Oil Minister Dharmendra Pradhan and other senior officials of the ministry "reviewed the ongoing oil and gas projects started by PSUs since the resumption of economic activities from April 20, 2020".
To boost gas usage, India is expanding infrastructure including building new liquefied natural gas (LNG) import plants and connecting households with an expanding gas pipe network.
The company, which had earned $4.09 on turning every barrel of crude oil into fuel in January-March 2019, posted a negative gross refining margin of $9.64 per barrel.
India, the world's third-biggest oil importer and consumer, plans to invest about $160 billion by 2025-26 in expanding refining capacity, building gas infrastructure and ramping up exploration and production.
Fuel demand has shown signs of returning after lockdown restrictions were eased by first allowing industries in rural areas to operate, and then inter-state vehicular traffic and plying of some trains.
India's fuel demand in March declined by 17.8 percent, the lowest in over two decades.
Indian refiners have been forced to cut refinery run rates as shutting down of factories, suspension of flights, stopping of trains and vehicular traffic going off roads shrank demand. Since LPG is produced alongside petrol, diesel and kerosene when crude oil is processed, its availability from domestic refineries has reduced.
Oil Minister Dharmendra Pradhan had in the last few days held talks with his counterparts in Saudi Arabia and the UAE with a view to shoring up supplies.
India will join the select league of nations using petrol and diesel containing just 10 parts per million of sulphur as it looks to cut vehicular emissions that are said to be one of the reasons for the choking pollution in major cities.
Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and other public sector oil companies have contributed over Rs 1,000 crore to the Prime Minister CARES Fund to help in the fight against COVID-19 pandemic.
Asia's third largest economy with 1.4 billion people has reported about 500 cases of the virus but health experts say a big jump could be imminent. The government has halted domestic flights and most train and metro services.
The company is currently in talks with the Mizoram government for setting up the bottling plant in the state, said G Ramesh, chief general manager of the IOC.
"The Board of Directors of the company at its meeting held on March 13 has declared an interim dividend of 42.50 percent i.e. Rs 4.25 per equity share of face value of Rs 10 each for the financial year 2019-20," the company said in a regulatory filing.
IOC Chairman Sanjiv Singh said the IOC could use its vast retail network to supply the automotive sector in India, where the government is pushing for a shift to electric vehicles to cut pollution and lower the country's fuel import bill.
The country's top refiner IOC has already told Russia's Rosneft that it intends to buy as much as 40,000 bpd of Russian crude, one of the sources said, some 2.5% of its total refining capacity.
The Cabinet Committee on Economic Affairs had on November 21, 2019 decided to sell government's entire 53.29 per cent stake in country's second-largest state refiner BPCL, but a tender for sale hasn't yet been issued.
The refiner was seeking the cargoes on a delivered ex-ship (DES) basis, one of the sources said.
The fuel possesses the best rheological and detergent characteristics validated against most stringent military specifications. It also has lesser environmental impact due to low Sulphur content and would result in the better performance of engines.
India, the world's third-biggest oil importer and consumer, ships in about 60% of its overall crude needs from the middle eastern countries. The nation is gradually tapping new sources to hedge itself against geopolitical risks.
IOC shut a naphtha cracker which can produce around 800,000 tonnes per year (tpy) of ethylene and it has also idled 50% of its 300,000 barrel per day (bpd) refinery in Panipat, Vaidya said at the Asia Pacific Petroleum Conference (APPEC) in Singapore.
ICICI Direct recommended hold rating on Indian Oil Corp with a target price of Rs 150 in its research report dated August August 01, 2019.
Reliance in the 2018-19 fiscal year that ended March 31, reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal, according to regulatory filings by the two companies.
IOC plans to pull down the 1 million tonnes per year Nagapattinam refinery of its subsidiary Chennai Petroleum Corp Ltd and build a brand new 9 million tonnes unit in the next five to six years.
"In the wake of the cyclone Fani making landfall in Odisha earlier today (Friday), IOC is fully geared up and ensuring uninterrupted fuel supply from its locations in Odisha and West Bengal on the east coast," the company said in a statement.
The Centre filed the 1,001st patent this week, the company said in a statement here.