Thursday, March 22, 2018

Indian Oil Corp Ltd News

L&T wins $165 mln contract from refiner Indian Oil Corp

Digboi Refinery (Upper Assam) Photo Indian Oil Corporation

A unit of Indian engineering conglomerate Larsen & Toubro has won an onshore engineering, procurement and construction (EPC) contract from Indian Oil Corp Ltd, the country's largest refiner, worth 11 billion rupees ($165 million), it said in a statement on Saturday. L&T Hydrocarbon Engineering won the contract for setting up a 0.74 million metric tonne per annum fluidised cracking unit, including a liquefied petroleum gas treatment facility at IOCL's Bongaigaon refinery in the eastern Indian state of Assam.

India Set to Raise $8 mln From Dredging Corp Share Sale

India is set to raise about $8 million from a share sale in state-run Dredging Corp of India Ltd, with bids totalling more than twice the number of shares on offer. The sale was part of the government's plan to raise money by reducing its holding in state-owned companies to help plug its budget deficit. New Delhi aims to raise as much as $11 billion during the current fiscal year to March from such sales. The sale of 1.4 million shares…

India's IOC: Crude Processing at Paradip in December

Indian Oil Corp Ltd, the country's biggest oil refiner, aims to start crude processing at its 300,000-barrels-per-day (bpd) Paradip refinery in the eastern Indian state of Odisha in December, an executive said on Tuesday. Start-up of the Paradip plant has been delayed several times. The latest deadline to commission the plant was in August/September. "Crude has arrived at the refinery and crude storage tank commissioning is underway," Sanjiv Singh, the company's head of refineries, told reporters.

Indian Oil stake sale floor price set at 387 INR a share

Indian Oil Petrol Pump Photo IOL

The Indian government has set a floor price for the sale of shares in top state-run refiner Indian Oil Corp Ltd at 387 rupees each, the company said, a two percent discount from Friday's close. At the floor price, the 10 percent stake sale in the company will bring in 93.96 billion rupees ($1.4 billion) rupees for the government. New Delhi is seeking to raise as much as $11 billion by selling stakes in state-run companies this fiscal year…

India's IOC Cut Diesel Prices by 0.8%

IOC retail outlet Photo IOC

Indian Oil Corp (IOC) will cut the price of diesel by 0.8 percent from Saturday and that of gasoline by 3.5 percent, reflecting changes in global fuel prices, the company said in a statement. India's three state-run oil companies, IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, tend to adjust retail prices of fuels in concert. A litre of diesel will sell for 54.28 rupees in the Indian capital, New Delhi, while gasoline will cost 62.51 rupees a litre from Saturday.

Indian Oil Aims for LNG Import Capacity of 13.5 Mln T in 5 Years

State-owned Indian Oil Corp Ltd aims to have capacity to import about 13.5 million tonnes of liquefied natural gas (LNG) in five years, its head of business development said on Friday, helping India to gradually move to a gas-based economy. Prime Minister Narendra Modi's government wants to raise the share of natural gas in India's energy mix to 15 percent in the next few years from about 6.5 percent now. "We hope to have 13-13.5 million tonnes in a phased manner in about five years," G.K. Satish said.

India's ONGC says Venezuela's PDVSA to Supply Oil

Venezuela's national oil company Petroleos de Venezuela has agreed to supply oil on a monthly basis to India to help settle dues which Venezuela owes to India's Oil and Natural Gas Corp. Ltd, ONGC Chairman D K Sarraf said on Thursday. He said the agreement with PDVSA would be signed shortly. ONGC Videsh Ltd, the overseas subsidiary of ONGC, invested $190 million in 2009-10 in the San Cristobal project in Venezuela. However…

Cairn India Seeks to Export Oil Despite Ban

Cairn India Ltd has invited initial bids for exports of its oil from the desert state of Rajasthan, according to a copy of the tender notice seen by Reuters, despite a government ban on overseas sales of locally-produced crude. A government official said there had been no change in the ban and that Cairn India might simply be trying to establish a price for its oil via the tender process ahead of negotiations to sell it to local buyers.

Aramco Mulls Indian Refinery Investments

Saudi Aramco is considering proposals to buy stakes in Indian oil refining and petrochemical projects, India's Oil minister Dharmendra Pradhan said on Monday, as the world's biggest oil exporter seeks outlets for its oil. India, the world's third-biggest oil consumer, imports almost 80 percent of its crude requirements, mostly from Middle East nations. In the first quarter, Saudi Arabia was India's biggest exporter of oil, sending about 889,000 barrel per day (bpd) to the country, or about 21 percent of the total.

