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.
State-owned and India's biggest oil marketing company Indian Oil Corp Ltd and its two smaller peers Bharat Petroleum and Hindustan Petroleum are considering ways to roll out the plan to review petrol and diesel prices daily, executives from the firms told the daily.
The current trend in India is to change fuel rates every fortnight. A shift to daily change would mean that prices don't drop or rise sharply, as prices may only change by a few paise everyday and will not lead to shock to customers.
The MoU was signed between senior officials of the two companies in the presence of TSRTC Managing Director G V Ramana Rao at Bus Bhavan here, an official release said.
India has supplied all Nepal's fuel needs since 1974 and is keen to maintain close trading ties with its neighbour in South Asia, an area where regional rival China has sought to expand its influence.
IOC held a 50 percent stake in the joint venture, Lubrizol India Pvt Ltd, according to the company's 2015-16 annual report. The joint venture makes chemical additives for lubricants.
The hike comes on the back of a 37 paise increase in petrol rate effected on October 1. Diesel price on that day was cut by 8 paise a litre.
The US Trade and Development Agency has awarded a grant to state-owned Indian Oil Corp to support their refinery modernisation efforts.
The company has capacity at refineries to produce 80.7 million tonnes per annum of fuel currently.
Indian Oil Corp is ranked highest at 161st among Indian firms, while another state-run firm ONGC has moved out of the rankings for 2016. Private gems and jewellery major Rajesh Exports has made its debut at 423rd position.
Petrol price was marginally hiked by 5 paise a litre and diesel by Rs 1.26 a litre on June 15, the fourth increase in rates in six weeks
The LNG importer's Dahej terminal had maximum capacity utilisation for the fourth quarter, and will continue to clock 120 percent going forward, says RK Garg Director-Finance, Petronet LNG. He adds that Dahej and Hazira terminals will be the only terminals operating for 6 months.
Diesel demand, which soared 7.5 percent to 74.6 million tonnes last fiscal, is projected to further go up by 7.7 percent to 78.11 million tonnes.
Speaking at the inauguration of Indian Oil Corp's (IOC) Rs 34,555-crore Paradip Refinery, Modi said apart from public and private sector, there was a need for developing "personal sector" in which youth can become self sufficient, start businesses and generate new employment avenues.
The payments are being made after the July nuclear deal that Tehran has struck with western powers, allowing for suspension and eventual termination of sanctions.