Indian Oil also plans to open offices in Bangladesh and Myanmar in the next 4-6 months, Sharma told reporters at the India Energy Forum by Ceraweek in New Delhi.
Reliance, the owner of the world's biggest refining complex at Jamnagar, is joining state-run refiners Indian Oil Corp , Bharat Petroleum Corp and Hindustan Petroleum Corp in importing US crude. The purchase illustrates the vast reach of U.S. oil exports since the government rescinded a decades-long ban at the end of 2015.
ONGC holds 13.77 per cent stake in India's biggest refiner IOC, which at today's market price is worth about Rs 26,600 crore. It has another 4.87 per cent stake in GAIL India Ltd, worth Rs 1,637 crore.
Indian Oil Corp is planning to set up battery charging stations for electric vehicles at its petrol pumps, BPCL is looking into rooftop solar plants and HPCL is looking to make a mark in the natural gas and renewable energy segments.
IOC bought 1.9 million barrels of US crude in its second import tender seeking oil from the Americas, company Director (Finance) A K Sharma told PTI here.
The shipping ministry has allowed the country's largest oil firm to import one parcel or cargo of crude oil from the US every month in foreign ships, said a senior oil ministry official.
Expectation of some bit of consolidation cannot be ruled out in the coming week and investors will be better off taking bets on individual stocks.
Net profit in the April-June period, at Rs 4,548.51 crore or Rs 9.60 per share, was 45 per cent lower than the Rs 8,268.98 crore (Rs 17.45 a share) net profit in the same quarter of last fiscal.
IOC bought 1.6 million barrels of US Mars crude and 400,000 barrels of Western Canadian Select that will be delivered onboard a Very Large Crude Carrier (VLCC), IOC's head of finance, A.K. Sharma, told Reuters.
India's largest oil refiner is seeking to buy the crude grades Mars, Southern Green Canyon and Thunderhorse from the United States and Western Canadian Select from Canada in the tender, they said.
BPCL will shut a 100,000-barrel-per-day (bpd) crude unit for a month from July 29 and the CCR from August 6 at its 190,000-bpd Kochi refinery in Southern India, sources with knowledge of the plan said.
IOC said the backlog of supplies in Kerala is 15 days and the new import facility was aimed at easing the same.
The proposed talks come as Saudi Arabia seeks to secure customers for its oil amidst a global supply glut.
IOC plans to shut a 150,000 barrel per day (bpd) crude unit at its 300,000 bpd Panipat refinery in northern India and an associated naphtha cracker plant for about a month in July, the sources said, freeing up some naphtha for exports.
IOC, Oil India Ltd and Bharat PetroResources Ltd (a unit of Bharat Petroleum Corp. Ltd or BPCL) is looking at buying a stake in Suzunskoye, Tagulskoye and Lodochnoye fields — collectively known as Vankor Cluster, sources privy to the development said. ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is also interested in the fields.
Indian Oil Corp (IOC) has overtaken Oil and Natural Gas Corp (ONGC) to become India's most profitable state-owned company.
IOC Chairman B Ashok said the freedom allowed the companies to decide on tenders for purchase of crude oil within a very short span of time.
IOC and its partners are expected to make a final investment decision on the project in end-2018 to early 2019, after which the project will take five years to be completed, he said.
The drop in volumes follows India's threat to order state refiners - Hindustan Petroleum, Bharat Petroleum, Mangalore Refinery and Petrochemicals Ltd, and Indian Oil Corp - to reduce purchases from Iran if an Indian consortium is not awarded the rights to develop Iran's huge Farzad B natural gas field.
Net Sales are expected to increase by 6 percent Q-o-Q (up 22.6 percent Y-o-Y) to Rs 98660 crore, according to HDFC Securities. Indian Oil Corp to report net profit at 3300 crore down 17.4% quarter-on-quarter.
While a 131-km pipeline will be laid from from Siliguri in West Bengal to Parbatipur in northern Bangladesh to transport diesel, a line from Dattapulia in West Bengal will take natural gas to Khulna, the third-largest city of Bangladesh.
Oil India International Pte Ltd (OIIPL), a wholly owned subsidiary of OIL, priced the 10-year notes at a coupon of 4 per cent per annum payable half year, the company said in a stock exchange filing. The notes will be listed on the Singapore Stock Exchange.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), which own over 95 per cent of nearly 58,000 petrol pumps in the country, will launch a pilot for daily price revision in five select cities from May 1 and gradually extend it to all over the country.
To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.
Iran, India's third biggest oil supplier, used to give a 90-day credit period to refiners like Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) to pay for the oil they would buy from it.