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As the festivals enter the door of India, demand for diesel rose by 6.6% and petrol by 4% in October. The increased transportation of goods during the season is the most crucial factor for the driven up demand. Refineries across the country have also started to gain pace as Indian Oil Corporation Ltd, the nation's largest refiner saw a rise of 94% run from below 50% since April.
Indian Oil Corp. has formed an equal joint venture with France’s Total to manufacture and market high-quality bitumen derivatives and specialty products for India’s growing road-building industry. The joint venture will set up manufacturing units across the country and also explore the possibility of catering to other South Asian markets. The joint venture would commence by taking over an existing plant of Total at Jodhpur in Rajasthan.
Indian Oil Corp. is working on an energy transition strategy, which would involve producing hydrogen in a cost-effective way as well as developing technology to combine CNG with hydrogen, its chairman Sanjiv Singh told S&P Global Platts. In addition to refining and fertilizers, hydrogen provides a huge opportunity for the transportation sector, amongst other, but one of the biggest challenges to overcome is to make it commercially viable, he added.
"Oil guzzler, Indian Oil Corporation yesterday informed about completing the revamp of its all units to produce BS-VI grade fuels at its Mathura refinery. The revamp comes months ahead of the deadline for the rollout of newer emission norms from April 2020. With the revamp operations now complete, IOCL Mathura Refinery has become the first refinery in India to supply BS-VI compliant fuels, containing less than 10 ppm sulphur."
Downstream giant, IOCL has planned to monetise its pipelines and storage infrastructure. The state-run oil guzzler has aimed to maximize the asset utilisation and lock future revenue using special purpose vehicles (SPVs). According to sources, many PE and VC funds have agreed to invest in IOC assets because of the assurance of elevated returns given by the refining major. IOC has expected this investment to raise its profitability and dividend payout.
Amidst extreme agitation against the Citizenship Amendment Act in India’s North-Eastern states, the region is heading towards a fuel supply crisis. With refineries shutdown, petrochemical plant and oil-producing facilities non-operational, it’s only a matter of weeks before the fuel crisis hit the region. Sources have revealed that IOC has shut down its Digboi refinery, and is running the Guwahati unit at minimal throughput, while OIL had to shut down its LPG production.
India's downstream giant IOCL has received clearance from the Ministry of Environment to set up 2G ethanol plant. This Rs 766 crore plant will be set up in Haryana's Panipat district. Union Environment Minister took social media platform to inform that "This project not only promotes use of environment-friendly fuel but also aids in fulfilment of government's goal of doubling farmers' income".
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.