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IndianOil Shri V Satish Kumar takes over as Chairman (additional charge), IndianOil

Newsmantra — Mon, 02 Sep 2024 07:28:57 +0000

Satish Kumar Vadugiri assumed the role of chairman at Indian Oil Corporation (IOC) on Sunday. He succeeds SM Vaidya, who resigned from the post on Saturday. In addition to his existing role as Director (Marketing). With an impressive tenure of over 35 years in the petroleum industry, Mr. Kumar’s expertise and forward-thinking vision will steer IndianOil towards greater innovation and growth, reinforcing its position as a global energy leader. “During his tenure, record volumes of LPG Imports were handled by IPPL, which helped the country in meeting the increase in the LPG demand under the Govt. of India’s ambitious PMUY Scheme,” according to a statement by IOC.

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Public sector oil giants post 25-fold jump in combined profit at Rs 86,000 crore for 2023-24

Newsmantra — Mon, 13 May 2024 05:22:47 +0000

The combined profit of the three oil marketing companies for FY 2023-24 stood at Rs 86,000 crore, over 25 times higher than the extraordinarily difficult previous fiscal year, the note states, according to a note prepared by the Ministry of Petroleum and Natural Gas.

For the full 2023-24 fiscal, HPCL reported a record net profit of Rs 16,014 crore as opposed to a loss of Rs 6,980 crore in the previous year. Indian Oil Corporation capped an excellent year with the historically best refinery throughput, sales volume and net profit.

BPCL’s profit after tax for FY 2023-24 came in at 26,673 crores, nearly 13 times higher than the previous fiscal year. Additionally, the company’s planned capital outlay of 1.7 lakh crores over 5 years under ‘Project Aspire’ underlines its commitment to creating long-term value for shareholders, the note points out.

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Search panel formed to select Chairman , IOC

Newsmantra — Wed, 11 Oct 2023 05:01:34 +0000

Govt of India has constituted a three-member search-cum-selection committee headed by PESB chairperson including the oil secretary as a member to search Vidya’s successor. Former HPCL chairman MK Surana is the third member on the committee.

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ONGC Signs Mega Pact with Indian Oil Corporation for Petrochemicals

Newsmantra — Fri, 16 Jun 2023 05:57:12 +0000

Oil and Natural Gas Corporation (ONGC) and IOC “signed a memorandum of understanding (MoU) to explore downstream opportunities, especially in petrochemicals, both greenfield projects and through acquisitions,” ONGC said in a tweet.

ONGC, which produces two-thirds of the nation’s oil that is refined into fuels like petrol and diesel and more than half of gas that is used to make fertilizers and turned into CNG, already has two downstream petrochemical plants through subsidiaries.

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