Oil firms explore using stranded $600 mn to buy Russian oil

Indian Oil Corporation (IOC), a unit of Bharat Petroleum Corporation Ltd, Oil India Ltd and ONGC Videsh Ltd — haven’t been able to repatriate dividend income they accrue from their investments in Russian oil and gas fields. That money is lying in their bank accounts in Russia but could not be brought to India due

IOC invites global tenders for first green hydrogen plant

The Indian Oil Corporation Limited (IOCL) has begun the process to set up its first green hydrogen generation plant in Panipat at 10 KTA (thousands tonnes per annum) capacity. The big project will be coming up in the next 30 months. The IOCL on Monday invited global tenders for setting up the unit next to

IOC selects Linde India to set up new unit at Panipat refinery

Indian Oil has awarded a letter of acceptance to Linde India to set up a new unit as part of the operator’s project to expand crude oil processing capacity and petrochemical production at its Panipat refining and chemical complex in India. Indian Oil Corp. Ltd. (IOC) has awarded a letter of acceptance (LOA) to Linde

Indian Oil, L&T, ReNew form JV for green hydrogen projects

A joint venture of Indian Oil Corporation, L&T and ReNew to focus on green hydrogen projects has been incorporated with the three partners investing ₹1 crore each in its authorised capital. The JV company GH4India Private Ltd., incorporated on August 25, has been formed for the purpose of development of green hydrogen and its derivatives,

Indian Oil to invest $30 bn to achieve net-zero target

Indian Oil Corp plans to spend $30 billion to achieve its net-zero operational emissions target by 2046, the oil refiner’ chairman said. The company also announced an investment of Rs1 lakh crore ($12bn) to increase its refining capacity, already India’s largest, by a third. Under this plan, Indian Oil will have a refining capacity of

Indian Oil, Praj to form JV for biofuels production

Various biofuels covered under this MoU include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others, Praj Industries said.

IOC considering setting up green hydrogen units in TN and Kerala

The company has proposed ₹54,000 crore investments, including the ₹35,580-crore greenfield refinery project, in Tamil Nadu.

Oil refiners from India using CNY to buy Russian crude

In June, Indian Oil was the first state refiner to pay for Russian crude in yuan, while at least two of India's three private refiners have completed similar transactions.

India mulls kicking off to seek equity in three big refineries

The Oil Ministry asked state-controlled Indian Oil Corp (IOC.NS) and Bharat Petroleum Corp Ltd (BPCL) (BPCL.NS) to launch rights issues, and asked Hindustan Petroleum Corp Ltd (HPCL) (HPCL.NS) to make a preferential share allotment to the government.

GAIL bags licence for Gurdaspur-Jammu gas pipeline

State-owned GAIL (India) Ltd beats Indian Oil Corporation (IOC) to win a licence to build a gas pipeline from Gurdaspur in Punjab to Jammu, oil regulator PNGRB said. In a statement, Petroleum and Natural Gas Regulatory Board (PNGRB) said that it had in January invited application cum bids for grant of authorisation for the Gurdaspur-Jammu