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Energy giant ExxonMobil has signed a memorandum of understanding (MoU) with Indian downstream major Indian Oil Corporation (IOC). The companies have decided to collaborate in order to expand liquefied natural gas (LNG) initiatives in India. “This initiative focuses on exploring new models of delivering cost-effective natural gas in India where it is most needed to complement traditional pipelines”, said ExxonMobil.
India’s downstream giant, IOCL is developing indigenous metals-based batteries in an attempt to prevent the dependence on lithium imports. Chairman of the state-run behemoth, Sanjiv Singh said that the metal-air batteries will generate energy by the oxidation of metals such as iron, zinc and aluminium. While the batteries are not rechargeable, motorists can swap plates to power them instantaneously, thereby eliminating the requirement for a charging infrastructure
India’s biggest oil guzzler, IOCL has built an 850 metres long road by using 16 metric tonnes of single-use plastic waste in bitumen concrete. The downstream major has also called for ‘expression of interest’ from different parties and aggregators to regularly provide commercial amounts of such waste. IOCL officials said that the road was constructed outside the firm’s R&D facility in Faridabad on an experimental basis.
India’s largest oil guzzler, IOCL is looking to establish its second Research and Development (R&D) centre, nearby to an existing facility in Faridabad, Haryana. The proposed facility to be set-up at a cost of Rs 2,282 crore will research on alternative & renewable energy, industrial bio-technology, nanotechnology, refining technology, petrochemicals, applied metallurgy, pipeline research, catalytic interventions for clean energy processes and carbon nanotube & batteries.
India’s biggest oil guzzler, Indian Oil Corp is planning to devote $27.98 billion in upcoming five-seven years to fulfill energy requirements of diverse user groups. Talking at a shareholders meeting yesterday, Chairman Sanjiv Singh said that the investment would allow IOCL to evolve into a future-ready corporate. This will also help provide comprehensive energy solutions.
India's downstream giant, IOCL has planned to invest Rs 25,000 crore in green energy projects. In its annual report, the company said, "Indian Oil has developed a road map and action plan to usher in clean and green energy alternatives to mitigate the risk of global warming". The company will invest in solar and wind power plants, bio-fuels plants, and solar panels at filling stations.
Keeping in line with their biggest-ever expansion of fuel retail network, state-owned oil majors have released letters of intent (LOI) for over 9,000 new petrol pumps. The companies are now moving swiftly to choose dealers for new pumps. An LOI contains the company’s intent to employ an applicant as a dealer at a specific location, subject to conditions.
India's downstream giant, IOCL has reported a 50% decline in profit for the first quarter which ended in June. The consolidated net profit of the company went down to Rs 3,624 crore due to lower refinery margins and product sales. Revenue from operations went up a little to 0.44% and were at Rs 1,52,496 crore. Also, the expenses of the company increased in this quarter to Rs 1,47,953 crore.
McDermott has received technology contract from oil guzzler, Indian Oil Corporation Limited (IOCL). The contract pertains to the development of a grass-root Fluid Catalytic Cracking (FCC) unit. It will include technology license, basic engineering, proprietary equipment, training and technical services. The FCC unit will use INDMAX Technology, licensed by McDermott's Lummus Technology and developed in partnership with IOCL.
Oil guzzler, Indian Oil Corp. has said that it will assess the effects of US sanctions on the proposed Iranian investment in the CPCL expansion project. IOCL plans to pull down the Nagapattinam refinery and build a new refinery of 9 million tonnes unit in the upcoming five to six years. While the previously made investments by NIOC will not draw any impact, NIOC’s new investments will remain under scrutiny.
In a bid to make up for the supply loss of Iranian oil due to US sanctions, oil guzzler IOCL has availed the option of receiving an extra 2 million barrels of crude from Saudi Aramco. Under the deal, the state-run refiner will get the extra crude supply for every month between July-December. IOCL entered into a term deal to purchase 5.6 million tonnes of Saudi crude in 2019/20.
India’s largest oil guzzler, Indian Oil Corporation (IOC) informed in a regulatory filing yesterday about winning 100% stake in Abu Dhabi Onshore Block 1 Concession with BPRL. The two oil firms will invest USD 170 million in the concession. IOC and BPRL participated in Abu Dhabi's first-ever competitive bid round through a special purpose vehicle (SPV), Urja Bharat Pte Ltd.
State-run refinery major, IOCL has entered into $1.5 billion term contract to purchase US crude oil from April. In a company statement, the oil guzzler informed that over 3 million tonnes of US crude will be imported under the contract, as part of its strategy to diversify term crude sources. The announcement for the term contract has come just a day before Saudi Arabian Crown Prince’s arrival in India.
India’s largest oil guzzler, IOCL has received clearance from the Expert Appraisal Committee under MoEF for establishing a grass root petroleum storage and distribution terminal in Telangana. The minutes of meeting disclosed that the proposal involves establishing 28 tanks with a combined capacity of approximately 165 million litres with an investment expenditure of ₹570 crore in Yadadri. The project has been allotted a total area of over three lakh sqm.
In an inauguration ceremony yesterday, Prime Minister Narendra Modi unveiled BPCL’s integrated refinery expansion complex in Kochi. The integrated refinery comes with world class standards and would establish Kochi Refinery as the largest PSU refinery in India. The Prime Minister also laid the foundation stone for a new petrochemical complex at the Kochi refinery, apart from inaugurating a mounded storage vessel at the LPG bottling plant of the IOCL refinery.
Oil minister of India has updated the nation about the recent talks with Nepal. The two countries have agreed to discover various possibilities for laying pipelines to supply LPG and natural gas. Pradhan said “Indian Oil Corporation (IOC) and Nepal Oil Corporation (NOC) will work together on these projects,” The leader of both the countries have agreed to complete the ongoing pipeline work from Motihari, India to Amlekhgunj, Nepal.
IOCL’s group company, Chennai Petroleum Corporation Limited has released a notification regarding apprenticeship opportunity at its refineries. CPCL, which has its refineries in Chennai, is inviting applications for eight job roles available in the firm. Candidates who fulfil the eligibility can apply for the job positions before October 8th, 2018. The mode of application is online.
In order to increase the capacity at its Siliguri storage terminal, Indian Oil Corporation will invest Rs 170 crore on the same. The terminal serves fuel to 33 corps of the Indian Army and also to the Indian Airforce bases at Bagdogra. Executive Director of IOC has said that “It is more of an operational, strategic step that we are taking to augment the capacity of this terminal,”