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Indian Oil Corporation News

05 Feb 2020

India to Buy Russian Crude Oil

Russian oil and gas giant Rosneft has signed a contract with India’s largest fuel retailer Indian Oil Corporation (IOC) for supply of 2 million tonne (MT) crude oil to India by end 2020.The Moscow-headquartered integrated energy company said in a press release that the oil will be shipped to the refiner via the port of Novorossiysk.The signing took place during the visit of the Chief Executive Officer of Rosneft Igor Sechin to New Delhi. During this visit, a working meeting was also held with Dharmendra Pradhan, Minister for Petroleum and Natural Gas of India.The parties discussed the ongoing joint projects of Rosneft and Indian companies…

11 Nov 2019

Asian LPG Market to Cross $109Bln by 2024

The Asian liquefied petroleum gas (LPG) market stood at over $81.4 billion in 2018 and is projected to grow at a CAGR of over 5% to cross $109 billion by 2024, as increasing demand for LPG  as a fuel for power generation in remote and off-grid locations in comparison to its less environment-friendly alternatives like coal, diesel and fuel oil.Increasing demand for LPG used to run vehicles (Autogas)  is being witnessed as it is a comparatively cheaper automotive fuel and can be used in vast applications related to transportation, said a report by ResearchAndMarkets.Of the overall LPG consumed across the globe, nearly 87% is used for residential/consumer use.By source, the Asian LPG market has been categorized into Refinery, Associated Gases & Non-Associated Gases.

24 Apr 2019

Adnoc Inks Base Oil Deal with IOC

The Abu Dhabi National Oil Company (Adnoc) announced that it has signed another significant long-term sales agreement with Indian Oil Corporation (IndianOil) for its high-quality base oil called ADbase.IndianOil is the largest seller of finished lubricants in the Indian market with approximate volume of 450,000 tonnes per annum. The total Indian market for finished lubricants is 2 million tonnes and is growing at the rate of 2.4 per cent per annum.IndianOil will use the ADbase oils to manufacture high end engine oils for India’s growing automotive sector.Ahmad Bin Thalith, Acting Senior Vice President of Refined Products Sales, in ADNOC’s Marketing…

06 Mar 2019

India's Ennore Terminal Gets Qatari LNG

Qatargas, the world’s largest LNG producer, supplied a commissioning cargo for India’s Ennore LNG receiving terminal, near the southern Indian city of Chennai.The commissioning LNG cargo was delivered onboard the vessel ‘Golar Snow’ on 25th February 2019 by the Swiss commodity trader, Gunvor, to the state-owned Indian Oil Corporation Limited (IOCL), which owns and operates the five million tonnes per annum (MTPA) terminal. Qatargas sold the cargo Free On Board (FOB) basis to Gunvor.Ennore will be India’s fifth operational LNG terminal and the first LNG terminal on the East Coast of India. Once fully commissioned, Ennore will provide regasified LNG to anchor customers…

26 Feb 2019

IWAI, IOC Pact on Fuel Needs for Waterways

Inland Waterways Authority of India (IWAI) and Indian Oil Corporation Limited (IOCL) signed a memorandum of understanding (MoU) on fuel needs for national waterways and to develop infrastructure for fuels for Waterways.The MoU will provide for an understanding over general modalities of mutual co-operation leading to addressing futuristic demand of any form of energy for Inland Waterways and associated services.A press release said that both will jointly develop infrastructure for meeting fuel, lubricating oil, LPG and natural gas requirements of national waterways.The MoU also covers development of infrastructure for receipt, storage…

23 Aug 2017

India to Buy $1 Billion of US Crude Oil

New Prosperity crude carrier will deliver the first shipment of US crude to India's Paradip port (Odisha, India) in the last week of September. (Image: India House)

Following Indianan Prime Minister Narendra Modi’s June 2017 visit to the U.S., where President Donald Trump and PM Modi agreed to deepen the energy engagement between the two countries, India oil companies have started the process of procuring crude oil from the U.S. Now six weeks after the visit, the first orders for $1 billion of crude are being placed. Two Indian oil giants, Indian Oil Corporation and Bharat Petroleum, have already taken delivery of the first 2 million barrels that have shipped from ports in Texas and Louisiana.

