India plans to ask state-run Oil and Natural Gas Corp to consider launching a rights issue to help fund green projects at refining arm Hindustan Petroleum Corp, two sources said, an exercise that could raise about $1.9 billion. The comments come after India’s finance minister announced a plan this year to provide equity of 300 … Read more
BP is competing with Petroliam Nasional Bhd or Petronas, the Malaysian state-owned energy company, to invest $1.5-2 billion for a significant minority stake in a new platform wholly owned by the two founders of Greenko, Anil Chalamalasetty and Mahesh Kolli, said people aware of the development. Discussions have advanced with both parties and Greenko is … Read more
Sri Lanka is nearing completion of talks with India to reacquire the 99 World War II-era oil storage tanks leased to the Indian Oil Corporation in the strategically advantaged port district of Trincomalee in the country’s east coast, Energy Minister Udaya Gammanpila said on Wednesday. The Trincomalee Harbour, one of the deepest natural harbours in … Read more
Indian Oil Corporation (IOC) on Saturday reported a 1.14 per cent year-on-year (YoY) rise in net profit at Rs 6,235.39 crore for the September quarter compared with Rs 6,164.70 crore in the same quarter last year. Revenue for the said quarter rose 47 per cent YoY to Rs 171,787.19 crore from Rs 1,16,717.62 crore. “Due … Read more
NEW DELHI: In a massive effort, Indian Navy and Coast Guard in association with Sri Lankan Navy averted a major environmental disaster when they put out a fire onboard a fully laden Indian Oil Corp (IOC) chartered super tanker, saving the entire cargo and preventing an oil spill. “This is a story of great coordination … Read more