Indian Oil Corporation Company News

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Indian Refiners to Import More Oil from USA
Wednesday, March 17, 2021Indian state-run refiners reportedly will cut purchases of Saudi crude and buy more from the U.S. on the spot market.

Index Shows Oil Demand Recovery from November Trough
Friday, December 11, 2020Global oil demand is rebounding after hitting a trough last month, according to an index compiled by Bloomberg.

New Breed of Refineries Emerging in Asia
Wednesday, August 26, 2020As the age of the hydrocarbon enters its final era, the action increasingly moves to Asia and plastics take center stage.

Refiners Fight Virus with Drones
Sunday, August 16, 2020India's energy companies are coming up with novel solutions to keep the virus at bay and their operations running.

A 12,000-Mile Trip May Be Null Due to Iran Oil Sanctions
Thursday, September 26, 2019More than two months and 12,000 miles ago, the tanker Da Yuan Hu left Singapore and headed to Mexico to pick up a shipment of crude oil. Its long quest could be in jeopardy.

LNG Import Growth Underway in India
Thursday, March 07, 2019The commissioning of India's first east coast regas terminal signals a period of rapid growth.

How Venezuela's Last Oil Buyers May React to Sanctions
Tuesday, January 29, 2019After the US slapped sanctions on PDVSA, the market has focused on how the remaining buyers of the South American country's heavy, low-quality crude will react.

India Said to Nix Iranian Oil Imports
Tuesday, September 25, 2018India is not planning to buy any crude oil from Iran in November, raising the prospect that Tehran will lose another major customer as U.S. sanctions hit.

Indian Oil To Turn To Traditional Suppliers To Meet Iran Oil Shortfall
Tuesday, May 22, 2018IOC will turn to its traditional oil suppliers if US sanctions against Iran result in supply disruptions, its head of finance says.

Top India Refiner Is Said to Invest $3.5B to Expand
Thursday, March 22, 2018India's biggest oil refiner Indian Oil Corp. is planning to invest as much as $3.5 billion in the year beginning April 1.

Top Indian Refiner Eyes $1.5 Billion Savings With Own Plant Tech
Wednesday, March 14, 2018India's biggest oil refiner has developed refining processes that may help it save at least $1.5 billion in costs.

Indian Oil To Boost Panipat Refinery Capacity By Two Thirds
Wednesday, January 31, 2018Indian Oil Corp Ltd plans to increase the capacity of its Panipat refinery by two thirds to 500,000 bpd.

India's IOC 3Q Profit Beats Estimates On Higher Inventory Gains
Tuesday, January 30, 2018Indian Oil Corp says its third-quarter profit nearly doubled, handily beating estimates.

Indian Refiners Turn To Use Dirty Fuel To Produce Power, Gas
Tuesday, December 05, 2017Indian oil refiners are drawing up plans to use petroleum coke for power generation and to produce syngas.

Indian Oil Aims For LNG Import Capacity Of 13.5 Million Tonnes In 5 Years
Friday, October 27, 2017Indian Oil Corp Ltd aims to have capacity to import about 13.5 million tonnes of LNG in five years.

Sources: India's IOC Buys New US Crude Grades For December Delivery
Tuesday, October 10, 2017Indian Oil Corp buys two new types of US crude for December delivery as it tests different grades from the United States, trade sources say.

Saudi Aramco Plans 'Mega Investment' in World's Top Oil Guzzler
Monday, October 09, 2017The oil industry is pinning its hopes on India and China, together home to four of every 10 people in the world.

Indian Oil Plans $2.4B Expansion Of Gujarat Refinery
Friday, August 04, 2017Indian Oil Corp will spend $2.4 billion to increase capacity at its refinery in western India by about a third .

Indian Oil, Partners Look For Cheaper Site For Pacific NorthWest Terminal
Thursday, August 03, 2017Indian Oil Corp says it is in talks with its partners to scout for an alternative, cheaper site for the Pacific Northwest LNG terminal.

Indian Oil Corp Aims To Source A Tenth Of Oil Needs From Own Assets
Wednesday, August 02, 2017Indian Oil Corp wants to supply at least 10% of its expanding refining capacity from its own oil and gas assets in the medium term.

Top Oil Market Summons Poseidon to US-Mideast Crude Fight
Tuesday, July 18, 2017Poseidon is the latest grade similar in quality to Middle East supply to lure a buyer in the world's biggest oil consuming region.

India Wants $300 Billion in Oil Spending to Meet Growing Demand
Wednesday, July 12, 2017India needs investments to boost the production of natural gas and crude oil, and to refine, transport and distribute the fuel to households, Oil Minister Dharmendra Pradhan said.

Oil Purchases by Top Indian Refiner Show Where Market Glut Bites
Monday, May 08, 2017The global oil market glut is helping India's biggest crude processor become nimble.

India's Top Refiner in Early Talks with Aramco for Downstream Project
Monday, May 08, 2017India, the world's third biggest oil consumer, plans to build a 1.2 million bpd refinery to petrochemical project in the country's west coast to feed its growing fuel demand.

PETRONAS $8.5B Canada Gas Plan Buoyed By Aboriginal Vote
Monday, August 29, 2016PETRONAS' proposed $8.5 billion liquefied natural gas export plant in Canada is getting a boost as an aboriginal community signals openness to the project amid speculation that the location may be changed.

India Seeking Merger Model For Possible State Oil Champion
Tuesday, August 02, 2016India is open to discussing a merger of some of its state-run oil producers and refiners to create a larger, stronger national firm, according to the country's oil minister.

PETRONAS LNG Bid Faces 90-Day Wait As Clock Ticks For Trudeau
Tuesday, June 28, 2016A three-month clock has just started ticking for Canadian Prime Minister Justin Trudeau to decide whether to allow Malaysia's Petroliam Nasional Bhd to build an ambitious liquefied natural gas project.