06 Aug 2017

IOC to Acquire 50% Stake in Mundra Terminal

India's state-owned Indian Oil Corporation Ltd. on Friday said it will acquire up to 50 percent stake in Adani Group-backed Gujarat State Petroleum Corp (GSPC) Mundra LNG import terminal in Gujarat for an estimated INR 756 crore (USD 118 million). According to the Press Trust of India, GSPL LNG is a joint venture of Gujarat State Petroleum Corp and Adani Enterprises. Adani and GSPC are equal partners in GSPL LNG. The board of India’s largest oil firm gave “in-principle approval for acquiring up to 50% equity in GSPL LNG Ltd, which is setting up a 5 million tons per annum LNG terminal at Mundra Port in Gujarat”, the company said in a statement. GSPL LNG Ltd will hold the remaining 50% stake in the LNG terminal that is nearing completion. IOC did not specify the deal value.

17 May 2017

First Bunker Supply by Barge at Paradip

Manan Goel (Photo: Gulf Petrochem)

Gulf Petrochem Group, the UAE based global bunker supplier, has set another milestone in its operations with the first-ever bunker supply by barge at the non-conventional port of Paradip in Odisa, India’s east coast in a joint effort with Indian Oil Corporation Limited (IOCL). Gulf Petrochem arranged for the supply of 810 metric tons of bunker fuel IFO 180 CST by barge. Typically, supplies were made to the non-regular bunker port of Paradip only by Road Tanker Wagons (RTW) and for small volumes.

12 May 2017

Sri Lanka Denies Chinese Request for Sub Visit

Sri Lanka has rejected China's request to dock one of its submarines in Colombo this month, two senior government officials said on Thursday as the Indian prime minister landed in the island nation. Sri Lanka last allowed a Chinese submarine to dock in the capital of Colombo in October 2014, a move that triggered fierce opposition from its northern neighbour India, which worries about growing Chinese activity in a country it has long viewed as part of its area of influence. Indian Prime Minister Narendra Modi arrived in Sri Lanka on Thursday for a two-day official visit. A senior Sri Lankan government official said China's request to dock one of its submarines in Colombo this month had been rejected.

16 Apr 2017

Clearance for IOC's Kochi LPG Terminal

The National Green Tribunal (NGT) has given a ‘go ahead’ to Indian Oil Corporation (IOC)’s stalled LPG import terminal project at Puthuvypeen near Kochi in South India. A statement from IOC said that  NGT reaffirmed its previous order dated August 2, 2016, thereby removing the hurdles in resuming its prime infrastructure project in the State. The project work has been stalled since February 15 due to protests, alleging that IOC is violating NGT order. IOC's project was to construct a LPG Import Terminal of six lakh tonne capacity a year at Kochi in Puthuvypeen SEZ of Cochin Port Trust. A report in the Hindu quoted PS Mony, General Manager and State Head…

02 Dec 2016

India Looks at Port Dependent Industries in Major Ports

India's Ministry of Shipping held a consultation meeting with various stake holders on ‘Policy for Award of Waterfront and Associated Land to Port Dependent Industries in Major Ports’ in New Delhi. The policy was approved by the Union Cabinet earlier this year and is aimed at bringing uniformity and transparency in the procedure for awarding captive facilities at ports. The meeting was attended by various stakeholders from companies such as Indian Oil Corporation Ltd, Bharat Petroleum, Mangalore Refinery and Petrochemicals Limited, Adani Ports, SEPC Power Pvt Ltd, NTPC and industry bodies ASSOCHAM and CII. In depth discussions were held on various aspects of the policy…

