Ennore Port (EPL) received approval of the union cabinet to lease land measuring 520,000 square metre to a joint venture led by state-owned Indian Oil Corp (IOC) for the 5 million tonne a year liquefied natural gas (LNG) terminal project. While IOC will hold majority stake in the joint venture, Tamil Nadu Industrial Development Corporation (TID
Tag: Indian Oil Corp
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Jet fuel price increased by 3.8%
Jet fuel prices were on February 28 hiked by 3.8 per cent, the second increase in rates in as many months. Aviation Turbine Fuel, or ATF, price at T3 terminal in Delhi was hiked by Rs 2,519.83 per kilolitre (kl), or 3.8 per cent, to Rs 70,080.87 per kl from midnight tonight, according to Indian Oil Corp, the nation's largest fuel retailer.
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OVL produces oil from Carabobo field
In a move that may increase crude oil production of ONGC, the state-owned oil explorer's overseas arm ONGC Videsh (OVL) began production from its Carabobo oilfield in Venezuela oil-rich Orinoco Belt. The asset is operated by a joint venture firm Petrocarabobo, set up in Venezuela in June 2010 in which OVL has 11 percent stake. Oil India and Indian Oil Corp
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‘Cash transfers will aid for better working of oil, gas markets’
Three months after the government decided to cap the number of subsidised liquefied petroleum gas (LPG) cylinders and allowed oil marketing companies to raise diesel prices, Indian Oil Corp is finding the going tough. The companyÂ’s Chairman and Managing Director, RS Butola told a business newspaper that the cap and direct cash transfer are indicators of better-functioning markets.
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State-owned OMCs asked not to invest on petrol pumps
According to a government order, which was approved by the Oil Minister M Veerappa Moily, henceforth state-owned oil marketing companies (OMCs) will not invest in opening of new retail outlets and the investment is to be made by prospective dealers only. The order further states that the state-owned OMCs can set up petrol pumps only when the dealer is willing bear the Rs 1-1.5 crore cost of a
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IOC to commission Paradip project in 2013
Indian Oil Corporation (IOC) expects to commission its 15-million-tonne Paradip refinery project in the second half of 2013. Meanwhile, the company has installed the world's largest coke drum on November 15 at the Paradip refinery site. The drum weighs 630 million tonne (mn t) and is 45.52 metre in height and 10.67 meter diameter.
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Indian firms imported 85.9 mn t oil till Sep
Crude oil imported by Indian refining companies stood at 85.959 million tonne during the April-September 2012. It is learnt that Indian companies are reducing their import from Iran and are instead increasing their dependence on other countries like Iraq, Venezuela, Kuwait for sourcing crude
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IOC posts Rs 96 bn net profit
Following the reimbursement of oil subsidy by the union government, public sector refiner Indian Oil Corp (IOC) posted a net profit of Rs 9,611 crore in the quart
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Diesel purchase: IOC vs Japan
Indian Oil Corp (IOC) failed to award a tender to buy 120,000 tonnes of diesel for 1-3 April delivery as traders, expecting higher offers from quake-hit Japan, did not submit price bids.
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Jet fuel dearer by over 4 pc
Oil companies have raised jet fuel price by a massive four per cent, the ninth straight increase in rates since October.