India's Reliance to Restart All Fuel Pump Outlets

Reliance logo

Indian conglomerate Reliance Industries Ltd plans to restart its entire 1,400 retail fuel pump outlets in fiscal year ending March 2016, a report on the company website shows. The stations were closed in 2008 when global oil prices urged towards $150 a barrel and the government's subsidy to state fuel retailers knocked privately-owned retailers out of the market. Over 320 fuel outlets have already been restarted, a presentation on the website showed. Reliance took a significant share away from the state companies in 2006.

Indian State Oil Refiners Plan Plant on West Coast

Three Indian state-run oil refiners will jointly build a 60 million tonnes a year, or 1.2 million barrels per day (bpd), refinery on the country's west coast, the federal oil minister said on Monday, adding the investment for the first phase of the refinery could exceed 1 trillion rupees ($14.8 billion). Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd along with another state-run company…

HPCL Makes First U.S. Oil Purchase

Indian state refiner Hindustan Petroleum Corp has made its first purchase of U.S. oil, buying high sulphur crude Mars in a tender, company chairman M. K. Surana said on Monday.   Earlier Indian Oil Corp and Bharat Petroleum Corp , both state refiners, had purchased the U.S. oil through tenders.   HPCL has bought 1 million barrels of Mars oil from trader Trafigura for delivery in December at the southern Indian port of Vizag, he said.   Reporting by Nidhi Verma 

Newest Outpost for US Crude Exports: India

© sedi78 / Adobe Stock

India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015. Indian…

Swan Sells 60% of FLNG Terminal Capacity

Pic: Swan Energy Ltd

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.

Hess to Buy Back $1 bln Shares

File Image (CREDIT: AdobeStock / (c) Kasto)

Hess Corp said on Thursday it would buy back $1 billion worth of shares by the end of 2018, becoming the latest U.S. oil and gas producer to do so amid a recovery in oil prices. Hess said the new buyback program was in addition to the $500 million plan the company had announced in late 2017. Investors have increasingly demanded companies to return more cash as oil prices have more than doubled since their lows in 2016. The…

IOC to Lift U.S. Crude for December Delivery

File Image (CREDIT: AdobeStock / (c) Jose Gill)

Indian Oil Corp, the country's largest refiner, has bought two new types of U.S. crude for December delivery as it tests different grades from the United States, trade sources said on Tuesday. IOC bought 1 million barrels each of U.S. Southern Green Canyon (SGC) and WTI Midland crude likely from a Chinese trader, the people said, speaking on condition of anonymity. The purchase was in addition to 2 million barrels of Basra Light crude to be delivered in the same month.

Venezuela's Crude Sales to U.S. Falls to 15-year Low in February

Photo: PDVSA

Venezuela's crude exports to the United States declined in February to a 15-year low as oil production continues falling and President Donald Trump's administration weighs new sanctions on the OPEC country, according to Thomson Reuters data. Financial sanctions imposed by the United States in August on Venezuela and state-run oil firm PDVSA have created obstacles for selling crude cargoes to U.S. refiners, shrinking the number of customers PDVSA has in the U.S.

India to Talk Sanctions, LNG Imports During Obama Visit

India will use an upcoming visit by Barack Obama to press the United States to remove Indian oil companies from a list naming firms doing business in Iran, and to seek priority access to U.S. LNG exports, sources in the Oil Ministry said. The U.S. president will arrive in New Delhi on Jan. 25 and hold discussions with Prime Minister Narendra Modi, who visited Washington in September. An official agenda has not been released. The U.S.

IOC Eyes GSPC's Stake in Mundra LNG terminal

Image by Whessoe Technology Centre

Indian Oil Corp. Ltd (IOC) wants to buy debt-laden Gujarat State Petroleum Corp.’s (GSPC) entire stake in the in the under-construction Rs 4,500 crore ($672 million) GSPC-Adani liquefied natural gas (LNG) terminal in Mundra, Gujarat, reports Livemint. GSPC is looking to exit the 5 million tonnes a year LNG import terminal project, which is likely to be completed by mid-2017, says sources. GSPC LNG Ltd, a unit of GSPC, holds a 50% stake in the project with the Adani Group owning 25%…

Libya's NOC to Stage Oil and Gas Conference in Benghazi

© Mihai / Adobe Stock

Libya's state oil company National Oil Corp (NOC) will hold a conference in the eastern city of Benghazi in October to discuss the country's oil and gas sector, it said on Thursday. Domestic and foreign oil companies would participate to discuss the sector's development, NOC said in a statement on its website without naming any companies involved. The event will take place Oct. 9-11. Security has improved in Benghazi since forces allied to the eastern-based government declared victory over Islamist fighters last year…