MUMBAI: The Indian Oil Corporation (IOC), which has drawn up over Rs 2 lakh crore capex over the next seven years for refinery expansion, modernisation and petrochemical capacity, is also working at an alternative to lithium-ion batteries for Electric Vehicles, chairman Sanjiv Singh said on Wednesday. “The battery what we see today, probably is not […]
Category: Oil & Gas
Petrol, diesel becomes cheaper in Delhi than Uttar Pradesh
NEW DELHI: Petrol and diesel are now cheaper in Delhi as compared to adjoining cities of Uttar Pradesh after the Yogi Adityanath government in the neighbouring state raised taxes on the two fuels. While petrol and diesel traditionally have been cheaper in Delhi than most states in the country due to lower local sales tax […]
HPCL to spend Rs 74,000 crore in five years
NEW DELHI: State-run Hindustan Petroleum Corporation Ltd (HPCL) on Wednesday said it plans to invest about Rs 74,000 crore over the next five years in capital expenditure. HPCL chairman-cum-managing director Mukesh Kumar Surana told shareholders at the refining and marketing major’s annual general meeting that it would be expanding its refining capacities and its supply […]
Settlement of government dues sees Indian Oil’s debt levels fall by Rs 20,000 crore
State-run public sector oil major Indian Oil Corporation has seen a Rs 20,000 crore reduction in its net borrowing level (net debt) during the first quarter of the current financial year, according to the company’s chief financial officer Sandeep Kumar Gupta. A large part of this reduction has come from the settling of the government’s […]
GAIL to invest Rs 45,000 crore for pipeline expansion, CGD
NEW DELHI: Gas major GAIL India will invest Rs 45,000 crore into the expansion of national gas grid and city gas distribution networks over the next five years, said the state-run company’s chairman Ashutosh Karnatak on Tuesday. Speaking to shareholders at the company’s annual general meeting, Karnatak said that the company is currently implementing several […]
Government forms committee to rationalise additional taxes on Aviation Turbine Fuel
NEW DELHI: The Aviation Ministry has formed a committee to rationalise additional taxes that airlines have to pay while uplifting Air Turbine Fuel (ATF) at airports across India, according to senior government officials. Currently, airlines have to pay charges such as ‘throughput charges’, ‘into plane charges’ and ‘fuel infrastructure charges’ when they take ATF at […]
Numaligarh Refinery to hike manpower by over 62 per cent post Rs 22,594 crore expansion
GUWAHATI: As part of the Rs 22,594 crore mega expansion project, North East India’s largest refiner, Numaligarh Refinery Ltd (NRL), will ramp up its headcount by over 62 per cent in the next four years, it’s Managing Director SK Barua said. In an interview to PTI, Barua said apart from direct employment to 550 people, […]
Hindustan Petroleum tankers’ stir off
KOCHI: The five-day strike by the tanker lorry workers of Hindustan Petroleum Corporation Ltd’s Irumpanam godown here was called off on Wednesday after an agreement was reached in a meeting called by Ernakulam District Collector S Suhas between the workers and the senior company officials. As per the agreement, out of the total of 260 […]
Inventory loss, low GRM sees Hindustan Petroleum profits fall 53 per cent
Hindustan Petroleum Corporation Ltd (HPCL) on Wednesday reported a 53 per cent drop in June quarter net profit, primarily on account of inventory losses caused by the fall in global crude oil prices and a decline in refinery margins. The company’s net profit slipped to Rs 811 crore in April-June as compared to Rs 1,719 […]
Oil marketing companies unlikely to set up 80,000 new pumps on time
India’s public sector oil marketing companies — IOC, BPCL and HPCL — have decided to set up close to 80,000 fuel retail outlets in the next three years as part of the biggest-ever expansion of their fuel retail network. Industry officials, however, feel they may be able to set up just around 15,000 since the […]
Contract tanker strike hits HP fuel distribution
KOCHI: The ongoing strike by the contract tanker lorry workers severely disrupted the fuel supply to the outlets run by Hindustan Petroleum Corporation Ltd (HPCL) in the state on Monday. With the strike entering the fourth day, various HP fuel outlet owners have begun to express concerns. According to the office-bearers of Kerala State Petroleum […]
Oil PSUs urged to raise funds from foreign markets
NEW DELHI: The Centre has urged oil sector PSUs to tap the overseas markets for their capex needs, with oil minister Dharmendra Pradhan observing that the Indian energy sector has become an attractive one for foreign investors. “Many companies have successfully raised funding through overseas bond market and this funding route is likely to grow […]