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Indian Oil Corporation Limited (IOC.NS)

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  • Indian Oil plans $4.5 billion Panipat refinery expansion by Sept 2024
    Reuters

    Indian Oil plans $4.5 billion Panipat refinery expansion by Sept 2024

    Indian Oil Corp will invest 329.46 billion rupees ($4.46 billion) to raise the capacity of its Panipat refinery by two-thirds to 500,000 barrels per day (bpd) by September 2024, the country's top refiner said on Friday. India, the world's third biggest oil importer and consumer, aims to expand its 5 million bpd refining capacity by 60% to meet rising local demand as Prime Minister Narendra Modi seeks to boost the manufacturing sector. Along with expanding capacity, IOC will install catalytic dewaxing and polypropylene units at its Panipat refinery in northern Punjab state, it said in a statement.

  • Indian Oil may form subsidiary for retail assets to unlock value
    Reuters

    Indian Oil may form subsidiary for retail assets to unlock value

    Indian Oil Corp could create a subsidiary for its retail assets to help unlock value, the head of finance at India's largest refiner said on Tuesday, a day after the government announced plans to monetise IOC's pipeline assets. "Presently it is not on our radar but a possibility of any such thing to unlock the value cannot be ruled out," Sandeep Kumar Gupta said on an analysts call when asked if IOC plans to hive off its fuel retailing business into a separate company. Finance Minister Nirmala Sitharaman in her budget for fiscal year from April, announced plan to monetise oil and gas pipeline assets of IOC, gas utility GAIL (India) Ltd and Hindustan Petroleum Corporation Ltd.

  • Reuters

    Indian Oil's quarterly profit more than doubles on inventory gains

    State-run refiner Indian Oil Corp Ltd's quarterly profit more than doubled, as the value of its inventory increased on the back of higher crude prices and margins rose at its petrochemical business. An inventory gain is booked when oil prices rise when the company is refining and shipping petroleum products. Brent crude prices jumped 26.50% in the December quarter.