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
Tag: Indian Oil Corporation
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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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OMCs oppose finance ministry proposal on pricing method
Public sector oil marketing companies (OMCs) like Indian Oil (IOC) opposed the proposal of the finance ministry to adopt export pricing method for calculating under-recoveries on cooking gas and diesel. State-run OMCs argue that if the finance ministry's proposed formula for subsidy sharing is accepted, they stand to lose out on compensation and it will also impact their investment and expansion plans
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IMG to shortlist bankers to manage stake sale in IOC
The inter-ministerial group (IMG), headed by Disinvestment Secretary Ravi Mathur, would shortlist five merchant bankers for managing the 10 per cent government stake sale in Indian Oil Corporation (IOC). The five merchant bankers would be shortlisted from among 17 banks, who would make presentations to the IMG
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IOC ropes in Essar Projects for safety improvement project
Indian Oil Corporation (IOC) roped in Dubai-based engineering firm Essar Projects to implement process safety related improvements at its terminals and depots across the country. According to the contract, Essar Projects is responsible for basic and detailed design and project management relating to implementation of various HSE requirements in 109 POL terminals or depots of IOC acro
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IOC expects Paradip project to be over by October
M Vijaywargiya, Executive Director of Indian Oil Corporation's (IOC) Paradip refinery project informed reporters that 93.2 per cent work on the Rs 29,777-crore project has already done. He said the Rs 29,777-crore project is scheduled to be commissioned in Sepetmber-October this year. More than 500 engineers and officers of IOC are toiling round the clock at the project site, he said adding the refinery would be the most modern export-orientated processing unit and IOC'
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IOC to lay pipeline for city gas distribution
Indian Oil Corporation (IOC) would lay pipeline from Rajpura in Punjab to Chandigarh to transport cooking gas to city homes. Besides Chandigarh, the pipeline would also be laid across Ambala in Haryana and the piped gas line will cater to Mohali, Panchkula, Baddi, Parwanoo and Nalagarh. The administration will facilitate in execution of the plan to ensure that general public does not face inconvenience during its
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IOC to sign pact with Ennore Port for LNG project
Indian Oil Corporation (IOC), which has proposed to set up a Rs 4,320-crore liquefied natural gas (LNG) plant at Ennore would soon enter into an agreement with the Ennore Port to secure 132 acre of port land for the project. The project would enable supply piped gas in the southern region,
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IOC to sign pact with Ennore Port for Rs 43 bn LNG project
Indian Oil Corporation (IOC), which has proposed to set up a Rs 4,320-crore liquefied natural gas (LNG) plant at Ennore would soon enter into an agreement with the Ennore Port to secure 132 acre of port land for the project. The project would enable supply piped gas in the southern region, which does not have adequate supply of piped gas
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Net profit of IOC rises 14.53% in March quarter
Net profit of Indian Oil Corporation (IOC) rose 14.53 per cent to Rs 14,513 crore during January-March 2013 compared to Rs 12,671 crore in the year-ago period. The rise in profit is attributed to the higher subsidy amount it received from the government for selling petroleum products below the market price