Amec FW Secures Contract for LNG Terminal Project in Ennore, Tamil Nadu
Tuesday, June 07, 2016Amec Foster Wheeler secures contract for a liquefied natural gas terminal project in Ennore, Tamil Nadu, India from Indian Oil LNG.

India, Iran Plan to Seal Deal to Develop Offshore Farzad B Field by October
Monday, June 06, 2016India expects to finalize contract with Iran to develop the Farzad B gas field in the Persian Gulf by October.

India Echoing Pre-Boom China As New Center Of Oil Demand Growth
Friday, April 08, 2016In the energy world, India is becoming the new China.

World's Biggest Oil Market Too Tied To Mideast To End Addiction
Thursday, March 31, 2016Even in a world awash with crude, buyers in the world's biggest oil market can't seem to escape their addiction to Middle East supplies.

Canadian Agency Extends Application For Petronas LNG Project
Monday, March 21, 2016Canadian regulators extended by three months PETRONAS' application to build a liquefied natural gas terminal on the nation's Pacific coast so the Malaysian company can provide more information about the project's environmental impacts.

Minister Said To Refer PETRONAS Gas Project To Trudeau Cabinet
Wednesday, March 16, 2016PETRONAS' proposal to build a LNG terminal on Canada's Pacific Coast faces further delay as the minister responsible prepares to declare it will likely have a significant environmental impact, according to people familiar with the matter.

Indian Oil Corp. to Spend $5B Over Next 5-7 Years to Expand E&P Business
Tuesday, October 13, 2015Indian Oil Corp. plans to spend $5 billion over the next 5 to 7 years to expand its exploration and production business.

India ONGC Submits Revised Development Plan for Iran Gas Field
Monday, August 24, 2015India's ONGC Videsh submits a revised proposal seeking the development rights of Iran's giant gas field Farzad B.

India To Raise $1.4B From Top Oil Refiner Stake Sale
Monday, August 24, 2015India will raise about 93.79 billion rupees ($1.4 billion) from selling a stake in state-run refiner and fuel retailer Indian Oil Corp, the government says.

India to Sell $1.5B of Indian Oil Shares on Monday
Friday, August 21, 2015India's government says it plans to sell a 10-percent stake in top state-run refiner Indian Oil Corporation via a stock market auction on Monday.

India's Oil Addiction to Vault Nation Into Top 3 Global Guzzlers
Thursday, June 04, 2015India’s growing middle class will soon make it the third-biggest oil consumer, reshaping the global energy map as China uses less and the U.S. produces more.

India's IOC to Acquire 10% Stake in Petronas' Canadian LNG Export Project
Monday, March 10, 2014Indian Oil Corp. agrees to acquire a 10 percent stake in Progress Energy's natural gas reserves in northeast British Columbia, Canada and in the proposed Pacific Northwest LNG export facility on the country's West Coast.

India Cbank Opens Forex Swap Window for State Oil Retailers
Wednesday, August 28, 2013The Reserve Bank of India has decided to open a forex swap window to meet the daily dollar requirements of three state-run oil marketing companies.

India's IOC to Start Work on its 1st LNG Terminal by End-2013
Wednesday, August 14, 2013Indian Oil Corp will start work on its first liquefied natural gas (LNG) plant at Ennore in the east coast of India by the end of this year.

India State Cos Acquire 30% Stake in Carrizo's Shale Asset
Thursday, October 04, 2012Oil India Ltd. and Indian Oil Corp. said they will acquire a 30% stake in Carrizo's Niobrara shale oil acreage in Colorado, gaining entry to America's booming shale industry.

Indian Consortium Bids for ConocoPhillips Assets in Canada
Monday, September 24, 2012A consortium of India's state-run companies have jointly bid to acquire stakes in oil-sands assets owned by ConocoPhillips in Canada that are valued around $5B.

India Gives Thumbs Up for $2B Carabobo Oil Investment
Friday, March 19, 2010The Indian government Friday approved an investment of $2.18 billion during 2010-2015 by three state-run oil companies in Venezuela's Carabobo 1 oil block.

OVL Consortium to Develop Heavy Oil Blocks in Orinoco Belt
Thursday, February 11, 2010An OVL-led consortium was awarded a 40% ownership interest in a Mixed Company that will develop the Carabobo 1 Norte and Carabobo 1 Centro blocks located in the Orinoco Heavy Oil Belt.

India Finalizes Farsi Gas Block Development Plan with Iran
Thursday, December 03, 2009The Indian government is in the process of finalizing the master development plan with National Iranian Oil Co. for the Farzad-B gas field, according to junior petroleum minister Jitin Prasada.

Iran Offers India 40% Stake in South Pars
Tuesday, December 01, 2009National Iranian Oil Co. has offered India a 40% interest in phase 12 of the South Pars gas field and 6 million metric tons of liquefied natural gas a year.

India Cos Unlikely to Produce Oil from Iran Block
Tuesday, September 15, 2009According to a senior executive, India's state-run oil companies will likely not produce any oil from Iran's Farsi block due to the low value of high-sulfur crude and low returns on investment, but natural gas resources could be developed.

Indian Oil Cos Could Invest $5B in Iran Gas Field Devt
Monday, September 07, 2009ONGC Videsh and its partners Indian Oil and Oil India could invest $5 billion to develop a massive gas field they discovered in offshore Iran.

India's Oil Cos Propose $5B Investment in Iranian Gas Block
Thursday, June 25, 2009India's state-controlled oil companies are proposing to invest some $5 billion in a gas discovery located in Iran's Farsi Block.