21 Oct 2016

Indian Oil Corp Seeks LNG Cargoes for December

Indian Oil Corporation has launched a tender seeking to buy two liquefied natural gas (LNG) cargoes for December delivery which is due to close on Oct. 25, trade sources said.   IOC is to take receipt of the volumes on Dec. 6 and Dec. 21. (Reporting by Oleg Vukmanovic; editing by Susan Thomas)

19 Aug 2016

Swan Sells 60% of FLNG Terminal Capacity

Indian public sector oild giants Oil and Natural Gas Corp (ONGC), Indian Oil Corporation (IOC)  and Bharat Petroleum Corp Ltd (BPCL) have booked 60 per cent of the capacity of Swan Energy Ltd. (SEL)'s upcoming floating Liquefied natural gas (LNG) terminal off the Gujarat coast. ONGC, IOC and BPCL have agreed to take one million tonnes per annum capacity each on the 5 million tonnes a year floating LNG terminal planned at Jafrabad port in Gujarat, sources privy to the negotiations said. The upcoming Nikhil Merchant-led company's floating LNG terminal at Gujarat coast, would surge the demand for LNG in western & northern region of India. The project cost is pegged at  $837 million.

25 Jul 2016

IOC Mulls Buying GSPC's Stake in Mundra Terminal

Indian Oil Corporation (IOC), the country's largest oil company,  is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GSPC) stake in the under-construction Rs.4,500 crore ($669 million) Mundra LNG import terminal, according to PTI. IOC is keen to buy a stake in Mundra terminal but does not want GSPC to exit the project completely. IOC wants the state government entity to remain as a part of the project for smooth operations, sources said. GSPC is looking to exit the 5 million tonnes a year LNG import terminal project, which is likely to be completed by mid-2017. It has offered its 50 per cent stake in the terminal to IOC. GSPC LNG - a unit of GSPC - holds 50 per cent interest in the project.

07 Jun 2016

Amec Foster Wheeler Bags LNG Terminal Work in India

Amec Foster Wheeler has been awarded a contract by Indian Oil LNG Private Ltd. Co. (IOLPL) for the Liquefied Natural Gas (LNG) Terminal in Ennore, Tamil Nadu, on the east coast of India. This award follows the successful completion of a front end engineering and design contract for the terminal in 2012. "Following our successful completion of the FEED contract, delivering this next phase of this project reinforces our position as a leading provider of LNG services to the Indian domestic market," said ​Roberto Penno, Group President of Amec Foster Wheeler’s Asia Pacific, Middle East, Africa and Southern Europe business. As part of the new contract…

28 Mar 2016

Adani Offers Dhamra LNG Stake to IOC, GAIL

Adani Group has offered 49% stake in its Rs. 5,000-crore ($750 million) Dhamra liquefied natural gas (LNG) project in Odisha to the state-owned oil and gas companies GAIL India and Indian Oil Corporation (IOC), according to a PTI report. The company has written to the state-owned firms offering them 49% stake in the 5 million tonnes a year liquefied natural gas (LNG) import terminal planned at Dhamra. The Dhamra LNG project, having a capacity of five million tonnes per year, would be operational in 2018-2019. IOC and GAIL have agreed to take equity in the Dhamra project, but have not decided the proportion the 49 percent stake would be divided. Both the companies reportedly bargained for a 50 percent stake in the project, but Adani wanted to retain the controlling portion in the project.

18 Nov 2015

Swan, EXMAR Partner for India’s First FSRU Terminal

Image: © Swan LNG

EXMAR has entered into a binding Term Sheet with Swan Energy Limited for the joint development and operation of the Jafrabad LNG Port project, to be located in the State of Gujarat, India. The Jafrabad LNG Port will be a 5 million tons per annum (MTPA) LNG receiving terminal, with one jetty-moored Floating, Storage and Regasification Unit (FSRU). The two partners have the firm intention to expand the terminal to 10 MTPA, through the deployment of a second FSRU. Swan secured all necessary permitting for the project and the concession agreement is ready for execution.

