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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,”
India’s biggest state-run refiner, IOCL yesterday took major decisions in the Annual General Meeting (AGM). The oil guzzler is planning a capital expenditure of Rs 22,000-crore in the financial year 2019. IOCL will spend Rs 6000 crores on the upgradation of its refineries to catch up with BS-VI requirements. The firm is also closing in on the commission of the Ennore-Manali LNG pipeline by the end of the year.
A senior official at India’s biggest oil guzzler, IOCL revealed about the firm’s plans of investing about ₹37, 000 crores in the infrastructure facilities across Tamil Nadu, over the next three years. The investment will be focused on pipeline expansion, construction of captive jetty, additional facilities for petrol and diesel handling, Petroleum, oils and lubricants (POL) terminals.
India’s biggest oil guzzler, IOCL yesterday reported Rs. 70.92 billion in profits, a 50.27% hike for Q1. Net income for the retailer rose to Rs 1.52 trillion during the first quarter of the 2018-19. IOCL had posted Rs 47 billion in profits for the first quarter of 2017. IOCL reported expenses at Rs 1.42 trillion against Rs 1.25 trillion in the corresponding quarter from 2017.
Looming US sanctions has forced state-run IOCL to buy US crude as an alternative to Iranian oil. Indian Oil bought 6 million barrels of US crude for delivery in November to January, through a mini-term tender. After the United States pulled out from the 2015 nuclear deal and declared a renewal of sanctions on Tehran, India has asked refiners to prepare for a severe cut or even zero imports from Iran.
Oil guzzler, Indian Oil Corp is planning to invest Rs 1.75 lakh crore to double its refinery capacity, expand the gas business, boost its petrochemical production and lay new pipelines. The oil refiner will increase its capacity of turning crude oil into fuels to150 million tonnes per annum by 2030. Moreover, the projects costing Rs 32,000 crore are already in the execution stage.
India’s largest oil guzzler, IOCL, in an open house discussion organized last week, opposed the sector regulator PNGRB’s unified tariff proposal. The oil giant voiced its opposition with the argument that the proposal would only aid old LNG terminal and pipeline units; refinery input cost, however, will increase. PNGRB is of the belief that a unified tariff will help customers get rid of multiple pipeline tariffs currently being levied.
India’s state-owned firms, reportedly, spent only about 20% of the planned CAPEX in the first quarter. The expenditure in Q1, which amounted to some 18, 000 crores, came largely from IOCL, BPCL, and ONGC. While IOCL spent about a quarter, BPCL’s expenditure was close to 28% of their planned CAPEX. The expenses were planned for exploration and production and expanding the refining, transport and marketing infrastructure.
In a statement released by NRL, Indian oil companies, IOCL, ONGC, GAIL, OIL, and NRL have formed a joint venture to carry out the North-East Natural Gas Pipeline Grid as part of the Urja Ganga Gas Pipeline Project. The JV will focus on the development, construction, operation, and maintenance of the Natural Gas Pipeline Grid connecting Guwahati to the other major North-Eastern cities and major load centers.
Raising his concerns over increasing crude prices, the Chairman of IOCL, India’s biggest refiner, has warned OPEC to reduce oil prices or face the risk of limited purchase from the country. India is positively looking towards crude oil alternatives such as electric vehicles and gas. He laid emphasis on the fact that oil demand cannot be viewed in isolation to oil prices, considering the price sensitive market of India.
The Competition Commission of India (CCI) yesterday dismissed an allegation made against Indian oil firms – BPCL, IOCL, and HPCL – pertaining to unfair business practices. The unidentified complainants had blamed the oil majors of putting on anti-competitive terms in the notice seeking tenders floated "identically/ jointly/ parallelly" in different states. Concerns were also raised on the introduction of an identical price band within which bidders were forced to quote.
Indian Oil Corporation (IOC) is looking forward to purchasing 1 million tonnes of crude oil under a term deal from US suppliers, in a bid to counterbalance the oil producers in Gulf. Indian refiners currently buy US crude in the spot market and moving to term deal would mean an annual contract for the purchase of a predetermined quantity at a price that varies with international rates during the contract period.
IOCL Chairman Sanjiv Singh clarified to the reporters that the decision of oil PSUs not to hike petrol and diesel prices was aimed at stabilising the prices. He said, "We strongly believe this was unrealistic. So, we thought of stabilising that, tapering it down to a certain extent. Now incidentally it has coincided with some of the state elections. It was not the intention (of oil marketing companies)."