Indian Oil

Politics plays vital role in Indian oil economics

Politics plays vital role in Indian oil economicsIndian oil giants led by the Indian Oil Corporation recently hacked petrol price by a margin of Rs2.22, thanks to downhill glide in the international oil market.

The oil companies agreed to cut the petrol price just around two weeks after they hiked the price by Rs1.82 per litre.

IOC losing Rs 3 per litre of petrol, but no hike in price

IOC losing Rs 3 per litre of petrol, but no hike in price

Indian Oil Corp (IOC) has made an announcement today that it is losing approximately Rs 3 on the sale of every litre of petrol. However it will make up its mind regarding raising prices at a time deemed fit.

Back in 2010, the government had decontrolled the industry in the month of June, providing the state oil firms the liberty to revise the rates in sync with the crude oil prices.

IOC awards Rs 1,400 crore contract to L&T

IOC awards Rs 1,400 crore contract to L&T

The Indian Oil Corporation (IOC) has awarded a contract worth Rs 1,400 crore to the engineering giant Larsen & Toubro for Fluidized Catalytic Cracket Reactor Regenerator Project of a fuel refinery in Orissa.

Larsen & Toubro said in a filing to the Bombay Stock Exchange that the contract was won by the mid and downstream business group of the engineering and construction division of the company.

The filing further said that the contract is for 4.17 million metric tonne per annum reactor regenerator project for the grassroot fuel refinery at Paradip in Orissa.

Indian Oil to Borrow $10 billion to Buy Oil and Gas Abroad

Indian Oil to Borrow $10 billion to Buy Oil and Gas AbroadState-run Indian Oil Corp., India's largest listed company by sales, plans to borrow $10 billion over the next decade to buy oil and gas assets overseas, in a bid to expand its petrochemical business and set up a liquefied natural gas terminal,

Also, it plans to cut exposure to selling discounted fuel to domestic consumers, its new chairman revealed.

ATF Prices Hiked by 2.4% for Second Time in a Month

ATF Prices Hiked by 2.4% for Second Time in a MonthAs confirmed by the company recently, PSU oil major Indian Oil Corp. will, for the second time this month, be increasing Aviation Turbine Fuel prices in Delhi by 2.4%, or Rs. 948 per kilo-liter, taking the new price of 1 kilo-liter to Rs. 40,423. The hike was made official by IOC on Sunday, and has come after a 9% hike which was announced on November 1.

ICRA`s arm inks MoU with EXSAB

ICRA`s arm inks MoU with EXSABICRA Management Consulting Services (IMaCS), a wholly owned arm of ICRA has announced that it has clinched memorandum of understanding (Mou) with Exsab International Holding Company for Trading Development (EXSAB).

The company has signed this MoU for setting up a joint venture (JV) at Riyadh.

The sources said that this JV will provide advisory / consulting services in the Middle East and North Africa (MENA).

MIC inks MOU with Indian Oil Corporation

MIC inks MOU with Indian Oil CorporationMIC Electronics has announced that it has signed MoU with IOCL.

The company has inked this MoU for marketing of its high efficiency Solar LED Lantern through their retail outlets/Kisan Seva Kendras and Indane Distributors.

Govt Declares Issue Of Oil Bonds Worth Rs 219.42 Billion

Indian government has declared the issue of ‘6.90% Oil Marketing Companies’ Government of India Special Bonds, 2026’ for Rs 219.42 billion (nominal).

The special bonds are being issued to 3 oil marketing companies (OMCs) as compensation for estimated under-recoveries due to sale of sensitive petroleum products in the existing financial year.

The following listed oil marketing companies will get special bonds at par:

- Indian Oil Corporation (IOCL) for Rs 119.44 billion.

Essar Oil signs MoU with IOC

Essar Oil has made announcement that the company has inked a product sale, purchase and infrastructure sharing Memorandum of Understanding (MoU) with Indian Oil Corporation.

According to the sources, this is a part of the company’s plan to directly market its product through long term alliances with clientele and through its own distribution network in the overseas markets.