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Oil & Gas Stepping on the Gas

Oil & Gas Stepping on the Gas

The complete deregulation of diesel prices and the announcement of the new gas pricing formula are bound to give a fillip to the oil & gas sector in the country. Finally, the oil & gas sector has been visited by the ´reforms

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Net loss of IOC declines to Rs 30.9 bn in June quarter

Net loss of IOC declines to Rs 30.9 bn in June quarter

During Apr-Jun 2013-14, the net loss of Indian Oil Corporation (IOC) declined to Rs 3,093 crore from Rs 22,451 crore in the corresponding quarter previous year. The company managed to reduce its loss as it received compensation for selling fuel below market cost from the government

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IOC to begin construction of LNG terminal at Ennore

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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IOC to import less oil from Iran

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 raises $500 mn via bond issue

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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IMG to shortlist bankers to manage stake sale in IOC

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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OMCs oppose finance ministry proposal on pricing method

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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IOC ropes in Essar Projects for safety improvement project

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 eyes stake in Canadian shale asset

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