NEW DELHI: Reliance Industries Limited (RIL) and BP on Tuesday announced sanction of the MJ project, also known as D55, in Block KG D6, offshore the east coast of India. MJ is the third of three new projects in the Block KG D6 integrated development plan and its approval follows sanctions for the development of […]
Category: Oil & Gas
Indian Oil to offer fuel discounts to Uber drivers
NEW DELHI: Ride-hailing giant Uber on Thursday announced it is partnering with state-run Indian Oil Corp Ltd (IOCL) to offer discounts to drivers on petrol, diesel and CNG at IOCL petrol pumps across India. Over 12,000 Uber driver partners have already registered for this programme.”This partnership is targeted at easing the cost of fuel and […]
GAIL seeks NCLT approval to admit claim against Videocon Industries
MUMBAI: State-owned GAIL India on Wednesday approached the National Company Law Tribunal (NCLT) seeking admission of its Rs 390-crore claim from Videocon Industries, which the resolution professional (RP) rejected earlier. In an application, the counsel for GAIL said the state-owned gas utility, which is an operational creditor of Videocon, should be included in the list […]
Delayed subsidy dues see oil companies’ debt surge
Rising under-recoveries coupled with delays in subsidy payment from the government have deteriorated the liquidity position of the three state-run oil marketing companies: Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation (BPCL). This has resulted in the maharatnas borrowing from the market at high-interest costs in order to meet working […]
GAIL hopes to complete gas pipeline by July
MUMBAI: GAIL hopes to complete the Kochi-Mangaluru gas pipeline by June or July this year, having missed the March-end deadline due to technical difficulties in some parts of the route, chairman and managing director B C Tripathi told reporters in Mumbai on Tuesday.“Kochi-Mangalore-Bangalore is the whole project, in which we have problems of acquiring right […]
GAIL posts 20 per cent rise in March quarter profit, shareholders to get 1:1 bonus
NEW DELHI: State gas utility GAIL India Monday reported a 20 per cent rise in its March quarter net profit as margins on natural gas sales and transmission more than made up for the loss in the petrochemical business. Net profit in January-March at Rs 1,222.23 crore, or Rs 4.98 per share, was 19.70 per […]
HPCL net profit increases 70% as crude price trends result in inventory gains
State-run Hindustan Petroleum Corporation Ltd (HPCL) posted an increase of 70 per cent in its net profit in the fourth quarter of the last financial year ended March 31, 2019, helped by substantial inventory gains and rupee appreciation negating a dip in refinery margins. Net profit in the period came in at Rs 2,970 crore […]
Petrochemical park project to be delayed further
THIRUVANANTHAPURAM: The ambitious petrochemical park proposed to be set up in Kochi has once again taken a hit after Fertilisers and Chemicals Travancore Ltd (FACT) sought more time to hand over the land required for the project to the state government. The state, in turn, extended the validity of the MoU signed between FACT and […]
Reliance beats Indian Oil Corp to become biggest Indian company by revenue
NEW DELHI: Richest Indian Mukesh Ambani’s oil-to-telecom conglomerate Reliance Industries has toppled state-owned Indian Oil Corp (IOC) to become the country’s biggest company by revenue. Reliance in the 2018-19 fiscal year that ended March 31, reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for […]
IOC weighs US sanctions effect on CPCL expansion
Following the US decision to reimpose sanctions on Iran, Indian Oil Corporation is evaluating the impact if Iran was to further invest in its subsidiary’s expansion projects. National Iranian Oil Co (NIOC), which holds 15.4 per cent stake in its subsidiary Chennai Petroleum Corp Ltd (CPCL), has invested in CPCL years ago which will not […]
Indian Oil’s Panipat refinery attracts NGT ire for violating pollution norms
The National Green Tribunal (NGT) has slapped an interim penalty of Rs 17.31 crore on Indian Oil Corporation Limited’s Panipat refinery for violation of environmental norms. A bench headed by NGT Chairperson Justice Adarsh Kumar Goel directed that the amount may be deposited by the unit with the Central Pollution Control Board (CPCB) within a […]
Oil PSUs may face stormy year ahead
India’s state-run oil sector units may be heading for stormy waters this year, with domestic product flagging and gross refining margins expected to fare poorer than levels seen over the past few years. The government’s increasing appetite for more lucrative shareholder returns from its commercial units may also put a dampener on oil sector PSUs […]