24 Aug 2015

GAIL to Finalize LNG Deal with Iran

India’s state-run gas utility GAIL has begun talks with Iran to revive a decade-old LNG supply contract with the country, reports PTI. The Business Standard has reported that GAIL has opened talks with Iran over the LNG contract whose value is estimated to be $22 billion in light of the prospects for the removal of sanctions against Iran. "Dialogue has been initiated with Iranian counterparts to revive the LNG supply long-term SPA," the Business Standard has quoted GAIL as announcing in its latest annual report. GAIL, Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) has signed a Sale and Purchase Agreement (SPA) with National Iranian Gas Export Company (NIGEC) for buying a total of 5 million tons a year of LNG from Iran in 2005 but the deal was not finalized.

21 May 2014

India’s Seaborne Oil, Bulk Liquids & Gas Tanker Trade Conference

India Tanker Conference the biggest event of Hinode Events and Services Pvt Ltd, and the first one on the Tanker trade is set to take off on JUNE 5 in Mumbai at the Hotel Vivanta by Taj - President, in MUMBAI. This First Annual Conference on the Outlook for India’s Seaborne Oil, Bulk Liquids and Gas Tanker Trade, will explore the current challenges and outlook for the seaborne transportation of crude oil, bulk liquids AND gas cargoes encompassing the shipment of crude oil, petroleum products, petrochemicals, liquefied gases as well as vegetable oils, etc. Over 200 delegates are expected to attend. They will represent a wide cross section of the trade and industry including Ship owners and operators, charterers, cargo interests.

09 Apr 2015

Indian Oil Corporation to set LNG Terminal

Indian Oil Corporation (IOC), the country’s largest refiner and fuel retailer, is all set to invest around Rs 45,000 crore ($7.5 billion) over three years to build petrochemicals plants and LNG terminal. IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing. IOC's first liquefied natural gas (LNG) import terminal and also the first one on the east coast at Kamarajar Port will become operational by the third quarter of 2017 or early 2018.

15 May 2015

GAIL, IOC Join Dhamra LNG project

Gas Authority of India Limited (Gail) and Indian Oil Corporation (IOC) signed a memorandum of understanding (MoU) to join Adani Group promoted Rs 5,000-crore ($805 mln)  Dhamra LNG Port (DPCL) project on the Odisha coast. The MoU comes within weeks of GAIL dropping plans to set up a floating LNG import terminal at Paradip. IOC too had in 2012 signed a MoU with Dhamra LNG Port Corp Ltd (DPCL) to develop a liquefied natural gas (LNG) terminal at the port. According to a Gail statement, the two public sector Maharatna companies have signed the MoU with Dhamra LNG Terminal Private Limited for setting up 5 million tonnes-ayear LNG import terminal.

11 Aug 2015

IOC LNG Terminal to be Ready by 2018

Indian Oil Corporation (IOC) has begun initial works for setting up the Rs 5,150-crore ($830 million) liquefied natural gas (LNG)terminal at Ennore, Chennai. LNG terminal would be ready by 2018, said the company Chairman B Ashok. The company had inked a MoU with the Tamil Nadu Industrial Development Corporation (TIDCO) for the project. Ashok said that his company has given contracts for building refrigerated tanks and re-gasification facilities for the LNG terminal project. The project has three components in it, which are setting up of refrigerated tanks, re-gasification facilities and marine facilities. Chennai Petroleum Corporation Ltd (CPCL)…

13 Aug 2015

W. Africa Crude: Tenders Brighten Dull Market

Tender deals helped to liven up a lacklustre West African crude oil market on Thursday, though overall demand remained weak. Indian Oil Corporation bought four cargoes of West African oil, traders said, nibbling at an overhang of unsold September cargoes just a few days before Angola's October loading programme comes to market. Traders were watching to see whether there could be an impact on Chinese imports of West African oil after two huge explosions in the northeast Chinese port city of Tianjin killed at least 50 people, including at least a dozen fire fighters. One trader said there was no immediate impact for oil cargoes already in the area.