|Bid||112.30 x 0|
|Ask||0.00 x 0|
|Day's Range||112.00 - 114.40|
|52 Week Range||107.55 - 170.40|
|Beta (5Y Monthly)||0.50|
|PE Ratio (TTM)||8.03|
|Forward Dividend & Yield||2.50 (2.22%)|
|Ex-Dividend Date||Aug 21, 2019|
|1y Target Est||214.41|
Indian Oil Corp, the country's top refiner, has bought a minority stake in Israel's Phinergy and signed a joint venture deal to produce metal-air batteries, an alternative to more mainstream lithium technology. IOC Chairman Sanjiv Singh said the IOC could use its vast retail network to supply the automotive sector in India, where the government is pushing for a shift to electric vehicles to cut pollution and lower the country's fuel import bill. "We are confident that this Al-Air battery technology would complement lithium-ion batteries to provide a hybrid solution for the large-scale adoption of electric vehicles," he said in a company statement on Tuesday.
Indian Oil Corp, the country's top refiner, will invest 137.79 billion rupees ($1.94 billion) to expand the capacity of its Barauni refinery in eastern Bihar state by 50% to 180,000 barrels per day by April 2023, the company said on Friday. India has emerged as a bright spot for refined fuel demand. Refined fuel consumption - a proxy for oil demand - in the December quarter rose 2.6% from a year earlier.
NEW DELHI/BENGALURU (Reuters) - State-run Indian Oil Corp Ltd, the country's top refiner, reported a three-fold rise in December-quarter profit on Thursday mainly due to inventory gains. Brent crude price rose 8.6% during the Dec. quarter. Higher inventory gains improved the companies gross refining margins as well, said Chairman Sanjiv Singh.
Indian Oil Corp, the country's top refiner, is in talks with oil major Rosneft to explore possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday. "We have taken very small quantities from Russia in the past which cant be considered significant so we are trying to explore if we can increase the Russian crude volume coming to India...We are in discussion with Rosneft and we are hopeful that something should work," Singh told reporters at an energy conference. Oil minister Dharmendra Pradhan said late on Monday that India is open to importing oil from Russia.
India's diesel demand is expected to recover in the next six months as a longer-than-usual monsoon season that affected transportation and industry has ended, the chairman of top domestic refiner Indian Oil Corp (IOC) said on Monday. Diesel consumption usually tapers in monsoon season as rains hit construction and mobility. Any longer-term slowdown in fast-growing India's fuel use could dim prospects for global oil demand.
Saudi Aramco has offered Indian Oil Corp Arab Heavy crude oil instead of Arab Light following an attack on its oil facilities over the weekend, an industry source told Reuters on Tuesday. IOC will receive full allocated volumes from Saudi Aramco in September and October, the source said, declining to be named as he was not authorised to speak with the media. This indicates that Saudi is offering heavy grade instead of light as Arab Mix is a combination of Arab light and heavy.
Indian Oil Corp's Gujarat oil refinery will be ready to produce 700,000 tonnes per year of low-sulphur marine fuel starting in October, the company's Director for Refineries S.M. Vaidya said on Tuesday. IOC's Haldia refinery will start in December to produce 300,000 tonnes per year of marine fuels that meet the new low-sulphur specifications, Vaidya said during a speech at the Asia Pacific Petroleum Conference. India's marine fuel demand is about 1 million tonnes per year, he said.
Jet fuel supply to state-run carrier Air India has been stopped at six domestic airports because of unpaid dues to fuel provider, Indian Oil Corp (IOCL), three sources said on Thursday. "Jet fuel supply to Air India has been stopped for commercial reasons at six airports," a source at Indian Oil Corp told Reuters. India, for years, has propped up the debt-laden airline by infusing equity to keep it alive - the government injected 39.75 billion rupees ($553 million) into Air India in the fiscal year that ended on March 31.
Indian Oil Corp sold a naphtha cargo last Thursday, bringing its total August exports to 97,000 tonnes, the highest monthly volume from the port of Chennai since 2015, three industry sources said on Tuesday. IOC sold the 35,000-tonne naphtha cargo for Aug. 28-30 loading from Chennai to commodity trader Trafigura at a premium of about $17 a tonne to its own price formula on a free-on-board (FOB) basis after extending the validity of the sales tender by a day, the sources said.
Natural gas output was 1.6% lower at 2.64 billion cubic metres during the same period, the data showed. Indian refiners processed 20.30 million tonnes of crude oil in June, the lowest since February. Among the key refineries affected by shutdowns in June were Reliance's 330,000 barrels-per-day (bpd) Jamnagar refinery and Indian Oil Corp's 120,000 bpd Barauni refinery.
Indian Oil Corp has issued a tender for short-term commercial lease of its liquefied natural gas (LNG) storage tank at Ennore terminal near Chennai, according to a notice posted on the company website. The Ennore terminal is owned by IndianOil LNG, a joint venture of IOC, private equity fund IDFC Alternatives and ICICI Bank, according to IndianOil LNG's website.
Saudi Aramco will supply state-run Indian Oil Corp Ltd (IOC) an extra 2 million barrels of crude a month from July to December, an IOC executive said on Friday, as New Delhi seeks to make up for a loss in supplies from Iran. Saudi Arabia approached Indian buyers last month offering them additional supplies to compensate for lost Iranian oil after U.S. sanctions kicked in. The United States, which imposed new sanctions on Iran in November, initially gave Indian and seven other buyers a six-month waiver to allow them to continue importing Iranian oil.
Indian Oil Corp, the country's top refiner, plans to shut units in phases at its northeast plants from August to produce cleaner fuels, two sources privy to the move said. IOC will shut a delayed coker, hydrotreater and gasoline units for about 15 days for catalyst replacement at its 13,000-barrels-per-day (bpd) Digboi refinery, the sources said. At the 48,000-bpd Bongaigaon refinery, it will shut one of the two crude units, a delayed coker, diesel hydrotreater and hydrogen generation unit for three months from September, they said.
Indian refiners are increasing their planned purchases from OPEC nations, Mexico and the United States to make up for any loss of Iranian oil if the U.S. enforces sanctions more harshly from next month, sources and company officials said. All four Indian state-owned refiners that buy Iranian oil are confident of securing additional barrels from other producers, officials from the companies told Reuters. India's Bharat Petroleum Corp (BPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have tapped Iraq to make up for Iranian oil, while Indian Oil Corp (IOC) has signed its first annual contract with U.S. suppliers and raised supplies from Mexico.
Refiner Indian Oil Corp (IOCL) has halted the supply of fuel to struggling carrier Jet Airways since Wednesday afternoon over non-payment of dues, a source with direct knowledge of the matter told Reuters. This is the second time the refiner has stopped fuel supplies to the crisis-stricken Jet, which is saddled with over $1.2 billion in debt and owes money to banks, aircraft lessors, suppliers, pilots and others. Two other refiners - Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp (BPCL) - are supplying fuel to Jet on a cash-and-carry basis, which means the airline needs to pay for the fuel upfront at the time of purchase.