To raise about $2.3 billion to boost public finances, the Union government has revived plans to sell stakes in two State-owned companies-Indian Oil Corp (IOC) and the Coal India.
Tag: Indian Oil Corp
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IOCs LNG terminal at Ennore
By the end of 2013, Indian Oil Corp (IOC) plans to begin work on its liquefied natural gas (LNG) terminal project at Ennore near Chennai.
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IOC to get Rs 42 bn cash subsidy for Q1
India's State-owned fuel retailing oil company, Indian Oil Corp is to get cash payment for the fiscal first quarter subsidy from the government on September 17, the company's officials said on August 26. The Union government provides the subsidy to its fuel retailers-Indian Oil Corp, Hindustan Petroleum Corp (HPCL.NS) and Bharat Petroleum Corp (BPCL.NS) to sell diesel, kerosene and cooking gas at discounted rates to the poor and tame inflation.
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Rs 8,000 cr to expand IOCs Koyali refinery
To expand its Koyali oil refinery in Gujarat, Indian Oil Corp (IOC) will invest about Rs 8,000 crore. The State-owned oil refinery wanted to expand the Koyali unit to 18 million tonne per annum by 2016-17. The expansion from 13.7 million tonne will lead to improvement in distillate yield thereby enabling production of more value added products from the refinery, a company statement said.
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IOC to begin construction of LNG terminal at Ennore
By the end of 2013, Indian Oil Corp (IOC) plans to begin work on its liquefied natural gas (LNG) terminal project at Ennore near Chennai. The proposed terminal would be used to import natural gas from abroad and sell it in India, which faces severe shortage of the fuel. IOC is in the process of securing cons
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Indian Oil Corp to raise $500 mn loan
Indian government-owned and the country's largest refiner Indian Oil Corp (IOC) will raise $500 million loan by the end of August, sources in the company said on August 13. The company stated that the loan is to be used for working capital requirements.
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IOC to import less oil from Iran
Petroleum Minister M Veerappa Moily informed in Rajya Sabha that Indian Oil Corp (IOC) agreed to import 1.2 million tonne crude oil from Iran in 2013-14 compared to 1.566 million tonne in the previous year. This represents a fall of over 23 per cent in crude oil import by IOC from the Persian Gulf nation. During April-June 2013, the firm imported 0.577 million tonne of oil from Iran. It may be noted that IOC is India's third
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IOC eyes stake in Canadian shale asset
Indian Oil Corp (IOC) may buy 10 percent stake in Canadian shale gas assets from Malaysia's Petronas, reports indicate. Both the firms are said to be holding discussion on this matter. It is learnt that both the firms are yet to work out the terms of a potential deal. Last year, state-run Petronas acquired Canada's Progress Energy Resources Corp in a C$5.2 billion ($4.92 billion) deal that gave it shale gas properties in north
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Lack of infrastructure prevents IOC from investing in Canada
AMK Sinha, the director of planning and business development at Indian Oil Corp (IOC) informed reporters that lack of pipeline infrastructure in Canada is hindering the firm's investment plan in the country. Although the firm intends to invest in CanadaÂ’s energy sector to gain access to crude and natural gas exports, lack of infrastructure makes it very difficult, Sinh
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PSU OMCs seek permission to set up new outlets
Public sector oil marketing companies (OMCs) like Indian Oil Corp (IOC) want the government to allow them to invest on new fuel retail outlets without restriction. It may be recalled that the union government recently prohibited these firms, who are sitting on large pile of debt, from making investment in retail