ONGC gets govt nod to sell stake in IOC, GAIL to fund HPCL buy

ONGC is funding the Rs 36,915 cr acquisition of govt's 51.11 pc stake in oil refining and marketing firm HPCL.

Indian Oil Corp takes up 2018 as 'Year of Trust'

Indian Oil Corp will be once again leading this national agenda in the coming years.

Company's proposal is to expand KSPL, which traverses from Koyali in Gujarat to Sanganer in Rajasthan.

VAT collected and not paid in 2015-16, 2016-17 and 2017 -18 will be deposited by IOC immediately.

IOC plans to raise the combined capacity of its 11 group refineries from 80.7 million tons a year.

IOC sold 20.736 million tonne fuel in the domestic market and 1.772 million tonne abroad during Q1 of 2017-18.

BPCL will shut a 100,000-barrel-per-day (bpd) crude unit for a month from July 29.

Country's top refiner Indian Oil Corp will initially hold a 50 per cent stake in the project.

IOC had a net profit of Rs 11,242.23 crore as compared to ONGC's Rs 16,140 crore.

India's top refiner said profit came in at 37.21 billion rupees ($576.45 million) in the quarter ended March 31.