices and INR depreciation, OMCs were likely to report high inventory/forex losses. While we estimated Indian Oil Corporation (IOC) to be barely in profits, its reported loss due to high inventory/forex loss does not surprise us much.

Despite the 2Q loss, we see low risk to our full year EPS of R47/share (reported 1H EPS of 25/share is 53% of our full year EPS). We see upside to Bloomberg consensus EPS of R44/share.

Indian Oil Corporation (IOC), the nation’s largest fuel retailer, is busy executing a dozen-odd projects at an investment of around Rs 12,000 crore to expand its network of crude oil and products pipeline by 54 per cent to 17,000 km by 2019. This is part of a larger expansion plan involving Rs 1.75 lakh crore that is in the works.

“When commissioned, the projects would increase our transportation network from the existing 11,200 km by an additional 6,000 km by the end of FY19. The projects are primarily meant at transportation of large volumes, while the last-mile connectivity to depots would be ensured through roads,” Anish Aggarwal, director (pipelines), IOC, told Business Standard.

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