Ioc

Oil marketing PSU Indian Oil Corporation (IOC) is keen to develop its existing refinery in West Bengal's Haldia into a petrochemicals complex for 'sustaining operations profitably', a company official said on Wednesday. Running a standalone refinery is 'not sustainable in terms of profitability' for which it has to be supplemented by a petrochemicals complex, he said. "We want to set up a petrochemicals complex contiguous to the Haldia refinery whose current capacity is 8.5 million tonnes per annum (mtpa)", the company official said. IOC has sought land from Haldia Fertiliser Corporation (HFC), whose factory is lying defunct, for developing the petrochemicals complex, he said. "We have sought 175 acres of land from HFC. It is near the refinery and it has been given on lease by Haldia Dock Complex (HDC) to the ministry of chemicals and fertilisers ministry. We are seeking the land for the petrochemicals project", the IOC official said. Drawing an analogy, the official … [Read more...] about IOC for developing Haldia refinery into petrochemicals complex

IOCL Chairman Shrikant Madhav Vaidya flagging off the first export consignment of aviation gasoline In a first, national oil marketer Indian Oil Corporation has started exports of aviation gasoline, the fuel that fires unmanned aerial vehicles and small planes — turning a chapter in the nation's fuel history from being a net importer to an exporter. The first consignment of 80 barrels of aviation gas (AV gas), each consisting of 16 kilolitres, was shipped from the Jawaharlal Nehru Port Trust (JNPT) to Papua New Guinea over the weekend. This is the first-ever instance of India exporting this fuel, produced at IOC's Vadodara refinery, marking its entry into an estimated USD 2.7-billion global market, the company said in a statement. Aviation gasoline powers unmanned aerial vehicles and piston-engine aircraft used by flying schools. It is a higher-octane aviation fuel meeting the product specifications with superior performance, and quality standards and is cheaper compared … [Read more...] about In a first, Indian Oil Corporation begins export of aviation gas

Agence France-Presse (The Jakarta Post) PREMIUM Paris   ● Tue, March 7 2023 Africa’s National Olympic Committees have followed their Asian counterparts on Saturday in giving the green light for Russian and Belarusian athletes to compete at the Paris 2024 Olympics. Russia and its ally Belarus have been sidelined from most Olympic sports since Russian forces invaded Ukraine in February 2021. However, in January the International Olympic Committee (IOC) said it was seeking a “pathway” for Russians to take part in the Games. to Read Full Story SUBSCRIBE NOW Starting from IDR 55,500/month Unlimited access to our web and app content e-Post daily digital newspaper No advertisements, no interruptions Privileged access to our events and programs Subscription to our newsletters We accept Register to read 3 premium articles for free Already subscribed? login Or let Google manage your subscription … [Read more...] about Africa follows Asia in giving Russians green light for Olympics

Subsidy on LPG is the excess of its cost of supply over the price paid by the beneficiary. (Representative image) In the Union Budget for 2023-24, finance minister Nirmala Sitharaman has kept the budget estimate (BE) for petroleum subsidy - primarily subsidy on liquefied petroleum gas (LPG) for household consumption - for 2023-24 at a mere Rs 2,257 crore. The subsidy on the purchase of a product is a financial assistance given by the state to persons who cannot afford to pay the market-based or cost-plus price. Subsidy on LPG is the excess of its cost of supply over the price paid by the beneficiary. The cost of supply is refinery-gate price, freight, marketing costs, marketing margin, dealers’ commission and taxes and duties. At present, 96 million poor households who have been provided free gas connection under the Pradhan Mantri Ujjwala Yojana (PMUY) during the last eight years or so are eligible to receive subsidy at the rate of Rs 200 per cylinder (14.2 kg) for 12 fills. … [Read more...] about Banish those thoughts of LPG subsidy ending in the near term

(Representational image) Oil marketing companies (OMCs) such as Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil (IOCL) may have to bear an under-recovery of Rs 5,000 crore (Rs 50 billion) on the sale of auto fuels in the fourth quarter of this fiscal, brokerage firm Nomura has said. This is significantly lower than the under-recovery numbers reported earlier in the fiscal when the OMCs were estimated to have borne under-recoveries of up to Rs 1 trillion in 9MFY23. The improvement in the bottomline was thanks to a fall in crude prices but the brokerage’s analysts do not believe it will last in the near term and have retained their reduce rating on all three stocks. While blended marketing margins are looking better, on a week on week (Rs 3.3/litre versus Rs 0.7/litre) and quarter-to-date over the previous quarter (Rs 1.7 versus Rs 1.4), they may lose their buoyancy once global demand recovers, the report said. Also read: Record high oil price| Which … [Read more...] about OMCs face Rs 5,000 crore in under-recovery in Q4FY23: Nomura

