India's crude oil demand is forecast to grow to 500 million tonnes per year by 2040, but persistent increases in oil prices might act as a dampener for the rate of growth, Partha Ghosh, an executive director at Indian Oil Corp said on Tuesday.

That would be equivalent to around 10 million barrels per day (bpd), up from about 4.7 million bpd in 2017.

Oil regulator PNGRB Monday declared the final list of winners of city gas retailing licences that had billionaire Gautam Adani’s group, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Torrent Gas as the big winner. Adani Gas won rights to retail CNG to automobiles and piped cooking gas to households and industries in 13 cities on its own and another nine, including Allahabad, in a joint venture with IOC,

Public sector oil companies — HPCL, BPCL and IOC — are planning to share the investments for upcoming product and gas pipelines across the country that will help them reduce the capital expenditure on pipelines and enter newer markets at less than 50% of the original project cost.

The companies have already identified around 5-6 major pipeline projects where they plan to share the infrastructure, senior company officials said.

Mumbai: Indian Oil Corp. Ltd, the country’s largest oil marketing company, has sought shareholder approval to raise up to 20,000 crore through a private placement of debentures in 2018-19, said two people aware of the development.

The company plans to approve issuance of debentures through private placement at its annual general meeting on 29 August, it said in its annual report for 2017-18.

US sanctions against Iranian oil exports take effect on 4 November, but the impact is already starting to show. India’s crude oil imports from Iran fell in the first half of August, according to a report by Edelweiss Securities Ltd, citing data from FGE, a global oil and gas consultancy. The accompanying chart has the details. A weaker August comes after a strong July. The US sanctions are expected to make it challenging for India to sustain oil imports from Iran, its third-biggest crude supplier.

Similar to its peers BPCL and HPCL that reported last week, IOC also reported a strong result. Reported Ebitda of Rs 126 bn (+14% q-o-q, +57% y-o-y) was sharply 66% ahead of our estimates and 20% ahead of Bloomberg consensus forecasts. Large inventory gain of Rs 78.7 bn (`59.2 bn or $6.8/bbl in refining) was a key reason for the beat. We expected core marketing margins to be weak, as OMCs had not taken enough timely increases in petrol/diesel prices.

New Delhi: Indian Oil Corp (IOC), the nation’s largest oil company, plans to invest Rs 20,000 crore in city gas distribution projects in the next five to eight years as it bets big on gas business to complement its traditional oil refining and marketing business, Chairman Sanjiv Singh said on Monday.

New Delhi: A consortium of Indian Oil-Adani Gas on Friday won the bid to supply piped gas in Burdwan, the only city in Bengal in the latest round of bidding for this service to 78 cities.

The consortium outbid others such as GAIL Gas, Hindustan Petroleum Corporation, H-Energy East Coast and Bharat Gas Resources to win the rights to offer piped natural gas to the residents as well as CNG to autos and other vehicles in Burdwan.

Indian Oil Corp, the nation's largest oil firm, plans to invest Rs 1.75 lakh crore to nearly double refinery boost petrochemical production, expand gas business and lay new pipelines to become a vertically integrated company, its Chairman Sanjiv Singh said.

It plans to raise capacity to turn crude oil into fuels like petrol and diesel to 150 million tonnes per annum by 2030 from the current 80.7 million tonnes.

Gautam Adani-led Adani Gas, Indian Oil Corporation, Sudhir Mehta-led Torrent Gas, Bharat Gas Resources and Gail Gas have managed to get the maximum number of geographical areas in the ninth round of city gas distribution (CGD) bidding.

The Petroleum and Natural Gas Regulatory board has issued letter of intent to 18 successful bidders for 48 Geographical Areas (GAs) on Friday.

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