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.
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.
State-run IOC had previously purchased US oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of U.S. oil between November to January.
IOC Chairman Sanjiv Singh said the Rs 5,151-crore terminal is complete and would be commissioned after completion of dredging of the channel that will bring cryogenic ships carrying natural gas in its liquid form to the port.
National Iranian Oil Co (NIOC), which holds 15.4 per cent stake in CPCL, is keen to participate in the expansion project, Singh told reporters here.
Less than two months after serving the first show-cause notice, the Odisha government on February 22 wrote to its single-biggest investor saying it is withdrawing the promised 11-year deferment on payment of sales tax on Paradip refinery products sold in the state, sources said.
In a big jolt to Indian Oil, the Odisha government has withdrawn tax incentives given to the Rs 34,555-crore Paradip refinery, making the company reconsider its plans to invest another Rs 52,000 crore in the state.
IOC had previously planned to raise capacity of Panipat refinery from 15 mt to 20.2 mt, but now it is looking at raising the capacity straightway to 25 mt, its Director (Refineries) Sanjiv Singh said here.
Singh, 56, who is currently Director of Refineries at IOC, was selected for the top job after government headhunters Public Enterprise Selection Board (PESB) interviewed eight candidates.
International Energy Agency's World Energy Outlook projects 4 percent CAGR growth in India's fuel demand to 348 mt by 2030, from 184 mt in 2015-16. BP projects demand to be 335 mt while EIA has pegged it at 294 mt, which translates into a CAGR of 3 percent.
"IOC has developed the IndMax technology by its own R&D team seven or eight years ago. The technology aims at maximising LPG production and is being used at the Paradip refinery", IOC Director (refineries) Sanjiv Singh told visiting reporters here.
Reliance Industries holds the distinction of building the biggest refinery in India till now.
It is used to manufacture a wide-range of products - from automobile headlights, disk brake pads and bumpers to carpets, CDs, clear film food wrap, eyeglasses and moulded plastic goods such as buckets and food containers.
Crude processing at the 300,000-barrel-per-day (bpd) east coast refinery will begin in two months, Indian Oil's head of refinery Sanjiv Singh told reporters after the company announced its December-quarter results.