In India, Mangalore is becoming the hotspot for green hydrogen projects. (Representative image) While geopolitics drove many countries in 2022 to shift back to burning fossil fuels, 2023 offers a big reason to rejoice as India looks set to lead the world in energy transition. The recent announcement of an initial capital outlay of Rs 19,774 crore (US$2.43 billion) under the Green Hydrogen mission is a step in establishing India as a global hub for the production, utilisation and export of green hydrogen and its derivatives. The hydrogen mission is expected to help develop 5 million tonnes of green hydrogen per year, garner investment of Rs 8 lakh crore (US$100 billion), create jobs, reduce import and subsidy burden, and abate greenhouse gas emissions. Given the high costs so far, few pilots have been carried out. For this technology to become commercially viable, bringing down the costs of electrolysers, and round-the-clock renewable energy is key. Allocation of money for … [Read more...] about India’s green hydrogen plan needs capital, low costs to be viable

According to Sukla Mistry, Director, Refineries, Indian Oil Corporation , who also heads the company’s green hydrogen initiative, setting up manufacturing capacities for the latter is a challenge given the limited availability of electrolysers. Talking to Moneycontrol on the sidelines of India Energy Week (IEW) 2023, Mistry said there were not many vendors who produced electrolysers. “Green hydrogen requires green power and electrolysers. Globally, there are not many companies that produce electrolysers, and most of them are interested in supplying to Saudi Arabia, which has very big plans for green hydrogen,” said Mistry. Also Read: India Energy Week Highlights: India managed the prices and supply challeneges of petroleum and natural gas energy even during a crisis, says Hardeep Singh Puri Mistry also pointed out other challenges regarding the production of green hydrogen, including the need for distilled water and large requirement of installed capacity of … [Read more...] about Availability of electrolysers pose a challenge for green hydrogen: Sukla Mistry

In January this year, the Indian government approved the National Green Hydrogen Mission with an initial outlay of Rs 19,744 crore. As India aims to take the lead in green hydrogen manufacturing and emerge as an export hub, energy companies -- both private and state-run-- are reinforcing their workforce to execute their plans in the nascent sector. Energy companies are seeking talent in green hydrogen technology as the alternative fuel gains traction amid the country’s goal of achieving net-zero carbon emission targets. As the technology evolves rapidly, countries are in race to produce green hydrogen at the most economical price. Green hydrogen – a universal, light and highly reactive fuel – is generated through a process known as electrolysis. The method uses electrical current to separate the hydrogen from oxygen in water. If this electricity is obtained from renewable sources, it will not entail emitting carbon dioxide into the atmosphere. In India, state-run Bharat … [Read more...] about Energy companies focus on talent acquisition, upskilling to build green hydrogen teams

Profitability at two of India's top state-run oil firms is being hurt at a time of high global crude costs, as the government delays increasing state-set fuel prices due to political pressure from high inflation. On Thursday, SV Narasimhan, head of finance at top oil retailer Indian Oil Corp, said his firm's daily revenue loss on the sale of diesel, kerosene and cooking gas was Rs 150 crore (USD 33.18 mn). Revenue loss is the gap between fixed retail prices and what state-run oil retailers pay when they buy petrol and diesel from refineries. The head of state-run explorer ONGC said his firms December quarter profitability may be hit. India's ruling Congress party has dithered over raising retail prices of diesel and cooking gas, primarily because of high food inflation that has angered most of its core voters as it prepares for elections in three key states this year. "Higher crude oil prices are disadvantageous for us. Crude oil prices above USD 70 per barrel reduce … [Read more...] about India oil firms’ woes mount as inflation worries weigh

The market is on a strong footing for the second straight session with the benchmark indices opening gap-up on March 6 on the back of positive global cues. Most sectors, barring realty, contributed to this rally, which made investors wealthier by nearly Rs 6 lakh crore in two days. The BSE Sensex climbed above the psychological 60,000 mark for the first time this month, climbing 505 points or 0.84 percent to 60,314. The Nifty50 surged 138 points or 0.8 percent to 17,733 on top of a 1.5 percent rally seen in the previous session at 1:50pm. At the same time, Japan’s Nikkei and South Korea’s Kospi gained over 1 percent each, while Australia’s ASX 200 gained 0.6 percent and Hong Kong’s Hang Seng gained 0.2 percent, but China’s Shanghai Composite was down 0.2 percent. The benchmark Nifty has formed a decent bullish candlestick pattern on the daily charts by sustaining its 200-day EMA (exponential moving average) of 17,583 for yet another session. Now the index needs to surpass the … [Read more...] about Investors get richer by Rs 5.7 lakh cr as bull run continues for second day