Diabytes
Indian Oil Corp News
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The new licences awarded to IOC relate to major districts of some states.
The company is already working on gas sales projects worth 200 billion rupees.
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IOC through its 11 refineries controls about a third of India`s 5 million-barrel-per-day (bpd) refining capacity.
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The three public sector oil marketing firms - Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) - in November last year advertised to open 78,493 more petrol pumps in the country. This on top of 64,624 fuel retail outlets currently operating in the country.
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The net profit of Rs 6,099.27 crore, or Rs 6.46 per share, in January-March 2019 was 16.88 percent higher than Rs 5,218.10 crore, or Rs 5.51 per share, reported in the year-ago period, IOC Chairman Sanjiv Singh told reporters here.
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Iran supplied more than a tenth of India's oil needs before the reimposition of US sanctions against the Persian Gulf nation stopped supplies this month.
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This is the first time any Indian refiner has signed an annual contract since the country in 2017 began importing crude oil from the US.
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IOC along with Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
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The company board also recommended an interim dividend of 67.5 percent (Rs 6.75 per share) for the 2018-19 fiscal.
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Oil refiners such as state-owned Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) could use UCO Bank or IDBI Bank to route oil payments to Iran, the official added.
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Iran offers Indian refiners a 60-day credit period on oil sales, which means payment for cargoes loaded from end-August will be due in November.
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At Friday's closing price of Rs 440.85 a share for GAIL on BSE, the stake is worth close to Rs 41,000 crore.
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Revenues soared to Rs 1.1 lakh crore from Rs 1 lakh crore last year.
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The refiner has bought about 5.5 million barrels of US crude so far this year.
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Indian Oil also plans to open offices in Bangladesh and Myanmar in the next 4-6 months.
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The final approval of the project would be obtained after preparation of Detailed Feasibility Report of the project.
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The official said IOC had last month sealed a deal to import 1.6 million barrels of crude from the US for delivery in the first week of October at its Paradip refinery in Odisha -- the first ever such purchase of US crude by an Indian state-run refiner.
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The purchase comes after Indian Prime Minister Narendra Modi`s visit to the US in June when President Donald Trump said his country looked forward to exporting more energy products to India.
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State-run Indian Oil Corp (IOC) on Thursday posted an impressive 85 percent jump in net profit for the fourth quarter ended March at Rs 3,721 crore owing to better revenue from operations, even as refining margins grew.
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India plans to order about a quarter less Iranian crude oil than it bought last year, people familiar with the matter said, as state refiners cut term purchase deals over a row between New Delhi and Tehran on development of a natural gas field.
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Petrol and diesel prices will be revised on a daily basis from Monday in select towns in sync with international rates, much like it happens in most advanced markets.
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