Disinvestment of 10 per cent paid-up equity in the Indian Oil Corporation (IOCL) has been approved by the Cabinet Committee on Economic Affairs, as per the government's disinvestment policy.
Category: Oil & Gas
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IOC to invest Rs 50 bn on gas project
Indian Oil Corporation (IOC) chose Dhamra coast in Orissa's Bhadrak district for setting up a natural gas terminal at an investment of Rs 5,000 crore. In future, IOC plans to raise the capacity of the terminal by above 10 million tonne per annum.
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ONGC to double its output in Assam
ONGC Assam asset plans to com¡¡p¡lete projects on time so as to double its production by 2030 from the current level of 1.21 million tonne per year. More wells need to be drilled with the latest technology, emphasis has to be laid on opening up new horizons by strengthening exploration activities
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8.5 GW gas-based plants remain idle
Some reports indicate that around 8,500 MW of gas-based power plants are lying idle in the country owing to non-availability of fuel. A high-powered ministerial panel rejected a proposal to cut natural gas supplies to urea plants and divert that fuel to power companies.
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IOCL to invest Rs 50 bn on gas terminal project
Indian Oil Corporation chose Dhamra coast in Odisha's Bhadrak district for setting up a natural gas terminal at an investment of Rs 5,000 crore. In future, IOC plans to raise the capacity of the terminal by above 10 mn mtpa per annum. IOCL and the state government would jointly promote necessary infrastructure in Odisha for distribution of natural gas for indu
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IOC raises $500 mn via bond issue
Indian Oil Corporation (IOC) raised $500 mn through issue of 10 year dollar denominated bonds at a coupon of 5.75 percent. The state-run oil marketing company (OMC) roped in Deutsche Bank, HSBC and Standard Chartered Bank as the joint book-runners for the bond sale. Around 400 investors across the globe offered bids worth about $3.5 bn for subscribing to the bonds. The bidd
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Ministry examines proposal on pricing of KG D6 gas
Union petroleum ministry is examining the proposal of the Finance Ministry to ask Reliance Industries (RIL) to sell natural gas at lower rates ($4.2 a unit) for the supplies it still owes. In a recent letter to the petroleum ministry, the finance ministry suggested that the government must subject gas producers to closer regulation, especially on the
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Great Eastern to buy gas carrier
Great Eastern (GE) Shipping, which has a fleet size of 28 ships comprising 20 tankers and 8 dry bulk carriers, decided to buy a very large gas carrier of about 49,300 dry weight tonnage (73,800 cbm). The gas carrier, once bought, would become the 29th ship of the firm. GE Shipping Company entered into a cont
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Indian Oil issues $500 mn worth 10-year bonds
Indian Oil Corporation on July 29 said that it has issued $500 million worth bonds for a tenor of 10 years. This is the public sector firmÂ’s fourth international bond issue in the past three-and-a-half years. Last month, the Federal Open Market Committee indicated that US Fed would moderate the asset purchase based on improvement in the US economy. These indications were not taken favourably and markets went into sell off mode.
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HPCL may choose Pachpadara site for refinery project
Media reports indicate that Hindustan Petroleum Corporation (HPCL) may prefer Pachpadara over Leelala for setting up the proposed refinery in a joint venture with Rajasthan government. It may be recalled that Engineers India (EIL) recommended HPCL to choose Pachpadara for the project. Also, the state Task Force approved the setting up of the refinery at Pachpadara over Leelala. The nine milli