The Ministry of Petroleum and Natural Gas started mulling over the idea of legalisation of home delivery of HSD in 2017, after which it introduced the Petroleum Explosives Safety Organisation (PESO) to draft guidelines in this regard
Post a sharp hit during the initial lockdown phase, the performance of IOC is now improving. However, near-term challenges remain
Indian Oil Corp (IOC) will begin with a pilot of battery swapping at one of its outlets in Chandigarh and gradually scale it up to 20 stations, company chairman Sanjiv Singh said at the launch.
Shares of Power Grid Corporation of India fell almost 2 percent while those of NTPC jumped over 2 percent in early trade on BSE
The PSUs whose rating outlook has been revised include IOC, Bharat Petroleum Corp Ltd (BPCL), Oil India Ltd (OIL), GAIL India Ltd, Power Grid Corp of India Ltd and NTPC Ltd.
IOC, which along with subsidiary Chennai Petroleum Corp , controls about a third of India's 5 million barrels per day (bpd) refining capacity, is operating its plant at about 83% capacity, a sharp increase from 39% at the beginning of April.
The company said though it is on track to spend the approved capital expenditure for 2020-21, it has "critically examined all capex proposals for rationalisation of cost and time frame."
The move will not impact consumers and price hike will be absorbed by OMCs, a government official said
While IOC, which controls more than 50 percent of the market, did not share its sales data, both BPCL and HPCL have said their diesel and petrol sales have fallen by over 55 percent.
All precautions are being taken to protect our employees amid the coronavirus outbreak, however, the “round the clock” production of fuel has not been affected, Arvind Kumar, Executive Director of the refinery told reporters.
Sources said IOC has asked the four suppliers to defer some of the volumes they were to deliver in April.
Singh, who continued to oversee the mammoth operations of ensuring that fuel reaches every nook and corner despite bereavement of his father on the day the 21-day lockdown was declared, said there is no shortage of any fuel in the country and customers should not resort to panic booking of LPG refills.
John Coates, the IOC's Coordination Commission chief for Tokyo, told the Yomiuri the Games would have to be held between the tennis Grand Slams of Wimbledon, slated to end in mid-July, and the U.S. Open, which starts in late August.
The IOC said on Sunday the body would wait four more weeks before announcing its decision on the fate of the July 24-August 9 Games, amid mounting calls for them to be rescheduled.
"We have successfully rolled out the supply of BS-VI grade fuel across the country," IOC Chairman Sanjiv Singh said.
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.
Indian Oil chairman Sanjiv Singh has also said they will soon form a joint venture with Phinergy to set up an unit to manufacture metal-air batteries called al-air battery system, which does not use electricity to recharge.
The statement from Indian Oil Chairman Sanjiv Singh comes amidst local media reports that people in the Nanar region, where the USD 60 billion-plus project was originally planned and then shelved following opposition from the Shiv Sena when it was part of the previous BJP government, are demanding the refinery come up in their area now.
The largest oil supplier has spent over Rs 17,000 crore to upgrade its refineries to produce the low-sulphur diesel and petrol, the company's chairman Sanjiv Singh told reporters here.
IOC, however, may push back on the order as it is also facing a Rs 5,500 crore dividend demand from the government
"This is just the beginning," Dharmendra Pradhan said, after meeting with Rosneft Chairman Igor Sechin in New Delhi.
The investment proposed in 2020-21 is almost 4% higher than Rs 94,974 crore spending by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2020-21 documents.